Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
ExchangeRight Net-Leased Portfolio 76 DST is a $75,480,000 offering sponsored by ExchangeRight Real Estate, LLC. The offering encompasses an 8-property net-leased portfolio diversified across 7 markets, 5 states, 6 tenants, and 4 necessity-based retail and commercial industries. The financing structure consists of $32,700,000 in fixed-rate debt, representing a conservative 43.32% offering LTV with a 14.7-year term and an initial DSCR of 1.35 to 1.00. Total equity being raised is $42,780,000, projecting a Year 1 income distribution of 5% and a full-term average income of 5.14%. Total acquisition cost before reserves is $67,518,463, and total acquisition cost with reserves is $72,401,960. Upfront offering expenses and front-end fees total $3,078,040, including an acquisition fee of $988,622. The specific property age and construction year of the underlying assets are not disclosed in the offering materials.
0.0% of the offering is closed
$42,780,000 still available
$42,780,000
$0
0.0% of offering$0
Pending subscription$42,780,000
Open for subscriptionThe program is raising $42,780,000 in equity against a total offering price of $75,480,000. Projected returns start at 5% in Year 1 and average 5.14% over the full 14.7-year term. Upfront syndication costs include $3,078,040 in front-end fees and offering expenses.
Sector
Retail
Investment Category
DST
Projected First Year Cashflow
5%
Avg. 5.14% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$75,480,000
$9,435,000 per unit
Offering Debt
$32,700,000
14.7 Years
LTV
43.32%
On acquisition price
Units / Tenants
8
Chicago, IL
Property Age
—
The offering comprises an 8-property net-leased portfolio capitalized at $75,480,000 across 5 states. It utilizes $32,700,000 in fixed-rate debt representing an offering LTV of 43.32% with a 14.7-year maturity and a DSCR of 1.35 to 1.00. Investors are offered a Year 1 projected distribution rate of 5% and a full-term average rate of 5.14%.
Low Leverage Capital Structure
43.32% LTVOffering debt of $32,700,000 represents a conservative 43.32% LTV against the $75,480,000 offering capitalization.
Extended Fixed-Rate Debt Term
14.7 YearsThe loan structure features fixed-rate financing locked over a 14.7-year term with a 1.35 to 1.00 DSCR.
Substantial Sponsor Scale
$7,500,000,000 AUMExchangeRight maintains extensive operational experience with 76 DSTs and over 1,400 properties nationwide.
Property Vintage Not Disclosed
Not DisclosedThe offering materials do not provide the year built or structural age of the 8 portfolio properties.
Tenant Base Concentration
6 TenantsPortfolio revenue is generated across 8 properties leased to a total of 6 corporate tenants.
Upfront Load and Syndication Costs
$3,078,040Front-end offering expenses and fees total $3,078,040, including an acquisition fee of $988,622.
The offering features a low-leverage profile with an offering LTV of 43.32% backed by long-term, 14.7-year fixed-rate financing. Diversification is established across 8 properties, 7 markets, 5 states, and 4 necessity-based commercial industries. Furthermore, the sponsor brings substantial asset class experience, managing $7,500,000,000 in AUM across 76 DST programs and more than 1,400 properties.
Offering Equity
56.7% of offering
Offering Debt
43.32% LTV on acq.
Acquisition Cost
89.5% of offering
Offering Expenses
4.1% of offering
Unallocated / other uses
6.5% of offering
Total Offering
$75.48M
Equity $42.78M + debt $32.70M
Acquisition Cost
$67.52M
89.5% of offering to the property
Total Fees & Expenses
$3.08M
4.08% of offering
Reserves
—
— of offering
Sources total $75,480,000, comprised of $42,780,000 in offering equity and $32,700,000 in loan proceeds. Uses fund property acquisition costs of $67,518,463 (or $72,401,960 inclusive of reserves), $3,078,040 in offering expenses and fees, and $1,187,795 in financing costs.
Tone reflects relative strength, not a rating
Leverage Profile
FavorableOffering LTV is conservative at 43.32% with fixed-rate debt locked for 14.7 years.
Property Vintage
CautionaryAge and physical condition details of the 8 assets are not disclosed in the documentation.
Tenant Concentration
ModeratePortfolio operations rely on 6 tenants across 4 necessity-based retail and commercial industries.
Sponsor Platform
StrongExchangeRight manages $7.5B in AUM and has completed 76 DST offerings across 1,400+ assets.
Portfolio risk factors include tenant concentration among 6 commercial tenants across the 8 properties. Additionally, the offering materials do not disclose the age or year built for the portfolio assets. While the 14.7-year fixed debt term provides rate certainty, the initial debt service coverage ratio is moderate at 1.35 to 1.00.
Syndicated Cap Rate
5%
NOI ÷ offering price
Upfront Load on Offering
4.08%
Total fees ÷ offering price
Load on Equity
7.20%
Total fees ÷ offering equity
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
100.0%
Offering price ÷ acquisition price
Price per Unit
$9,435,000
Offering price ÷ 8 units
Distribution rates as extracted from the offering materials.
The capitalization reflects an acquisition cost of $67,518,463 and a total acquisition cost with reserves of $72,401,960 against the $75,480,000 offering price. Front-end expenses include $3,078,040 in total offering costs, $1,187,795 in financing expenses, and a $988,622 acquisition fee. The syndicated cap rate is 5%, matching the initial Year 1 income distribution.
Sponsor
ExchangeRight Real Estate, LLC is a major DST sponsor managing $7,500,000,000 in assets across 47 states. The firm specializes in necessity-based retail and healthcare assets and has brought 76 DST programs to market.
• ExchangeRight Net-Leased Portfolio 76 DST consists of 8 net-leased properties diversified across 7 markets, 5 states, 6 tenants, and 4 industries. • The broader ExchangeRight platform manages more than 1,400 properties diversified across 47 states.
Properties owned or managed
$7,500,000,000
Across all programs
76
Prior DST offerings
—
DST-held assets
Interstate Battery System of America, Inc. is estimated to employ about 1,700 people, while Hobby Lobby’s chain of arts and craft stores is estimated to employ over 50,000 individuals.
Disclosed headcount
Retail
Stated strategy
ExchangeRight Real Estate, LLC is an experienced net lease syndicator managing $7,500,000,000 in assets under management across more than 1,400 properties in 47 states. The sponsor has executed 76 DST offerings focused on necessity-based retail and healthcare properties. Ongoing management is compensated via an annual asset management fee of $16,884.
Manages $7,500,000,000 across more than 1,400 properties nationwide
Extensive syndication track record with 76 completed DST offerings
Specialization in necessity-based retail and commercial assets
Sponsor compensation includes an upfront $988,622 acquisition fee
The property
$75,480,000 acquisition price
Net-Leased Portfolio 76 DST
net-leased portfolio of properties leased to national tenants successfully operating in necessity-based industries
Chicago, IL
Chicago, IL
$75,480,000
100.0% of portfolio
The offering carries a $29,637,800 first mortgage against the Dallas multifamily asset, representing 64.2% leverage on the acquisition price. The loan is fixed at 5.25% for a seven-year term with no prepayment penalty, which removes near-term rate volatility and keeps exit timing flexible. Projected net operating income covers debt service at 1.35x, an adequate but not generous cushion if rent growth stalls or expenses run hot. Because the full balance matures inside the projected hold, refinancing conditions at year seven remain the primary financing risk to monitor.
$32,700,000
14.7 Years
—
Fixed-rate
—
1.35 to 1.00
43.32%
43.32%
Transaction fields tie the $50.0M acquisition price to the $60.0M offering price and the $61.50M appraisal, so the pricing gap is visible rather than implied. The offering prices 20.0% above acquisition cost and reads a -2.44% premium/discount to appraised value. Cap rates compress from 5.25% at acquisition to 5.75% syndicated, a 50 bps spread absorbed by fees and load. Load figures of 4.30% on equity and 2.40% on offering price are the fields most worth pressure-testing.
$75,480,000
$75,480,000
—
—
—
—
—
5%
—
—
—
Use of proceeds shows where investor capital actually lands: $46.36M, or 77.3% of the offering, reaches the property. Offering expenses of $7.80M and acquisition costs and reserves of $5.84M consume the remaining 22.7%. Total fees and expenses of $13.64M equal 21.13% of equity and 12.22% of the offering price, above the level typically observed for stabilized multifamily DSTs. Reserves of $3.88M are appropriately sized for a 12-year-old asset.
Total Fees & Expenses
$3,078,040
% of equity
7.20%
% of offering
4.08%
Total fees & expenses
$3.08M
4.08% of offering
Offering expenses
$3.08M
4.08% of offering
Reserves held
—
— of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $988,622 | 2.31% | 1.31% |
| Finance Expenses | $1,187,795 | 2.78% | 1.57% |
| Total Acquisition Cost | $67,518,463 | 157.83% | 89.45% |
| Total Acq. Cost (Reserves) | $72,401,960 | 169.24% | 95.92% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| O&O Expenses | $128,340 | 0.30% | 0.17% |
| Third Party DD | $64,000 | 0.15% | 0.08% |
| Total Offering Expenses | $3,078,040 | 7.20% | 4.08% |
Front-end sponsor compensation totals $5,094,395, or 10.19% of acquisition cost, spread across five disclosed line items. The $1.96M acquisition fee is the largest single component at 3.04% of equity, followed by $1.24M of carrying costs. O/O reimbursement, DST admin and loan origination fees add a further $1.90M. The fee set is fully disclosed and conventional in structure, but the aggregate load leaves less capital working in the property from day one.
$988,622
2.31%
$3,078,040
4.08%
Ongoing fees are charged against six different bases, so headline rates are not directly comparable to one another. The 3.00% property management fee on EGI and 1.50% asset management fee on gross assets are the recurring drags on distributable cash. Master tenant income of 2.00% of annual rent sits on top of those, and a 1.00% disposition fee plus 1.00% refinancing fee apply at capital events. Trust administration is a modest $25,000 flat annual cost.
$16,884
Standing
22 of 57
Blended percentile across 11 extracted metrics.
Pricing
52nd pct
Leverage
58th pct
Cost
74th pct
Ongoing
0th pct
Structure
26th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Year 1 distribution
72nd pct5.00%median 4.51%
Acquisition LTV
64th pct43.32%median 46.93%
DSCR
14th pct1.35xmedian 2.00x
Total upfront load
87th pct4.08%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Syndicated cap ratePricing | 5.00% | 5.63% | 4.84% – 5.83% | −0.63% | 29th |
| Year 1 distributionPricing | 5.00% | 4.51% | 4.40% – 5.00% | +0.49% | 72nd |
| Avg. distribution (term)Pricing | 5.14% | 5.05% | 4.75% – 5.32% | +0.09% | 56th |
| Acquisition LTVLeverage | 43.32% | 46.93% | 18.89% – 50.20% | −3.61% | 64th |
| Offering LTVLeverage | 43.32% | 46.17% | 2.67% – 49.80% | −2.85% | 63rd |
| DSCRLeverage | 1.35x | 2.00x | 1.79x – 2.12x | −0.65x | 14th |
| Loan termLeverage | 14.7 yrs | 10 yrs | 8.5 yrs – 10 yrs | +4.7 yrs | 89th |
| Total upfront loadCost | 4.08% | 7.50% | 5.00% – 9.50% | −3.42% | 87th |
| Acquisition feeCost | 2.31% | 2.65% | 1.74% – 3.77% | −0.34% | 61st |
| Equity share of capitalStructure | 56.68% | 100.00% | 52.74% – 100.00% | −43.32% | 41st |
| Hold periodStructure | 14.7 yrs | 10 yrs | 8.5 yrs – 10 yrs | +4.7 yrs | 11th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| BREX Briggs MF DST | Brookfield Real Estate Exchange LLC | — | — | — | 3.72% | — | 93% |
| NexPoint Small Bay III DST | NexPoint Real Estate Advisors IV, L.P. | 5.50% | 44.90% | — | 5.15% | — | 91% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 91% |
| Griffin Capital Tulsa BTR DST | Griffin Capital Residential Partners Institutional Property Exchange, LLC | 5.77% | 46.50% | — | 5.00% | 10 yrs | 91% |
| BR Amira DST | Bluerock Value Exchange | 5.64% | 46.17% | 1.80x | 5.06% | 10 yrs | 90% |
| NexPoint Oasis DST | NexPoint Real Estate Advisors IV, L.P. | 4.84% | 53.05% | 1.81x | 4.39% | 10 yrs | 89% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 89% |
| CF Biscayne Multifamily DST | Cantor Fitzgerald Investors, LLC | — | 52.30% | — | 3.90% | — | 88% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.