ExchangeRight
ExchangeRight has scaled into one of the defining net-lease DST franchises, ending 2025 as the fifth-largest sponsor in the 1031 DST market with roughly $7.0 billion in AUM across more than 1,400 properties and 27…
Overview
ExchangeRight has scaled into one of the defining net-lease DST franchises, ending 2025 as the fifth-largest sponsor in the 1031 DST market with roughly $7.0 billion in AUM across more than 1,400 properties and 27 million square feet in 48 states. Founded in 2012 and vertically integrated out of Pasadena, the firm anchors its portfolios in investment-grade-tenanted necessity retail and healthcare—pharmacies, grocery, dollar stores—whose recession-resistant cash flows underpin its consistency. The track record is the headline: 34 full-cycle offerings averaging an 8.60% annual return with no loss of investor capital, all 126 offerings meeting or exceeding distribution projections, and an Essential Income REIT that supplies a 721 UPREIT exit. That combination of scale, tenant credit discipline and full-cycle performance makes it a benchmark for the category.
Key strategies & advantages
- Ended 2025 as the 5th-largest sponsor in the 1031 DST market: ~$7.0B AUM, 1,400+ properties, 27M sq ft, 48 states.
- Anchors portfolios in investment-grade-tenanted necessity retail and healthcare with recession-resistant cash flows.
- Has taken 34 offerings full-cycle averaging an 8.60% annual return with zero loss of investor capital.
- Operates the Essential Income REIT, supplying a 721 UPREIT exit and aggregation strategy.
- All 126 offerings have met or exceeded distribution projections with no disruptions.
Track record
ExchangeRight has 28 full-cycle programs in the Baker 1031 dataset, averaging 7.77% annual return, a 1.41x average equity multiple, and a 5.4-year average hold.
| Investment | Location | Asset Class | Hold | Equity Multiple | Annual Return |
|---|---|---|---|---|---|
| Multifamily 1 – Van Mark Creek Apartments | — | Multifamily | 3.94 | 1.29x | 7.27% |
| Multifamily 2 – Mira Bella and San Martin Apartments | — | Multifamily | 4.29 | 1.29x | 6.82% |
| Multifamily 3 – Lakeside at Arbor Place Apartments | — | Multifamily | 3.2 | 1.35x | 11.08% |
| Multifamily 4 – North Austin Apartment Portfolio | — | Multifamily | 4.25 | 1.29x | 6.80% |
| Multifamily 5 – Crystal Lake Florida Apartments | — | Multifamily | 2.57 | 1.22x | 8.51% |
| Multifamily 6 – El Paso Apartment Portfolio | — | Multifamily | 3.8 | 1.55x | 14.52% |
| Net-Leased Portfolio 1 | — | Net Lease | 7.4 | 1.46x | 9.40% |
| Net-Leased Portfolio 10 | — | Net Lease | 7.15 | 1.52x | 7.26% |
| Net-Leased Portfolio 11 | — | Net Lease | 6.74 | 1.46x | 6.81% |
| Net-Leased Portfolio 12 | — | Net Lease | 3.68 | 1.25x | 7.01% |
| Net-Leased Portfolio 13 | — | Net Lease | 4.16 | 1.31x | 7.35% |
| Net-Leased Portfolio 14 | — | Net Lease | 4.31 | 1.29x | 6.77% |
| Net-Leased Portfolio 15 | — | Net Lease | 4.67 | 1.3x | 6.54% |
| Net-Leased Portfolio 16 | — | Net Lease | 4.75 | 1.34x | 7.08% |
| Net-Leased Portfolio 17 | — | Net Lease | 4.87 | 1.34x | 7.04% |
| Net-Leased Portfolio 18 | — | Net Lease | 4.71 | 1.31x | 6.67% |
| Net-Leased Portfolio 19 | — | Net Lease | 4.67 | 1.32x | 6.93% |
| Net-Leased Portfolio 2 | — | Net Lease | 7.07 | 1.65x | 9.22% |
| Net-Leased Portfolio 21 | — | Net Lease | 4.43 | 1.3x | 6.68% |
| Net-Leased Portfolio 22 | — | Net Lease | 5.23 | 1.34x | 6.37% |
| Net-Leased Portfolio 28 | — | Net Lease | 5.36 | 1.35x | 6.96% |
| Net-Leased Portfolio 3 | — | Net Lease | 7.64 | 1.69x | 9.10% |
| Net-Leased Portfolio 4 | — | Net Lease | 7.52 | 1.58x | 7.73% |
| Net-Leased Portfolio 5 | — | Net Lease | 7.84 | 1.57x | 7.34% |
| Net-Leased Portfolio 6 | — | Net Lease | 7.9 | 1.6x | 7.67% |
| Net-Leased Portfolio 7 | — | Net Lease | 7.38 | 1.57x | 7.81% |
| Net-Leased Portfolio 8 | — | Net Lease | 4.7 | 1.36x | 7.69% |
| Net-Leased Portfolio 9 | — | Net Lease | 7.38 | 1.53x | 7.25% |
Figures are sponsor-reported and not independently verified; they may reflect selection and survivorship bias, and past performance does not guarantee future results. “Preferred” is Baker’s internal designation, not a rating or endorsement.
Current offerings from this sponsor
Baker 1031 tracks this sponsor’s active DST and 1031-eligible offerings. Verified investors can review what’s currently available. Browse current offerings →
Gerald F. “Jerry” Baker, III — Founder & Managing Principal, Baker 1031 Investments · FINRA Series 22 / 63 · SIE. Read full bio →
Sponsor figures are sponsor-reported and not independently verified; they may reflect selection and survivorship bias, and past performance does not guarantee future results. This profile is educational and is not investment advice or an offer to sell or a solicitation to buy any security. Offerings are available only to accredited investors and are made solely through the sponsor’s Private Placement Memorandum. Securities offered through Aurora Securities, member FINRA/SIPC. Real estate investments involve risk, including possible loss of principal.