ExchangeRight Net-Leased Portfolio 10 DST is a portfolio of twenty two single-tenant, longterm net-leased retail assets that are 100% occupied by Advance Auto Parts, AutoZone, CVS/pharmacy, Dollar General, Dollar Tree, Family Dollar, NAPA Auto Parts, O’Reilly Auto Parts, PNC Bank, N.A., and Tractor Supply Co. Three of the properties are occupied by Advance Auto Parts and are located in Burleson, TX; Greensboro, NC; and Milwaukee, WI. One is occupied by AutoZone and is located in Johnson City, TN. One of the assets is occupied by CVS/pharmacy in Spartanburg, SC. Five are occupied by Dollar General and are located in Alexandria, LA; Byron, GA; Lubbock, TX; Tallahassee, FL; and Valdosta, GA. One is occupied by Dollar Tree in Jacksonville, FL. Four of the properties are occupied by Family Dollar and are located in Chalmette, LA; Myrtle Beach, SC; Ruston, LA; and West Monroe, LA. Two are occupied by NAPA Auto Parts and are located in Beloit, WI and Janesville, WI. Two of the properties are occupied by O’Reilly Auto Parts and are located in Chattanooga, TN and Slidell, LA. One of the assets is occupied by PNC Bank, N.A. in Jacksonville, NC. The final two properties are occupied by Tractor Supply Co and are located in Johnson City, TN and West Haven, UT. The Sponsor of the Offering is retaining at least a 1% ownership interest in the portfolio and is offering up to 99% of the beneficial interests in the DST to accredited investors.
The total offering amount is $45,700,000, of which $21,280,000 is equity and $24,420,000 is longterm fixed-rate financing. The Trust closed on the portfolio of properties on September 3rd, 2015, with 10-year interest-only non-recourse financing with an effective interest rate (APR) of 4.44% and a weighted-average lease term of 12 years and 5 months. The Offering’s projected cash f low as a percentage of equity for each year throughout the hold period is as follows: 7.03%, 7.04%, 7.06%, 7.09%, 7.13%, 7.27%, 7.32%, 7.32%, 7.37%, and 7.53%.