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Key people at ExchangeRight Real Estate, LLC.
ExchangeRight Real Estate, LLC is a Pasadena, California-based real estate investment firm that syndicates and manages net-leased commercial properties, offering Delaware Statutory Trust and Real Estate Investment Trust portfolios for tax-deferred 1031 exchanges. The investment firm manages $6.1 billion in assets under management across more than 1,200 properties located in 47 states, representing over 12,000 commercial real estate locations. Operating with a workforce of 51 to 200 employees, the company generates approximately $17.7 million in annual revenue while serving a base of over 9,000 individual investors seeking tax-advantaged real estate solutions. Its investment strategy focuses on acquiring necessity-based retail and healthcare facilities leased to investment-grade corporate tenants, including recognizable national brands such as Walgreens, Kroger, and Dollar General. ExchangeRight Real Estate, LLC was founded in 2012 by Joshua Ungerecht and Warren Thomas.
ExchangeRight Real Estate, LLC is one of the largest national providers of tax-advantaged real estate investment solutions, including REITs, 1031 DSTs (Delaware Statutory Trusts), and real estate funds, managing over $6.9 billion in assets across 1,400+ properties in 48 states.[1][4][6] Its mission is to empower investors, advisors, and people to be secure, free, and generous by stewarding wealth through offerings that deliver capital preservation, stable income, long-term growth, and strategic exits, with a focus on necessity-based retail and healthcare properties leased to primarily investment-grade, recession-resilient tenants.[1][2][3][5][6] The firm's investment philosophy emphasizes alignment of interests, macroeconomic resilience, rigorous due diligence, and below-market fees, resulting in 100% of offerings meeting projections, $2.2+ billion returned to 9,000+ investors, and consistent tax-efficient distributions fully covered by operations.[1][3][4]
Key sectors include single-tenant net-leased retail (e.g., grocery-anchored), healthcare facilities, and diversified value-add retail, supported by 86 tenants, staggered long-term leases, and laddered fixed-rate debt for stability.[1][2][3] While not a traditional VC firm impacting startups, ExchangeRight influences the real estate investment ecosystem by providing accessible, high-yield alternatives for wealth preservation amid economic volatility, with products like the Essential Income REIT offering 9.84%-14.33% tax-equivalent yields in 2024 and quarterly redemptions.[2][3]
ExchangeRight was founded to address the long-term needs of its founders' clients, drawing lessons from the Great Recession to prioritize investor alignment and recession-resilience.[1][5] Headquartered in Pasadena, California, the firm has evolved from syndicating net-leased portfolios into a vertically integrated platform with 100+ offerings (93 preferred, 31 full-cycle), scaling to $6.8+ billion AUM as of September 2025 through scalable REIT and DST structures.[4][5] Key milestones include rapid growth in debt-free DSTs (e.g., full subscriptions for All-Cash 6, 13, and 15 DSTs totaling $86+ million), feeding acquisitions into the Essential Income REIT, and maintaining a flawless track record since inception.[1][2][5] This evolution reflects a shift toward necessity-based assets backed by investment-grade corporations, serving 13,000+ investors nationwide via deep industry relationships.[1][4]
ExchangeRight rides the trend of tax-advantaged real estate as a hedge against inflation, equity volatility, and rising interest rates, capitalizing on demand for recession-resilient, income-generating assets in a post-Great Recession era.[1][2][5] Timing is ideal amid full subscriptions of debt-free DSTs, reflecting investor flight to necessity retail/healthcare (e.g., grocery, medical) over cyclical sectors, supported by market forces like investment-grade tenant stability and net lease structures that shift operating risks to lessees.[1][3][4] While rooted in traditional real estate, it intersects the broader alternative investment ecosystem—including fintech platforms for 1031 exchanges—by democratizing access to institutional-grade portfolios for retail investors and advisors, influencing wealth management trends toward passive, tax-efficient income over high-risk tech startups.[2][6]
ExchangeRight is poised for continued expansion, with its acquisition pipeline from subscribed DSTs fueling REIT growth toward $10+ billion AUM, sustained by macroeconomic tailwinds like persistent inflation and demand for yield in low-rate environments.[2][4][5] Trends like ESG-aligned necessity assets and tech-enabled syndication will shape its path, potentially amplifying influence through more ER shares and value-add funds. As real estate reasserts as a core portfolio stabilizer, ExchangeRight's alignment and performance position it to further empower secure wealth stewardship in volatile cycles.[1][3][6]
Key people at ExchangeRight Real Estate, LLC.
