David Fisher received over 3,900 operating partnership units in exchange for beneficial interests in a Delaware statutory trust.

March 25, 2026

David Allan Fisher, a director of ExchangeRight Income Fund — also known as ExchangeRight Essential Income REIT — acquired 3,910.1103 common units in ExchangeRight Income Fund Operating Partnership, LP, on March 20, 2026. The units were issued as merger consideration following the conversion of a Delaware statutory trust into the operating partnership structure.

Merger Details

The transaction was executed under an Agreement and Plan of Merger dated March 20, 2026, between ExchangeRight Net Leased Portfolio 20 DST and the Operating Partnership. Fisher received the units in exchange for 0.33 Class 1 Beneficial Interests he held in the DST.

The newly issued NLP 20 Common Units were established through an amendment dated March 18, 2026, to the Operating Partnership’s Amended and Restated Limited Partnership Agreement. The units do not carry conversion rights into other classes of partnership interests, and holders have no redemption rights. While no specific number of ExchangeRight common shares is deemed to underlie each unit, the units may be considered to derive their value from the REIT’s Class I Common Shares. The units have no expiration date.

Ownership Structure

Fisher holds the units indirectly through DLF Investments, LLC, an Iowa limited liability company. DLF Investments is owned in equal one-third shares by the David A. Fisher Revocable Trust, the Lisa M. Fisher Revocable Trust, and an irrevocable trust benefiting David and Lisa Fisher’s children, with Dave Van Steenis serving as trustee. David and Lisa Fisher control all decisions made by DLF Investments.

Broader Context

This transaction follows other recent capital activity at ExchangeRight, which earlier this month reported selling over 14,700 Class D Common Shares as part of its ongoing private placement offering targeting up to $2.165 billion.

The disclosure was signed on March 24, 2026, by Nicholas Partenza as attorney-in-fact for Fisher.