The nontraded REIT also declared April dividends of $0.1449 per share across all outstanding common share classes.

May 19, 2026

ExchangeRight Income Fund, doing business as ExchangeRight Essential Income REIT, has raised more than $531 million in total capital through its ongoing private placement offering as of April 30, 2026, according to a new disclosure from the company. The Pasadena, California-based nontraded real estate investment trust also declared monthly dividends and reported continued participation in its share reinvestment program.

Private Offering Status

The REIT is conducting a continuous private placement of up to $2.165 billion in common shares of beneficial interest. The offering encompasses eight share classes — Class I, Class A, Class S, Class D, Class ER-I, Class ER-A, Class ER-S, and Class ER-D — though the company has not yet issued any Class S or Class ER-S shares.

As of April 30, 2026, the offering had produced 19,415,397 issued common shares and 16,533,876 outstanding shares, generating approximately $531.18 million in cumulative capital. Breakdown by class:

• Class A Common Shares: 11,032,467 issued; ~$307.36 million raised
• Class I Common Shares: 6,992,470 issued; ~$184.04 million raised
• ER-designated classes (combined): ~$36.1 million raised
• Class D Common Shares: 134,281 issued; ~$3.67 million raised

The continued growth builds on prior reported activity, including the sale of 15,229 Class D Common Shares for $418,000 in early April and the sale of 14,749 Class D Common Shares for $405,000 in early March.

April Dividend Declaration

On April 30, 2026, the company declared a dividend of $0.1449 per share for each outstanding class of common shares. The dividends were payable to shareholders of record as of the close of business on the same day. Distributions were either paid in cash or reinvested in additional common shares through the company’s Second Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan (DRIP) on May 15, 2026.

Dividend Reinvestment Activity

For the April distribution, holders of common shares and holders of Class I and Class A 721 OP Units in ExchangeRight Income Fund Operating Partnership, LP elected to reinvest 10.5% of aggregate declared dividends and distributions back into the company’s common shares.

Since the inception of the DRIP through April 30, 2026, a total of 432,644 common shares have been issued through reinvestment, representing approximately $11.67 million in reinvested distributions:

• Class I Common Shares: 221,675 shares issued (~$5.98 million), including 65,243 shares worth roughly $1.8 million tied to OP Unitholder and Class ER-I distributions redirected into Class I shares
• Class A Common Shares: 210,203 shares issued (~$5.67 million), including 2,976 shares worth $63,000 connected to Class ER-A distributions reinvested into Class A
• Class D Common Shares: 766 shares issued (~$21,000)

The DRIP allows shareholders to automatically reinvest some or all of their cash dividends into additional common shares of the same class. The plan also accommodates cross-class reinvestment elections — Class I and Class A 721 OP Unit holders, along with Class ER-I shareholders, may direct distributions into Class I shares; Class ER-A holders may reinvest into Class A shares; Class ER-S holders into Class S shares; and Class ER-D holders into Class D shares.

Risk Factors and Outlook

The company continues to identify a range of risks that could affect its performance, including tenant defaults, the illiquidity of real estate assets, environmental liability, and natural disaster exposure, along with broader macroeconomic concerns such as inflation, interest rate fluctuations, and credit market volatility. ExchangeRight also flagged the importance of accurately assessing tenant creditworthiness and the resilience of its tenant categories against e-commerce and recession pressures.

Additional risks noted include maintaining its REIT tax qualification, its relatively limited operating history under the REIT structure, cybersecurity vulnerabilities, and the potential dilutive effect of future share issuances.

The report was signed by David Fisher, Executive Managing Principal.