The Essential Income REIT - Class I Shares

Overview

ExchangeRight’s Essential Income REIT (the “EIR”) pays a current annualized distribution of 6.41% on Class I Shares and is focused on investing in properties net-leased to recession-resilient tenants primarily with investment-grade credit that are successfully operating in the necessity-based retail and healthcare industries. Please reach out to your advisor if you have interest in making an investment.



Watch: The Essential Income REIT

Investments in the EIR must be made through your Registered Representative or Investment Advisor.


Executive Summary of Current Portfolio




Offering Documents

Videos

Resources

Press Releases

ExchangeRight, one of the nation’s leading providers of diversified real estate REIT and DST investments, …
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ExchangeRight, one of the nation’s leading providers of diversified real estate DST and REIT investments, …
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ExchangeRight, one of the nation’s leading providers of diversified real estate DST and REIT investments, …
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Strategic Relations Team

National & Institutional Accounts
Geoff Flahardy
President of Strategic Relations
(770) 756-1031
Kara Howard
Director of National Accounts
(469) 721-0721
Zach Plahn
Senior Vice President, National Accounts
(626) 910-0721
Kyla Hoppe
Vice President of Strategic Relations
(714) 322-8707
Pacific Northwest Region
Michael Leydig
Senior Vice President
(814) 297-1031
Garrett Crown
Vice President
(626) 654-1031
Mid-Pacific Region
Danny Carmona
Senior Vice President
(818) 624-6777
Jon Wright
Vice President
(626) 778-1031
Southwest Region
Danny Carmona
Senior Vice President
(818) 624-6777
Jordan Vena
Vice President
(626) 360-1031
Central Region
David McCurdy
Senior Vice President
(678) 373-8293
Skyler Stanton
Vice President
(805) 600-1031
Great Plains Region
Ryan Anderson
Senior Vice President
(219) 964-5759
Matthew Watson
Vice President
(903) 396-1031
Mid-Atlantic Region
Melissa Birdsall
Senior Vice President
(917) 694-1031
Erfan Haroon
Vice President
(313) 506-8600
Northeast Region
Scott Peterman
Vice President
(847) 796-1031
Southeast Region
Michele Drummond
Senior Vice President
(689) 910-1031
David Flamm
Vice President
(678) 784-0721

Corporate Governance

The Essential Income REIT Trustees

  • David FisherTrustee

    David Fisher is a Founder and Manager of ExchangeRight Real Estate, LLC, a position he has held since 2012, and in that capacity serves as a director of the Company. David began his career with KPMG in the Tax department from 1993 to 1996, and then worked in tax, treasury, and acquisitions for Wells Fargo for over nine years from 1996 to 2005. He was North American Head of Asset and Structured Finance for HSBC's Investment Banking division from 2005 to 2012. David and his banking teams executed international financings totaling in excess of $8 billion. He graduated from the University of Northern Iowa in 1993, Magna Cum Laude in Accounting, and earned national honors with the Elijah Watt Sells Award on the May 1993 CPA exam. David is primarily responsible for the acquisition, asset management, and financing aspects of the businesses.

  • Joshua UngerechtTrustee

    Joshua Ungerecht is a Founder and Manager of ExchangeRight Real Estate, LLC, a position he has held since 2012, and in that capacity serves as a director of the Company. Together with Warren Thomas, Joshua has overseen the stewardship of over $1.75 billion of client equity in commercial real estate investments since 2006. Joshua graduated from The Master's College, Summa Cum Laude with a B.A. in Theology, Apologetics, and Missions, and is currently on leave from Talbot Graduate School, where he was pursuing an M.A. in Philosophy of Religion and Ethics. He also maintains Series 7, 22, 24, 63, 65, 66, and 79 Securities Licenses and an active California real estate broker license.

  • Warren ThomasTrustee

    Warren Thomas, CPA, is a Founder and Manager of ExchangeRight Real Estate, LLC, a position he has held since 2012, and in that capacity serves as a director of the Company. Warren has over 40 years of experience as a Certified Public Accountant and has been an active commercial real estate investor for the past 30 years. Prior to focusing on the securitized 1031 exchange market in 2003, he developed an extensive tax practice including estate planning, financial planning, and real estate advisory services. He graduated in 1978 from Biola University with a B.S. in Business Administration, specializing in Accounting. He also earned a master's degree in Taxation from Golden Gate University in 1993. He maintains Series 6, 7, 22, 24, 39, 63, 66 and 79 Securities Licenses.


The Essential Income REIT Executive Leadership

  • Dave Van Steenis, CPA, CFACFO & CIO

    David Van Steenis, CFA, CPA, currently serves as Chief Financial Officer and Chief Investment Officer for ExchangeRight. David has held the position of Chief Financial Officer since 2015, and in that capacity also serves as the Chief Financial Officer and Chief Investment Officer of the Company. David also serves as the Chief Financial Officer of Telos Capital, LLC, a position he has held since 2015. David is focused on acquisitions including the analysis, legal, closing, and syndication functions of the business as well as the asset management departments and financial reporting for ExchangeRight and its affiliates. David began his career with KPMG in the financial services audit practice from 2007 to 2011, where he served both private and public banking and investment management clients. Most recently, David was with Kaufman Jacobs Real Estate Investments from 2011 to 2015 where he was involved in the investment acquisition, capital markets, and financial reporting aspects of their real estate private equity business. Mr. Van Steenis graduated from Trinity Christian College with highest honors with a B.S. in Accounting and a Finance concentration. David is a Certified Public Accountant and a CFA Charterholder.

  • Susana DrydenCPO & CCO

    Susana Dryden currently serves as the Chief People Officer and Chief Compliance Officer for ExchangeRight. Susana has been with ExchangeRight since 2016, and also serves as the Chief People Officer of the Company. Susana is focused on the development, training and expansion of the firm’s departments. Susana also serves as a Registered Principal and the Chief Compliance Officer for ERS, that oversees certain wholesale activities of ExchangeRight. Susana began her career in the industry in 2007 with JRW Investments, Inc., where she held the position of Director of Operations. In 2014, Susana was primarily responsible for forming the broker-dealer firm LCG which now oversees JRW Investments. She serves as a Registered Principal and CCO of these firms as well. Susana has been critical to the growth and development of ExchangeRight and its affiliate firms, and assists the various companies with their compliance and regulatory functions under FINRA and SEC rules.

  • Louis SwingroverChief Operating Officer

    Louis Swingrover currently serves as the Chief Operating Officer for ExchangeRight. Louis has been with ExchangeRight since 2019, and also serves as the Chief Operating Officer of the Company. Louis is focused on strategic business, operational, and transformational development at ExchangeRight, and provides executive direction to the Marketing, Creative, Editorial, Public Relations, Software Engineering, Information Technology, Investor Relations, and Sales teams. Prior to joining ExchangeRight, Louis worked as a strategic marketing and business development consultant from 2012 to 2019; co-founded, profitably operated, and sold a boutique corporate compliance firm dedicated to serving sponsors of alternative investment offerings and their investors from 2008 to 2012; and has operated as a serial entrepreneur since 2002. Louis holds a B.A. in Intercultural Studies with a minor in Biblical Studies from Biola University and holds an M.A. in Philosophy from Gonzaga University.

  • Kevin Steines, CPAChief Accounting Officer

    Kevin Steines, CPA, currently services as Chief Accounting Officer for ExchangeRight, a position he has held since December 2020 and in that capacity serves as the Chief Accounting Officer of the Company. Kevin also serves as the Chief Accounting Officer of Telos Capital, LLC, a position he has held since December 2020. Prior to becoming Chief Accounting Officer of each company, Kevin served as the Controller of each company for over five years. Kevin is focused on the financial reporting functions of ExchangeRight and its affiliates. Prior to joining ExchangeRight, Kevin enjoyed a successful career in public accounting. He started his career at Gabelmann & Associates in their audit practice from 2006 to 2008. Kevin then spent seven years with Honkamp Krueger & Co, P.C. from 2008 to 2015, a regional CPA firm based out of Dubuque, IA. Kevin oversaw the day to day operations of the accounting and tax practice for one of Honkamp Krueger’s satellite offices. His focus was on corporate and individual tax planning and preparation, financial statement preparation, general business consulting, strategic planning, and franchise services. Kevin graduated in 2006 from Ashford University with a B.S. in Business Administration and Accounting with a Finance concentration, where he was awarded Outstanding Accounting Student for his class. Kevin is a Certified Public Accountant.

Quarterly Updates

Date
Description
01/2024
EIR Quarterly Update (Class I) - Q4 2023
10/2023
EIR Quarterly Update (Class I) - Q3 2023
07/2023
EIR Quarterly Update (Class I) - Q2 2023
04/2023
EIR Quarterly Update (Class I) - Q1 2023

SEC Filings

Date
Filing
Description
05/22/2024
Form 8-K
-
05/03/2024
Form 10-Q
-
04/17/2024
Form 8-K
-
04/11/2024
Form 10-K
-
04/08/2024
Form D
-
04/01/2024
Form 4
-
04/01/2024
Form NT 10-K
-
04/01/2024
Form 4/A
Amended
03/28/2024
Form D/A
Amended
03/19/2024
Form 8-K
-
02/14/2024
Form 8-K
-
01/29/2024
Form D/A
Amended
01/24/2024
Form 8-K
-
12/13/2023
Form 8-K
-
11/16/2023
Form 8-K
-
11/07/2023
Form 8-K
-
11/03/2023
Form 8-K
-
10/31/2023
Form 10-Q
-
10/23/2023
Form D
-
10/19/2023
Form 8-K
-
10/17/2023
Form 4
-
09/12/2023
Form 8-K
-
08/08/2023
Form 8-K
-
08/01/2023
Form 10-Q
-
07/21/2023
UPLOAD
-
07/19/2023
Form 8-K
-
07/07/2023
CORRESP
-
07/07/2023
Form 10/A
Amended
07/07/2023
Form D/A
Amended
07/06/2023
Form 8-K
-
06/28/2023
UPLOAD
-
06/26/2023
Form 3
Louis Swingrover
06/26/2023
Form 3
Susana Dryden
06/26/2023
Form 3
Dave Van Steenis
06/26/2023
Form 3
Warren Thomas
06/26/2023
Form 3
Joshua Ungerecht
06/26/2023
Form 3
David Fisher
06/26/2023
Form 3
Kevin Steines
06/12/2023
Form 10/A
Amended
06/12/2023
CORRESP
-
06/08/2023
Form D
-
05/25/2023
UPLOAD
-
04/27/2023
Form 10
Original
06/09/2022
Form D/A
Amended
06/09/2022
Form D/A
Amended
02/25/2021
Form D/A
Amended
05/26/2020
Form D/A
Amended
03/22/2019
Form D
-

Tax Information

1099 "Box"
1A
3
5
Year
Total Ordinary Dividends
Nondividend Distributions (Return of Capital)
Section 199A Dividends
Year: 2023
Total Ordinary Dividends: 42.76%
Nondividedend Distributions (Return of Capital): 57.24%
Section 199A Dividends: 42.76%
Year: 2022
Total Ordinary Dividends: 43.02%
Nondividedend Distributions (Return of Capital): 56.98%
Section 199A Dividends: 43.02%
Year: 2021
Total Ordinary Dividends: 43.13%
Nondividedend Distributions (Return of Capital): 56.87%
Section 199A Dividends: 43.13%
Year: 2020
Total Ordinary Dividends: 44.60%
Nondividedend Distributions (Return of Capital): 55.40%
Section 199A Dividends: 44.60%
Year: 2019
Total Ordinary Dividends: 30.45%
Nondividedend Distributions (Return of Capital): 69.55%
Section 199A Dividends: 30.45%
Date
Description
12/2023
Form 8937 - Class I
12/2022
Form 8937 - Class I
12/2021
Form 8937 - Class I
12/2020
Form 8937 - Class I
12/2019
Form 8937 - Class I