ExchangeRight Declares Dividends and Reports Private Offering Progress

Dividend reinvestment participation reached over 11%, with new shares issued through the company’s DRIP.

March 21, 2025

Dividend Declarations and Reinvestment Activity

ExchangeRight Income Fund, operating as ExchangeRight Essential Income REIT, shared two key updates that give investors a snapshot of its current capital activity—dividend distributions and progress on its private offering.

On February 28, the company declared a dividend of $0.1449 per share across all classes of its common shares. Shareholders of record as of that date received cash payments or reinvested their dividends through ExchangeRight’s Dividend Reinvestment and Direct Share Purchase Plan (DRIP) in mid-March.

Participation in the DRIP accounted for 11.2% of the total dividends and distributions tied to Class I and Class A OP Units. That translated into more than 214,000 new shares issued through the plan since it launched, with roughly $5.8 million in total reinvestment.

Private Offering Progress

Alongside the dividend update, ExchangeRight detailed progress on its ongoing private offering. The company is raising up to $2.165 billion through a continuous private placement across four share classes—Class I, Class A, Class ER, and Class S. As of February 28, ExchangeRight had issued nearly 17.8 million shares in the offering, bringing in approximately $486.3 million in capital. The majority came through Class A and Class I shares, with Class S still awaiting initial issuance.

Of the total issued, roughly 16.3 million shares remain outstanding. Class A leads with over 10 million shares, followed by 5.7 million Class I shares. These numbers point to clear investor activity across core share classes, reinforcing the offering’s traction in the market.

Forward-Looking Considerations

ExchangeRight also reiterated standard forward-looking disclaimers, noting the risks that could impact future performance. These include:

• Potential tenant defaults and vacancy risks


• Macroeconomic and interest rate fluctuations


• Challenges maintaining REIT status under tax regulations


• Operational risks tied to market competition and strategic execution

Together, these updates offer a real-time look at how ExchangeRight is distributing returns and raising capital—two levers that will continue shaping its momentum in 2025.