ExchangeRight Income Fund Reports March NAV

The firm maintains stable valuations and continues its private placement while reinforcing dividend reinvestment activity.

April 25, 2025

Quarter-End NAV and Portfolio Valuation

ExchangeRight Income Fund delivered its latest quarterly update, locking in a net asset value (NAV) of $700.5 million as of March 31, 2025. That works out to $27.37 per share across Class I, Class A, and Class S common shares, as well as operating partnership units. The NAV reflects a midpoint valuation of ExchangeRight’s real estate portfolio, along with the company’s cash holdings and other assets, net of liabilities. The Class ER shares, which operate on a separate repurchase structure, continue to follow their stated value.

Private Placement Offering Progress

On the fundraising front, ExchangeRight is moving forward with its private placement offering. To date, the company has issued more than 17.9 million shares, raising close to $489 million in capital. Most of the new shares came from Class A and Class I investors. No Class S shares have been issued yet, and ExchangeRight still has about $1.42 billion in capacity available for future subscriptions.

New investors coming in from May 1, 2025, will pay:

• $27.37 for Class I shares


• $29.10 for Class A shares


• $28.36 for Class S shares


• $28.97 for Class ER shares

Net current yields range from 5.28% to 6.35% , depending on the share class.

March 2025 Dividend Declaration

Dividend payments are also keeping pace. On March 31, 2025, the company declared a $0.1449 dividend per share across all classes. Shareholders had the option to take cash or reinvest through ExchangeRight’s Dividend Reinvestment and Direct Share Purchase Plan (DRIP), and a notable 11% of eligible holders chose to reinvest. That led to the issuance of 229,762 additional shares and added over $6 million back into the fund. Class I and Class A OP Unit holders also took advantage of the DRIP, reinforcing demand across ExchangeRight’s investor base.

How the DRIP Supports Investor Growth

The DRIP process allows dividends to be automatically reinvested into new shares, supporting growth while offering investors a way to build their positions without stepping into the market. Distribution reinvestments are made at the business day’s closing price, creating a consistent process for shareholders who opt in.

Looking Ahead

Looking ahead, ExchangeRight flagged the usual risks that come with real estate and financial market operations. Shifts in economic conditions, tenant stability, lease renewals, and regulatory changes all have the potential to influence future results. The company made clear that while strategies are designed with resilience in mind, market conditions can change quickly.

Overall, ExchangeRight’s March update reflects steady management of portfolio valuations, measured capital raising, and consistent shareholder engagement—all critical pieces as the company pushes forward through 2025.