ExchangeRight’s Essential Income REIT acquires $84m portfolio
Real Estate - SEPTEMBER 20, 2023

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ExchangeRight’s Essential Income REIT acquires $84m portfolio

by Released

Essential Income REIT has acquired a portfolio of 15 net-leased assets, adding 231,654 square feet of net-leased property to its portfolio.

The acquisition brings the REIT’s acquired assets to 352 net-leased properties diversified across 37 national creditworthy tenants, 34 states and 4.7 million square feet. The REIT’s total acquired assets are occupied primarily by investment-grade tenants successfully operating essential businesses in recession-resilient industries, including healthcare and necessity-based retail.

The Essential Income REIT acquired the portfolio of net-leased assets for $84 million. In connection with the transaction, former investors of the seller performed a tax-deferred 721 exchange into the REIT’s operating partnership (OP), resulting in the issuance of $18.2 million of OP units by the Essential Income REIT to new investors. The REIT’s current distribution from operations represents a 6.36 percent annualized return based on the current n

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