1031, 1033, and 721 Exchange Equity: ExchangeRight is committed to providing long-term, stable income and asset preservation to accredited 1031 and 1033 investors. Our goal is to consistently deliver 1031 exchangeable DST portfolios of long-term, net-leased properties backed by investment grade corporations. We target corporate tenants that successfully operate in the necessity retail space to provide investors with a cushion against an ongoing recessionary environment. ExchangeRight’s long-term exit strategy is to provide greater diversification and value to investors by combining multiple portfolios of investment grade, net-leased assets in a portfolio sale or 721 exchange roll-up. Preferred Equity: ExchangeRight also raises limited preferred equity capital that allows accredited investors to participate in the cash flow and profits of our 1031 platform. This preferred equity is used alongside ExchangeRight’s capital to invest in the acquisition and inventorying of individual net-leased assets prior to their being structured in DST portfolios for offering to exchange investors. These preferred equity funds can provide investors with enhanced liquidity and short-term returns, providing exit options with each DST portfolio disposition. ExchangeRight structures 1031 and 1033 exchangeable DST portfolios (6–12 assets per portfolio) of single– tenant net-leased real estate targeting the following parameters: Longer-term leases with weighted average initial terms in excess of 10 years Leases backed by investment grade corporate credit (typically BBB– or higher) or national BB/quality private credit Corporate tenants that operate in the necessity and discount retail industries Geographically diverse locations with strong demographics and infill population centers Locations with lower crime rates No early termination options in the initial lease terms Warranties for items not covered by the tenant’s lease responsibility Ownership structures compatible with 1031 and 1033 exchange guidelines Long-term, fixed-rate financing that is non-recourse to the DST investors The primary purpose of ExchangeRight is to provide a gold standard of net-leased product and service for investors and representatives in the securitized real estate industry. If you have property that meets this criteria, please contact us at (855) 31-RIGHT or

Real Estate Specialization
Net Lease
Investment Type
Pref/Mezz equity
Investment Style
Typical Deal Size
$5,000,000 - $10,000,000
Executive Officer

Joshua Ungerecht

Joshua currently serves as a managing member for ExchangeRight real estate, focused on the operations, investment structuring, and acquisitions aspects of the business. Concurrently, he serves as CEO and Chief Investment Officer over a number of integrated wealth management and securitized real estate companies. He developed one of the industry’s leading due diligence platforms in securitized real estate analysis. Together with Warren Thomas, Joshua has overseen the acquisition of over $500 million in real estate since 2003. 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, and 79 Securities Licenses and an active California real estate license.

Executive Officer

David Fisher

David Fisher enjoyed a successful career in banking and finance for 20 years. David is now focused on the management success of ExchangeRight and managing his investments. He began his career with KPMG in the tax department. He worked in tax, treasury, and acquisitions for Wells Fargo for over nine years. He was North American Head of Asset and Structured Finance for HSBC’s Investment Banking division for the last seven years of his banking career. David and his banking teams executed international financings totaling in excess of $4 billion. David has been an active real estate investor for the past 10 years and has interests in over 30 partnerships covering nine states. 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.

Executive Officer

Warren Thomas

Warren currently serves as a managing member for ExchangeRight real estate, focused on the securitization, broker dealer, and registered representative relations sides of the business. Warren is the co-founder and president over a number of integrated wealth management and securitized real estate companies with Joshua Ungerecht. Prior to focusing on the securitized 1031 exchange market in 2003, Warren developed an extensive tax practice including estate planning, financial planning, and real estate advisory services. Warren has over 30 years of experience as a CPA and has been an active commercial real estate investor for the past 15 years. 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. Additionally, he maintains Series 6, 7, 22, 24, 39,63, and 79 Securities Licenses.

Key Focus Areas
1031 Exchange Acquisitions Private Equity Real Estate Real Estate Investing
Geographical Area
Mapped Location