ExchangeRight Income Fund 8-K

What Happened

• ExchangeRight Income Fund (doing business as ExchangeRight Essential Income REIT) announced on July 22, 2026 that its net asset value (NAV) as of June 30, 2026 is $905,651,000, or $27.63 per Class I, A, S, D common share and per OP Unit. The NAV is based on the midpoint of an independent real estate valuation plus cash and other assets less liabilities.
• The company updated purchase prices for its continuous private offering (up to $2.165 billion) so that new subscriptions closing on or after July 22, 2026 are priced at the June 30, 2026 NAV per share ($27.63) plus applicable commissions and expenses. It also updated repurchase prices for eligible share classes to reflect the new NAV.
• The company declared dividends of $0.1449 per share on June 30, 2026 (paid or reinvested July 15, 2026) and reported investor reinvestment activity under its DRIP.

Key Details

• NAV breakdown (June 30, 2026): Investments in real estate $1,684,450,000; RSLCA & notes receivable from affiliates ~$40,449,000; Cash & restricted cash ~$36,967,000; Mortgage loans payable $579,255,000; Term loan $266,810,000; Total NAV $905,651,000.
• NAV per share/unit: $27.63 (same for Class I, A, S, D and OP Units). Class ER-* share classes do not have a quarterly NAV declared (they have stated repurchase values and are not eligible for the repurchase plan).
• Private offering status: up to $2.165B shelf; as of June 30, 2026 the offering had raised $542,030,000. Private offering counts: 16,909,908 Common Shares outstanding in the offering and 19,791,429 Common Shares issued in the offering to date.
• Pricing and yields (effective for subscriptions after July 22, 2026): Class I purchase price $27.63 (Net Current Yield 6.29%); Class A $29.38 (5.92%); Class S $28.63 (5.22%); Class D $27.63 (6.04%). Dividend declared: $0.1449 per share (June 30, 2026); DRIP reinvestment elected on 10.1% of aggregate declared dividends, resulting in 464,272 shares issued and $12,539,000 reinvested.

Why It Matters

• NAV drives the company’s publicly disclosed valuation and directly sets the purchase price for new investors in the private offering and the repurchase price for eligible existing shares—so changes in NAV affect investor entry cost and repurchase values.
• The private offering update shows how much capital has been raised ($542.0M) and how many shares remain available for issuance under the offering, which is relevant for potential dilution and future capital-raising plans.
• The declared dividend and DRIP activity show the current cash distribution level and the portion of distributions being reinvested by investors, which impacts yield and share count growth.
• The filing includes standard forward-looking statement disclaimers; NAV is based on independent valuations and the Trustee’s final determination, and investors should review the company’s Form 10-K and other SEC filings for more detail.