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In this Dakota Research Interview, Chris LeRoy and Alex DeMarco sit down with Warren Thomas, Co-Founder and Managing Partner of ExchangeRight, to discuss how the firm has grown into one of the nation’s leading sponsors of 1031 exchange and net lease real estate investments. Since launching in 2012, ExchangeRight has acquired more than $6.6 billion of properties and built a reputation for stability, having never missed a rent payment across its 1,350+ assets.
Warren shares how his background as a CPA and estate planner shaped ExchangeRight’s tax-efficient investment platform, designed to help retirees exit the burdens of active property management while deferring up to 40–50% in taxes. He explains why the firm focuses exclusively on investment-grade tenants like Kroger, Publix, Fresenius, and FedEx, and how their disciplined due diligence process and vertical integration allow them to manage risk more effectively than most sponsors.
The conversation explores how ExchangeRight builds diversified portfolios that function like the fixed income portion of an investor’s allocation, delivering stable, bond-like returns backed by long-term leases to essential businesses. Warren also outlines the firm’s flexible product suite, including levered DSTs, all-cash DSTs, and an accelerated program that transitions investors into the Net Lease REIT for even broader diversification and quarterly liquidity.
Looking ahead, Warren offers candid insights on the real estate market, from why falling interest rates could drive net lease valuations higher to when ExchangeRight might reenter multifamily. He also discusses how recessionary environments have historically benefited their recession-resilient tenants. For investors seeking stable income, tax advantages, and downside protection, this interview provides a rare inside look into a platform built to weather market cycles and deliver consistency over decades.
Listen to the episode here: Spotify
Written By: Dakota Research
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