0000950170-24-044998.txt : 20240417 0000950170-24-044998.hdr.sgml : 20240417 20240417130010 ACCESSION NUMBER: 0000950170-24-044998 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20240331 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240417 DATE AS OF CHANGE: 20240417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ExchangeRight Income Fund CENTRAL INDEX KEY: 0001771514 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 367729360 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-56543 FILM NUMBER: 24850068 BUSINESS ADDRESS: STREET 1: 1055 E. COLORADO BLVD., SUITE 310 STREET 2: NONE CITY: PASADENA STATE: CA ZIP: 91106 BUSINESS PHONE: 8553174448 MAIL ADDRESS: STREET 1: 1055 E. COLORADO BLVD., SUITE 310 STREET 2: NONE CITY: PASADENA STATE: CA ZIP: 91106 FORMER COMPANY: FORMER CONFORMED NAME: ExchangeRight Essential Income Strategy DATE OF NAME CHANGE: 20200519 FORMER COMPANY: FORMER CONFORMED NAME: ExchangeRight Income Fund Class I DATE OF NAME CHANGE: 20190418 FORMER COMPANY: FORMER CONFORMED NAME: ExchangeRight Income Fund, a Maryland statutory trust DATE OF NAME CHANGE: 20190322 8-K 1 er-20240331.htm 8-K 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 31, 2024

 

 

EXCHANGERIGHT INCOME FUND

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

000-56543

36-7729360

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1055 E. Colorado Blvd

Suite 310

 

Pasadena, California

 

91106

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 855 317-4448

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

N/A

 

N/A

 

N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

1

Item 8.01 Other Events.

 

March 31, 2024, NAV per Common Share

 

On April 17, 2024, ExchangeRight Income Fund Trustee, LLC (the “Trustee”), which serves as the sole trustee of ExchangeRight Income Fund, doing business as ExchangeRight Essential Income REIT (the “Company”), declared the net asset value (“NAV”) of the Company as of March 31, 2024 to be $647,536,000 (or $27.14 per common share of beneficial interest (“Common Shares”)). The NAV set forth above is based on the midpoint of the range of real estate values as of March 31, 2024 of the Company’s owned properties as determined by an independent valuation firm, combined with the value of the Company’s cash and cash equivalents, restricted cash, and other assets, and less the Company’s liabilities. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our Trustee. Our NAV per Common Share, which is updated as of the last calendar day of each quarter, will be posted on our website at www.exchangeright.com/the-essential-income-reit/class-i-shares/ and is the same for each of our Class I, Class A, and Class S Common Shares, as well as the common units of limited partnership interest (“OP Units”) in ExchangeRight Income Fund Operating Partnership, LP (the “Operating Partnership”). For a description of how our NAV is calculated, see the disclosures under the caption “Net Asset Value” beginning on page 59 of our Form 10-K filed with the Securities and Exchange Commission on April 11, 2024. Our Trustee is ultimately responsible for determining our NAV.

 

The following table provides a breakdown of the components of the Company’s total NAV and NAV per Common Share as of March 31, 2024:

 

Components

 

March 31, 2024

 

Investments in real estate

 

$

1,197,200,000

 

RSLCA notes receivable from affiliates

 

 

28,962,000

 

Notes receivable from affiliates

 

 

6,017,000

 

Cash and cash equivalents

 

 

6,091,000

 

Restricted cash

 

 

11,270,000

 

Receivables

 

 

6,900,000

 

Other assets

 

 

903,000

 

Mortgage loans payable

 

 

(580,144,000

)

Revolving credit facility

 

 

(15,000,000

)

Pending trade deposits

 

 

(1,988,000

)

Accounts payable, accrued expenses and other liabilities

 

 

(8,370,000

)

Distributions payable

 

 

(3,456,000

)

Due to affiliates, net

 

 

(849,000

)

NAV

 

$

647,536,000

 

 

 

 

 

Class A Common Shares

 

 

10,199,215

 

Class I Common Shares

 

 

5,644,258

 

Class S Common Shares

 

 

-

 

OP Units

 

 

8,014,496

 

Total outstanding Common Shares/OP Units

 

 

23,857,969

 

 

 

 

 

NAV per share/unit

 

$

27.14

 

 

Private Offering Updates

The Company is currently conducting a private placement offering on a continuous basis of up to $2.165 billion of Common Shares (the “Private Offering”). The Company has updated the purchase price for each class of our Common Shares offered in the Private Offering to be equal to the NAV per Common Share as of March 31, 2024, plus any applicable upfront selling commissions and expenses related to each class of Common Shares. The repurchase price for each share class under the Company's share repurchase program also will be updated to reflect the March 31, 2024 NAV and updated purchase prices for the Common Shares in the Private Offering. The updated purchase price will be applicable for subscriptions for Common Shares closing from and after May 1, 2024. The updated purchase price for each class of Common Shares for future subscriptions beginning on May 1, 2024 is as follows:

 

 

 

Purchase Price

 

 

Net Current Yield 1

 

 

(per share)

 

 

(per share)

Class I

 

$

27.14

 

 

6.41%

Class A

 

$

28.86

 

 

6.02%

Class S

 

$

28.12

 

 

5.33%

 

 

2

 

1 Net Current Yield is calculated as the most recent annualized monthly distribution for March 2024 divided by the updated purchase price.

The Company has updated the offering materials for the Private Offering, including the confidential private placement memorandum and subscription documents, which are available on the Company’s website at: www.exchangeright.com/the-essential-income-reit/class-i-shares/. The Common Shares offered in the Private Offering have not been, and will not be, registered under the Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in any state absent registration or an applicable exemption from such registration requirements. This Current Report on Form 8-K does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful. The offering of Common Shares in the Private Offering will only be made pursuant to the confidential private placement memorandum for the private placement offering prepared by the Company, which will be made available to interested investors.

 

Pursuant to the Private Offering, the Company is offering its Class I, Class A, and Class S Common Shares. As of March 31, 2024, the Company has issued an aggregate of 16,483,827 Common Shares in the Private Offering for total consideration of $448.4 million. Of these issued Common Shares, 5,616,763 Class I Common Shares and 10,168,927 Class A Common Shares remained outstanding as of March 31, 2024. The following table lists the Common Shares issued and total consideration received to date in the Private Offering for each class of Common Shares:

 

 

 

Common Shares

 

 

Total

 

Share Class

 

Issued

 

 

Consideration

 

Class I

 

 

6,067,409

 

 

$

158,867,000

 

Class A

 

 

10,416,418

 

 

 

289,499,000

 

Class S

 

 

-

 

 

 

-

 

Total for Private Offering

 

 

16,483,827

 

 

$

448,366,000

 

 

 

As of March 31, 2024, there was up to $1.491 billion of Common Shares available for future issuance in the Private Offering, before selling commissions and expenses after calculating capital raised from other sources and the issuance of OP Units. The Company intends to continue selling Common Shares in the Private Offering on a monthly basis.

 

March 2024 Dividends

 

On March 31, 2024, the Company declared distributions in the amount of $0.1449 per share for each class of its outstanding Common Shares. The distributions for each class of Common Shares were payable to shareholders of record immediately following the close of business on March 31, 2024 and were paid in cash or reinvested in the Company's Common Shares through the Company’s Dividend Reinvestment and Direct Share Purchase Plan (“DRIP”) on April 15, 2024.

 

Dividend Reinvestment and Direct Share Purchase Plan

 

For the March 31, 2024 declared dividends described above, holders of Common Shares and holders of Class I OP Units of the Operating Partnership have elected 10.1% of the aggregate declared dividends on Common Shares and Class I OP Units to be reinvested back into the Company's Common Shares based on elections by the individual shareholders and unitholders. These distributions were reinvested in the Company's Common Shares on April 15, 2024.

 

The following table lists the Common Shares issued and total dividends reinvested to date under the DRIP for each class of Common Shares:

 

 

 

Common Shares

 

 

Total

 

 

Share Class

 

Issued

 

 

Reinvestment

 

 

Class I

 

 

27,495

 

(a)

$

736,000

 

(a)

Class A

 

 

30,290

 

 

 

811,000

 

 

Class S

 

 

-

 

 

 

-

 

 

Total

 

 

57,785

 

 

$

1,547,000

 

 

 

(a)
Includes the issuance of 8,827 Class I Common Shares totaling $236,000 in connection with OP Unitholder distributions being reinvested back into the Company's Class I Common Shares based on OP Unitholders’ election.

 

The DRIP generally permits shareholders of the Company to elect to have some or all of their cash dividends in respect of the shareholder’s Common Shares to be automatically reinvested in additional Common Shares. Any cash dividends attributable to the class

 

3

of Common Shares owned by participants in the DRIP will be reinvested in Common Shares on behalf of the participant on the business day such dividends would have been paid to such investor. In addition, holders of the Class I OP Units may elect to reinvest their cash distributions from the Operating Partnership and make optional cash purchases of our Class I Common Shares.

 

Rent Collection

 

The Company has collected 100% of its rents due from all of its tenants through March 2024. The Company has now received 100% of the rent due from its tenants since its inception.

 

Forward-Looking Statements

 

Certain statements contained in this Current Report on Form 8-K other than historical facts may be considered “forward-looking statements,” and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future” and words of similar import, or the negative thereof. Forward-looking statements in this report include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations, our strategic plans and objectives, and other matters. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.

 

Any such forward-looking statements are subject to unknown risks, uncertainties and other factors, which in some cases are beyond the Company’s control and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive and market conditions, all of which are difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations, provide distributions to shareholders and maintain the value of our real estate properties, may be significantly hindered.

 

Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: risks inherent in the real estate business, including tenant defaults, illiquidity of real estate investments, potential liability relating to environmental matters and potential damages from natural disasters; general business and economic conditions; the accuracy of our assessment that certain businesses are e-commerce resistant and recession-resilient; the accuracy of the tools we use to determine the creditworthiness of our tenants; concentration of our business within certain tenant categories; ability to renew leases, lease vacant space or re-lease space as existing leases expire; our ability to successfully execute our acquisition strategies; the degree and nature of our competition; inflation and interest rate fluctuations; failure, weakness, interruption or breach in security of our information systems; our failure to generate sufficient cash flows to service our outstanding indebtedness; continued volatility and uncertainty in the credit markets and broader financial markets; our ability to maintain our qualification as a real estate investment trust (“REIT”) for federal income tax purposes; our limited operating history as a REIT, which may adversely affect our ability to make distributions to our shareholders; changes in, or the failure or inability to comply with, applicable laws or regulations; and future sales or issuances of our Common Shares or other securities convertible into our Common Shares, or the perception thereof, could cause the value of our Common Shares to decline and could result in dilution.

 

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.

Description

104*

Cover Page Interactive Data File (embedded within the Inline XBRL Document)

* The above exhibits are being furnished with this Current Report on Form 8-K.

 

 

 

4

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

EXCHANGERIGHT INCOME FUND
By: ExchangeRight Income Fund Trustee, LLC, its trustee By: ExchangeRight Real Estate, LLC, its manager

 

 

 

 

Date:

April 17, 2024

By:

/s/ David Fisher

 

 

 

David Fisher
Executive Managing Principal

 

 

5

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