06/13/2025 | Press release | Distributed by Public on 06/13/2025 10:00
May 2025 Dividends
On May 31, 2025, ExchangeRight Income Fund, doing business as ExchangeRight Essential Income REIT (the "Company"), declared dividends in the amount of $0.1449 per share for each class of its outstanding common shares of beneficial interest ("Common Shares") then outstanding. The dividends for each class of Common Shares then outstanding were payable to shareholders of record immediately following the close of business on May 31, 2025 and will be paid in cash or reinvested in the Company's Common Shares through the Company's Dividend Reinvestment and Direct Share Purchase Plan ("DRIP") on or around June 15, 2025.
Status of Private Offering
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"). Pursuant to the Private Offering, the Company is offering its Class I, Class A, Class S, Class D, Class ER-I, Class ER-A, Class ER-S, and Class ER-D Common Shares. As previously disclosed, on June 10, 2025, the Company classified and designated an unlimited number of shares of four new classes of Common Shares of the Company designated as Class D Common Shares, Class ER-A Common Shares, Class ER-S Common Shares, and Class ER-D Common Shares, and renamed the Class ER Common Shares as Class ER-I Common Shares. As of May 31, 2025, the Company has issued an aggregate of 18,233,137 Common Shares in the Private Offering for total consideration of $497.7 million. Of these issued Common Shares, 5,718,511 Class I Common Shares, 10,000,819 Class A Common Shares, and 693,811 Class ER Common Shares (which as of June 10, 2025 are designated as Class ER-I Common Shares) remained outstanding as of May 31, 2025. The following table lists the Common Shares issued and total consideration received to date in the Private Offering for each class of Common Shares as of May 31, 2025:
Common Shares |
Total |
|||||||
Share Class |
Issued (a) |
Consideration |
||||||
Class I |
6,788,458 |
$ |
178,465,000 |
|||||
Class A |
10,750,868 |
299,177,000 |
||||||
Class ER-I (b) |
693,811 |
20,100,000 |
||||||
Total for Private Offering |
18,233,137 |
$ |
497,742,000 |
Dividend Reinvestment and Direct Share Purchase Plan
For the May 31, 2025 declared dividends described above, holders of Common Shares and holders of Class I and Class A OP Units of the Operating Partnership have elected 11.1% of the aggregate declared dividends on Common Shares and distributions on Class I and Class A OP Units to be reinvested back into the Company's Common Shares based on elections by the individual shareholders and unitholders pursuant to the DRIP. These distributions will be reinvested in the Company's Common Shares on June 15, 2025.
The following table lists the Common Shares issued and total dividends reinvested under the DRIP from inception of the DRIP through May 31, 2025 for each class of Common Shares:
Common Shares |
Total |
||||||||
Share Class |
Issued (a) |
Reinvestment |
|||||||
Class I |
129,194 |
(b) |
$ |
3,481,000 |
(b) |
||||
Class A |
130,837 |
3,523,000 |
|||||||
Total |
260,031 |
$ |
7,004,000 |
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
2
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 (a) Class I and Class A 721 OP Units and Class ER-I Common Shares may elect to reinvest their cash distributions into our Class I Common Shares, (b) Class ER-A Common Shares may elect to reinvest their cash distributions into our Class A Common Shares, (c) Class ER-S Common Shares may elect to reinvest their cash distributions into our Class S Common Shares and (d) Class ER-D Common Shares may elect to reinvest their cash distributions into our Class D Common Shares.