ExchangeRight Income Fund, a Maryland statutory trust, filed a Form 8-K on October 2, 2026, announcing the creation of a new class of common units for its operating partnership. The filing details an amendment to the Amended and Restated Limited Partnership Agreement of ExchangeRight Income Fund Operating Partnership, LP, which designates a new class of units known as Class T Common Units.
The Class T Common Units are being issued as consideration for the acquisition of a net-leased property to support the Operating Partnership’s growth. The amendment, effective upon execution on October 2, 2026, was authorized by the Company as the general partner and did not require approval from the limited partners of the Operating Partnership.
Under the terms of the new units, holders are entitled to receive fixed annual distributions of $1.650691 per Class T Common Unit, paid on a monthly basis. This distribution rate is subject to adjustment, either higher or lower, if the Company changes the per-share dollar amount of dividends paid to holders of its Class I Common Shares. The adjustment will be applied on a pro rata basis to the Class T Common Units.
The Class T Common Units are classified as Junior Units and correspond to Class D Common Shares of the Company. They are subject to mandatory conversion into Class D Common Units on a 1:1 basis upon a Conversion Event. A Conversion Event is defined as either the listing of any class of the Company’s shares on a national securities exchange pursuant to a public offering, or a merger, consolidation, or asset transfer where all outstanding Company shares are cancelled in exchange for cash or securities listed on a national exchange for at least 180 days. Holders of Class T Common Units also retain redemption rights as set forth in Section 8.5 of the Partnership Agreement.
