Our Story
Founded to provide investor-centered solutions that empower advisors and their investors to be secure, free, and generous, ExchangeRight has maintained a consistent focus on capital preservation, stable income, and strategic exits on behalf of investors since its inception.
The Wealth Management Foundation that Led to ExchangeRight
Out of the CPA practice he started in 1978, Warren Thomas founds a real estate wealth management company dedicated to providing 1031 exchange solutions for his retiring clients who were seeking tax deferral, passive income, and reduced management burdens.
Joshua Ungerecht joins Warren, developing the company’s Due Diligence department into a rigorous platform that reviews hundreds of real estate offerings launched by 70+ active sponsors each year, recommending only the top 5–10% of 1031 offerings that are positioned to protect investor capital.
The Great Recession begins, decimating the real estate industry and shrinking the 70+ active 1031 sponsors in 2008 to only five by the end of 2010.
While serving as as HSBC’s North American Head of Asset and Structured Finance, David Fisher meets Joshua while seeking value-added real estate investments. Shortly thereafter Joshua, David and Warren begin to work together to acquire value-added real estate investments on behalf of Warren and Joshua's clients and David's friends and colleagues.
As a result of their commitment to comprehensive due diligence and broad diversification, Warren and Joshua’s clients and company are among the 10% in the industry to survive the Great Recession. They dedicate themselves to helping investors impacted by foreclosures, short sales, and income disruptions caused by the recession and sponsor underperformance.
ExchangeRight is Launched to Meet Investor Needs
Realizing the market is not able to consistently provide the investor-centered offerings their clients need, Warren, Joshua, and David launch ExchangeRight Real Estate to produce such offerings themselves. Leveraging the prior decade of due diligence and the lessons and scars from the Great Recession, they launch their Net Lease platform focused on long-term net-leased portfolios backed by recession-resilient and investment-grade credit tenants.
Other representatives and advisors increasingly adopt ExchangeRight’s DST offerings to meet their clients’ 1031 needs for capital preservation and stable income.
In addition to continuing to grow its Net Lease platform, ExchangeRight launches its Multifamily platform to capitalize on value-add opportunities in the Class B multifamily sector on behalf of investors.
ExchangeRight surpasses $1 billion in assets under management (AUM) on behalf of over 1,400 investors.
ExchangeRight reaches $2 billion in AUM and launches the Essential Income REIT as part of its aggregation strategy.
ExchangeRight AUM grows to $3 billion. Given its concentration on essential business successfully operating in necessity-based industries, ExchangeRight maintains 100% rent collections across all DST and REIT assets in the face of the COVID crisis and economic lockdowns.
Anticipating a peak in the multifamily market, ExchangeRight brings its final multifamily offering full cycle, profitably exiting the multifamily asset class to protect capital and maximize value for investors. Additionally, ExchangeRight launches its Value-Add platform to help investors capture the opportunity in grocery-anchored shopping centers caused by the COVID crisis.
ExchangeRight exceeds $5 billion in AUM and celebrates a decade of 100% of its offerings meeting or exceeding projections, supported by the company’s rigorous due diligence and macroeconomic focus.
ExchangeRight takes its 30th investment offering full cycle and continues to build on its track record of stability and performance.
ExchangeRight surpasses $6 billion in AUM and launches its 100th offering since inception. All offerings continue to meet or exceed cash flow distribution targets.
The company launches its Essential Income DST series, providing 1031 investors with accelerated access to the Essential Income REIT via tax-deferred 721 exchange after a targeted two-year hold period.
The committed capacity for the Essential Income REIT’s revolving line of credit, led by Wells Fargo, increases to $600 million, promoting the execution of ExchangeRight’s aggregation strategy by greatly enhancing the REIT’s financing capacity in support of its growth.
ExchangeRight serves over 8,300 investors, stewarding over $7.4 billion in AUM diversified across over 1,400 properties, and 28 million square feet throughout 47 states, with 100% of its offerings continuing to meet or exceed cash flow projections since inception.
About ExchangeRight
ExchangeRight’s Managing Partners employ decades of expertise in real estate, tax structuring, and wealth management to help investors access investment solutions structured to help them achieve their goals. Click here to learn more about our investment solutions.
Learn About Our Investment SolutionsAll statistics as of 5/31/26. Past performance of the sponsor and its offerings does not guarantee future results.
Warren Thomas
Warren has over 40 years of experience as a CPA and has been an active commercial real estate investor for the past 30 years. Prior to focusing on the securitized 1031 exchange market in 2003, he developed an extensive tax practice including estate planning, financial planning, and real estate advisory services. He graduated in 1978 from Biola University with a B.S. in Business, specializing in Accounting. He also earned a master’s degree in Taxation from Golden Gate University in 1993. He maintains Series 6, 7, 22, 24, 39, 63, 66, and 79 Securities Licenses.
Joshua Ungerecht
Joshua currently serves as Managing Partner of ExchangeRight and Telos Capital, and continues to serve as CEO and Chief Investment Officer of a wealth management firm and Broker-Dealer specializing in securitized real estate investments. Together with his Partners, Joshua has overseen and underwritten the acquisition of over $6 billion in real estate. Joshua graduated from The Master’s College, summa cum laude with a B.A. in Theology, Apologetics, and Missions and is currently on leave from Talbot Graduate School, where he was pursuing an M.A. in Philosophy of Religion and Ethics. He also maintains Series 7, 22, 24, 63, 66, and 79 securities licenses and an active California real estate broker license.
David Fisher
David is primarily responsible for the acquisition, asset management, financing, and advocacy efforts related to ExchangeRight and its affiliate businesses. He is an active member of the Federation of Exchange Accommodators, Institute for Portfolio Alternatives, and the Tax Committee of the Real Estate Round Table, where he focuses on lobbying efforts in Congress to protect the interests of investors and other stakeholders in the health and stability of the American commercial real estate market.
David began his real estate and finance career nearly three decades ago as a manager in the tax department of KPMG. He later joined Wells Fargo, where he focused on tax, treasury, and acquisitions for more than seven years. From 2005 until 2012, he served as HSBC’s North American Head of Asset and Structured Finance for the company’s investment banking division, where he and his banking teams executed international financings in excess of $8 billion. David graduated magna cum laude from the University of Northern Iowa in 1993 with a degree in Accounting, earning national honors with the Elijah Watt Sells Award on the May 1993 CPA exam.