# PREP Essential Net Lease I DST

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## Investment description

PREP Essential Net Lease I DST holds an 89,702-square-foot retail building in Berlin, Vermont, leased to Shaw’s Supermarkets. The offering is organized as a single-property Delaware statutory trust. Investors acquire beneficial interests associated with the grocery property and the tenant and master-lease arrangements described in the offering materials.

## Key facts

- Fundraising Status: Open
- Sponsor Name: PREP Exchange
- Locations: Vermont
- Equity: $23,985,832
- Debt: $0
- LTV (investor offering): 0%
- Property Type: Grocery and retail
- Y1 Income: Login required.
- Average Income: Login required.
- Overall Scorecard Rating: Login required.

Source-document projections, not actual distributions. Income is operating cash divided by original offering equity and excludes sale proceeds. Y1 and average use the ten-year investor distribution schedule; average excludes any disposition proceeds. Offering LTV = allocated debt / (offering equity + allocated debt). Property/DST debt is zero; separate sponsor or depositor financing is excluded. Figures reflect reviewed document dates, not current operating results. Projections are not guaranteed; availability is maintained separately. Evidence confidence is reported separately.

## Sponsor overview

PREP Exchange LLC sponsors the offering as an affiliate of PREP Property Group. PREP Exchange launched in December 2025. The offering materials describe the broader platform’s retail-property, leasing and net-lease investment activities, with Michael C. Phillips leading the organization.

## Detailed analysis

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For informational and educational purposes only. Our research and opinions are not personalized investment, legal, or tax advice, an offer to sell or solicitation to buy securities, or a recommendation or endorsement of any investment. Do not rely on this research alone to make an investment decision. Review the current Private Placement Memorandum (PPM) and all applicable offering documents, and consult a registered investment adviser or other qualified investment professional and your legal and tax advisers. Private investments can be illiquid and involve significant risk, including loss of your entire investment. Past performance, projected income, and ratings do not guarantee future results. Information may be incomplete or change; confirm current offering availability directly with the sponsor.

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