Investment Overview

* Corporately Guaranteed Carvana with over 4 years remaining in Union City, GA- Union City is a densely populated market located 17 miles Southwest of downtown Atlanta * Carvana (NYSE: CVNA) was established in 2012 and currently has about 40 locations across the U.S. and is the leading e-commerce platform for buying and selling used cars * In 2023, Carvana reported a total revenue of $10.7B, a net income of $450M, and net worth of $243M * 2.0% annual rental increases- next increase is on January 1, 2025 * High traffic location (over 49,000 cars/day) in one of the most dense auto dealership areas of Atlanta- located near several dealerships such as Infiniti, BMW, Lexus, Nissan, Jeep, Chrysler, Honda, Toyota, Chevrolet, Ford, Volkswagen, Audi, Kia, and Atlanta Luxury Motors * Located near several major industrial distribution plants such as Safelite, DHL, XPO Logistics, Kraft/Heinz, and P&G * Located approximately 1 mile from Atlanta Metro Studios- Atlanta Metro Studios consists of 135K SF of soundstages, 50K SF of offices, and 60K SF of mill space and full production support * Located less than 1 mile from Interstate 85 * Atlanta MSA is one of the fastest growing markets in the U.S.- Atlanta currently has a population of approximately 6.1M residents, which is expected to grow another 5% by 2027 * The Atlanta metro placed among the highest in the nation for job growth- over the last 5- years, nearly 270,000 positions were added * Atlanta ranks as one of the nation’s top markets for Fortune 500 Companies with over 16, including UPS, Delta, Coca-Cola, and Home Depot * Currently over 113,000 residents within 5 miles, with an expected growth rate of over 6% during the next 5 years * Large lot size of 3.5 acres with a building of 12,818- The asking price is $273/SF, which is below replacement cost