Investment Overview

STRONG REAL ESTATE FUNDAMENTALS - Newly developed Bojangles (2020) - Latest store prototype with contactless drive-thru - Attractive interstate location - ±50,000 VPD along I-40 - Strategically located on the last parcel before I-40 entrance ramp - Flat topography with quality visibility - Strong daily traffic counts of ±21,000 VPD along Taylorsville Road OPTIMAL LEASE STRUCTURE - Attractive 15-year base term with 13.5+ years left - Three (3), 5-year renewal options - 7.5% rent escalations every 5 years throughout entire lease - Triple Net (NNN) lease with no landlord responsibilities - Rare corporate Bojangles lease DOMINANT BRAND - Established QSR founded in 1977 - HQ in Charlotte, NC - 760+ locations across the US - System-wide sale of $1.37+ B in 2020 - Extremely strong brand following in the Southeast - The Jordan Company and Durational Capital Management purchased Bojangles in 2019 for $16.10 per share, representing a 39% premium CHARLOTTE, NC MSA ADVANTAGE - Total population of 2.6+ MM - 2nd largest financial center in US - #7 Best Places for Business and Careers (Forbes, 2019) - #26 Nation’s Best-Performing Large Metros (Milken Institute, 2020) - Home of 8 Fortune 500 companies - Top industries: banking, financial services, manufacturing, energy, automotive, health