Investment Overview

NEW 13-YEAR ABSOLUTE NNN LEASES | LEASEHOLD INTEREST The subject properties operate under newly-signed 13-year Absolute NNN Leases with no landlord management or maintenance responsibilities whatsoever. The properties offer a rare opportunity for an investor to acquire the subject property improvements under a leasehold interest, which provides a significantly higher return compared to a traditional fee simple absolute NNN lease. Each property is subject to a ground lease (see Offering Highlights page for details). RARE 5% RENT INCREASES EVERY 5 YEARS The lease offers 5% rent increases every 5 years during the original term and the 12, five-year renewal options (if exercised) providing exceedingly more cash flow than a traditional flat Walgreens lease. INVESTMENT GRADE TENANT The Lease is guaranteed by Walgreen Co., a subsidiary of Walgreens Boots Alliance, Inc. and rated Baa2/ Stable by Moody’s. Walgreens Boots Alliance, Inc., the Parent Company, carries an Investment Grade Credit Rating of BBB/Stable from S&P and Baa2/Stable from Moody’s. CRITICAL DRIVE-THROUGH LANE According to the Wall Street Journal, more companies look for properties that will allow them to serve customers in their cars. Interest in drive-through real estate was growing even before Covid-19, but it exploded last year when total sales volume for restaurants, pharmacy and bank properties hit a record $12 billion, according to data firm CoStar Group Inc. Finding drive-through real estate can be challenging, especially in densely built areas, because the properties need to have enough space to accommodate long lines of cars. ESSENTIAL RETAILER OPERATING AND ASSISTING U.S. AUTHORITIES DURING THE COVID-19 PANDEMIC As a global, pharmacy-led health care company, Walgreens Boots Alliance has been working to ensure the safety and well-being of their colleagues, patients and customers during the pandemic of COVID-19. Their retail pharmacies have worked to provide up-to-date information and public health guidelines to customers, and their emergency response teams across the business are actively working to find ways play a greater role in what has become a global emergency – including working with the United States federal government to expand access to COVID-19 testing.