Investment Overview

CORPORATE NET LEASE TO TESLA, INC. (NASDAQ: TSLA) – The Offering features a 25,865 square-foot customized retrofit showroom and service center situated on 5.134-acres. The Tenant, Tesla, Inc., has nine years remaining on its initial 10-year lease with two, five-year renewal options. The lease features rental increases of 10 percent every five years, providing steady NOI growth and a hedge against inflation. Tesla, Inc. is publicly traded (NASDAQ: TSLA) and rated “BBB” by Standard & Poor’s. HIGH CONCENTRATION OF TESLA OWNERSHIP – The Washington, DC Region has the highest share of Tesla owners in the United States. With seven Tesla showrooms in the Baltimore-Washington, DC Metro, the nearest locations are 12 miles west in Bethesda and Rockville, Maryland, 21 miles south in Washington, DC, and 35 miles west in Sterling, Virginia. This site is the closest to the Beltway’s interchange with Interstate-95, so it will service a vast area to the north and as far east as Annapolis which lacks a Tesla service facility. NEIGHBORS PLANNED $3 BILLION MIXED USED DEVELOPMENT – The Offering is located one-half-mile from Viva White Oak, a planned 280-acre mixed-use, transit-oriented development. The community is approved for 6 million square-feet of commercial development and over 6,000 residential units. Viva White Oak is being jointly developed as a public-private partnership between Global LifeSci Development Corporation and Montgomery County, Maryland. It is expected to bring thousands of new jobs to the community as well as a new draw for businesses in the life sciences, health, and tech sectors. PROXIMATE TO ECONOMIC DRIVERS AND INTERSTATE ACCESSIBILITY – This location is immensely versatile and valuable in an area where new ground-up development can take years to achieve approvals and permits. The site is regionally accessible and proximate to various economic drivers and traffic generators. The Home Depot (918K Annual Customer Visits); Orchard Center (anchored by Target, Kohl’s, and Giant; 4.5M Annual Customer Visits); Washington Adventist Hospital and White Oak Medical Center (969K Annual Customer Visits); and the consolidated headquarters of the U.S. Food and Drug Administration (FDA) are of immense benefit. DENSE & AFFLUENT DEMOGRAPHIC PROFILE – Positioned 12 miles northeast of Washington, DC and 27 miles southwest of Baltimore, Silver Spring is the fourth most populous city in the state and the nation’s 5th wealthiest county by Bloomberg. The Tenant is supported by a three-mile population of 104,324 residents with an Average Household Income of $111,670, and more than 292,119 residents within five-miles. HIGHLY PROFITABLE BRAND – Standard & Poor’s upgraded Tesla’s credit rating to “BBB” in October 2022, citing increased production and deliveries. Tesla, Inc. has quickly become one of the largest companies in the world. The Company reports 2022 revenue of $81.46 billion, a $27.6 billion dollar increases over the previous year, and TTM revenue of $94.03 Billion. The Company has a Market Capitalization of $750.14 Billion, ranking #7 on the list of the largest companies in the world ranked by market capitalization.