Investment Overview

The subject asset is a 100% occupied, two-tenant commercial building totaling approximately 13,511 net rentable square feet, located at the Medford Airport in Medford, Oregon. The property is situated on a long-term ground lease with the Medford Airport Authority, with approximately 22 years remaining, providing durable site control at a strategic transportation hub for Southern Oregon. Tenants • U.S. Immigration and Customs Enforcement (ICE), an agency of the U.S. Department of Homeland Security • Lincare, Inc., a subsidiary of Linde plc, a global industrial gases and healthcare company The property has recently benefitted from approximately $250,000 in capital improvements completed at the request of ICE, reinforcing long-term operational commitment. Lease Summary: ICE (U.S. Government) • Firm 8-year lease extension recently executed • Modified gross lease structure • Exceptional credit quality backed by the U.S. Government Lincare, Inc. • In continuous occupancy since 2003 • Five-year extension executed in 2023; lease expires 12/31/2028 • Triple net lease structure • Two additional 2–3 year extension options Mission-Critical Location for ICE The Medford Airport location is mission-critical for ICE operations due to its strategic regional coverage, immediate airport access for federal operations, limited alternative facilities meeting federal requirements, and recent capital investment that materially increases relocation costs. The site functions as a key operational hub for Southern Oregon and Northern California enforcement and administrative activities. Medford MSA Demographics The Medford Metropolitan Statistical Area has a population of approximately 223,000 and serves as the commercial and governmental center of Southern Oregon. The area benefits from a stable, diversified economy anchored by healthcare, government, logistics, and corporate headquarters employment. Major Employers • Asante Health System • Providence Health System • Lithia Motors, Inc. (Fortune 500; NYSE: LAD) • Harry & David (1-800-Flowers subsidiary) • Pacific Retirement Services