Investment Overview

ABSOLUTE-NET GROUND LEASE - Corporate AutoZone Ground Lease Structure Eliminates All Landlord Expense Obligations — Tenant Is Responsible For All Property Expenses, Maintenance, Roof And Structure, Resulting In A True Zero-Management Investment With No Out- Of-Pocket Ownership Costs 2019 CONSTRUCTION MODERN 7,386 SF PROTOTYPE ON 1.22 ACRES - Purpose-Built AutoZone Featuring Contemporary Store Design, Large Inventory Capacity And Strategic Visibility Along Academy Drive 10% RENT INCREASES EVERY FIVE YEARS THROUGHOUT BASE TERM AND OPTIONS - Scheduled Rent Bumps In 2029 And Continuing Through Four 5-Year Option Periods, Growing NOI To $198,415 Annually By The Final Option IRREPLACEABLE SOUTHERN CALIFORNIA GROUND LEASE ASSET - High-Barrier-To-Entry Ventura County Market With Long-Term Land Control And Minimal Capital Exposure CORPORATE GUARANTEE FROM AUTOZONE, INC. (NYSE: AZO) - Backed By AutoZone’s Investment-Grade Balance Sheet, $18.94 Billion In Annual Revenue And 7,500+ Global Locations — One Of The Most Creditworthy Retail Tenants In The Net Lease Market With Zero Debt On The Landlord’s Position LOCATED WITHIN VENTURA COUNTY’S PREMIER RETAIL CORRIDOR - The Property Benefits From Proximity To The Ventura Freeway (US-101), Major National Retailers, Auto-Oriented Demand Drivers And Dense Residential Communities