Investment Overview

LOCATION HIGHLIGHTS DENSE INFILL MIAMI LOCATION JUST 5 MILES FROM DOWNTOWN MIAMI AND 8 MILES FROM MIAMI BEACH WITH NEARLY 500K RESIDENTS IN 5-MILE RADIUS * Infill Miami location located less than 1 mile from Biscayne Bay and approximately 8 miles from the Port of Miami * Biscayne Bay is a 35-mile shallow, subtropical lagoon and marine estuary bordered by Miami to the West and Miami Beach and Key Biscayne to the East * Biscayne Bay is a major hub for boating, fishing, and shipping as it borders the Port of Miami * Port of Miami is the world’s leading cruise port and major global container hub which welcomed a record-breaking 8.56 million cruise passengers in 2025 * Port of Miami employs nearly 340,000 jobs statewide and has an economic impact of roughly $61 billion to the state of Florida * With its close proximity to Biscayne Bay, property is located near several large marinas * Incredibly dense infill retail corridor * Publix, Sabor Tropical, Goodwill, Dollar Tree, CVS, Wendy’s, Advance Auto, Pollo Tropical and several local/regional operators * Located in close proximity to nearly 4,000 residential multi-family units and condos * Located right off the high traffic intersection of Biscayne Boulevard and NE 79th Street * ADT of over 71,000 cars/day * Located approximately 2.5 miles from I-195 * ADT of over 108,000 cars/day LOCATION HIGHLIGHTS CONTINUED * Located approximately 5 miles from downtown Miami and 8 miles from Miami Beach * MSA is expected to increase in population by approximately 2% over the next 5 years * Miami is a major North American tourist destination and is expected to have approximately 28 million visitors in 2026 * High density location with over 480,000 residents within a 5-mile radius TENANT HIGHLIGHTS CORPORATE GUARANTEE FROM TACO BELL OF AMERICA, LLC * Taco Bell, founded in 1962, currently operates over 8,700 restaurants across 32 countries worldwide * Taco Bell of America, LLC is a wholly owned subsidiary of Yum! Brands, Inc. * Yum! Brands, Inc., founded in 1997, operates over 44,000 locations across 151 countries under the brands Taco Bell, KFC, and Habit Burger * Total revenue of $8.214 billion in 2025 LEASE TERMS & PROPERTY INFO HIGHLIGHTS LONG-TERM ABSOLUTE NNN LEASE WITH ANNUAL ESCALATIONS * Long-term absolute NNN lease with base term that expires in 2039 * Fee-simple lease allowing for depreciation and cost segregation tax benefits * Annual CPI escalations (or minimum of + 2.0% each year) * 2,340 SF building with drive-thru