Investment Overview

LOCATION HIGHLIGHTS HIGH DENSITY WALMART OUTPARCEL OFF FLORIDA TURNPIKE * Outparcel to Walmart Supercenter in a highly-dense retail corridor * Other nearby traffic generators include Publix, Home Depot, AutoZone, and a 1.3M SF Amazon Distribution Center * Located less than a mile off the Florida Turnpike * Average daily traffic of nearly 190,000 cars/day * Located approximately 30 miles from downtown Miami * Miami-Dade MSA has a population of roughly 2.7 million making it the 7th most populated county in the U.S. * 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 200,000 residents within a 5-mile radius with a projected growth rate of 6.0% over the next 5 years 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 2041 * Fee-simple lease allowing for depreciation and cost segregation tax benefits * Annual CPI escalations (or minimum of +2% each year) * 1,802 SF state-of-the-art construction built in 2016