WM Portfolio - 2021 V2

WM Portfolio - 2021 V2

Walmart Shadow-Anchored P O R T F O L I O

retailunplugged.com

Albanese Cormier | A Short Story

Since 2001, AlbaneseCormier has been acquiring, managing, leasing and developing real estate properties across the United States. Through a clear vision, selective choices, creative hiring, skilled management and a dedicated staff, we have been able to consistently grow a sustainable business that has exceeded 6 million square feet of real estate since inception. As the industry continues to evolve, we are positioned to take advantage of opportunities as they are presented to us. We are AlbaneseCormier . AlbaneseCormier | A Short History

Albanese Cormier Holdings | 3

Looking At Retail In A Whole New Light

RetailUnplugged ™ is a 21st century way to imagine brick and mortar retail. Think of it as a stable, analog solution to an increasingly volatile, digital world. By owning, managing and leasing retail projects that are resistant to the ups and downs of the economy, as well as significantly less impacted by online sales, we ensure sustainable growth and financial stability.

retailunplugged ™

Portfolio Breakdown

9 States

783,082 SF

25 Properties

95% Occupancy

NOI $7,788,336

Price $120,000,000

Por tfolio Breakdown | 5

Portfolio Breakdown by Revenue

TOP TENANTS BY RENTAL REVENUE

SUM OF YEAR 1 REVENUE STORE COUNT

• Over the last 12 months, the Company opened 76 new stores. Al l deal s were agreed on before COVID-19. CATO honored thei r commi tment to open new stores despi te pandemic. • FY20 capi ta expendi tures increased 68% f rom the pr ior per iod. Spending was for the 76 new stores, a di str ibut ion center, and technology. • Liquidi ty of over $180M cons i sts of ful l revolver avai labi l i ty of $35M and the remainder in cash. • Per Analyst , “CATO’s balance sheet i s very strong. They’re in a better pos i t ion f inancial ly than January 2020.” • Dol lar Tree i s the growth vehicle of the Company (Dol lar Tree and Fami ly Dol lar). • Three out of every four stores the Company opens are Dol lar Tree banners. • Dol lar Tree’s Q4 net sales increased 7.2% to $6.77B as same-store sales rose 4.9% f rom comps. • Liquidi ty i s plent i ful wi th wel l over $2.50B between cash and avai lable credi t . • The Company’s Q4 operat ional resul ts cont inued to benef i t f rom consumer spending patterns. • Sales improved 21.9% compared to comps. Thi s included 18% for br ick-and- mortar sales and 45% for e-commerce. • Free cash f low improved to $163M f rom $75M as a resul t of increased demand and operat ional improvements. • Hibbett has maintained a vi rtual ly debt f ree capi tal structure and has over $200M in net cash. • Excel lent relat ionship wi th major manufacturers (Nike and Under Armour). • Founded in 1960 in Kannapol i s, NC, Shoe Show’s success has been based on a s imple formula of providing qual i ty products, service, and value. • Largest pr ivately owned fami ly shoe store in the Uni ted States wi th over 1,1000 stores in 47 states. • Shoe Show i s completely debt f ree and has a rock-sol id balance sheet . • As a company, Shoe Show has cont inued to have pos i t ive comps month over month and quarter over quarter compared to previous per iods. • Management rei terates enthus iasm towards expans ion as a main point of thei r short , intermediate, and long-term goal s. • GameStop i s in the midst of a turnaround being engineered by act ivi st investor Ryan Cohen, who seeks to repl icate hi s success in bui lding Chewy.com. • Q4 same store sales increased 6.5% over comps • Free cash f low has increased thanks to a stabi l i zat ion of payables and high demand for new consoles • Company debt fel l 14% to $263M at 01/30/2021 and has been reduced fur ther thanks to payments of $25M and $73M on 2021 senior notes. • The Company has plenty of l iquidi ty wi th over $500M cash and a $420M revolver

$1,096,784

21

$882,346

10

$296,178

5

$262,386

5

$252,256

8

GRAND TOTAL

$2,789,949

49

Por tfolio Breakdown | 6

Portfolio Breakdown by Square Footage

TOP TENANTS BY SQUARE FOOTAGE

SUM OF SQUARE FOOTAGE

STORE COUNT

• Over the last 12 months, the Company opened 76 new stores. Al l deal s were agreed on before COVID-19. CATO honored thei r commi tment to open new stores despi te pandemic. • FY20 capi ta expendi tures increased 68% f rom the pr ior per iod. Spending was for the 76 new stores, a di str ibut ion center, and technology. • Liquidi ty of over $180M cons i sts of ful l revolver avai labi l i ty of $35M and the remainder in cash. • Per Analyst , “CATO’s balance sheet i s very strong. They’re in a better pos i t ion f inancial ly than January 2020.” • Dol lar Tree i s the growth vehicle of the Company (Dol lar Tree and Fami ly Dol lar). • Three out of every four stores the Company opens are Dol lar Tree banners. • Dol lar Tree’s Q4 net sales increased 7.2% to $6.77B as same-store sales rose 4.9% f rom comps. • Liquidi ty i s plent i ful wi th wel l over $2.50B between cash and avai lable credi t . • Incredibly strong balance sheet per management • The Company paid down most of i ts debt in 2020 and increased cash by $110 mi l l ion • The balance sheet i s clean after a 96% reduct ion of debt by FYE 2020. • There i s strong l iquidi ty wi th over $200M avai lable of $305M revolver • Management has expressed interest in expanding as other retai lers cont inue closure. • Ross plans to open about 60 stores in FY2021 – roughly 40 wi l l be under the Ross banner and the others wi l l be DD’s Di scounts locat ions. • Ross expects to cont inue to aggress ively expand going forward, bol stered by the $1.84B of f ree cash f low generated in FY2020. • Addi t ional ly, Ross has ample l iquidi ty wi th near ly $5B of cash at the end of Q4 2020 and ful l avai labi l i ty under i ts $800M revolver. • Sales extremely strong upon reopening and cont inued through the end of the year. • TJX (parent company) i ssued low interest debt and ret i red $1.12B of higher interest debt . • As a s ign of conf idence, the Company announced i t i s reinstat ing i ts quarter ly dividend. • The Company ended Q4 wi th $12B in l iquidi ty. • Management sees great potent ial to cont inue global store growth long-term and expects to grow market share aggress ively as other retai lers close stores.

96,950

21

85,744

10

50,232

1

25,000

1

25,000

1

GRAND TOTAL

282,926

34

Por tfolio Breakdown | 7

Portfolio Breakdown

SUM OF # TENANTS

SUM OF SQ FOOTAGE

SUM OF 1ST YEAR REVENUE

SUM OF COUNT

SALES CATEGORY

BEAUTY SALON

16

26,151

378,085

4.64%

BEAUTY SUPPLY

10

17,337

262,658

3.22%

CELL PHONE

16

37,107

580,601

7.12%

% RENT BY SALES CATEGORY

DISCOUNT RETAIL

47

352,001

3,499,490

42.91%

ELECTRONICS

5

8,256

157,759

1.93%

Sporting Goods 6.01%

Beauty Salon

Tobacco 1.02%

Beauty Salon Beauty Supply Cell Phone Discount Retail Electronics Financial Services Fitness Furniture Hardware Home Improvement

4.64% Beauty Supply 3.22%

Services 1.61%

FINANCIAL SERVICES

18

35,656

611,179

7.49%

Retail 3.77%

FITNESS

1

28,200

151,152

1.85%

Restaurant 8.70%

Cell Phone 7.12%

Rent to Own 1.75%

FURNITURE

1

5,985

99,890

1.22%

Office 0.65%

HARDWARE

1

15,162

114,928

1.41%

Medical 2.07%

HOME IMPROVEMENT

1

20,360

101,800

1.25%

Laundry 0.20%

Jewelry Laundry Medical Offi ce Rent to Own Restaurant Retail Services Sporting Goods Tobacco

Jewelry 1.17%

JEWELRY

3

6,200

95,190

1.17%

Home Improvement 1.25%

LAUNDRY

1

1,600

16,112

0.20%

Hardware 1.41%

Discount Retail 42.91%

MEDICAL

5

12,158

207,103

2.07%

Furniture 1.22%

Fitness 1.85%

OFFICE

1

2,014

53,351

0.65%

Financial Services 7.49%

Electronics 1.93%

RENT TO OWN

3

12,420

142,620

1.75%

RESTAURANT

20

47,502

709,839

8.70%

RETAIL

11

21,372

307,252

3.77%

SERVICES

2

13,523

131,595

1.61%

SPORTING GOODS

5

70,122

489,981

6.01%

TOBACCO

3

4,780

83,077

1.02%

GRAND TOTAL

170

737,906

8,193,662

100.00%

Por tfolio Breakdown | 8

Investment Summary

retailunplugged.com

Inputs & Assumptions

ASSUMPTIONS

RENT GROWTH:

3.00%

INFLATION:

2.50%

MANAGEMENT FEE:

3.00%

CLOSING COSTS:

1.00%

INTEREST RATE:

3.25%

RISK FREE (10 YR):

0.68%

DISCOUNT RATE:

8.25% 6.50%

ENTRY CAP:

EXIT CAP:

6.75%

ACQUISITION PRICE:

$ 120,000,000

LOAN AMOUNT (%):

80%

LOAN AMOUNT ($):

$

96,000,000

LOAN TERM (YR):

10

AMORTIZATION (YR):

30

INTEREST ONLY PERIOD (MOS.):

12

Investment Summar y | 11

5 Year Hold

WALMART SHADOW PORTFOLIO:

YOY NET OPERATING INCOME

PROFORMA CASH FLOWS

PROPERTY

STATE

8/1/21 180,705 145,881 194,471

8/1/22 182,999 145,686 195,041

8/1/23 186,000 146,003 97,994

8/1/24 189,555 146,329 201,021

8/1/25 194,243 146,662 205,610

8/1/26 199,048 149,770 210,750

RUSSELLVILLE PLAZA SUMMERFIELD PLAZA

ALABAMA FLORIDA GEORGIA KENTUCKY KENTUCKY KENTUCKY LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA MISSISSIPPI MISSISSIPPI MISSISSIPPI MISSISSIPPI

TIFTON SQUARE

ALEXANDRIA VILLAGE LEITCHFIELD PLAZA

1,346,937

1,347,383

1,349,664

1,358,601

1,372,766

1,388,233

111,559 139,826 340,360 202,081 143,624 442,623 196,680 73,059 296,400 95,702 445,165 177,265 160,358 313,390 167,319 141,093 168,063 109,045 636,899 350,821

112,230 143,613 342,752 207,133 144,457 453,689 201,597 74,885 303,810 98,095 456,295 181,638 164,294 321,225 171,444 144,621 172,264 111,727 639,582 350,247

113,729 147,479 347,016 212,311 147,799 465,031 206,637 76,757 311,405 100,547 467,702 186,121 168,329 329,255 175,672 148,222 176,571 114,477 643,478 350,396

116,162 151,166 353,140 217,619 151,225 476,657 211,803 78,676 319,191 103,061 479,395 190,716 172,465 337,487 180,006 151,898 180,985 117,295 647,471 354,893

118,656 154,946 359,418 223,060 154,737 488,573 217,098 80,643 327,170 105,637 491,379 195,425 176,703 345,924 184,448 155,652 185,510 120,184 654,052 363,766

121,212 158,819 366,434 228,636 158,336 500,788 222,526 82,659 335,350 108,278 503,664 200,253 181,048 354,572 189,001 159,543 190,147 123,145 662,515 372,860

LEBANON PLAZA LEESVILLE PLAZA

ABBEVILLE PLAZA BAYOU VISTA PLAZA NEW IBERIA PLAZA PORT ALLEN PLAZA MANSFIELD PLAZA CORINTH PLAZA PHILADELPHIA PLAZA

PICAYUNE PLAZA

PONTOTOC PLAZA GREENVILLE PLAZA

NORTH CAROLINA NORTH CAROLINA

MURPHY PLAZA

CROSSVILLE PLAZA HUMBOLDT PLAZA

TENNESSEE TENNESSEE TENNESSEE TENNESSEE

HUMBOLDT WM PLAZA JEFFERSON CITY PLAZA WEST ORANGE PLAZA

TEXAS TEXAS TEXAS

AMARILLO PLAZA

RENAISSANCE SQUARE

1,209,010 7,788,336

1,207,794 7,874,501

1,208,353 7,876,948

1,230,330 8,117,147

1,258,975 8,281,237

1,288,336 8,455,923

PORTFOLIO NOI :

ACQUISITION PRICE:

$(120,000,000) $(1,200,000) $96,000,000 $(25,200,000)

CLOSING COSTS:

DEBT (@ 80% ACQUISITION): INITIAL EQUITY INVESTMENT:

NOI :

7,788,336 (5,013,577)

7,874,501 (5,013,577)

7,876,948 (5,013,577)

8,117,147 (5,013,577)

8,281,237 (5,013,577)

8,455,923 (5,013,577)

DEBT SERVICE: NET CASH FLOW: CASH ON CASH:

$(25,200,000)

2,774,759

2,860,924

3,103,570

3,267,660

3,442,346

2,863,371

11.01%

11.35%

11.36%

12.32%

12.97%

13.66%

SALES PROCEEDS (@ 6.75% CAP):

125,272,933

COSTS OF SALE:

(1,252,729)

LOAN PAYOFF:

(85,734,487) 38,285,717 41,553,377

NET SALES PROCEEDS: TOTAL CASH FLOWS:

$(25,200,000)

2,774,759

2,860,924

2,863,371

3,103,570

Investment Summar y | 12

5 Year Hold (CONT)

INVESTMENT HIGHLIGHTS

PRESENT VALUE OF FUTURE CASH FLOWS:

$37,477,764

NET PRESENT VALUE (@ STATED DISCOUNT RATE):

$12,270,712

EQUITY MULTIPLE:

2.11X

LEVERED IRR:

18.78%

AVERAGE CASH ON CASH:

11.80%

CAGR:

5.13%

Investment Summar y | 13

7 Year Hold (12 Month Interest Only)

PROFORMA CASH FLOWS

WALMART SHADOW PORTFOLIO:

YOY NET OPERATING INCOME

PROPERTY

STATE

8/1/21 180,705 145,881 194,471

8/1/22 182,999 145,686 195,041

8/1/23 186,000 146,003 97,994

8/1/24 189,555 146,329 201,021

8/1/25 194,243 146,662 205,610

8/1/26 199,048 149,770 210,750

8/1/27 203,973 153,514 216,019

8/1/28 209,022 157,352 221,419

RUSSELLVILLE PLAZA SUMMERFIELD PLAZA

ALABAMA FLORIDA GEORGIA KENTUCKY KENTUCKY KENTUCKY LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA MISSISSIPPI MISSISSIPPI MISSISSIPPI MISSISSIPPI

TIFTON SQUARE

ALEXANDRIA VILLAGE LEITCHFIELD PLAZA

1,346,937

1,347,383

1,349,664

1,358,601

1,372,766

1,388,233

1,405,392

1,422,880

111,559 139,826 340,360 202,081 143,624 442,623 196,680 73,059 296,400 95,702 445,165 177,265 160,358 313,390 167,319 141,093 168,063 109,045 636,899 350,821

112,230 143,613 342,752 207,133 144,457 453,689 201,597 74,885 303,810 98,095 456,295 181,638 164,294 321,225 171,444 144,621 172,264 111,727 639,582 350,247

113,729 147,479 347,016 212,311 147,799 465,031 206,637 76,757 311,405 100,547 467,702 186,121 168,329 329,255 175,672 148,222 176,571 114,477 643,478 350,396

116,162 151,166 353,140 217,619 151,225 476,657 211,803 78,676 319,191 103,061 479,395 190,716 172,465 337,487 180,006 151,898 180,985 117,295 647,471 354,893

118,656 154,946 359,418 223,060 154,737 488,573 217,098 80,643 327,170 105,637 491,379 195,425 176,703 345,924 184,448 155,652 185,510 120,184 654,052 363,766

121,212 158,819 366,434 228,636 158,336 500,788 222,526 82,659 335,350 108,278 503,664 200,253 181,048 354,572 189,001 159,543 190,147 123,145 662,515 372,860

123,832 162,790 375,595 234,352 162,025 513,307 228,089 84,726 343,733 110,985 516,255 205,201 185,502 363,436 193,668 163,532 194,901 126,180 675,679 382,181

126,927 166,859 384,985 240,211 165,807 526,140 233,791 86,844 352,327 113,760 529,162 210,273 190,066 372,522 198,451 167,620 199,774 129,290 689,173 391,736

LEBANON PLAZA LEESVILLE PLAZA

ABBEVILLE PLAZA BAYOU VISTA PLAZA NEW IBERIA PLAZA PORT ALLEN PLAZA MANSFIELD PLAZA CORINTH PLAZA PHILADELPHIA PLAZA PICAYUNE PLAZA PONTOTOC PLAZA GREENVILLE PLAZA

NORTH CAROLINA NORTH CAROLINA

MURPHY PLAZA

CROSSVILLE PLAZA HUMBOLDT PLAZA

TENNESSEE TENNESSEE TENNESSEE TENNESSEE

HUMBOLDT WM PLAZA JEFFERSON CITY PLAZA WEST ORANGE PLAZA

TEXAS TEXAS TEXAS

AMARILLO PLAZA

RENAISSANCE SQUARE

1,209,010 7,788,336

1,207,794 7,874,501

1,208,353 7,876,948

1,230,330 8,117,147

1,258,975 8,281,237

1,288,336 8,455,923

1,320,544 8,645,411

1,353,558 8,839,949

PORTFOLIO NOI :

ACQUISITION PRICE:

$(120,000,000) $(1,200,000) $96,000,000 $(25,200,000)

CLOSING COSTS:

DEBT (@ 80% ACQUISITION): INITIAL EQUITY INVESTMENT:

NOI :

7,788,336

7,874,501

7,876,948

8,117,147

8,281,237

8,455,923

8,645,411

8,839,949

DEBT SERVICE:

(3,120,000)

(5,013,577)

(5,013,577)

(5,013,577)

(5,013,577)

(5,013,577)

(5,013,577)

(5,013,577)

NET CASH FLOW: CASH ON CASH:

$(25,200,000)

4,668,336

2,860,924

2,863,371

3,103,570

3,267,660

3,442,346

3,631,834

3,826,372

18.53%

11.35%

11.36%

12.32%

12.97%

13.66%

14.41%

15.18%

SALES PROCEEDS (@ 6.75% CAP):

130,962,207

COSTS OF SALE:

(1,309,622)

LOAN PAYOFF:

(81,138,544)

NET SALES PROCEEDS: TOTAL CASH FLOWS:

48,514,042

$(25,200,000)

4,668,336

2,860,924

2,863,371

3,103,570

3,267,660

3,442,346

52,145,876 Investment Summar y | 14

7 Year Hold (12 Month Interest Only) (CONT)

INVESTMENT HIGHLIGHTS

PRESENT VALUE OF FUTURE CASH FLOWS:

$45,547,413

NET PRESENT VALUE (@ STATED DISCOUNT RATE):

$20,332,488

EQUITY MULTIPLE:

2.87X

LEVERED IRR:

20.76%

AVERAGE CASH ON CASH:

13.51%

CAGR:

7.54%

Investment Summar y | 15

10 Year Hold

WALMART SHADOW PORTFOLIO:

PROFORMA CASH FLOWS

YOY NET OPERATING INCOME

PROPERTY

STATE

8/1/21 180,705 145,881 194,471

8/1/22 182,999 145,686 195,041

8/1/23 186,000 146,003 97,994

8/1/24 189,555 146,329 201,021

8/1/25 194,243 146,662 205,610

8/1/26 199,048 149,770 210,750

8/1/27 203,973 153,514 216,019

8/1/28 209,022 157,352 221,419

8/1/29 214,196 161,286 226,995

8/1/30 219,500 165,318 232,629

8/1/31 220,598 166,145 233,792

RUSSELLVILLE PLAZA SUMMERFIELD PLAZA

ALABAMA FLORIDA GEORGIA KENTUCKY KENTUCKY KENTUCKY LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA MISSISSIPPI MISSISSIPPI MISSISSIPPI MISSISSIPPI

TIFTON SQUARE

ALEXANDRIA VILLAGE LEITCHFIELD PLAZA

1,346,937

1,347,383

1,349,664

1,358,601

1,372,766

1,388,233

1,405,392

1,422,880

1,440,704

1,458,870

1,466,164

111,559 139,826 340,360 202,081 143,624 442,623 196,680 73,059 296,400 95,702 445,165 177,265 160,358 313,390 167,319 141,093 168,063 109,045 636,899 350,821

112,230 143,613 342,752 207,133 144,457 453,689 201,597 74,885 303,810 98,095 456,295 181,638 164,294 321,225 171,444 144,621 172,264 111,727 639,582 350,247

113,729 147,479 347,016 212,311 147,799 465,031 206,637 76,757 311,405 100,547 467,702 186,121 168,329 329,255 175,672 148,222 176,571 114,477 643,478 350,396

116,162 151,166 353,140 217,619 151,225 476,657 211,803 78,676 319,191 103,061 479,395 190,716 172,465 337,487 180,006 151,898 180,985 117,295 647,471 354,893

118,656 154,946 359,418 223,060 154,737 488,573 217,098 80,643 327,170 105,637 491,379 195,425 176,703 345,924 184,448 155,652 185,510 120,184 654,052 363,766

121,212 158,819 366,434 228,636 158,336 500,788 222,526 82,659 335,350 108,278 503,664 200,253 181,048 354,572 189,001 159,543 190,147 123,145 662,515 372,860

123,832 162,790 375,595 234,352 162,025 513,307 228,089 84,726 343,733 110,985 516,255 205,201 185,502 363,436 193,668 163,532 194,901 126,180 675,679 382,181

126,927 166,859 384,985 240,211 165,807 526,140 233,791 86,844 352,327 113,760 529,162 210,273 190,066 372,522 198,451 167,620 199,774 129,290 689,173 391,736

130,101 171,031 394,609 246,216 169,683 539,293 239,636 89,015 361,135 116,604 542,391 215,471 194,745 381,835 203,354 171,811 204,768 132,479 703,005 401,529

133,353 175,307 404,475 252,372 173,655 552,776 245,627 91,240 370,163 119,519 555,951 220,800 199,541 391,381 208,380 176,106 209,887 135,747 719,969 411,567

134,020 176,184 406,497 253,634 174,523 555,540 246,855 91,696 372,014 120,117 558,731 221,904 200,539 393,338 209,422 176,987 210,936 136,426 723,569 413,625

LEBANON PLAZA LEESVILLE PLAZA

ABBEVILLE PLAZA BAYOU VISTA PLAZA NEW IBERIA PLAZA PORT ALLEN PLAZA MANSFIELD PLAZA CORINTH PLAZA PHILADELPHIA PLAZA PICAYUNE PLAZA PONTOTOC PLAZA GREENVILLE PLAZA

NORTH CAROLINA NORTH CAROLINA

MURPHY PLAZA

CROSSVILLE PLAZA HUMBOLDT PLAZA

TENNESSEE TENNESSEE TENNESSEE TENNESSEE

HUMBOLDT WM PLAZA JEFFERSON CITY PLAZA WEST ORANGE PLAZA

TEXAS TEXAS TEXAS

AMARILLO PLAZA

RENAISSANCE SQUARE

1,209,010 7,788,336

1,207,794 7,874,501

1,208,353 7,876,948

1,230,330 8,117,147

1,258,975 8,281,237

1,288,336 8,455,923

1,320,544 8,645,411

1,353,558 8,839,949

1,387,397 9,039,289

1,422,082 9,246,215

1,429,192 9,292,446

PORTFOLIO NOI :

ACQUISITION PRICE:

$(120,000,000)

CLOSING COSTS:

$(1,200,000)

DEBT (@ 80% ACQUISITION):

$96,000,000

INITIAL EQUITY INVESTMENT:

$(25,200,000)

NOI :

7,788,336 (5,013,577) 2,774,759

7,874,501 (5,013,577) 2,860,924

7,876,948 (5,013,577) 2,863,371

8,117,147 (5,013,577) 3,103,570

8,281,237 (5,013,577) 3,267,660

8,455,923 (5,013,577) 3,442,346

8,645,411 (5,013,577) 3,631,834

8,839,949 (5,013,577) 3,826,372

9,039,289 (5,013,577) 4,025,712

9,246,215 (5,013,577) 4,232,638

9,292,446 (5,013,577) 4,278,869

DEBT SERVICE: NET CASH FLOW: CASH ON CASH:

$(25,200,000)

11.01%

11.35%

11.36%

12.32%

12.97%

13.66%

14.41%

15.18%

15.98%

16.80%

16.98%

SALES PROCEEDS (@ 6.75% CAP):

137,665,868

COSTS OF SALE: LOAN PAYOFF:

(1,376,659) (73,660,294) 62,628,915 66,861,553

NET SALES PROCEEDS: TOTAL CASH FLOWS:

$(25,200,000)

2,774,759

2,860,924

2,863,371

3,103,570

3,267,660

3,442,346

3,631,834

3,826,372

4,025,712

Investment Summar y | 16

10 Year Hold (CONT)

INVESTMENT HIGHLIGHTS

PRESENT VALUE OF FUTURE CASH FLOWS:

$50,208,893

NET PRESENT VALUE (@ STATED DISCOUNT RATE):

$24,991,185

EQUITY MULTIPLE:

3.84X

LEVERED IRR:

18.72%

AVERAGE CASH ON CASH:

13.50%

CAGR:

10.25%

Investment Summar y | 17

A L A B A M A

Russellville Plaza

Summar y | Demographics | Site Plan | Aerial | Tenants

CENTER NAME Russellville Plaza

LISTING ID 1702

LOCATION 13655 Highway 43 Russellville, AL | 35653

PROPERTY HIGHLIGHTS •

Super Walmart shadow center Fully leased shopping center

• •

National tenant mix

DEMOGRAPHIC SNAPSHOT

1 MILE 3 MILES 5 MILES

POPULATION HOUSEHOLDS

3,244 1,286

11,749

14,789

4,415

5,579

AVERAGE HH INCOME

$47,641

$48,269

$50,201

BUSINESSES

221

501

573

MAJOR TENANTS CATO Little Caesars Sally Beauty Supply Shoe Show

Proper ty Summar y / Demographics | 20

1702| Russellville Plaza

13655 Highway 43 Russellville, AL | 35653

N

TENANT LIST

A| B| C| D|

Little Caesars 1,200 SF Ms. Nail Salon 1,350 SF Shoe Show 3,150 SF CATO 4,050 SF Sally Beauty Supply 1,800 SF El Patron 2,700 SF

E| F|

A B

C

D

E

F

SITE LEGEND Available Leased

Leased But Available Not A Part (NAP)

409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.

S I T E P L AN

13655 Highway 43. | Russellville, Alabama | 35653 1702 | Russellville Plaza

18k

Aerial | 22

The Market

Location | Russel lvil le, Alabama

Russellville is a city in Franklin County in the U.S. state of Alabama. At the 2010 census, the population of the city was 9,830, up from 8,971 at the 2000 census. The city is the county seat of Franklin County.

Russellville, Alabama | 24

The Financials

Rent Rol l | Underwritting Summar y | Loan Request

Russellville Plaza Rent Roll

RUSSELLVILLE PLAZA - RUSSELLVILLE AL RENT PROJECTION

UNIT(S)

LEASE

DESIGNATION

NRL AREA

%

LEASE FROM

LEASE TO

RENT/SF

MONTHLY

07/01/21 06/30/22

GLA

RENT ($)

$16.50

1,650.00

19,800

3/11/13

12/31/23

A

LITTLE CAESARS

RESTAURANT

NATIONAL 1,200

8.42%

$19.80

2,227.50

26,730

1/1/12

12/31/22

B

NAIL SALON

BEAUTY SALON

LOCAL 1,350

9.47%

$12.10

3,176.25

38,115

2/24/07

2/28/22

C

SHOE SHOW

DISCOUNT RETAIL

NATIONAL 3,150

22.11%

$11.00

3,712.50

44,550

1/22/07

1/31/22

D

CATO

DISCOUNT RETAIL

NATIONAL 4,050

28.42%

$11.80

1,770.00

21,240

4/14/14

4/30/22

E

SALLY BEAUTY SUPPLY BEAUTY SUPPLY

NATIONAL 1,800

12.63%

$15.94

3,586.50

43,038

9/1/08

12/31/24

F

EL PATRON

RESTAURANT

LOCAL 2,700

18.95%

$-

175.00

2,100

7/1/20

6/30/22

BIN

ATS OPERATING

BINS

NATIONAL -

0.00%

7

TOTAL GLA LEASED

14,250

100.00%

VACANT SUITES

0

TOTAL GLA VACANT

16,297.75

195,573

5/5/21

12/6/22

14,250

WALT

1.59

CAM REIMBURSEMENT

18,879

INSURANCE REIMBURSEMENT

4,612

TAX REIMBURSEMENT

15,610

TOTAL EXPENSE REIMBURSEMENT

39,101

234,674

GROSS REVENUE

Russellville Plaza Rent Roll | 26

Metrics Breakdown

% RENT BY SALES CATEGORY

Restaurant 32.13%

Beauty Supply 10.86%

Beauty Salon 13.67%

Bins 1.07%

Discount Retail 42.27%

Discount Retail

Beauty Supply

Restaurant

Beauty Salon

Bins

Metrics Breakdown | 27

Underwriting

RUSSELLVILLE PLAZA - RUSSELLVILLE AL

14,250

SF

$/SF

REVENUE

2021

ANNUAL BASE RENT

195,573

$13.72

18,879

$1.32

ANNUAL CAM INCOME

4,612

$0.32

ANNUAL INSURANCE INCOME

15,610

$1.10

ANNUAL RE TAX INCOME

39,101

$2.74

TOTAL EXPENSE REIMBURSEMENT

234,674

$16.47

EFFECTIVE GROSS INCOME

EXPENSES COMMON AREA MAINTENANCE

28,058

$1.97 $0.49

3.0%

7,040

MANAGEMENT FEE

4,612

$0.32

INSURANCE

14,259

$1.00

REAL ESTATE TAXES

53,969

$3.79

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

180,705

$12.68

INDICATED STABILIZED VALUE

6.50% 2,800,000

| 28 Underwriting

F L O R I D A

Summerfield Plaza

Summar y | Demographics | Site Plan | Aerial | Tenants

CENTER NAME Summerfield Plaza

LISTING ID 1302

LOCATION 11275 SE 178th Place Summerfield, FL | 34491 PROPERTY HIGHLIGHTS •

Super Walmart shadow center Fully leased shopping center

•

DEMOGRAPHIC SNAPSHOT

1 MILE 3 MILES 5 MILES

POPULATION HOUSEHOLDS

5,445 2,968

38,986 22,014 $56,619

81,140 44,063 $62,110

AVERAGE HH INCOME

$57,470

BUSINESSES

184

1,317

2,225

MAJOR TENANTS Dollar Tree GameStop Regis Salons Sally Beauty Supply

Proper ty Summar y / Demographics | 31

1302| Summerfield Plaza

11275 SE 178th Place Summereld, FL | 34491

N

TENANT LIST

GameStop 1,152 SF Sally Beauty Supply 1,440 SF Dollar Tree 7,992 SF Summerfield Vapor 1,656 SF 1| 2| 4| 6|

6

4

1

2

SITE LEGEND Available Leased

Leased But Available Not A Part (NAP)

409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.

S I T E P L AN

11275 SE 178th Place | Summerfield, Florida | 34491 1302 | Summerfield Plaza

Aerial | 33

The Market

Location | Summer field, Florida

Summerfield is an unincorporated community in Marion County, Florida, United States. It is located near the intersection of US 301 and County Road 475A. The community is part of the Ocala Metropolitan Statistical Area

Summer field, Florida | 35

The Financials

Rent Rol l | Underwritting Summar y | Loan Request

Summerfield Plaza Rent Roll

SUMMERFIELD PLAZA - SUMMERFIELD FL RENT PROJECTION

UNIT(S)

LEASE

DESIGNATION

NRL AREA

%

LEASE FROM

LEASE TO

RENT/SF

MONTHLY

07/01/21 06/30/22

GLA

RENT ($)

$18.50

1,776.00

21,312

4/2/06

1/31/23

1

GAMESTOP

RETAIL

NATIONAL 1,152

9.41%

$16.00

1,920.00

23,040

4/2/06

7/31/26

2

SALLY BEAUTY SUPPLY BEAUTY SUPPLY

NATIONAL 1,440

11.76%

DISCOUNT

$10.75

7,159.50

85,914

7/2/06

6/30/26

3

DOLLAR TREE

NATIONAL 7,992

65.29%

RETAIL

$17.00

2,346.00

28,152

7/1/21

6/30/26

4

SUMMERFIELD VAPOR

TOBACCO

LOCAL 1,656

13.53%

4

TOTAL GLA LEASED

12,240

100.00%

VACANT SUITES

0.00%

0

TOTAL GLA VACANT

-

0.00%

13,201.50

158,418

5/5/21

3/8/26

12,240

WALT

4.84

CAM REIMBURSEMENT

16,125

INSURANCE REIMBURSEMENT

10,829

TAX REIMBURSEMENT

23,653

TOTAL EXPENSE REIMBURSEMENT

50,607

209,025

GROSS REVENUE

Summer field Plaza Rent Roll | 37

Metrics Breakdown

% RENT BY SALES CATEGORY

Beauty Supply 14.54%

Tobacco 17.77%

Discount Retail 54.23%

Traditional Retail 13.45%

Traditional Retail

Discount Retail

Beauty Supply

Tobacco

Bins

Metrics Breakdown | 38

Underwriting

SUMMERFIELD PLAZA - SUMMERFIELD FL

12,240

SF

$/SF

REVENUE

2021

ANNUAL BASE RENT

158,418

$12.94

16,125

$1.32

ANNUAL CAM INCOME

10,829

$0.88

ANNUAL INSURANCE INCOME

23,653

$1.93

ANNUAL RE TAX INCOME

50,607

$4.13

TOTAL EXPENSE REIMBURSEMENT

209,025

$17.08

EFFECTIVE GROSS INCOME

EXPENSES COMMON AREA MAINTENANCE

21,282

$1.74 $0.51

3.0%

6,271

MANAGEMENT FEE

11,929

$0.97

INSURANCE

23,662

$1.93

REAL ESTATE TAXES

63,144

$5.16

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

145,881

$11.92

INDICATED STABILIZED VALUE

6.50% 2,200,000

| 39 Underwriting

G E O R G I A

Tifton Plaza

Summar y | Demographics | Site Plan | Aerial | Tenants

CENTER NAME Tifton Plaza

LISTING ID 1104

LOCATION 1900 US Hwy 82 W. Tifton, GA | 31793

PROPERTY HIGHLIGHTS Super Walmart shadow center Traffic Counts: 22,000 VPD (Hwy 82)

DEMOGRAPHIC SNAPSHOT

1 MILE 3 MILES 5 MILES

POPULATION HOUSEHOLDS

435 163

17,909

29,308 11,084 $51,699

6,783

AVERAGE HH INCOME

$64,816

$49,253

BUSINESSES

73

1,489

1,924

MAJOR TENANTS A T&T CATO It’s Fashion Metro Shoe Show

Proper ty Summar y / Demographics | 42

1104| Tifton Plaza

1900 U.S. Highway 82 West Tion, GA | 31793

N

TENANT LIST

1900| 1904| 1908| 1912| 1916| 1920| 1924|

AT&T 2,520 SF EZ Title Pawn 1,440 SF Nail Secrets 1,710 SF It’s Fashion Metro 3,420 SF Shoe Show 3,150 SF Georgia Vapor 1,980 SF CATO 4,680 SF

1900

1904

1908

1912

1916

1920

1924

SITE LEGEND Available Leased

Leased But Available Not A Part (NAP)

409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.

S I T E P L AN

1920 US-82 | Tifton, Georgia | 31793 1104 | Tifton Plaza

Aerial | 44

The Market

Location | Tif ton, Georgia

Tifton is a city in Tift County, Georgia, United States. The population was 16,350 at the 2010 census. The city is the county seat of Tift County. The area’s public schools are administered by the Tift County School District. Abraham Baldwin Agricultural College has its main campus in Tifton.

Tif ton, Georgia | 46

The Financials

Rent Rol l | Underwritting Summar y | Loan Request

Tifton Plaza Rent Roll

ACS TIFTON - TIFTON GA RENT PROJECTION

UNIT(S)

LEASE

DESIGNATION NRL

AREA

%

LEASE FROM

LEASE TO

RENT/SF

MONTHLY

07/01/21 06/30/22

GLA

RENT ($)

$16.00

3,360.00

40,320

8/26/15

8/31/22

1900

RED SKYE WIRELESS CELL PHONE

LOCAL

2,520

13.33%

$12.50

1,500.00

18,000

8/26/15

12/31/25

1904

HERBALIFE

RETAIL

NATIONAL

1,440

7.62%

$11.54

1,644.45

19,733

1/1/11

12/31/22

1908

NAIL SECRETS

BEAUTY SALON

LOCAL

1,710

9.05%

$11.00

3,135.00

37,620

9/1/02

1/31/23

1912

CATO

DISCOUNT RETAIL NATIONAL

3,420

18.10%

$7.94

2,084.25

25,011

11/29/02

1/31/22

1916

SHOE SHOW

DISCOUNT RETAIL NATIONAL

3,150

16.67%

$10.61

1,750.65

21,008

10/1/13

11/30/21

1920

SOUTH GEORGIA VAPOR TOBACCO

LOCAL

1,980

10.48%

$13.10

5,109.00

61,308

9/1/02

1/31/25

1924

CATO

DISCOUNT RETAIL NATIONAL

4,680

24.76%

7

TOTAL GLA LEASED

18,900

100.00%

VACANT SUITES

-

0

TOTAL GLA VACANT

0.00%

18,583.35

223,000

5/5/21

6/13/23

18,900

WALT

2.11

CAM REIMBURSEMENT

9,386

INSURANCE REIMBURSEMENT

3,017

TAX REIMBURSEMENT

13,565

25,969

TOTAL EXPENSE REIMBURSEMENT

248,969

GROSS REVENUE

Tif ton Plaza Rent Roll | 48

Metrics Breakdown

% RENT BY SALES CATEGORY

Beauty Salon 8.85%

Cell Phone 18.08%

Tobacco 9.42%

Discount Retail 55.58%

Retail 8.07%

Retail

Discount Retail

Beauty Salon Cell Phone Tobacco Bins

Metrics Breakdown | 49

Underwriting

ACS TIFTON - TIFTON GA

18,900

SF

$/SF

REVENUE

2021

ANNUAL BASE RENT

223,000

$11.80

9,386

$0.50

ANNUAL CAM INCOME

3,017

$0.16

ANNUAL INSURANCE INCOME

13,565

$0.72

ANNUAL RE TAX INCOME

25,969

$1.37

TOTAL EXPENSE REIMBURSEMENT

248,969

$13.17

EFFECTIVE GROSS INCOME

EXPENSES COMMON AREA MAINTENANCE

20,446

$1.08 $0.40

3.0%

7,469

MANAGEMENT FEE

4,837

$0.26

INSURANCE

21,746

$1.15

REAL ESTATE TAXES

54,498

$2.88

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

194,471

$10.29

INDICATED STABILIZED VALUE

6.50% 3,000,000

| 50 Underwriting

K E N T U C K Y

Alexandria Village Green

Summar y | Demographics | Site Plan | Aerial | Tenants

CENTER NAME Alexandria Village Green

LISTING ID 702 LOCATION

6805 Alexandria Pike Alexandria, KY | 41001

PROPERTY HIGHLIGHTS Super Walmart shadow center Strong national tenant mix 28,000 VPD (Highway 27)

DEMOGRAPHIC SNAPSHOT

1 MILE 3 MILES 5 MILES

POPULATION HOUSEHOLDS

1,892

13,170

34,358 13,540 $79,799

707

5,120

AVERAGE HH INCOME

$97,973

$84,855

BUSINESSES

100

457

1,096

MAJOR TENANTS Bath & Body Works Dollar Tree Dunham’s Sports Factory Connection GameStop H&R Block Planet Fitness Pizza Hut Taco Bell Tuesday Morning Burke’s

Proper ty Summar y / Demographics | 53

702| Alexandria Village Green

6805 Alexandria Pike Alexandria, KY | 41001

N

TENANT LIST

100| 110| 130| 140| 150| 160| 170| 180A| 180| 190| 200B| 200| 220| 230| 240| 250| 260| 270| 310| 320| 330| 340| 350| 350A| 360| P1|

Dreamland Mattress 2,800 SF GameStop 1,510 SF Eagle Financial Services 3,520 SF Rio Grande Mexican Restaurant 3,600 SF Watson’s 2,000 SF AVAILABLE 2,600 SF Bath & Body Works 3,000 SF Factory Connection 4,350 SF Tokyo Dragon 5,100 SF Dunham’s Sports 50,232 SF Alexandria Wellness Center 1,698 SF AVAILABLE 1,182 SF California Nails 2,560 SF AVAILABLE 2,000 SF Tuesday Morning 25,000 SF US Post Office 12,018 SF Dollar Tree 8,000 SF Planet Fitness 28,200 SF

110

190 220 200B 200

240

Supercuts 1,600 SF King Vapor 1,600 SF AVAILABLE 2,380 SF H&R Block 1,217 SF Burkes 25,000 SF Harbor Freight 16,439 SF Taco Bell 2,090 SF Biggby Coffee 2,402 SF

SIGN

P1

NAP

NAP

NAP

NAP

NAP

360

NAP

NAP

NAP

N

SIGN

ALEXANDRIA PIKE / U.S. HIGHWAY 27 (28,000 VPD )

SITE LEGEND Available Leased

Leased But Available Build to Suit Land Not A Part (NAP)

409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.

S I T E P L AN

2801 S. Olive Street | Pine Bluff, Arkansas | 71603 405 | Jefferson Square Shopping Center 6 5 Alexandria Pike | Alexandria, KY | 41001 7 2 Alexandria Village Gree

Aerial | 55

The Market

Location | Alexandria, Kentucky

Alexandria is a home rule-class city in Campbell County, Kentucky, in the United States. Along with Newport, it is one of the dual seats of the county. The population was 9,438 at the 2017 census.

Alexandria, Kentucky | 57

The Financials

Rent Rol l | Underwritting Summar y | Loan Request

Alexandria Village Green Rent Roll

702 - ALEXANDRIA VILLAGE GREEN - ALEXANDRIA, KY RENT PROJECTION

UNIT(S)

LEASE

DESIGNATION

NRL

AREA

% LEASE FROM

LEASE TO

RENT/SF

MONTHLY 05/07/21

GLA

RENT ($)

05/06/22

$6.43

1,500.33

18,004

1/1/21

3/31/24

100

DREAMLAND MATTRESS

FURNITURE

REGIONAL

2,800

1.32%

$6.43

809.11

9,709

9/1/12

1/31/23

110

GAMESTOP

ELECTRONICS

NATIONAL

1,510

0.71%

$13.85

4,062.67

48,752

12/30/13

7/31/24

130

EAGLE FINANCE

FINANCIAL SERVICES

NATIONAL

3,520

1.67%

$18.39

5,517.00

66,204

1/1/09

12/31/23

140

RIO GRANDE

RESTAURANT

LOCAL

3,600

1.70%

$11.40

1,900.00

22,800

4/1/09

3/31/23

150

WATSON'S

RETAIL

NATIONAL

2,000

0.95%

$14.00

3,500.00

42,000

7/1/01

1/31/23

170

BATH & BODY WORKS

RETAIL

NATIONAL

3,000

1.42%

$9.40

3,995.00

47,940

10/1/14

9/30/24

180

TOKYO DRAGON

RESTAURANT

LOCAL

5,100

2.41%

$6.89

2,497.63

29,972

7/1/19

6/30/24

DISCOUNT RETAIL

NATIONAL

180A

FACTORY CONNECTION

2.06%

4,350

$4.41

18,460.26

221,523

9/30/11

1/31/24

190

DUNHAM'S

SPORTING GOODS

NATIONAL

50,232

23.76%

$9.89

1,399.44

16,793

6/28/19

9/30/24

ALEXANDRIA FAMILY WELLNESS

MEDICAL

REGIONAL

1,698

0.80%

200B

$14.67

3,129.60

37,555

3/1/13

4/30/26

210, 220

CALIFORNIA NAILS

MEDICAL

REGIONAL

2,560

1.21%

$6.00

12,500.00

150,000

2/1/11

1/31/22

DISCOUNT RETAIL

NATIONAL

25,000

240

BARGAIN HUNT

11.83%

$9.78

9,794.67

117,536

1/17/10

1/31/25

250

UNITED STATES POSTAL SERVICE

SERVICES

NATIONAL

12,018

5.69%

$9.00

6,000.00

72,000

6/1/06

5/31/26

260

DOLLAR TREE

DISCOUNT RETAIL

NATIONAL

8,000

3.78%

$5.36

12,596.00

151,152

7/8/19

7/7/39

13.34%

270

PLANET FITNESS

FITNESS

NATIONAL

28,200

$22.25

2,966.67

35,600

11/16/93

1/31/24

310

SUPERCUTS

BEAUTY SALON

NATIONAL

1,600

0.76%

$9.75

1,300.00

15,600

12/4/20

2/28/26

320

KING VAPORS SHOP & LOUNGE

TOBACCO

LOCAL

1,600

0.76%

$16.67

20,287

10/12/93

4/30/23

340

H & R BLOCK

FINANCIAL SERVICES

NATIONAL

1,217

0.58%

1,690.62

$11.05

18,748.17

224,978

9/21/20

1/31/31

350

BURKE'S

DISCOUNT RETAIL

NATIONAL

20,360

9.63%

$5.00

8,483.33

101,800

8/4/20

12/31/30

350A

HARBOR FREIGHT

HOME IMPROVEMENT

NATIONAL

20,360

9.63%

$5.00

101,800

7/1/20

6/30/30

350A

HARBOR FREIGHT

HOME IMPROVEMENT

NATIONAL

20,360

9.53%

8,483.33

Alexandria Village Green Rent Roll | 59

Alexandria Village Green Rent Roll (Cont)

702 - ALEXANDRIA VILLAGE GREEN - ALEXANDRIA, KY RENT PROJECTION

UNIT(S)

LEASE

DESIGNATION

NRL

AREA

% LEASE FROM

LEASE TO

RENT/SF

MONTHLY 01/01/20

GLA

RENT ($)

12/31/20

$19.14

8/29/17

7/31/37

360

TACO BELL

RESTAURANT

NATIONAL

2,090

0.99%

3,333.55

40,003

$-

3/1/00

5/31/21

LAND

TRANSIT AUTHORITY OF NORTHERN KENTUCKY

OFFICE

REGIONAL

-

0.00%

-

-

4/1/13

3/31/24

PLOT3

STARLITE MEDIA

OFFICE

NATIONAL

-

0.00%

$-

-

-

23

TOTAL GLA LEASED

200,815

95.00%

VACANT SUITES

160

VACANT

2,600

1.23%

200

VACANT

1,182

0.56%

230

VACANT

2,000

0.95%

330

VACANT

2,380

1.13%

P1

VACANT

2,402

1.14%

4

TOTAL GLA VACANT

10,564

3.86%

211,379

5/5/21

10/3/27

1,490,208

WALT

6.42

120,278

CAM REIMBURSEMENT

15,187

INSURANCE REIMBURSEMENT

68,883

TAX REIMBURSEMENT

204,348

TOTAL EXPENSE REIMBURSEMENT

1,694,556

GROSS REVENUE

Alexandria Village Green Rent Roll | 60

Metrics Breakdown

% RENT BY SALES CATEGORY

Restaurant 10.34%

Home Improvement 6.83%

Fitness 10.14%

Financial Services 4.63%

Medical 3.65%

Beauty Salon

2.39F %urniture 1.21%

Tobacco 1.05%

Discount Retail 32.01%

Services 7.89%

Retail 4.35%

Electronics 0.65%

Sporting Goods 14.87%

Retail

Sporting Goods

Electronics

Discount Retail

Home Improvement Restaurant

Fitness

Financial Services

Medical

Beauty Salon

Furniture

Tobacco

Services

Offi ce

Metrics Breakdown | 61

Underwriting

702 - ALEXANDRIA VILLAGE GREEN - ALEXANDRIA, KY 211,379 SF

$/SF

REVENUE

2021

ANNUAL BASE RENT

1,490,208

$7.05

120,278

$0.57

ANNUAL RE TAX INCOME

15,187

$0.07

ANNUAL INSURANCE INCOME

68,883

$0.33

ANNUAL CAM INCOME

204,348

$0.97

TOTAL EXPENSE REIMBURSEMENT

EFFECTIVE GROSS INCOME

1,694,556

$8.02

EXPENSES COMMON AREA MAINTENANCE

163,475 50,837 43,074

$0.77 $0.24 $0.20

3.0%

MANAGEMENT FEE @ 4%

0.20

INSURANCE

128,991

$0.61

REAL ESTATE TAXES

386,376

$1.83

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

1,308,181

$6.19

INDICATED STABILIZED VALUE

6.50%

20,800,000

| 62 Underwriting

Leitchfield Plaza

Summar y | Demographics | Site Plan | Aerial | Tenants

CENTER NAME Leitchfield Plaza

LISTING ID 703

LOCATION 1765 W Elizabethtown Road Leitchfield, KY | 42754 PROPERTY HIGHLIGHTS •

Super Walmart shadow center

• Great visibility and accessibility from Highway 62 DEMOGRAPHIC SNAPSHOT

1 MILE 3 MILES 5 MILES

POPULATION HOUSEHOLDS

1,114

8,382 3,209

11,777

292

4,555

AVERAGE HH INCOME

$44,534

$46,918

$50,851

BUSINESSES

95

556

682

MAJOR TENANTS CATO Fantastic Sams Shoe Show

Proper ty Summar y / Demographics | 64

703| Leitchfield Plaza

1765 W. Elizabethtown Road Leitcheld, KY | 42754

N

TENANT LIST

1773| 1771| 1765| 1767| 1763| 1761|

China King 2,680 SF Jasmine Nails 1,880 SF CATO 3,600 SF Shoe Show 3,440 SF Fantastic Sams 1,600 SF AVAILABLE 4,000 SF

1773 1771

1767

1765 1763

1761

SITE LEGEND Available Leased

Leased But Available Not A Part (NAP)

409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.

S I T E P L AN

1765 W. Elizabethtown Rd | Leitchfield, Kentucky | 42754 703 | Leitchfield Plaza

Aerial | 66

The Market

Location | Leitchfield, Kentucky

Leitchfield is the county seat of Grayson County, Kentucky, United States. Leitchfield is a home rule-class city with a population of 6,699 as of the 2010 census.

Leitchfield, Kentucky | 68

The Financials

Rent Rol l | Underwritting Summar y | Loan Request

Leitchfield Plaza Rent Roll

LEITCHFIELD PLAZA - LEITCHFIELD KY RENT PROJECTION

UNIT(S)

LEASE

DESIGNATION

NRL AREA

%

LEASE FROM

LEASE TO

RENT/SF

MONTHLY

07/01/21 06/30/22

GLA

RENT ($)

$13.80

1,840.00

22,080

10/1/04

9/30/21

1763

FANTASTIC SAMS

BEAUTY SALON

LOCAL 1,600

9.30%

DISCOUNT

$-

-

-

8/1/04

1/31/21

1765

CATO

NATIONAL 3,600

20.93%

RETAIL

DISCOUNT

$10.75

3,081.67

36,980

9/1/04

1/31/24

1767

SHOE SHOW

NATIONAL 3,440

20.00%

RETAIL

$9.00

1,410.00

16,920

6/1/10

12/31/27

1771

JASMINE NAILS

BEAUTY SALON

LOCAL 1,880

10.93%

$12.48

2,787.20

33,446

5/1/17

4/30/23

1773

YAMATO

RESTAURANT

LOCAL 2,680

15.58%

13,200

5

TOTAL GLA LEASED

76.74%

VACANT SUITES

1761

4,000

VACANT

23.26%

4,000

23.26%

1

TOTAL GLA VACANT

9,118.87

109,426

5/5/21

5/21/23

17,200

WALT

2.04

CAM REIMBURSEMENT

13,316

INSURANCE REIMBURSEMENT

5,100

13,467

TAX REIMBURSEMENT

31,883

TOTAL EXPENSE REIMBURSEMENT

141,310

GROSS REVENUE

Leitchfield Plaza Rent Roll | 70