F a m i l y D o l l a r5 8 8 U S - 8 3 , Le a k e y, T X 7 8 8 7 3O F F E R I N G M E M O R A N D U M

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This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Family Dollar located at 588 US-83, Leakey, TX (“Property”) . I t has been prepared by Matthews Retai l Advisors. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Retai l Advisors. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Retai l Advisors expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Retai l Advisors or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T

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E XC LU S I V E LY L I S T E D BY

JOSH BISHOPVP & Director

Josh.Bishop@matthews.comDIR (214) 692-2289MOB (315) 730-6228LIC # 688810 (TX)

CHAD KURZSVP & National Director

Chad.Kurz@matthews.comDIR (214) 692-2927MOB (562) 480-2937LIC # 01911198 (CA)

KYLE MATTHEWSBroker of Record

LIC # 678067

C O N T E N T S

4 INVESTMENT OVERVIEWInvestment Highl ights

6 FINANCIAL ANALYSISExecut ive SummaryAnnual ized Operat ing Data

8 TENANT OVERVIEWFami ly Dol lar

1 0 PROPERTY OVERVIEWThe Offer ingSi te Descr ipt ionParcel MapTenant Map

1 2 AREA OVERVIEWRegional MapDemographics

I N V E S T M E N T O V E R V I E W

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I n v e s t m e n t H i g h l i g h t s

• Ideal 1031 exchange property

• Brand new 2016 construction

• 15-Year absolute NNN lease; Zero management responsibility

• Strong 10% rent increase in year 11 of the base term; Excellent hedge against inflation

• Average return of 6.88% over base term of the lease; assuming a purchase at list price

• Estimated population growth of nearly 5% over the next 5-years

• Average household incomes of over $55,000 annually; Considered Family Dollar’s “Sweet-Spot”

• Leakey, TX is located approximately 100 miles west of San Antonio

• Family Dollar was recently acquired by Dollar Tree, Inc. and is now considered to be the nation’s “largest small-box discount retailer” with more than 13,000 locations nationwide

• Standard & Poor’s credit rating of BB+

F I N A N C I A L A N A L Y S I S

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F a m i l y D o l l a r5 8 8 U S - 8 3 , Le a k e y, T X 7 8 8 7 3List Price ............................................................................................$1,524,824

CAP Rate - Current .................................................................................. 6.55%

Gross Leasable Area ...................................................................... ± 8,320 SF

Lot Size ..........................................................................................± 0.66 Acres

Year Built ....................................................................................................... 2016

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Current - 9/30/2026 $8,323.00 $99,876.00 $12.00 6.55%

10/1/2026 - 9/30/2031 $9,155.30 $109,863.60 $13.20 7.21%

Option 1 $10,070.83 $120,849.96 $14.53 7.93%

Option 2 $11,077.91 $132,934.96 $15.98 8.72%

Option 3 $12,185.70 $146,228.45 $17.58 9.59%

Option 4 $13,404.27 $160,851.30 $19.33 10.55%

Option 5 $14,744.70 $176,936.43 $21.27 11.60%

Option 6 $16,219.17 $194,630.07 $23.39 12.76%

Tenant Summary

Tenant Trade Name Family Dollar

Type of Ownership Fee Simple

Lease Guarantor Corporate

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 15 years

Rent Commencement Date 1/21/2016

Lease Expiration Date 9/30/2031

Term Remaining on Lease ± 14 years

Increases 10% increases in year 11 & in options

Options Six, 5-Year

T E N A N T O V E R V I E W

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Property Name Family Dollar

Property Type Net Leased Discount Store

Parent Company Trade Name Dollar Tree, Inc. (NASDAQ: DLTR)

Ownership Public

Credit Rating (S&P) BB+

Revenue $10.49 B

Net Income $285 M

No. of Locations ± 8,000

No. of Employees ± 60,000

Headquartered Matthews, North Carolina

Website www.familydollar.com

Year Founded 1986

TENANT OVERVIEW

When it comes to getting value for everyday items for the entire family in an easy to shop, neighborhood location, Family Dollar is the best place to go. One of the nation’s fastest growing retailers, Family Dollar offers a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. While shoppers can find many items at $1 or less, most items in the store are priced below $10, which makes shopping fun without stretching the family budget.

GEOGRAPHIC OUTREACH

Family Dollar serves families in more than 8,000 neighborhoods in 46 states. Texas is its largest market with 1,027 stores, followed by Florida with 584 stores. The Dollar Tree merger with Family Dollar now creates a combined organization with sales exceeding $19 billion annually with more than 13,600 stores across 48 states and five Canadian Provinces. The merger has allowed Family Dollar to grow offering broader, more compelling merchandise assortments, with greater values, to a wider array of customers.

STRATEGY

Family Dollar offers a compelling mix of merchandise for the whole family. Ranging from an expanded assortment of refrigerated and frozen foods and health and beauty items to home décor and seasonal items, Family Dollar offers the lowest possible price, the name brand and quality private-brand merchandise customers need and use every day.

P R O P E R T Y O V E R V I E W

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T h e O f f e r i n gProperty Name Family Dollar

Property Address 588 US-83

Leakey, TX 78873

Site Description

Number of Stories One

Year Built 2016

Gross Leasable Area (GLA) ± 8,320 SF

Lot Size ± 0.66 Acres (28,749 SF)

Type of Ownership Fee Simple

Parking ± 35 Surface Spaces

Parking Ratio 4.21 : 1,000 SF

Landscaping Professional

Topography Generally Level

Construction

Foundation Concrete

Framing Steel

Exterior Block / Metal

Parking Surface Asphalt

Roof Slightly Pitched

P a r c e l M a p

Market St ± 4,0

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A R E A O V E R V I E W

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SUBJECT PROPERTY

L e a k e y , T XLeakey has been the county seat of the Real County since 1913, it is an area of natural beauty with spectacular hill country views. Sometimes referred to as the Swiss Alps of Texas. Leakey is full of tourists attractions because of their location by the Frio River and Garner State Park. Leakey is an extremely gorgeous location with amazing Hill Country Views. Motorcycling through the Texas Hill Country is the perfect way to take in the scenery. Texas Highway 337 is one of the most raved and challenging roadways with winding roads and impressive views.

The Frio River offers both whitewater rapids and relaxed swimming holes, making this area perfect for fishing, boating, camping, swimming, and tubing. Some other attractions around the Leakey area are horseback riding, bird watching, cycling, and scenic driving.

Hunting is extremely popular in the Texas Hill country. Leakey offers guided hunting expeditions to those interested. Outdoors lovers can also enjoy air flights, paragliding, and hang gliding. While enjoying the great outdoors, watch out for the great views that Leakey Texas has to offer.

Before heading out of Leakey, don’t forget to dine in at one of the downtown or riverfront restaurants. Also, enjoy shopping at the charming antique shops, tourist shops, and local art galleries.

D e m o g r a p h i c s

Population 3 Mile 5 Mile 10 Mile

2022 Projection 1,298 1,618 2,247

2017 Estimate 1,245 1,557 2,159

2010 Census 1,194 1,501 2,077

Growth 2017 - 2022 4.26% 3.94% 4.09%

Growth 2010 - 2017 4.29% 3.71% 3.92%

Growth 2000 - 2010 23.12% 20.85% 20.74%

Households 3 Mile 5 Mile 10 Mile

2022 Projection 551 687 952

2017 Estimate 529 660 914

2010 Census 506 635 877

Growth 2017 - 2022 4.28% 3.99% 4.13%

Growth 2010 - 2017 4.49% 3.98% 4.17%

Income 3 Mile 5 Mile 10 Mile

2017 Est. Average Household Income

$55,470 $55,566 $55,779

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E XC LU S I V E LY L I S T E D BY

F a m i l y D o l l a r5 8 8 U S - 8 3 , Le a k e y, T X 7 8 8 7 3

O F F E R I N G M E M O R A N D U M

JOSH BISHOPVP & Director

Josh.Bishop@matthews.comDIR (214) 692-2289MOB (315) 730-6228LIC # 688810 (TX)

CHAD KURZSVP & National Director

Chad.Kurz@matthews.comDIR (214) 692-2927MOB (562) 480-2937LIC # 01911198 (CA)

KYLE MATTHEWSBroker of Record

LIC # 678067

11-2-2015

TYPES OF REAL ESTATE LICENSE HOLDERS: A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Put the interests of the client above all others, including the broker’s own interests; Inform the client of any material information about the property or transaction received by the broker; Answer the client’s questions and present any offer to or counter-offer from the client; and Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary: Must treat all parties to the transaction impartially and fairly; May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and

buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. Must not, unless specifically authorized in writing to do so by the party, disclose:

ᴑ that the owner will accept a price less than the written asking price;ᴑ that the buyer/tenant will pay a price greater than the price submitted in a written offer; andᴑ any confidential information or any other information that a party specifically instructs the broker in writing not to

disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: The broker’s duties and responsibilities to you, and your obligations under the representation agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Information About Brokerage Services Texas law requires all real estate license holders to give the following information about

brokerage services to prospective buyers, tenants, sellers and landlords.

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Designated Broker of Firm License No. Email Phone

Licensed Supervisor of Sales Agent/Associate

License No. Email Phone

Licensed Broker /Broker Firm Name or Primary Assumed Business Name

License No. Email Phone

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov IABS 1-0

Date Buyer/Tenant/Seller/Landlord Initials

Sales Agent/Associate’s Name License No. Email Phone

Kyle Matthews 678067 kyle.matthews@matthews.com 866-889-0550

Kyle Matthews

Kyle Matthews

678067

678067

kyle.matthews@matthews.com

kyle.matthews@matthews.com

866-889-0550

866-889-0550