INVESTMENT OPPORTUNITY MEDICAL CARE (S&P: BBB- / NYSE: FMS)

MADISON, WI (FITCHBURG)

OFFERED AT: $5,250,000 | 7% CAP

Actual Property EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

TABLE OF CONTENTS

EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Summary & Rent Schedule 7 Lease Abstract

PROPERTY INFORMATION 9 Location Maps 10 Site Plan 11 Property Photos 12 Neighboring Tenants 14 Aerials

TENANT OVERVIEW 20 About Fresenius Medical Care

AREA OVERVIEW 23 Fitchburg Overview 26 Madison Overview 27 Demographics

Confidentiality Agreement & Disclosures

EXCLUSIVELY REPRESENTED BY

RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] Lic#01338994 Lic#01826517

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RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65

Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT BROKER OF RECORD: Actual Photo Lee & Associates of Madison LLC WI Brokers Lic#701361-91

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 2 EXECUTIVE SUMMARY FRESENIUS MEDICAL CARE

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison MSA) | 3 Actual Photo EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract

-- OFFERING SUMMARY --

INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $5,250,000 2840 Index Rd Address: Net Operating Income: $367,559 Fitchburg, WI 53713 (Madison MSA) Property Size: 24,788 Sq. Ft. Cap Rate: 7.00% Land Size: 4.01 Acres Price/SF: $211 Ownership: Fee Simple Year Built: 1985 / Renovated 2003 & 2017 Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a Fresenius Medical Care property located in the city of Fitchburg, WI (Madison MSA) the “Property”. Built in 1985, and renovated in 2003, the 24,788-square-foot building is comprised of high-quality red brick construction and sits on an approximately 4.01-acre parcel. The property is leased to Fresenius Medical Care, the largest provider of renal care in the world, servicing over 325,000 renal patients in their global network of more than 3,800 dialysis clinics across 150 Countries. In 2017, Fresenius Medical Care generated revenues of more than $20.68 billion and currently holds S&P’s Investment Grade credit rating of “BBB-”. Fresenius has operated at this location since 2015, at which time Fresenius exercised an early 10-year lease extension showing their commitment to the location. There are 6+ years remaining on the latest 10-year extension which features annual rent increases of 3%, offering an investor a stable investment with increasing income. Fresenius recently spent over $1,000,000 in capital for a full internal remodel of the building which included a full upgrade to all their dialysis process equipment. The subject property has shared cross easement access and shared parking agreements in place with the adjacent parcel occupied by St. Mary’s Hospital Sleep Center. This creates an ideal medical campus environment that mutually benefits both Fresenius and the SMH Sleep Center. The Property is ideally located on Index Rd, which runs parallel to Fish Hatchery Rd. Fish Hatchery Rd (46,000+ cars per day). is a major north-south corridor through Fitchburg and will be rebuilt from just south of the Beltline to McKee Road. At an estimated cost of $12.3 million, the project will replace deteriorating pavement and retaining walls, pedestrian, bus and bicycle infrastructure will be upgraded, as well as upgrades to streetscaping (planting trees, decorative touches, etc.). Intersections along Fish Hatchery Road that will be improved range from Greenway Cross at the north end (just north of the subject property) to McKee Road at the south end. The property’s strategic location is close to the Fitchburg Technology Neighborhood, a major new development with over 2,000 acres dedicated for high quality technology businesses in mixed-use commercial and residential settings connected by parks, open space and multi-modal transpiration, creating the ideal place for technology companies to call home. The neighborhood consists of three developments: Fitchburg Center, a 440-acre mixed-use community which is home to the global headquarters of Promega Corporation and the Biopharmaceutical Technology Center Institute (BTCI); Fitchburg Technology Campus, a 85-acre mixed-use development that is home to several technology based businesses, corporate headquarters, and residents, with a wide variety of housing options; and Uptown Fitchburg, A live, work, play development with an emphasis on a walkable, bike friendly traditional neighborhood feel. The property is located within the growing city of Fitchburg, which is a desirable southwestern suburb just 4 miles from downtown Madison. The City of Fitchburg is a young, dynamic, and evolving community. Incorporated just 35 years ago, Fitchburg has successfully grown into a place known for attractive, family-oriented neighborhoods; a thriving technology-led business community; and well- designed, unique urban centers. Fitchburg has been strategic about its growth, focusing on first-rate design, preserving green spaces, and economic development geared toward 21st Century industries. Fitchburg is home to several of the most advanced and fastest-growing technology companies in the state, the largest of which include Promega Corporation, Thermo Fisher Scientific, Placon Corporation, Sub-Zero/Wolf Appliance, OneNeckIT Data Center, and Saris Cycling. These companies are innovators and leaders in niche, growing industries.

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary • Investment Highlights • Lease Summary & Rent Schedule Lease Abstract

-- INVESTMENT HIGHLIGHTS --

CORPORATE LEASE • FRESENIUS MEDICAL CARE (S&P: BBB-) • INVESTMENT GRADE CREDIT • The Property is ideally located on Index Rd, which runs parallel to Fish Hatchery Rd. Fish Hatchery Rd (46,000+ cars ANNUAL REVENUE OF $20.68 BILLION (2017) per day). is a major north-south corridor through Fitchburg and will be rebuilt from just south of the Beltline to The subject property is leased to Fresenius Medical Care, the the largest provider of renal care in the world, servicing McKee Road. At an estimated cost of $12.3 million, the project will replace deteriorating pavement and retaining over 325,000 renal patients in their global network of more than 3,800 dialysis clinics across 150 Countries. In 2017, walls, pedestrian, bus and bicycle infrastructure will be upgraded, as well as upgrades to streetscaping (planting Fresenius Medical Care generated revenues of more than $20.68 billion and currently holds S&P’s Investment Grade trees, decorative touches, etc.). Intersections along Fish Hatchery Road that will be improved range from Greenway credit rating of “BBB-”. Cross at the north end (just north of the subject property) to McKee Road at the south end. 3% ANNUAL RENT INCREASES • 10-YEAR LEASE EXTENSION REFLECTS COMMITMENT TO SITE PROXIMITY TO FITCHBURG TECHNOLOGY NEIGHBORHOOD • NEW 2,000-ACRE MIXED USE DEVELOPMENT • HOME TO PROMEGA CORP & BIOPHARMACEUTICAL TECHNOLOGY CENTER Fresenius has operated at this location since 2015, at which time Fresenius exercised an early 10-year lease extension showing their commitment to the location. There are 6+ years remaining on the latest 10-year extension which The property’s strategic location is close to the Fitchburg Techology Neighborhood, a major new development with features annual rent increases of 3%, offering an investor a stable investment with increasing income. Fresenius over 2,000 acres dedicated for high quality technology businesses in mixed-use commercial and residential settings recently spent over $1,000,000 in capital for a full internal remodel of the building which included a full upgrade to connected by parks, open space and multi-modal transpirtation, creating the ideal place for technology companies all their dialysis process equipment. to call home. The neighborhood consists of three developments: Fitchburg Center, a 440-acre mixed-use community which is home to the global headquarters of Promega Corporation and the BioPharmaceutical Technology Center FRESENIUS RECENTLY COMPLETED EXTENSVE $1,000,000 INTERNAL REMODEL • INCLUDES FULL Institute (BTCI); Fitchburg Technology Campus, a 85 acre mixed-use development that is home to several technology UPGRADE TO DIALYSIS PROCESS EQUIPMENT based businesses, corporate headquarters, and residents, who are offered a wide variety of housing options; Fresenius recently spent over $1,000,000 in capital for a full internal remodel of the building which included a full and Uptown Fitchburg, a live, work, play development with an emphasis on a walkable, bike friendly traditional upgrade to all their dialysis process equipment. These capital expenditures provide an investor comfort in that neighborhood feel. Fresenius is highly invested in this location and is planning to operate at this location for a long time to come. LOCATED IN THE CITY OF FITCHBURG • YOUNG, DYNAMIC COMMUNITY HOME TO FASTEST- PROPERTY BENEFITS FROM MEDICAL CAMPUS TYPE SETTING • ADJACENT TO ST. MARY’S HOSPITAL GROWING TECH COMPANIES IN WISCONSIN • MINUTES TO DOWNTOWN MADISON SLEEP CENTER • SHARED ACCESS/PARKING ARRANGEMENT The property is located in the growing city of Fitchburg, which is a desirable southwestern suburb just 4 miles from The subject property has shared cross easement access and shared parking agreements in place with the adjacent downtown Madison. The City of Fitchburg is a young, dynamic, and evolving community. Incorporated just 35 years parcel occupied by St. Mary’s Hospital Sleep Center. This creates an ideal medical campus environment that mutually ago, Fitchburg has successfully grown into a place known for attractive, family-oriented neighborhoods; a thriving benefits both Fresenius and the SMH Sleep Center. technology-led business community; and well-designed, unique urban centers. Fitchburg has been strategic about its growth, focusing on first-rate design, preserving green spaces, and economic development geared toward 21st DENSE INFILL LOCATION (85,000 PEOPLE IN 3-MILE RADIUS) • HIGH VISIBILITY LOCATION OFF OF Century industries. FISH HATCHERY RD (46,000+ CPD) • MAJOR CORRIDOR IMPROVEMENTS Fitchburg is home to several of the most advanced and fastest-growing technology companies in the state, the largest The dense infill site offers outstanding demographics, with over 85,000 people living within a 3-mile radius of the of which include Promega Corporation, Thermo Fisher Scientific, Placon Corporation, Sub-Zero/Wolf Appliance, subject property with an average household income of nearly $84,000, lending well to the center’s success. OneNeckIT Data Center, and Saris Cycling. These companies are innovators and leaders in niche, growing industries.

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights • Lease Summary & Rent Schedule • Lease Abstract

-- LEASE SUMMARY -- -- RENT SCHEDULE --

LEASE INFORMATION RENT SCHEDULE - EXTENSION

TENANT: Fresenius Medical Care TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

GUARANTY: Fresenius Medical Care Holdings Inc. (Corporate) Year 3 4/1/2018 3/31/2019 $356,853 $29,737 $14.40

CREDIT RATING: S&P: BBB-; Moody’s: Baa3; Fitch: BBB- Year 4 4/1/2019 3/31/2020 $367,559 $30,629 $14.83

BUILDING SIZE: 24,788 Sq. Ft. Year 5 4/1/2020 3/31/2021 $378,586 $31,548 $15.27

LOT SIZE: 4.01 Acres Year 6 4/1/2021 3/31/2022 $389,943 $32,495 $15.73

RENT COMMENCEMENT: October 1, 2003 Year 7 4/1/2022 3/31/2023 $401,641 $33,470 $16.20

LEASE EXPIRATION: June 30, 2025 Year 8 4/1/2023 3/31/2024 $413,691 $34,474 $16.69

BASE TERM: 5 Years Year 9 4/1/2024 3/31/2025 $426,101 $35,508 $17.19

REMAINING LEASE TERM: 6+ Years (10-Year Extension Signed 2015) Year 10 4/1/2025 6/30/2025 $438,885 $36,573 $17.71

OPTIONS TO RENEW: (2) 5-Year Option OPTION PERIODS - (2) 5-YEAR OPTIONS

RENT INCREASES: 3% Annual Increases Option 1 7/1/2025 3/31/2026 $438,885 $36,573 $17.71

LEASE TYPE: NN 4/1/2026 3/31/2027 $452,051 $37,670 $18.24

LANDLORD RESPONSIBILITIES: Roof, Structure 4/1/2027 3/31/2028 $465,613 $38,801 $18.78

ANNUAL RENT: $367,559 (Effective 4/1/2019) 4/1/2028 3/31/2029 $479,581 $39,965 $19.35

4/1/2029 3/31/2030 $493,968 $41,164 $19.93

Option 2 4/1/2030 3/31/2031 $508,788 $42,399 $20.53

4/1/2031 3/31/2032 $524,051 $43,670 $21.14

4/1/2032 3/31/2033 $539,773 $44,981 $21.78

4/1/2033 3/31/2034 $555,966 $46,330 $22.43

4/1/2034 3/31/2035 $572,645 $47,720 $23.10

4/1/2035 6/30/2035 $589,824 $49,152 $23.79

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 6 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights Lease Summary & Rent Schedule • Lease Abstract •

-- LEASE ABSTRACT --

4. Tenant shall be solely responsible for and promptly pay all charges for heat, water, gas, sewer, electricity or any other utility used or consumed in the Demised Premises. 1n no event shall Utilities: Landlord be liable for an interruption or failure in the supply of any suoh utilities in the Demised Premises, unless such interruption or failure is caused by the negligence of Landlord, its agents, or employees.

6. Tenant shall, at its cost and expense, bear, pay and discharge all taxes, liens, assessments on all furniture, fixtures, equipment and other property being used by Tenant. Tenant shall pay all Taxes: real estate taxes and assessments on all improvements on the Premises and the land containing Premises..

7. Tenant shall at all times during the term hereof: at its own cost and expense, keep the Demised Premises ( as defined in Section I hereof to include the Parcel and Improvements) in good and reasonable operating condition and repair, and in such condition as may be required by law and by the terms of any operating license or permit and the insurance policies referred to herein, whether or not such repairs or replacements shall be interior or exterior, extraordinary or ordinary, and whether or not the same can be said to be within the present contemplation of the parties hereto. Tenant’s responsibility for maintenance of the Demised Premises shall include, without limitation, both exterior and interior, all partitions, doors, fixtures, equipment and appurtenances thereof (including, but not limited to, lighting, heating, ventilat1ng, air conditioning and plumbing equipment, lines and fixtures), parking lots, driveways and sidewalks, and all other repair, Repairs & Maintenance: maintenance and replacement obligations not specifically assigned to the Landlord, together with snow/ice removal, lawn care, care of all plantings and other landscaping, and all other exterior maintenance of any sort.

Landlord shall be solely responsible fix maintenance of the foundation, interior and exterior walls, roof and all other structural members. Landlord shall not be responsible for any other maintenance or repair of the Demised Premises whatsoever, except for damages caused by the negligence of Landlord, its agents or employees and any damages so caused shall be promptly repaired by Landlord at its cost. Landlord shall assign to Tenant all warranties associated with the Demised Premises, if any. 14. This is an absolute net Lease and Landlord shall not be required to provide any services or do any act or thing with respect to the Demised Premises except as otherwise specifically provided Net Lease: herein, and the rent reserved herein shall be paid to Landlord without any claim on the part of Tenant for diminution, setoff or abatement, and nothing shall suspend, abate or reduce any Rent to be paid hereunder except as otherwise specifically provided herein.

15. Tenant shall, as its expense, obtain and carry at alltimes duringthe term of this Lease an umbrella public liability insurance policy coveringthe Tenant, with limits of at least Two Million Dollars Insurance: ($2,000,000.00) aggregate limit bodily injury of any number of persons injured or killed and One Million Dollars ($1,000,000.00) property damage.

34. Each party shall at any time and from time to time during the Term, within ten (10) days after request by the other party, execute, acknowledge and deliver to the other party or to any prospect purchaser, assignee or mortgagee designated by the other party, a certificate stating (i) that this Lease is unmodified and in full force and effect (or, if there have been any modifications that this Lease is in full force and effect as modified and identifying the modification agreements); (ii} the date to which Rent has been paid; (iii) whether or not there is any existing default by Estoppel Certificates: Tenant in the payment of Rent or any other sum of money hereunder, and whether or not there is any other existing default, by either party with respect to which a notice of default has been served, and if there is any such default, specifying the nature and extent thereof; and (iv) whether or not there are any set offs, defenses or counterclaims against enforcement of thc obligations to be performed hereunder existing in favor of the party executing such certificate.

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 7 PROPERTY INFORMATION FRESENIUS MEDICAL CARE

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison MSA) | 8 Actual Photo EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Location Maps • Site Plan Property Photos Neighboring Tenants Aerials

-- LOCATION MAPS --

FOND DU LAC

University of Wisconsin State Capitol 51 Wisconsin-Madison

MADISON 14 151

MADISON MILWAUKEE 18 18

RACINE JANESVILLE 86 M iles DUBUQUE 18 iles 73 M 18 Pacific Ocean ROCKFORD 14 18 18

14 81 CHICAGO

Fish Hatchery Rd McKee Rd 18 DAVENPORT JOLIET FITCHBURG UPTOWN CENTER

Lacy Rd Lacy Rd FITCHBURG 14

FITCHBURG TECHNOLOGY CAMPUS

PEORIA

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 9 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps • Site Plan • Property Photos Neighboring Tenants Aerials

-- SITE PLAN --

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 10 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan • Property Photos • Neighboring Tenants Aerials

-- PROPERTY PHOTOS --

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 11 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos • Neighboring Tenants • Aerials

-- ADJACENT TO PROPERTY --

St. Mary’s Health Sleep Center

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 12 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos • Neighboring Tenants • Aerials

-- NEIGHBORING TENANTS ALONG FISH HATCHERY RD --

McDonald’s Park Bank

Wendy’s Popeye’s BMO Harris Bank

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 13 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos Neighboring Tenants • Aerials • • TOM JAMES CO. • IN THE DOGZ HOUSE -- OVERHEAD VIEW -- • GREENWAY CROSSING MONTESSORI SCHOOL SID HARVEY’S GREENWAY CROSS (12,000 CPD) WISCONSIN ENGELHART CHILDREN’S RESTAURANT MOTORSPORTS THEATER OF ASSOCIATION MADISON MUSIC MADISON FOUNDRY • HEALTH PHARMACIES • MADISON REAL ESTATE INVESTORS PUMP SOLUTIONS, INC

FISH HATCHERY RD (46,000 CPD) ETUNK SOLUTIONS INDEX RD

BARGAIN CRUSADER ACCESS

SLEEP CENTER

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 14 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos Neighboring Tenants • Aerials •

-- LOOKING NORTH -- SUN PRAIRIE DANE COUNTY Lake Mendota REGIONAL AIRPORT

UNIVERSITY OF WISCONSIN- MADISON MADISON Lake Minona S PARK ST MADISON WATER Lake Wingra GATES COLLISION UTILITY DANE COUNTY CENTERS CITY OF MADISON HAZARDOUS PARK VILLAGE STREETS DIVISION LINCOLN WISCONSIN SCIENCE APARTMENTS ELEMENTARY SCHOOL MUSEUM S PARK ST MADISON UNITED HEALTHCARE LINEN 18 14 18 ST VINCENT DE AMANTI ART 18 PAUL SOCIETY ZIMBRICK FABICK CAT 18 • FIRST BANK USED CARS LIQUISYSTEMS WIPFLI • GEICO INSURANCE ENVIGO BIO- BADGER DIVERSIFIED ACCOUNTING PRODUCTS POPCORN PERSONNEL SVCS • VELCOR LEASING SOSONIC FIRM PARKSIDE • UNITED CEREBRAL PALSY GREENWAY CROSS APARTMENTS GREENWAY CROSSING CONNEY STEWART ST HORIZON HOME SAFETY MADISON TOP CO HEALTHCARE PARK BANK MONTESSORI SCHOOL GREENWAY CROSS CENTER BARGAIN SUMMIT CRUSADER TILT MEDIA STRENGTH & ABBEY HILLS MAPLE LAWN FITNESS APARTMENTS FITCHBURG SQUARE APARTMENTS PER MAR APARTMENTS SSM HEALTH - SECURITY SVCS TYCO SIMPLEX ST. MARY’S GRINNELL SLEEP CENTER

SOUTHRIDE VILLAGE VALLEY VIEW APARTMENTS APARTMENTS THE VUE APARTMENTS POST RD POST RD

POST RD

FISH HATCHERY RD (46,000 CPD)

FITCHBURG DENTAL CLINIC

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 15 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos Neighboring Tenants • Aerials •

SOUTH TOWN MALL -- LOOKING EAST -- Lake Waubesa Lake Minona BRIGHTON SQUARE WISCONSIN DEPT APARTMENTS OF REVENUE 18 MERITER WISCONSIN SPORTS MAPLE GLEN BUSINESS CENTER 14 PARK VILLAGE DEVELOPMENT APARTMENTS APARTMENTS BELTLINE PRIME STORAGE 14 STORAGE S PARK ST SECURITY STORAGE SUPERIOR HEALTHSTELLA’S INTEGRAL BUILDING LINENS SYSTEMS CITY OF MADISON MADISON BAKERY PBE JOBBERS POLICE DEPT FIRE DEPT AMANTI ART CARPET CUSHIONS & JOE DANIELS ST VINCENT DE SUPPLIES PAUL SOCIETY DIVERSIFIED CONSTRUCTION PERSONNEL SVCS OVERHEAD DOOR FABICK CAT COMPANY OF MADISON MADISON MADISON TOP CO 18 SOSONIC SUMMIT STRENGTH • TYCO SIMPLEXGRINNELL WOODWORKERSLIQUISYSTEMS HABITAT FOR & FITNESS HUMANITY • MIDWEST LAMP RECYCLING ENVIGO BIO-ALPHA OMEGA BADGER PRODUCTS BODY SHOP TILT MEDIA • HALLOWEEN FX PROS DISTRIBUTORS POPCORN SUPPLY CONNEY • AD MADISON SAFETY BARGAIN • PER MAR SECURITY SVCS GREENWAY CROSSING CRUSADER MONTESSORI SCHOOL • ELECTRIC CONSTRUCTION INDEX RD THE VUE INDEX RD APARTMENTS SSM HEALTH - ENGELHART ST. MARY’S 18 MOTORSPORTS FISH HATCHERY RD (46,000 CPD) SLEEP CENTER

GREENWAY CROSS AVALON ASSISTED LIVING COMMUNITY

ZIMBRICK AUTOMOTIVE GROUP VALLEY VIEW APARTMENTS

ZIMBRICK BADGER SPORTING USED CARS GOODS PARK BANK CENTER

BROOKSTONE TOWNHOUSES

MAPLE LAWN HORIZON HOME GREENWAY CROSS APARTMENTS HEALTHCARE

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 16 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos Neighboring Tenants • Aerials • UW HEALTH FITCHBURG FITCHBURG CLINIC BIOPHARMACEUTICAL BRUKER AXS -- LOOKING SOUTH -- GARDENS WAY TECHNOLOGY CENTER FISH HATCHERY RD CONDOMINUMS PRIMA SWAN CREEK PROMEGA CREDIT UNION APARTMENTS APARTMENTS CORPORATION EXECUTIVES CDW RIVA FITCHBURG TECHNOLOGY NEIGHBORHOOD SOCIETY APARTMENTS THE PRESERVES AT SWAN CREEK

SUN VALLEY THE PINES APARTMENTS APARTMENTS ALL-JUICE MIDWEST CITRUS SYSTEMS • AD MADISON • HALLOWEEN FX PROPS • TYCO SIMPLEXGRINNELL THE VUE POST RD NINE SPRINGS • MIDWEST LAMP RECYCLING APARTMENTS GOLF COURSE VALLEY VIEW APARTMENTS POST RD SOUTHRIDGE VILLAGE WORLD DAIRY EXPO APARTMENTS ELECTRIC TILT MEDIA CONSTRUCTION PER MAR SECURITY SERVICES SSM HEALTH - BARGAIN ST. MARY’S CONNEY CRUSADER SLEEP CENTER SAFETY CHILDREN’S THEATER MAPLE LAWN OF MADISON INDEXETUNK RD SOLUTIONS BROOKSTONE APARTMENTS PUMP SOLUTIONS TOWNHOUSES SID HARVEYS MADISON MUSIC MONARCH FOUNDRY MEDIA DESIGNS PARK BANK CENTER GREENWAY CROSSING MONTESSORI SCHOOL ENGELHART HEALTH PHARMACIES MOTORSPORTS WISCONSIN RESTAURANT HORIZON HOME GREENWAY CROSS GREENWAY CROSS ASSOCIATION HEALTHCARE

COMMUNITY APPLIANCE WORK SERVICES THE CLEANING SERVICE PROS AUTHORITY FISH HATCHERY RD (46,000 CPD)

BECKER LAW FIDELITY NATIONAL OFFICE TITLE

FIVE NIGHTCLUB

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 17 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Floor Plan Property Photos Neighboring Tenants • Aerials •

WEST TOWNE MALL

-- LOOKING WEST -- VERONA WEST MIDDLETON 151 12 18 151 18 14 18 NAKOMA RIVER BEND APARTMENTS NAKOMA CONCORDIA GOLF CLUB COUNTRYSIDE CORPORATE UNIVERSITY APARTMENTS 14 FITCHBURG SPRINGS ARBOR HILLS APARTMENTS LEOPOLD APARTMENTS ELEMENTARY SCHOOL WIPFLI UNITED BRICK NINE SPRINGS ACCOUNTING & FIREPLACE GOLF COURSE THE LANDMARK AT KAYSER FIRM HATCHERY HILL AUTOMOTIVE GROUP ABBEY HILLS 18 APARTMENTS PARKSIDE JD BYRIDER SOUTHRIDGE APARTMENTS • FIRST BANK VILLAGE FITCHBURG SQUARE • GEICO INSURANCE

APARTMENTS APARTMENTS GREENWAY • VELCOR LEASING POST RD • UNITED CEREBRAL PALSY BROOKSTONE HORIZON HOME 14 FISH HATCHERY RD (46,000 CPD) TOWNHOUSES HEALTHCARE PARK BANK CENTER CROSS ZIMBRICK POST RD VALLEY VIEW BADGER SPORTING USED CARS APARTMENTS GOODS 18

ZIMBRICK AVALON ASSISTED AUTOMOTIVE GROUP LIVING COMMUNITY

HEALTH PHARMACIES

WISCONSIN RESTAURANT FISH HATCHERY RD (46,000 CPD) ASSOCIATION

ENGELHART MOTORSPORTS GREENWAY CROSS SSM HEALTH - APPLIANCE FIDELITY NATIONAL ST. MARY’S SERVICE PROS TITLE SLEEP CENTER THE FIVE CLEANING NIGHTCLUB AUTHORITY BECKER LAW OFFICE COMMUNITY INDEX RD WORK SERVICES INDEX RD INDEX RD PUMP SOLUTIONS

GREENWAY CROSSING BARGAIN MONTESSORI SCHOOL CRUSADER MONARCH MEDIA DESIGNS

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 18 TENANT OVERVIEW FRESENIUS MEDICAL CARE

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison MSA) | 19 Actual Photo EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• About Fresenius Medical Care •

-- About Fresenius Medical Care --

Fresenius Medical Care is the largest provider of renal care in the world, servicing over 325,000 renal patients in their global network of more than 3,800 dialysis clinics across 150 Countries. Fresenius Medical Care North America services over 190,000 VIEW FRESENIUS MEDICAL CARE patients across nearly 2,400 US locations. 2017 ANNUAL REPORT

CAPITAL MARKETS SHARES

AND

AND SHARES closing price of the previous year. Further information on the share price and index performance can be Fresenius Medical Care is the world’s Fresenius Medical Care’s share found in table MARKETS 1.1 price performed well in 2017 on page 12 as well as in . charts 1.2, 1.3 and 1.4 starting

Fresenius Medical Care is a division of the global parent company, Fresenius Medical Care AG & Co. KGaA, with their North American headquarters located in ITAL A long-term comparison illustrates the strength in a volatile environment. At the

AP and stability of Fresenius Medical Care shares ANNUAL REPORT C end of the year, it stood at leading provider of products and2017 services for people with chronic the past ten years, the Company’s share price has kidney failure. Some 3.2 million kidneyWe have patients decades worldwide of experience regularly in € 87.78, around 9 risen by over 140 siderably outperformed%. This many means other that indices, our shares such con: Overas - it was at the beginning.% higher w than undergo dialysis treatment. the e Waltham, MA. They provide emotional, medical, dietary, financial, and well-being resources for patients with Chronic Kidney Care (CKD) and End Stage Renal URo STo confident that we can continue 2 % in the sameXX period.Health Care, which only increased by dialysis. Thanks to innovative technologies and holistic treatment to grow Fresenius Medical e are Fresenius Medical Care’s market capitalization creating Care’s shareholder value in the amounted to € concepts, we can offer patients coordinated care and the highest review, € 2 26.9 BN at the end of the year under DIALYSIS CENTERS BN higher than the prior-year figure of possible quality of life. long term with our strategic € 24.7 BN. Disease (ESRD). They care about all aspects of patient’s care - the whole “you”. Their services include in-center hemodialysis, at-, at-home PATIENTS ADDEDapproach. EMPLOYEES 2017 DAX RANKINGS

FRESENIUS MEDICAL CARE SHARES At the end of 2017, our weighting in the 2017 3,752 1.78 peritoneal dialysis, counseling and guidance for non-dialysis options, nutritional counseling, as well as patient training and education classes. VALUE 2016 : 3,624 %. We were also ranked 21 4%2017 was a dynamic year on the stock markets. Driven capitalization and 25 2017 C HANGE OF + 320,960 by the expansive monetary policy of the central banks, st in terms of DAXmarket was 2016 : 308,471 The rankings publishedth by Deutsche Börse form the 4% 2 in terms of trading volume. the DAX basis for the composition of the C HANGE OF + and the Dow Jones Index reached record 114,000 highs – despite latent conflicts in Europe, such as the 2016 : 109,319 DIVIDENDIN PER € SHARE piled every month taking into account the trading 4% 1 Brexit negotiations, and uncertainty surrounding the DAX C HANGE OF + volume and market capitalization with. Theyrespect are tocom - NET INCOME direction of government policy in the U. S IN € M 12 the free float. ditions chiefly benefit cyclical stocks, a group that REVENUE In addition to the IN € M does not include Fresenius Medical Care shares.. These At con - shares are included in a number of other important DAX, Fresenius Medical Care the end of the year, the adoption of tax reforms in international share indices, such as the Dow Jones, 2017 the U. S the MScI . further boosted share prices. and the FTSe Fresenius Medical Care is one of the leading providers of CKD and ESRD care. Fresenius currently operates 3,624 clinics worldwide, serving over 306,000 patients. our shares were listed in the Dow Jones Sustainabili- A regulatory change on the U. S . For the ninth successive year, 2017 1.06market had a negative impact on our share price at the 2016 : 0.96 ty Europe Index, which takes into account ecological beginning of10% 2017. However, this change .was health never care and social as well as economic criteria. 2017 1,280 C HANGEimplemented. OF + The share price rose again in the first 2016 : 1,144 12% half of 2017, reaching its high for the year as well as C HANGE OF + 17,784 its all-time high of € Over 40 million treatments have been performed by Fresenius. 2016 : 16,570 Change 7% 2016 PRICE DEVELOPMENT OF ADRS half of the year, the price0 %initially fell, before recov- CHANGE OF + 2017 88.90 in mid-June. In the second ering and ending the year at € S ELECTED KEY FIGURES IN € M 3,098 3,110 In 2017, the price of Fresenius Medical Care shares ) 2,192 1,932 13 % listed on the New York Stock Exchange in the form BITDA – 8 % 87.78, up 9 % 1,351 1,017 33915 % of American Depositary Receipts – 55 % on the 1.1 841 331 S TOCK INDICES / Two ADRS 151 are equivalent to one Fresenius Medical ) operating activities ( ADRS Earnings before interest, u sedtaxes, in depreciation and amortization ( E SHARES ) rose by 24.5 13.3 14.5 7.8 %. Net cash provided by ( 8.6 Free cash flow 3 45.1 43.3 DAX Country / Capital expenditures, net Dow Jones region Dec 31, 2017 Dec 31, 2016 Acquisitions and investments, net OIC ) in % Operating income margin in % EURO STOXX Health Care The number of dialysis patients around the world is rising. The number of dialysis patients worldwide reached 3.2 million patients in 2017, a 6% growth rate from 4 in % DE 12,918 11,481 12.5 % Return on invested capital / total (assets R ) o. KGaA. quity AG & C USA 24,719 19,763 25.1 % Change Equity ratio ( e Fresenius Medical Care share EUR High Fresenius Medical Care ADR 728 Low in € 13,479 11,481 713 1 Net income attributable to shareholders) operating of activities Fresenius after Medical capital Care expenditures, before acquisitions and investments. : Proposal to be approvedused in by the Annual General Meeting on May 17, 2018. Source: Bloomberg data, own calculationsin $ DE 87.78 80.45 24,838 19,732 2 2017 2.0 % 3 Net cash provided by ( USA 52.55 42.21 24.5 % 805 2016, and this figure is expected to increase to around 4.9 million by 2025. In the same period, nearly 321,000 patients were treated in Fresenius Medical Care’s 4 A s of December 31 of the respective year. 690 9.1 % 88.90 74.69 52.72 39.70 network of dialysis centers - an increase from the nearly 309,000 patients treated in 2016. This means that demand for dialysis products and services will rise, FRESENIUS MEDICAL CARE 2017 including, and perhaps especially, in growth markets like China and India. As the leading global dialysis provider – from products through to holistic patient care – we are ideally positioned to meet the individual requirements of the various regional markets and, by doing so, actively shape the future of dialysis.

In August 2017, Fresenius has signed an agreement to acquire NxStage Medical, a medical device manufacturer based in Lawrence, Massachusetts for a reported $2 billion. In 2017, Fresenius Medical Care generated revenues of more than $20.68 billion and currently holds S&P’s Investment Grade credit rating of “BBB-”. COMPANY HIGHLIGHTS

Founded: 1996 Industry: Health Care Credit Rating: S&P: BBB- NYSE Symbol: FMS Revenue (2017): $20.68 Billion Locations: 3,800+ Areas Served: Worldwide Headquarters: Bad Homburg, Website: www.freseniusmedicalcare.com

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 20 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• About Fresenius Medical Care •

-- About Fresenius Medical Care --

COMPANY SNAPSHOT

Fresenius Medical Care is the world’s leading provider of products and services for people with chronic kidney failure. Some 3.2 million kidney patients worldwide regularly WORLDWIDE LOCATIONS undergo dialysis treatment. We have decades of experience in dialysis. Thanks to innovative technologies and holistic treatment concepts, we can offer patients coordinated care and the highest possible quality of life.

EMPLOYEES PATIENTS DIALYSIS CENTERS

2017 2017 2017 114,000 320,960 3,752 2016 : 109,319 2016 : 308,471 2016 : 3,624 C HANGE OF + 4% C HANGE OF + 4% C HANGE OF + 4%

REVENUE NET INCOME 1 DIVIDEND PER SHARE 2 IN € M IN € M IN €

2017 2017 2017 17,784 1,280 1.06 2016 : 16,570 2016 : 1,144 2016 : 0.96 CHANGE OF + 7% C HANGE OF + 12% C HANGE OF + 10%

S ELECTED KEY FIGURES IN € M

2017 2016 Change Earnings before interest, taxes, depreciation and amortization ( E BITDA ) 3,098 3,110 0 % Net cash provided by ( used in ) operating activities 2,192 1,932 13 % Free cash flow 3 1,351 1,017 33 % Capital expenditures, net 841 915 – 8 % Acquisitions and investments, net 151 331 – 55 % Operating income margin in % 13.3 14.5 Return on invested capital ( ROIC ) in % 8.6 7.8 Equity ratio ( equity / total assets ) 4 in % 45.1 43.3

1 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA. 2 2017 : Proposal to be approved by the Annual General Meeting on May 17, 2018. 3 Net cash provided by ( used in ) operating activities after capital expenditures, before acquisitions and investments. 4 As of December 31 of the respective year.

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 21 AREA OVERVIEW FRESENIUS MEDICAL CARE

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison MSA) | 22 Actual Photo EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Fitchburg Overview • Madison Overview Demographics

-- FITCHBURG OVERVIEW --

Fitchburg is a city in Dane County, Wisconsin. It is a suburb of Madison, the capital of Wisconsin, and part of the Madison Metropolitan Statistical Area. Fitchburg consists of a mix of suburban neighborhoods closer to the border with the city of Madison, commercial and industrial properties, and more rural properties in the southern portion of the city. As a neighbor to and integral part of Wisconsin’s vibrant capital city, its close proximity to UW-Madison, the State Capitol and Dane County Regional Airport, Fitchburg offers the best of city and rurual life. The City of Fitchburg is a young, dynamic, and evolving community. Incorporated just 35 years ago, Fitchburg has successfully grown into a place known for attractive, family-oriented neighborhoods; a thriving technology-led business community; and well-designed, unique urban centers. Fitchburg has been strategic about its growth, focusing on first- rate design, preserving green spaces, and economic development geared toward 21st Century industries. By most commonly-used quantitative measures of economic strength and quality of life, Fitchburg is an extremely successful community. The City is achieving high residential growth balanced by preserved farmland and green spaces. Fitchburg’s economy is driven by a number of successful and growing companies – many in advanced industries like biotechnology, manufacturing, and information technology. The City has a number of high-quality development projects that include vibrant mixed-use employment centers, and well-designed residential neighborhoods. Strategically located just south of Madison with excellent access to regional amenities, the City is poised for continued growth and economic success. The new U.S. Highway 14/Lacy Road interchange, as well as incorporation of the remaining Town of Madison lands in 2022, present generational opportunities to create several large urban business districts with a complementary mix of residential and recreational opportunities.

DIVERSE ECONOMY • REGION CONTINUES TO GROW AT A RAPID PACE Fitchburg is a progressive, forwardthinking City government that is both pro-business and flexible (reflected by the SmartCode, neighborhood plans, and detailed Comprehensive Plan). Fitchburg has contributed greatly to the Madison Region’s status as a nationally recognized hub for high tech business and knowledge-based employment – the5th largest concentration in America behind only Silicon Valley, Boston, San Francisco, and Washington, DC.7 In addition, the Madison metro region gained the greatest percentage of 22-to 34-year-old workers from 2001 to 2016 of any metro in the country. Fitchburg is home to over 750 businesses ranging from small businesses to international companies, with major employers in various fields such as agriculture, bio-science, information technology, medical instrumentation and advanced manufacturing. Fitchburg is home to several of the most advanced and fastest-growing technology companies in the state, the largest of which include Promega Corporation, Thermo Fisher Scientific, Placon Corporation, Sub-Zero/ Wolf Appliance, OneNeckIT Data Center, and Saris Cycling. These companies are innovators and leaders in niche, growing industries. They are globally-connected, export-oriented, and require talented personnel. They continue to prosper in Fitchburg, with Promega’s June 2018 announcement (see next page) of a $190 million, 270,000-square-foot research and development center being just the latest example of the commitment of “home-grown” industries to Fitchburg and the City’s economic position in the region. The City is committed to supporting and assisting its companies as they continue to grow and succeed, as business attraction and retention are critical to Fitchburg’s long-term economic development and provide anchors around which new companies may locate.

CLICK TO PLAY VIDEO

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 23 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Fitchburg Overview • Madison Overview Demographics

-- FITCHBURG OVERVIEW -- FITCHBURG TECHNOLOGY CAMPUS: PREMIER OFFICE, COMMERCIAL & RESIDENTIAL DEVELOPMENT Fitchburg Technology Campus, located at the intersection of Fish Hatchery and Lacy Roads, is the premier new commercial development in the area. The project will offer fully improved lots for sale for a variety of uses such as housing, Class A office and retail space, restaurants, and trails. The Campus is home to the corporate headquarters of Gordon Flesch, Tri-North Builders, and The Madison Group. Visit the Fitchburg Technology Campus website here.

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 24 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Fitchburg Overview • Madison Overview Demographics

-- FITCHBURG OVERVIEW --

A CITY ON THE RISE • NEW PROJECTS & DEVELOPMENT IN FITCHBURG

MAJOR REBUILD OF FISH HATCHERY RD SET FOR LATE 2019 Work is scheduled to start in late 2019 on Fitchburg’s other main north-south route, Fish Hatchery Road, which will be totally rebuilt from just south of the Beltline south to McKee Road. At an estimated cost of $12.3 million, the project will replace deteriorating pavement and retaining walls, pedestrian, bus SUBJECT and bicycle infrastructure will be upgraded, as well as upgrades PROPERTY to streetscaping (planting trees, decorative touches, etc.). Intersections along Fish Hatchery Road that will be improved range from Greenway Cross at the north end to McKee Road at the south end.

FITCHBURG ATHLETIC COMPLEX UNDER WAY VIEW RELEASE HERE A new 96-acre athletic field complex is being built in Fitchburg. When finished, the property on 1273 Westminster Hill Road will house nine lighted outdoor fields and a 115,000-square-foot structure. The building will contain another three turf fields, three full-sized volleyball courts, batting cages, a restaurant, a sports bar, a fitness center and several spaces for birthday parties or conferences. Fitchburg officials expect the Complex will provide a great place for gathering for sporting events, as well as promote Fitchburg as the sports destination for surrounding areas. The Complex is expected to open in August 2019. PROMEGA PLANS BIGGEST BUILDING PROJECT IN For more information: Visit the Website Here FITCHBURG’S HISTORY Promega Corp., a Fitchburg biotechnology company SUBJECT that provides products for scientific research and DNA PROPERTY identification worldwide, is planning another big, new building on its growing campus: a 270,000-square- foot research and development center on East Cheryl Parkway, just east of the company’s Feynman Center.

Cost of the project: $190 million.

VIEW RELEASE HERE

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 25 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Fitchburg Overview • Madison Overview • Demographics

-- MADISON OVERVIEW --

Madison is the capital of the State of Wisconsin and the county seat of Dane County. As the INTERNATIONALLY RECOGNIZED UNIVERSITY RESEARCH PARK • HOME OF MGE INNOVATION CENTER urban center of the region, Dane County is home to the state’s capital in the City of Madison, University Research Park, a University of Wisconsin-Madison affiliate, is an internationally recognized research and the University of Wisconsin flagship campus, the world-class Overture Center for the Arts, technology park that supports early-stage, and growth-oriented businesses in a range of sectors, including engineering, and an abundance of parks, lakes, and unique neighborhoods. Home to the fastest growing computational and life sciences. population of any county in Wisconsin, Dane County boasts a highly educated workforce to power its diverse and innovative industries. With assets in information technology, life sciences, Located within the University Research Park, the MGE Innovation Center consists of 113,000 square feet, of which 50,000 and agriculture, Madison and Dane County consistently rank among the top communities for square feet has been designated for 27 office and 34 laboratory suites designed for early stage start-up companies. The work and play. Madison is the second largest city in Wisconsin, after Milwaukee, and the 83rd MGE Innovation Center has helped more than 70 early stage companies grow since 1989. The MGE Innovation Center largest in the . enables companies to focus on business development essentials: Product development, UW-Madison collaborative research, employee recruitment and capital investment. DIVERSE ECONOMY: GOVERNMENT, HI-TECH, HEALTH/BIOTECH BIGGEST ECONOMIC DRIVERS The largest employer in Madison is the Wisconsin state government, excluding employees of the University of Wisconsin–Madison, and University of Wisconsin Hospital and Clinics employees, although both groups of workers are state employees. However, Madison’s economy today is evolving from a government-based economy to a consumer services and hi-tech base, particularly in the health, biotech, and advertising sectors. The University of Wisconsin Hospital and Clinics is an important regional teaching hospital and regional trauma center, with strengths in transplant medicine, oncology, digestive disorders, and endocrinology. Other Madison hospitals include St. Mary’s Hospital, Meriter Hospital, and the VA Medical Center. Madison is home to companies such as Spectrum Brands (formerly Rayovac), Alliant Energy, the Credit Union National Association (CUNA), MGE Energy, Aprilaire, and Sub-Zero & Wolf Appliance. Insurance companies based in Madison include American Family Insurance, CUNA Mutual Group, and National Guardian Life. Technology companies in Madison include Google, Microsoft, Broadjam, a regional office of CDW, Full Compass Systems, Raven Software, and TDS Telecom. Biotech firms include Panvera (now part of Invitrogen). The contract research organization Covance is a major employer in the city. Madison’s community hackerspaces/makerspaces are Sector67, which serves inventors and entrepreneurs, and The Bodgery, which serves hobbyists, artists, and tinkerers. Epic Systems was based in Madison from 1979 to 2005, when it moved to a larger campus in nearby Verona. Other firms include Nordic, Forward Health, and Forte Research Systems. TOURISM A BILLION-DOLLAR INDUSTRY • 14 MILLION VISITORS ANNUALLY Madison offers visitors a vibrant city that enjoys outdoor activities, diverse cultural events, tasty eats, and spirited sports enthusiasts. Its been ranked as a “Best Place to Live” by Livability.com and a top “U.S. City Perfect for a Weekend Getaway” by BuzzFeed. named it a prominent city for “Good Eats”, and Yahoo.com voted Madison the “Best City on Earth for Biking” for its 200 miles of biking trails and bike share program. An estimated 14 million people visit Greater Madison on an annual basis for events such as the Rhythm and Booms celebration, the largest fireworks display in the Midwest as well as the Great Taste of the Midwest craft beer festival, the second longest running such event in North America. In 2014, visitors contributed $1.9 billion dollars in total business spending, which supported more than 20,405 full-time equivalent jobs in Dane County. In addition, the Greater Madison Convention & Visitors Bureau (GMCVB) has booked nearly 200 conventions, conferences and sporting events that will take place in future years, which will result in more than $54.9 million in future spending in Dane County..

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 26 SUMMARY PROFILE 2000-2010 Census, 2018 Estimates with 2023 Projections Calculated using Weighted Block Centroid from Block Groups

Lat/Lon: 43.0303/-89.4094 RS1 2839 Fish Hatchery Rd 1 mi radius 3 mi radius 5 mi radius EXECUTIVE SUMMARY PROPERTY INFORMATION SFiUtchMbuMrgA, RWYI 5 3P7TENANTR13OFILE OVERVIEW AREA OVERVIEW

2000-20120180 Ce Estimatednsus, 2018 Population Estimates with 2023 Projections 11,206 85,000 184,536 Fitchburg Overview MadisonCalculated Overview using Weighted Block Centroid from Block Groups • Demographics • 2023 Projected Population 11,942 89,880 195,264 N O

I 2010 Census Population 9,316 74,892 163,071 T

-- DEMOGRAPHICS -- Lat/LA on: 200043.03 Census03/-89.4 Population094 8,588 71,115 156,314 L RS1 U

P Projected Annual Growth 2018 to 2023 1.3% 1.1% 1.2% 283O 9 Fish Hatchery Rd P Historical Annual Growth 2000 to 2018 1 mi rad1.7%ius 3 mi rad 1.1%ius 5 mi rad1.0%ius Fitchburg, WI 53713 1 Mile 3 Miles 5 Miles 2018 Median Age 29.5 31 32.5 2018 Estimated Population 11,206 85,000 184,536 ECONOMY SNAPSHOT 2018 Estimated Households 4,800 35,166 81,396 2023 Projected Population 11,942 89,880 195,264 S N

D 2023 Projected Households 5,159 37,546 86,798

• Dane County was responsible for 56% of Wisconsin’s job growth between 2001 O L

I 2010 Census Population 9,316 74,892 163,071 O and 2015 and boasts one of the ten lowest regional unemployment rates in the T 2010 Census Households 3,917 30,257 69,961 A H 2000 Census Population 8,588 71,115 156,314 L nation. E U

S 2000 Census Households 3,688 28,715 65,672 P U Projected Annual Growth 2018 to 2023 1.3% 1.1% 1.2% O • Dane County is one of America’s top five locations for information tech jobs, O P Projected Annual Growth 2018 to 2023 1.5% 1.4% 1.3% H

POPULATION Historical Annual Growth 2000 to 2018 1.7% 1.1% 1.0% with IT employment growth of 31% from 2010-2015 and robust annual growth Historical Annual Growth 2000 to 2018 1.7% 1.2% 1.3% of 5.1% in gross regional product from 2010-2016. 2018 Median Age 29.5 31 32.5 2018 Estimated White 53.2% 70.5% 73.4% 2018 Estimated Households 4,800 35,166 81,396 2018 Estimated Black or African American 18.3% 9.4% 8.2% D S Y N T HOUSING SNAPSHOT D 2023 Projected Households 5,159 37,546 86,798 I

L 2018 Estimated Asian or Pacific Islander 7.8% 9.4% 10.2% A C I O E 2010 Census Households 3,917 30,257 69,961 N H • Dane County’s housing market is particularly tight; the area had an extremely C 2018 Estimated American Indian or Native Alaskan 0.6% 0.5% 0.5% H E A T

S 2000 Census Households 3,688 28,715 65,672

low multi-family rental housing vacancy rate of just 3.15% in late 2017. R

E 2018 Estimated Other Races 20.0% 10.2% 7.8% U

O Projected Annual Growth 2018 to 2023 1.5% 1.4% 1.3% • The median price of a Dane County home at $266,000 in January 2018 - 4th H 2018 Estimated Hispanic 27.9% 13.9% 9.8% highest in the state, and significantly above the Wisconsin median of $168,500. HOUSEHOLDS Historical Annual Growth 2000 to 2018 1.7% 1.2% 1.3%

E 2018 Estimated Average Household Income $56,435 $83,733 $84,379 M 2018 Estimated White 53.2% 70.5% 73.4% O 2018 Estimated Median Household Income $45,057 $63,780 $63,903 C

N 2018 Estimated Black or African American 18.3% 9.4% 8.2% D I Y 2018 Estimated Per Capita Income $24,177 $34,862 $37,590

POPULATION SNAPSHOT N T I 2018 Estimated Asian or Pacific Islander 7.8% 9.4% 10.2% A C I E

N 2018 Estimated Elementary (Grade Level 0 to 8) 4.8% 3.2% 2.2% • Based on 2010 and 2016 Census figures, Fitchburg’s population is growing at a C 2018 Estimated American Indian or Native Alaskan 0.6% 0.5% 0.5% H A

T 2018 Estimated Some High School (Grade Level 9 to 11) 6.4% 3.7% 2.7%

rate comparable with its regional peers, but ahead of the rate for Dane County R

E 2018 Estimated Other Races 20.0% 10.2% 7.8% N ) This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. representation herein is provided without information The be reliable. sources deemed to and government private from was produced using data report This + O

and nearly eight times the statewide rate. I 2018 Estimated High School Graduate 21.3% 14.6% 13.6% 5 T 2

RACE & ETHNICITYRACE 2018 Estimated Hispanic 27.9% 13.9% 9.8%

A

E 2018 Estimated Some College 19.8% 15.3% 14.9% • Fitchburg residents, with a median population age of 34.4 (up slightly from 2010), C G U E

A 2018 Estimated Average Household Income $56,435 $83,733 $84,379

D 2018 Estimated Associates Degree Only 10.1% 7.8% 7.8%

are on par with the County and significantly younger than the state average of ( M E 39.1. O 2018 Estimated BachelorsMedian Household Degree Only Income $45,05724.3% $63,780 28.7% $63,90330.8% C N I 2018 Estimated GraduatePer Capita Degree Income $24,17713.3% $34,862 26.7% $37,59028.1% • The City retains above-average racial and ethnic diversity compared with Dane INCOME County and Wisconsin, and is home to a large share of immigrants.

S 2018 Estimated TotalElementary Businesses (Grade Level 0 to 8) 4.8%813 4,143 3.2% 11,2972.2% S

E 2018 Estimated TotalSome Employees High School (Grade Level 9 to 11) 17,8266.4% 79,645 3.7% 213,5412.7% N N ) I This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. representation herein is provided without information The be reliable. sources deemed to and government private from was produced using data report This + O S I 2018 Estimated High School Graduate 21.3% 14.6% 13.6% 5 2018 Estimated Employee Population per Business 21.9 19.2 18.9 U T 2

B A BUSINESS E 2018 Estimated Some College 19.8% 15.3% 14.9%

C 2018 Estimated Residential Population per Business 13.8 20.5 16.3 G U A

D 2018 Estimated Associates Degree Only 10.1% 7.8% 7.8% ( E 2018 Estimated Bachelors Degree Only 24.3% 28.7% 30.8% ©2018, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography 2018 Estimated Graduate Degree 13.3% 26.7% 28.1%

FRESENIUS MEDICAL CARE | Fitchburg, WI (Madison) | 27 S 2018 Estimated Total Businesses 813 4,143 11,297 S

E 2018 Estimated Total Employees 17,826 79,645 213,541 N I

S 2018 Estimated Employee Population per Business 21.9 19.2 18.9 U B 2018 Estimated Residential Population per Business 13.8 20.5 16.3

©2018, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography Exclusively Listed By:

RYAN BARR RYAN BENNETT Principal Principal BARR&BENNETT 760.448.2446 760.448.2449 NETLEASEDINVESTMENTS A Lee & Associates Team [email protected] [email protected]

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of an investment property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any investment property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly- acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

BROKER OF RECORD: Lee & Associates of Madison LLC WI Brokers Lic#701361-91

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.