NET LEASE INVESTMENT OFFERING

MAGGIANO’S (Corporate Sale Leaseback) 6001 W Park Blvd Plano, TX 75093 (-Fort Worth MSA) TABLE OF CONTENTS

TABLE OF CONTENTS

I. Executive Profile II. Location Overview III. Market & Overview Executive Summary Photographs Demographic Report Property Overview Aerial Market Overview Tenant Overview Site Plan Investment Highlights Map

NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT

DISCLAIMER This presentation has been prepared by The Boulder Group and/or Lee & Associates on the basis of information obtained from The Boulder Group and/or Lee & Associates client (the “Company”) and other public sources, as of the specified date. Neither The Boulder STATEMENT: Group and/or Lee & Associates nor the Company undertakes any duty or obligation to update the information. Neither The Boulder Group and/or Lee & Associates nor the Company makes or gives any representation, warranty or guarantee, whether express or implied, that the information contained in this presentation or otherwise supplied to the recipient, at any time by or on behalf of The Boulder Group and/or Lee & Associates or the Company whether in writing or not, relating to the offering discussed herein is complete or accurate. This presentation does not constitute a representation that there has been no change in the business or affairs of the properties or the Company since the date of preparation of this presentation. This presentation is not to be construed as investment, tax or legal advice in relation to the offering discussed herein. You must seek your own legal, accounting and investment or other professional advice.

This presentation provides a guide only, and it is not intended to be exhaustive about the opportunity discussed herein. Interested persons will be provided additional information upon request, and qualified persons will be given an opportunity to inspect the properties. Notwithstanding any information provided, persons must make their own determination about the benefits and disadvantages of the opportunity discussed herein. Independent estimates of pro forma income and expenses should be developed before any decision is made on whether to participate in the opportunity discussed herein.

The Company shall have no legal commitment or obligations to any entity reviewing this presentation or making an offer to purchase the properties unless and until such offer is approved by the Company, a written agreement for the purchase of the properties has been fully executed, delivered and approved by the Company and its legal counsel, and any obligations set by the Company thereunder have been satisfied or waived. This summary is not intended to be a comprehensive discussion of the loan terms or underlying collateral. We do not undertake any duty to update this summary. Investors must determine the scope of their evaluation of an investment in the offered loan asset, conduct their own due diligence, and perform an independent analysis of the loan asset and the underlying collateral and its income and expenses before any decision is made to invest in the offered loan asset. This is not an offer of an investment opportunity in any jurisdiction where it is prohibited or where a pre-filing or other action is required.

You understand that the information herein is confidential and is furnished solely for the purpose of your review in connection with the opportunity discussed herein. You further understand that the information is not to be used for any other purpose or made available to any other person without the express written consent of The Boulder Group and/or Lee & Associates. This offering is subject to prior placement and withdrawal, cancellation or modification without notice, and the Company expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the properties.

Information and statements contained in this presentation or in our written and verbal communications that are not historical facts are forward-looking statements that may fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are generally accompanied by words like “anticipates,” “expects,” and other similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual results to differ materially from historical results or from those projected in forward-looking statements. We wish to caution you against placing undue reliance on forward-looking statements because of these risks and uncertainties. We expressly disclaim any obligation to update or revise any forward-looking statements.

NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY

EXECUTIVE The Boulder Group and Lee & Associates are pleased to exclusively market for sale a single tenant net leased Maggiano’s SUMMARY: restaurant located within the Dallas-Fort Worth MSA in Plano, . The property will be subject to a fifteen year corporate sale-leaseback with an absolute triple net lease. The lease will feature 10% rental escalations every five years and six 5-year renewal options.

The Maggiano’s property ideally located at the corner of a signalized intersection along (50,340 VPD). The Maggiano’s is outparcel to the Shops at Willow Bend, a 1,391,000 square foot mall anchored by Neiman Marcus, Macy’s, Dillard’s, Crate & Barrel, and Apple. Other retailers in the immediate area include Costco, Home Depot, Target, Walmart, and Kroger. Additionally, the property is near Prestonwood Baptist Church, one of the largest and fastest-growing megachurches in North America with a weekly attendance of approximately 17,000. Beyond the numerous retailers in the area, Maggiano’s is also near the Texas Health Presbyterian Hospital Plano (386 beds) and Hebron High School (3,451 students) which drives continual traffic to the trade corridor. There are 369,195 people living within five miles fo the property and have an average household income of $115,441.

Brinker International, one of the world’s leading casual dining restaurant companies with more than 1,600 restaurants, purchased Maggiano’s Little Italy from Lettuce Entertain you in 1995. Since then, Brinker has grown Maggiano’s from four locations in Illinois to 52 locations across the country. Brinker International serves 1+ million guests every day and has over 100,000 team members worldwide. Brinker International has a strong commitment to investing in its locations through technology initiatives and store remodels. Maggiano’s has had a long and successful operating history at this location since 2002 where they have strong store sales and a low rent-to-sales ratio.

NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW

PROPERTY Price: $9,075,000 OVERVIEW: Cap Rate: 5.40% Net Operating Income: $490,000 Lease Term: 15 Years from COE Rental Escalations: 10% every five years Renewal Options: 1-2: 5-Year (10% in each option) 3-6: 5-Year (FMV) Tenant: Maggiano’s Guarantor: Maggiano’s, Inc. (Parent company of all Maggiano’s) Rent-to-sales Ratio: 5.30%* EBITAR Coverage: 5.35* Year Built: 2002 Lease Type: Absolute NNN Building Size: 16,100 SF Land Size: 126,725 SF

* Brinker fiscal year begins in July. P3 trailing 12 month is from October to September for each year. 4-Wall EBITDAR not burdened by corporate allocations related to advertising and supervisory overhead expenses.

NET LEASE INVESTMENT OFFERING TENANT OVERVIEW

TENANT Maggiano’s OVERVIEW: Maggiano’s was successful from the very beginning, with eager diners sometimes waiting hours for an opportunity to dine family-style. The portions of Italian–American cuisine were large, reminiscent of a Sunday night visit to their grandmother’s house, or as they say in Italy, nonna’s casa! The recipes were simple, authentic classics, many of them coaxed out of Italian grandmothers, mothers, and aunts whose ideas of a recipe were a pinch of this and a sprinkle of that. With some trial and error, the chefs celebrated the birth of many of Maggiano’s signature dishes.

With a successful opening at the Clark and Grand location, a second restaurant was opened in Oak Brook, Illinois and two years later in Skokie, Illinois. The decision to open a restaurant outside of Illinois was made, and in 1994 Maggiano’s Little Italy opened in McLean, Virginia at Tyson’s Corner Galleria II. As Tyson’s Corner took off, it became obvious that Maggiano’s had great potential to succeed nationally. With that in mind, Brinker International purchased Maggiano’s Little Italy from Rich Melman of Lettuce Entertain You in 1995. Since then, Brinker has grown Maggiano’s from four locations in Illinois to numerous locations across the country.

Maggiano’s menu features both classic and contemporary recipes; pastas, salads, steaks, seafood, regular chef specials, and specialty desserts. Maggiano’s offers lunch or dinner, carryout service, delivery, and banquet spaces for special occasions. Meals can be purchased in single-sized portions or as full multi-course family style meals.

Website: www. maggianos.com Number of Locations: 52 Founded: 1991 Headquarters: Dallas, Texas Parent Company: Brinker International TENANT OVERVIEW

TENANT OVERVIEW: Maggiano’s Revenue, Income & Assets Maggiano’s Experience & Technology • FY18 revenue of $435 million • Maggiano’s is committed to delivering high quality food and a dining experience in line • $49.9 million in operating income (prior to taxes) with the brand’s heritage • $151 million in assets • During fiscal 2019, Maggiano’s will utilize technology to improve the accuracy of • 0.4% increase in comp sales (and 0.2% in FY18) wait-time quotes to customers, and to improve labor efficiencies • Favorable Guest response to the addition of Saturday and Sunday brunch, together with the lunch menu, at all Maggiano’s restaurants • Carry out menu will bring value by offering customers the opportunity to “Double the Portion, Not the Price” by taking home a second portion of particular menu items for a reduced price

® Established in 197 Established in 1991 FY2018 Revenue of Approximately 2.7B FY2018 Revenue of 43M 1,686 Restaurants Globally 2 Domestic Restaurants 1,22 Domestic Restaurants 378 Restaurants in 30 Countries and 2 Territories TENANT OVERVIEW

TENANT OVERVIEW:

Double The Portion Carryout Dining Room • Move from promotional value to everyday value • Renovation of Classic Pastas • Get a second order for about half the price • All pasta orders will receive a tomorrow pasta • Carryout sales increased more than 10% in FY18 TENANT OVERVIEW

TENANT Brinker International OVERVIEW: Maggiano’s is part of the Brinker International family of restaurants. Brinker International is one of the world’s leading casual dining restaurant companies. With more than 1,600 restaurants and over 100,000 Team Members in 31 countries and two territories, we welcome more than one million guests into Chili’s and Maggiano’s restaurants every day.

Team Members family-friendly 1,600+ 100,000 restaurants worldwide

Guests served 1M+ every day

and two U.S. 31 Brinker International, Inc. Revenues Generated territories Countries $3.14B for Fiscal 2018 INVESTMENT HIGHLIGHTS

INVESTMENT • Located within the Dallas-Fort Worth MSA HIGHLIGHTS: • New long term 15 year lease issued at close of escrow

• Absolute NNN

• 10% rental escalations every five years

• Long and successful operating history since 2002 at this location

• Strong profitability and a low rent to sales ratio (See property overview for details)

• Ideally located at the corner of a signalized intersection along Dallas North Tollway (50,340 VPD)

• Outparcel to the Shops at Willow Bend, a 1,391,000 square foot mall anchored by Neiman Marcus, Macy’s, Dillard’s, Crate & Barrel, and Apple

• Retailers in the immediate area include Costco, Home Depot, Target, Walmart, and Kroger

• Located near the Prestonwood Baptist Church, one of the largest and fastest-growing megachurches in North America with a weekly attendance of approximately 17,000

• Near the Texas Health Presbyterian Hospital Plano (386 beds) and Hebron High School (3,451 students) which drives continual traffic to the trade corridor

• 369,195 people living within five miles of the property and have an average household income of $115,441

NET LEASE INVESTMENT OFFERING PHOTOGRAPHS

NET LEASE INVESTMENT OFFERING AERIAL

NET LEASE INVESTMENT OFFERING AERIAL

NET LEASE INVESTMENT OFFERING SITE PLAN

NET LEASE INVESTMENT OFFERING MAP

NET LEASE INVESTMENT OFFERING DEMOGRAPHIC REPORT

DEMOGRAPHIC Population 1-Mile 3-Mile 5-Mile REPORT: Total Population 6,946 131,910 341,070 Total Households 2,823 61,835 150,379 Annual Population Growth (2018-2023) 2.57% 1.62% 1.60%

Income 1-Mile 3-Mile 5-Mile

Average Household Income $184,243 $117,287 $115,441

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.

NET LEASE INVESTMENT OFFERING MARKET OVERVIEW

MARKET Plano, Texas OVERVIEW: Plano is a city in the U.S. state of Texas, located approximately twenty miles north of downtown Dallas. The city of Plano is a part of the Dallas-Fort Worth metropolitan area. Plano lies mostly within Collin County, but includes a small portion that extends into Denton County.

The city’s population was 259,841 at the 2010 census, making it the ninth most populous city in the state of Texas and the 69th most populous in the United States. The city is a hub for many corporate headquarters. Plano is also considered to be the safest city in the nation, according to Forbes.

Approximately 80% of Plano’s visitors are business travelers, due to its close proximity to Dallas and the many corporations headquartered in Plano. The city also has a convention center that is owned and operated by the city. Plano has made a concerted effort to draw retail to its downtown area and the in an effort to boost sales tax returns. There are three malls in the city: The Shops at Willow Bend, , and The Shops at Legacy, an area that has apartments, shops, and restaurants constructed with the New Urbanism philosophy.[28] An experimental luxury Walmart Supercenter is at Park Boulevard and the Dallas North Tollway.

NET LEASE INVESTMENT OFFERING MARKET OVERVIEW

Dallas, Texas Dallas is a major city in the state of Texas and is the largest urban center of the fourth most MARKET populous metropolitan area in the United States. The city proper ranks ninth in the U.S. and OVERVIEW: third in Texas after Houston and San Antonio. The city’s prominence arose from its historical importance as a center for the oil and cotton industries, and its position along numerous railroad lines. According to the 2010 United States Census, the city had a population of 1,197,816. The United States Census Bureau’s estimate for the city’s population increased to 1,300,092 as of July 1, 2015.

The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 7,102,796 as of July 1, 2015, representing growth in excess of 676,000 people since the 2010 census. In 2014, the metropolitan economy surpassed Washington, DC to become the fifth largest in the United States, with a 2014 real GDP over $504 billion. In 2013, the metropolitan area led the nation with the largest year-over-year increase in employment and advanced to become the fourth-largest employment center in the nation (behind New York City, Los Angeles and Chicago) with more than three million non-farm jobs. As of June 2016, the metropolitan job count has increased to 3,523,400 jobs. The city’s economy is primarily based on banking, commerce, telecommunications, technology, energy, healthcare and medical research, and transportation and logistics.

Dallas is home to the third-largest concentration of Fortune 500 companies in the nation (behind New York City and Houston). In the latest rankings released in 2013, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network, and was 14th in world rankings of GDP by the Organization for Economic Co-operation and Development.

Located in North Texas, Dallas is the main core of the largest metropolitan area in the South and the largest inland metropolitan area in the United States that lacks any navigable link to the sea. Dallas and nearby Fort Worth were developed due to the construction of major railroad lines through the area allowing access to cotton, cattle, and later oil in North and East Texas. The construction of the Interstate Highway System reinforced Dallas’ prominence as a transportation hub with four major interstate highways converging in the city, and a fifth interstate loop around it. Dallas developed as a strong industrial and financial center, and a major inland port, due to the convergence of major railroad lines, interstate highways, and the construction of Dallas/ Fort Worth International Airport, one of the largest and busiest airports in the world.

The strong economy and wealthy population provides the city with a collection of arts, cultural assets, and parks. The many cultural landmarks include theaters, the Dallas Museum of Art, the Meyerson Symphony Center, and the Frank Lloyd Wright-inspired Dallas Theater Center. The city features numerous national sporting teams including NFL Cowboys, MLB Rangers, NBA Mavericks, and NHL Stars, which all draw a strong local and national following. Favorably there are no local or state income taxes for Dallas residents and no corporate or personal income taxes in Texas. Dallas reputedly has more retail stores and restaurants per capita than any other place in the country. dallascityhall.com Randy Blankstein President 847.562.0003 [email protected]

John Feeney Senior Vice President 847.562.9280 [email protected]

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Daniel Barnes Principal 314.400.4004 [email protected]

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