BLANCO RIVER RANCH +108 ACRE DESTINATION RESORT OPPORTUNITY AUSTIN MSA (KYLE), TEXAS • EXECUTIVE SUMMARY
BLANCO RIVER RANCH
Planned RM150
Planned Road PHASE 1 (859 ACRES/ 2,100 SF HOMES PLANNED) RESORT SITE (108 ACRES)
1 Blanco River Ranch - Austin MSA (Kyle), TX BLANCO RIVER RANCH +108 ACRE DESTINATION RESORT OPPORTUNITY AUSTIN MSA (KYLE), TEXAS • EXECUTIVE SUMMARY
Exclusively Offered By:
INVESTMENT SALES CAPITAL INQUIRIES
DAVIS ADAMS BEN BEAIRD GARRETT GILLELAND JOHN BOURRET WALLY REID Managing Director Director Associate Director Managing Director Senior Managing Director Tel 713-852-3558 Tel 214-692-4706 Tel 512-532-1900 Tel 469-232-1962 Tel 713-852-3497 [email protected] [email protected] [email protected] [email protected] [email protected]
JOHN TAYLOR MARK BRAMLETT ZACH RIGBY Managing Director Analyst Analyst Tel 512-532-1950 Tel 713-852-3469 Tel 214-692-4705 [email protected] [email protected] [email protected]
9 Greenway Plaza, Suite 700 Houston, Texas 77046 Phone: 713-852-3500 Fax: 713-852-3490 www.hfflp.com
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a Texas licensed real estate broker (“HFF”). 2 Blanco River Ranch - Austin MSA (Kyle), TX E x e c u t i v e S u m m a r y
HFF, as exclusive advisor to the ownership is proud to offer for sale a unique riverfront • RM 150 – RM 150 is proposed to be constructed through Blanco River Ranch hotel/resort development opportunity in the Texas Hill Country. With 108 acres and which will provide quick ingress/egress from the Property to I-35. over a half mile of frontage on the crystal clear Blanco River, the Property is part of a • Kyle, TX – Corresponding to its close proximity to Austin, the city of Kyle has large master-planned community undergoing its initial phases and poised for long-term seen an explosion of population growth with a 493% increase from 2000-2015. growth. Located near the Interstate 35 corridor, the Property is within 10 miles of Austin, The desirability of Kyle and the city’s proven track record on growth are a major 20 miles from Downtown Austin, and only 7 miles north of San Marcos. The Property benefit for any future hotel development. possesses the best features of the Hill Country including picturesque river frontage, beautiful hill country rolling topography, and a relaxing natural setting, combined with • Texas Hill Country – Positioned in the heart of the Texas Hill Country, a region of the growth minded city of Kyle, and a location less than 30 minutes from the Austin central Texas known for its picturesque, natural features, and scenic topography Bergstrom International Airport. which has grown in popularity amongst tourists and residents alike. • Tourism Destination – The Austin MSA continues to build upon a growing INVESTMENT HIGHLIGHTS tourism industry and features a $7.1 billion annual economic impact from visitor • River Frontage – The Property is highlighted by over a half mile of frontage on spending with 24.11 million annual visitors in 2015. the Blanco River, but also features scenic hill country rolling topography, and • Austin – Located on the Interstate 35 Corridor, the Property benefits from a a variety of mature tree species including many oak, pecan, black walnut and location in the Austin MSA, recently named by US News as the No. 1 “Best Places mountain laurels. to Live” and by Forbes magazine as “America’s No. 1 Boom Town” . • Conveniently Located – Located only 2 miles west of Interstate 35 and less than • Major Markets – Pulls from the major markets of both Austin MSA and San a 30-minute drive from the Austin Bergstrom International Airport, the Property Antonio MSA, featuring one of the fastest growing employment regions in the
is easily accessible from Austin, San Marcos, and San Antonio. nation and a combined population of 4.5 million.
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3 Blanco River Ranch - Austin MSA (Kyle), TX 4 Blanco River Ranch - Austin MSA (Kyle), TX D r i v e T i m e M a p
LOCATION TIME DISTANCE UNIVERSITY Interstate 35 4 Minutes 1.9 Miles O TE AS Closest Grocery Store (HEB & Target) 7 Minutes 3.6 Miles ZILKER FM 1626/Kyle Parkway 7 Minutes 3.6 Miles AUSTIN AUSTIN ARK San Marcos 12 Minutes 10.0 Miles ZOO 45 Toll/Austin 13 Minutes 11.3 Miles Texas State University 16 Minutes 10.4 Miles San Marcos Premium Outlets 16 Minutes 15.2 Miles 130 Toll 20 Minutes 18.8 Miles AUSTIN BERGSTROM Highway 71/ US 290 20 Minutes 19.4 Miles AIR ORT Dripping Springs (Wineries) 24 Minutes 20.3 Miles Circuit of the Americas (Formula 1) 25 Minutes 24.7 Miles Zilker Park (Austin City Limits Festival) 26 Minutes 22.5 Miles CIRCUIT Austin Bergstrom Airport 27 Minutes 26.0 Miles O THE Downtown Austin 27 Minutes 23.6 Miles AMERICAS University of Texas 28 Minutes 24.4 Miles DRI ING Gruene Hall (Texas' Oldest S RINGS 28 Minutes 26.6 Miles Dance Hall) New Braunfels (Schlitterbahn Waterpark) 30 Minutes 28.5 Miles Austin Zoo 35 Minutes 22.5 Miles San Antonio 1 Hour 59.2 Miles
SU ECT R ERTY
LANNED RM
SAN MARCOS TE AS STATE UNIVERSITY
NEW BRAUN ELS SAN MARCOS SAN ANTONIO REMIUM OUTLETS
5 Blanco River Ranch - Austin MSA (Kyle), TX R o a d I m p r o v e m e n t s
RM 150 45 TOLL ROAD The city of Kyle and Hays County are actively focused on facilitating planned Austin has continued to experience population growth, with many new residents growth throughout their boundaries. A major benefit of this is the planned locating to the west and southwest of downtown. In response to this growth, expansion and realignment of RM 150. The idea for the new road will be to create TxDOT is underway with a major roadway extension. In November 2016, a hill country parkway with scenic beauty, but it will also be designed to handle construction began on a new four-lane divided tollway segment of Highway 45. future traffic and mobility needs of the region. Planned to allow for 45 MPH This $109 million project is being constructed by McCarthy Building Companies speeds, this new roadway will be a major transformative force for the Property as and will span 3.6 miles connecting MoPac and FM 1626. The new roadway is well as the surrounding area. RM 150 will connect with Interstate 35 at Yarrington scheduled to be open to traffic in late 2019. Currently, Highway 45 connects to Road to the south of Kyle and run from that point northwest directly through MoPac and extends northward; this new segment will traverse to the southeast Blanco River Ranch, and then merge back to the current alignment of RM 150 and connect to FM 1626 near Manchaca, just north of the Hays County line. This just north of the Property. The portion of the parkway that is planned to run new toll road will feature extensive water quality protection measures, bicycle through the Property will feature a four-lane divided highway with large medians and pedestrian accommodations, and Green Mobility Challenge, and Context to maintain existing tree canopy and vegetation, and the distinct hill county feel. Sensitive Solutions. The decision to build the Toll Road is a win for mobility in In addition, the parkway will feature a meandering trail/sidewalk system along south and southwestern Austin as well as Hays County. with bike lanes to be added to the roadway. This roadway will be fundamental in the development and access of Blanco River Ranch. Not only will it raise the quality of life for the residents, but it will also attract commercial development and increase walkability and biking within the community. PLANNED COMMUNITY ROAD Additionally, a collector road will be constructed that circulates throughout the community. This road will be constructed to serve residential and commercial development, as well as access from the Destination Resort Site (the Property) to RM 150.
PLANNED RM 150 THROUGH BLANCO RIVER RANCH
6 Blanco River Ranch - Austin MSA (Kyle), TX A r e a O v e r v i e w
LOCATION KYLE GROWTH Blanco River Ranch is located in the Northeastern portion of Hays County, just Kyle sits in Hays County, along the booming I-35 corridor. Its proximity to Austin west of Kyle, Texas. The Property is ideally positioned in the heart of the Texas and San Antonio offers a strategic location to both residents and businesses. Hays Triangle between Dallas/Fort Worth, Houston and San Antonio along Interstate-35, County is the 3rd fastest growing county in the nation. also known as the spine of Texas. This enviable location is a long-term competitive advantage in corporate location decisions as it provides employers with the ability CITY POPULATION PRIMARY TRADE AREA (PTA) to recruit from the 16.4 million highly-skilled workers of the largest metropolitan 1990 Census Population 3,234 areas, as well as providing easy access to all of Texas’ major cities. 2016 Population 263,171 2000 Census Population 5,314 2010 Census Population 28,016 2020 Estimated Population 293,349 2017 Estimated Population 39,400 2040 Forecasted Population 383,125 2020 Projected Population 49,000
KYLE, TEXAS 493% GROWTH RATE (2000-2015)
TEXAS HILL COUNTRY DEMOGRAPHICS The Texas Hill Country is truly an iconic region of central Texas known for its 2017 Population: 39,400 picturesque natural features and scenic topography. It continues to gain popularity with tourists and nature lovers alike. It has also continued to entice retirees who want to settle into a more attractive lifestyle. The Hill Country and many of the areas near Austin have become a major destination for weddings. The most popular places feature wedding specific venues highlighted by rustic or scenic settings. Kyle has several and is highlighted by Texas Old Town, which has multiple venues and has been named the “Best Hill County Wedding & Event Venue” in 2015. In recent years, the Hill Country has also become known for its wineries. The region has emerged as the center for Texas wine and boasts many award winning wineries that dot the map. Projected 2020 Population: 49,000
7 Blanco River Ranch - Austin MSA (Kyle), TX A r e a O v e r v i e w
I-35 & ACCESSIBILITY The Property’s excellent accessibility to Interstate-35, the primary North American Free Trade Agreement (NAFTA) transportation artery, effectively links the development to all BEST PLACES TO LIVE of the major thoroughfares in not only Austin, by the state including, I-35, US 183/183A, By US News MoPac (Loop 1), 360, 290 and SH-45. Additionally, the Austin-Bergstrom International Airport, which opened in May 1999, is located 26 miles northeast of Blanco River Ranch. The Airport is served by 14 major airlines accommodating more than 11 million passengers in 2015. Furthermore, the Property is also only 52 miles northeast of the San Antonio 4 Texas Cities in the Top 25 International Airport which served 8.5 million passengers in 2015. CORPORATE JOBS #1 - Austin Located centrally between two major metro areas allows the Property to attract business from multiple large companies with a corporate presence in the region. Austin features #15 - Dallas Fort Worth 3 Fortune 500 companies that have their headquarters or feature a majority of their employees within the city including: Dell, Whole Foods Market, and Advanced Micro Devices (AMD). San Antonio is home to 5 Fortune 500 companies including: USAA, Valero, #20 - Houston iHeart Media, CST Brands, and Tesoro. Additionally, the diversified economic engines of each of these cities help fuel the growth in the region. #23 - San Antonio STATE GROWTH Texas has led the nation in employment and population growth over the past five years. The state has received numerous accolades in recent years including being named #1 in “Economic Climate” by Forbes, “America’s Top State for Economy” by CNBC, and “Best State for Business” for the 10th year in a row by Chief Executive. More specific to Blanco River Ranch, Austin’s population growth exceeds 13% over the past five years – the second fastest growing metro in the United States. Furthermore, Austin was recently named by US News as the No. 1 “Best Places to Live”; Forbes magazine dubbed the metropolitan area “America’s No. 1 Boom Town”; and according to Kiplinger, Austin is the No. 1 “Best City for the Next Decade.”
TOP AUSTIN EMPLOYERS TOP SAN ANTONIO EMPLOYERS 1 State of Texas 70,074 1 Lackland Air Force Base 37,097 2 University of Texas at Austin 24,183 2 Fort Sam Houston - U.S. Army 32,000 3 Dell Inc. 13,000 3 HEB 20,000 4 HEB 12,198 4 USAA 17,000 5 Seton Healthcare Network 10,270 5 Randolph Air Force Base 11,068 6 St. David’s HealthCare 8,598 6 Methodist Healthcare System 8,118 7 Samsung Austin Semiconductor 6,074 7 Baptist Health System 6,498 8 IBM Corp. 6,000 8 JP Morgan Chase 5,200 9 Apple Inc. 5,000 9 Wells Fargo 5,153 10 NXP 5,000 10 AT&T 4,200
8 Blanco River Ranch - Austin MSA (Kyle), TX A u s t i n O v e r v i e w
MSA Population: 2,063,900 Unemployment Rate: 3.0% Population Growth 2015: 3.0% Growth Forecast 2015-2021: 19.0% AUSTIN TEXAS market overview Employment Growth 2015: 3.8% Growth Forecast 2015-2021: 16.2%
POPULATION GROWTH 2010-2016 # OF AUSTIN CORPORATE RECENT AUSTIN ACCOLADES RELOCATIONS SINCE 2004 EXPANSION/RELOCATION AUSTIN 19.5% ANNOUNCEMENTS Fastest Growing City TEXAS 10.4% for 4th Consecutive Year APPLE EBAY CHARLES SCHWAB - Forbes USA 4.7% 3,600 New Jobs 1,000 New Jobs 820 New Jobs ORACLE HOME AWAY AMAZON #1 City for Millennials 500 New Jobs 300 New Jobs 240 New Jobs - Time TEN MOST FAVORABLE CITIES FOR INVESTMENT BY RANKING #1 for Economic Performance INVESTMENT DEVELOPMENT HOMEBUILDING TOP PRIVATE SECTOR EMPLOYERS ACCENTURE AMD APPLE APPLIED MATERIALS - Brookings 11.. AUSTINAUSTIN, TX TX 3 1 11 AT&T DELL FLEXTRONICS FREESCALE SEMICONDUCTOR GENERAL MOTORS IBM 2. DALLAS/FT WORTH, TX 1 5 9 KELLER WILLIAMS REALTY NATIONAL INSTRUMENTS SAMSUNG SETON HEALTHCARE 3. PORTLAND, OR 8 2 3 ST. DAVID’S HEALTHCARE TIME WARNER CABLE WELLS FARGO WHOLE FOODS 4. SEATTLE, WA 2 8 12 #1 Best Place to Live 5. LOS ANGELES, CA 6 6 10 - US News 6. NASHVILLE, TN 9 3 4 7. RALEIGH/DURHAM, NC 13 4 1 8. ORANGE COUNTY, CA 5 10 5 #1 Next Biggest Boom Town 9. CHARLOTTE, NC 12 7 13 - Forbes 10. SAN FRANCISCO, CA 7 13 27 TECH JOBS ADDED IN AUSTIN VS THE U.S.
NEW RESIDENTS SILICON HILLS DAILY austin as a leading technology hub $22.3 BILLION VALUE ADDED TO AUSTIN’S GDP
9 Blanco River Ranch - Austin MSA (Kyle), TX SILICON HILLS Austin’s economy continues to benefit from the technology sector boom that began in the 1990s, dubbing the metropolitan area “Silicon Hills”.
# OF AUSTIN CORPORATE RELOCATIONS SINCE 2004
TECH JOBS ADDED IN AUSTIN VS THE U.S.
RECENT ANNOUNCEMENTS
3,600 NEW JOBS 1,000 NEW JOBS 820 NEW JOBS
500 NEW JOBS 300 NEW JOBS 240 NEW JOBS
4TH HIGHEST 36.4% GROWTH RATE GROWTH IN THE STEM JOBS COUNTRY S a n A n t o n i o O v e r v i e w
ACCOLADES Top 10 Best Economic Climate - Forbes
Top 25 Best Places to Live - US News
Top 10 Fastest Growing Cities - Forbes
America’s 25 Best-Performing Cities - Milken Institute
#8 America’s Next Boom Town - Forbes
Top Cities for Global Trade -Global Trade Magazine
11 Blanco River Ranch - Austin MSA (Kyle), TX A r e a U n i v e r s i t i es
Less than twelve miles north of the Property is the University Less than 8 miles south of the Property is Texas State University, the of Texas at Austin, a doctoral/research university and the fourth-largest university in Texas. In September 2015, Texas State flagship institution for the University of Texas System, which reported a record-setting enrollment of 38,000 for the fall semester. provides Austin employers with a young and highly educated It marked the 18th consecutive year the university set a new record workforce that helps drive company expansions and relocations. The university had for total enrollment. The university is the number one economic the fifth largest single-campus enrollment in the nation and largest in Texas as of fall driver in San Marcos employing a faculty and staff of over 3,300. 2015, with over 52,000 undergraduate and graduate students, as well as 24,000 faculty and staff. Founded in 1883 on an original 40 acres, the campus now encompasses about 350 acres, roughly 1.4 square kilometers. The university is home to seven museums and seventeen libraries, as well as the new Student Activities Center and additional student housing facilities to keep pace with the growing demand. In 2012, the University announced the addition of the new Dell Medical School, which will be a partnership that included the University of Texas, Seton Healthcare Family and Travis County.
12 Blanco River Ranch - Austin MSA (Kyle), TX B l a n c o R i v e r R a n c h M a s t e r P l a n
• Blanco River Ranch is a ±2,166 acre master-planned community located southwest of Austin and, at build out, will feature approximately 3,500
single family executive level homes, RM as well as dedicated acreage to commercial space, mixed-use space, and a corporate campus. The plan will highlight the natural beauty of the land SINGLE and preserve many acres of open space AMILY and parkland. Additionally, the master RESIDENTIAL plan features a school site to serve CUSTOM HOMES ACRES the growing area’s residents, further ACRES adding to the quality and desirability of R SCHOOL the community. ACRES HASE • Phase 1 of the master plan is in the ACRES development stage and features ±859 S HOMES acres, ±2,100 single family homes LANNED on a mix of lot sizes, a school site, RESORT R and various park, pond, and amenity SITE features. ACRES
• Blanco River Ranch will also benefit ACRES COR ORATE COMMERCIAL from excellent transportation infra- CAM US structure. The planned expansion ACRES and realignment of RM 150 will run directly through the community greatly increasing accessibility to Blanco River Ranch. Further, a collector road will ARK be constructed to serve residential ACRES and commercial uses and connect the Destination Resort Site (the Property) to the rest of the master plan. • A destination resort site of ±108 acres is part of the master plan and will feature over one half mile of river frontage along the crystal clear waters of the Blanco River.
13 Blanco River Ranch - Austin MSA (Kyle), TX A e r i a l P h o t o g r a p h
SAN ANTONIO
N N SAN MARCOS AIR ORT SAN MARCOS BLANCO VISTA BLANCO RIVER RANCH BLANCO RIVER MASTER LANNED COMMUNITY O S R C R RM CY RESS OREST RESORT SITE HOMETOWN RM R ACRES KYLE HASE UNDER R DEVELO MENT
UAIL MEADOWS
ARROYO RANCH
RM
RM
14 Blanco River Ranch - Austin MSA (Kyle), TX A e r i a l P h o t o g r a p h
DOWNTOWN AUSTIN MILES HIGHWAY TOLL MILES SETON MEDICAL CENTER HAYS RM
AUSTIN COMMUNITY COLLEGE HAYS
K NEGLEY ELEMENTARY SAN MARCOS LUM CREEK SCHOOL MILES GOL COURSE J C H T K C CY RESS OREST HAYS BARTON HIGH MIDDLE RM SCHOOL SCHOOL HASE R UNDER DEVELO MENT
RM RM
R
BLANCO RIVER RANCH MASTER LANNED COMMUNITY RESORT SITE ACRES
BLANCO RIVER
N N
15 Blanco River Ranch - Austin MSA (Kyle), TX I n f o r m a t i o n o n B r o k e r S e r v i c es
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagent from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know, because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
1. shall treat all parties honestly;
2. may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;
3. may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and
4. may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.
With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.
TEXAS LAW REQUIRES THAT ALL REAL ESTATE LICENSEE’S PRESENT THIS INFORMATION TO PROSPECTIVE SELLERS, LANDLORDS, BUYERS OR TENANTS.
ACKNOWLEDGMENT: Please acknowledge your receipt of this information, for Broker’s records:
[PROPERTY NAME] - [PROPERTY CITY, STATE] ______
OWNER (LANDLORD) OR BUYER (TENANT) OR AUTHORIZED REPRESENTATIVE
Date:______
16 Blanco River Ranch - Austin MSA (Kyle), TX C o n t a c t I n f o r m a t i o n
INVESTMENT SALES CAPITAL INQUIRIES
DAVIS ADAMS BEN BEAIRD GARRETT GILLELAND JOHN BOURRET WALLY REID Managing Director Director Associate Director Managing Director Senior Managing Director Tel 713-852-3558 Tel 214-692-4706 Tel 512-532-1900 Tel 469-232-1962 Tel 713-852-3497 [email protected] [email protected] [email protected] [email protected] [email protected]
JOHN TAYLOR MARK BRAMLETT ZACH RIGBY Managing Director Analyst Analyst Tel 512-532-1950 Tel 713-852-3469 Tel 214-692-4705 [email protected] [email protected] [email protected]
9 Greenway Plaza, Suite 700 Houston, Texas 77046 Phone: 713-852-3500 Fax: 713-852-3490 www.hfflp.com
©2017 Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.