Offering Memorandum Subject Property Photos

CVS Pharmacy 154 N. College Street | Piqua, OH 45356 Confidential Disclaimer

This Confidential Memorandum has been prepared by Stan Johnson Company (“SJC”) and is being furnished to you solely for the purpose of your review of the commercial property located at 154 N. College St., Piqua, OH 45356 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Stan Johnson Company (“Broker”).

By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to SJC as soon as practicable together with all other materials relating to the Property which you may have received from SJC; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of SJC.

This Confidential Memorandum has been prepared by SJC, based upon certain information pertaining to the Property and any information obtained from SJC to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by SJC to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon SJC, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither SJC, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or Offered Exclusively By in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. Chad Byerly | Director [email protected] SJC, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the Phillip Butts | Analyst proposed transaction. All summaries and discussions of documentation and/or financial information contained [email protected] herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice. In Association With: Homer Guren Ohio Broker#: BRK.0000120095 This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, Tulsa Office without prior notice. By accepting this Confidential Memorandum you agree to release SJC and hold it harmless 6120 S Yale Ave | Suite 300 from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. SJC reserves Tulsa, OK 74136 the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate 918.494.2690 with one or more prospective investors at any time.

Page 2 CVS Pharmacy | Piqua, OH Pricing: Contact Broker for Details

Investment Summary Investment Highlights

Stan Johnson Company is pleased to Strong Credit & Growing Company - CVS has offer for sale to qualified investors a CVS investment grade credit and strong financials. property located in Piqua, Ohio. In June 2015, CVS reached an agreement with Target to acquire all 1,660 in-store pharmacies The property was a build-to-suit for CVS for $1.9 Billion and will operate them through a in 1999 and has operated at this location store-within-a-store format. successfully ever since. There are approximately seven (7) years remaining Passive Investment – CVS is operating under a on the primary term of the lease with NNN lease, leaving zero responsibilities for the ten (10), five (5) year option periods. Landlord. Additionally, the tenant is operating under an absolute NNN lease leaving the Higher Cap Rate – This investment offers a Landlord zero obligations. higher Cap Rate return than typical new CVS locations due to the remaining term on the lease. The subject property is located directly off College Street which has over Minimal Competition – The nearest national drug 18,000 vehicles per day. Also, there is store is located approximately 10 miles south of an immediate 1-mile radius population of subject property. over 13,000 with no other national drug stores within 10 miles, therefore, minimal High Immediate Population – The 1-mile radius competition. population for this property is over 13,000, suggesting this is a highly trafficked store.

Subject Property Photos

Page 3 CVS Pharmacy | Piqua, OH Lease Abstract

154 N. College Street Location Piqua, OH

Tenant CVS Pharmacy

Rentable Area ± 10,112 SF

Land Area ± 1.38 Acres

Year Built 1999

Lease Term Approx. Seven (7) years

Lease Expiration January 2023

Annual Rent $206,491

Ten (10), Five (5) year Renewal Options options

Option Rent $196,167 (flat)

NNN - Zero Landlord Expenses Responsibilities

N

Representative Photos

Page 4 CVS Pharmacy | Piqua, OH 7,900 CVS/pharmacy Stores Tenant Overview CVS/pharmacy has over 7,900 drug stores in 46 states, the District of Columbia, Puerto Rico and Brazil and is currently located CVS Health Corporation (NYSE: CVS), in 98 of the top 100 drugstore markets. headquartered in Woonsocket, Rhode Island, CVS HEALTH CORPORATION is the largest pharmacy health care provider 7,900 in the with integrated offerings No. of Locations: across the entire spectrum of pharmacy care. 1,000+ MinuteClinic Locations Credit Rating: BBB+/Stable (S&P) Through their unique suite of assets, the CVS Health has more than 1,000 MinuteClinic company is reinventing pharmacy to offer Stock Symbol: NYSE: CVS locations with a goal of 1,500 by 2017. innovative solutions that help people on their path to better health. CVS is focused on Total Revenue: $153.29 billion* enhancing access to care, lowering overall 27M+ MinuteClinic Visits health care costs for plan members and Net Worth: $37.19 billion* CVS MinuteClinic nurse practitioners have seen payors, and improving health outcomes. more than 27 million patients to date, with a 95 Tenant Business: Retail/Pharmacy percent customer satisfaction rating. Through the company’s more than 7,900 retail pharmacies; its leading pharmacy Headquarters: Woonsocket, RI benefit manager serving more than 70 million plan members; and its retail health Website: www.cvshealth.com 24,000 Pharmacists clinic system, the largest in the nation with *As of 12/31/2015 more than 1,000 MinuteClinic locations; CVS Health employs more than 24,000 phar- it is a market leader in mail order, retail macists across the company. and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. 200,000 Colleagues CVS Health recently completed a $1.9 billion CVS Health employs over 200,000 colleagues agreement to take over Target’s (NYSE: in 46 states, the District of Columbia and Puer- TGT) pharmacy and clinic businesses. The to Rico. deal brings 1,672 new pharmacies into CVS Health, which will expand its retail footprint by more than 20%. The company is planning 70M ExtraCare Members on rebranding all of these pharmacies under Their loyalty card program, ExtraCare, is the the CVS/Pharmacy name. largest retail savings and rewards program with more than 70 million active member For the twelve month period ended households. December 31, 2015, CVS Health Corporation had total revenue of $153.29 billion, net 1.7B Prescriptions income of $5.23 billion and a net worth in excess of $37.19 billion. CVS currently holds CVS Health fills or manages 1.7 billion prescrip- a Standard & Poor’s credit rating of BBB+/ tions each year and has captured one third of Stable. total U.S. prescription growth since 2008.

Page 5 CVS Pharmacy | Piqua, OH Location Overview

Piqua is a city in County, Ohio. It is part of the Dayton Metropolitan Statistical Area. The population was 20,522 at the 2010 census. Piqua has two Main Streets, one being north and southbound along Miami County Road 25-A (the former U.S. Route 25, also known as the Dixie Highway); the other running east through Shawnee. U.S. 36 also runs through much of the city, cutting the town almost directly in half. Main and Ash streets (U.S. 36) William M. McCulloch Public Square - Piqua, OH Fort Piqua Plaza - Piqua, OH converge in Piqua’s downtown.

The city of Piqua is the home of Hartzell Propeller, the leading producer of small aircraft propellers in the world. Evenflo (formerly Questor Juvenile Furniture) is the leading manufacturer of infant and toddler car seats, and has become one of Piqua’s leading employers and industries as well. Piqua’s shopping mall, Miami Valley Centre Mall, opened in 1988 and was renovated in the mid-1990s. Its anchor stores include JC Penney, Elder Beerman, and Sears. Miami Valley Crossing (formerly Piqua East Mall, opened in 1970) was redesigned and updated in the late 1990s as a plaza with anchor stores, , Wal-Mart, Jo-Ann Fabrics, El Sombrero Restaurant, and .

Piqua Public Library - Piqua, OH

Page 6 CVS Pharmacy | Piqua, OH UPS CUSTOMER CENTER

JACKSON TUBE I-75 (40,802 VPD) SERVICES, INC.

AEROVENT

PIQUA CITY SCHOOLS ASH ST (14,868 VPD)

PIQUA CITY PIQUA SCHOOLS LUMBER

311 DRAFTHOUSE BEPPO UNO MIAMI VALLEY PIZZERIA CENTRE MALL (APPROX 60 STORES) UPS CUSTOMER CITY OF PIQUA

CENTER PARKS AND REC. GREAT MIAMI RIVER COLLEGE ST (18,472ST COLLEGE VPD) PIQUA POLICE DEPARTMENT

PALMER BOLT & SUPPLY

CRANE PUMPS & N SYSTEMS

Page 7 CVS Pharmacy | Piqua, OH Competitor Map These 2 drug stores are +/- 12 miles away

These 3 drug stores are +/- 10 miles away

N

Page 8 CVS Pharmacy | Piqua, OH Demographics

154 N. College Street | Piqua, OH 45356 0 - 1 mi. 0 - 3 mi. 0 - 5 mi. Population 2015 Population 13,717 22,559 25,970 2020 Population 13,966 22,919 26,318 2010-2015 Annual Rate 0.31% 0.25% 0.17% 2015-2020 Annual Rate 0.36% 0.32% 0.27%

Households 2015 Total Households 5,433 9,212 10,496 2020 Total Households 5,538 9,372 10,658 2010-2015 Annual Rate 0.43% 0.39% 0.32% 2015-2020 Annual Rate 0.38% 0.34% 0.31%

Race and Ethnicity 2015 White Alone 90.9% 91.9% 92.3% 2015 Black Alone 4.0% 3.4% 3.3% 2015 American Indian/Alaska Native Alone 0.3% 0.2% 0.2% 2015 Asian Alone 0.6% 0.8% 0.8% 2015 Pacific Islander Alone 0.0% 0.0% 0.0% 2015 Other Race 0.4% 0.5% 0.5% 2015 Two or More Races 3.8% 3.1% 2.9% 2015 Hispanic Origin (Any Race) 1.5% 1.6% 1.5%

2015 Median Household Income $37,475 $40,938 $42,119 N 2015 Average Household Income $45,308 $51,706 $53,526

Page 9 CVS Pharmacy | Piqua, OH Press Releases

CVS Health and Target Announce Completed Acquisition of Target’s Pharmacy and Clinic Businesses

Woonsocket, RI and Minneapolis, MN, December 16, 2015 – CVS Health Corporation (NYSE:CVS) and (NYSE:TGT) announced today that CVS Health has completed the acquisition of Target’s pharmacy and clinic businesses for approximately $1.9 billion. With the completion of the transaction, CVS Health acquired Target’s 1,672 pharmacies across 47 states and will operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/ pharmacy will be included in all new Target stores that offer pharmacy services. Seventy-nine Target clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years of the close of the transaction.

“We look forward to helping Target guests on their path to better health through CVS Health’s leading clinical programs, such as Maintenance Choice, Pharmacy Advisor and Specialty Connect,” said Larry Merlo, CVS Health President and CEO. “In addition, with the Target acquisition we will leverage our unique integrated business model and our scale to drive incremental sales volume and operating profit for the enterprise while providing convenience and cost savings to consumers and payors.”

“Today’s milestone in our relationship with CVS Health is an important step in driving Target’s strategic priorities forward while giving our guests easy access to industry-leading health care services. With the transition now underway, Target can further accelerate our commitment to Wellness as a signature category, helping guests and team members in their efforts to eat better, be more active and find natural and clean label products,” said Brian Cornell, Chairman and CEO of Target.

The Target pharmacies and clinics will be transitioned to the CVS Health banners and systems within six to eight months.

Source: http://www.cvshealth.com/content/cvs-health-and-target-announce-completed-acquisition-target%E2%80%99s-pharmacy-and-clinic-businesses

CVS Health Raises Midpoint of 2016 Outlook at Annual Analyst Day; Announces 21% Dividend Increase for 2016; Reiterates Five-year Steady State Financial Targets

WOONSOCKET, RI, December 16, 2015 – At its annual Analyst Day in New York City today, CVS Health (NYSE:CVS) raised the midpoint of its earnings outlook for 2016 and reiterated its five-year steady state targets, demonstrating how the Company is providing value for patients, payors, providers and shareholders in an evolving health care market.

“Over the past several years, CVS Health has been preparing for the changes in the health care landscape by expanding our extensive suite of leading assets and capabilities,” said Larry J. Merlo, president and chief executive officer of CVS Health. “We are now positioned more broadly than ever with the right strategy across the health care continuum to create real value by enhancing access, driving better health outcomes and reducing overall health care costs. We are the only health care company that is truly channel-agnostic, and we can help drive superior health outcomes as people move through the continuum of care. Our consumer expertise gives us an edge in the increasingly consumer-directed health care environment.”

Key accomplishments in 2015 include strong financial expectations consistent with previous guidance; a strong 2016 selling season for the pharmacy benefit management business with $11.5 billion in net new business and a client retention rate of 98%; superior specialty revenue growth of approximately 33%, outperforming the rapidly-growing specialty market; enhanced generic sourcing through the Red Oak Sourcing venture with ; the acquisition of , a leader in long term care pharmacy; the transaction to acquire and operate Target’s pharmacies and retail clinics; continued advancement of the company’s front store growth strategies with a focus on enhancing health and beauty offerings, store brands, personalization and digital; and elevated awareness of the CVS Health brand introduced last year.

Source: http://www.cvshealth.com/content/cvs-health-raises-midpoint-2016-outlook-annual-analyst-day-announces-21-dividend-increase

Page 10 CVS Pharmacy | Piqua, OH Chad Byerly | Director [email protected]

Phillip Butts | Analyst [email protected]

In Association with: Homer Guren Ohio Broker#: BRK.0000120095

Stan Johnson Company 6120 South Yale Ave, Suite 300 Tulsa, OK 74136

P: 918-494-2690 | F: 918-494-2692 www.stanjohnsonco.com

The information contained herein was obtained from sources believed reliable, however, Stan Johnson Company makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notice.