Columbus, GA 31904 RET AIL ADVISORS Offering Memorandum CONFIDENTIALITY & DISCLAIMER STATEMENT

IHOP ™ 2111 Airport Thruway, Columbus, GA 31904 RET AIL ADVISORS Offering Memorandum CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of IHOP located at 2111 Airport Thruway, Columbus, GA 31904 (“Property”). It has been prepared by Matthews Retail Advisors . This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors . The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

Matthews Retail Advisors Table of Contents Pricing & Financial Analysis INVESTMENT OVERVIEW...... 2 Investments Highlights...... 2 EXECUTIVE SUMMARY...... 3 COMPANY OVERVIEW...... 4

PROPERTY DESCRIPTION PHYSICAL DESCRIPTION...... 7 BIRDS EYE...... 8 REGIONAL MAP...... 9 TENANT MAP...... 10

DEMOGRAPHICS CITY OVERVIEW | COLUMBUS, GA...... 12 DEMOGRAPHICS REPORT...... 15

EXCLUSIVELY LISTED BY: Calvin Short Partner direct +1.310.919.5770 MOBILE +1.310.567.3525 [email protected] License No. 01927216

Kyle Matthews Broker of Record License No. 363764

™ Matthews Retail Advisors Pricing & Financial Analysis

™ INVESTMENT OVERVIEW

Investments Highlights

long term security & improving future cash flows • Tenant recently agreed to sign a new 15 year lease, showing great commitment to the location • 7.50% rental increases every 5 years • Two (2) five (5) year options to renew • Strong historical sales in excess of $2,250,000 in 2015 • An investor will also benefit from the added security and income from the large double-sided billboard located on the southwest corner of the property

prime location in major retail corridor • The offering benefits from great identity and visibility along Airport Thruway, which boasts traffic counts in excess of 32,000 cars per day • IHOP is ideally positioned within close proximity to a good mix of surrounding national retailers including two Walmart Supercenters, Home Depot, Target, Lowe’s, Sam’s Club, Dick’s Sporting Goods, Petco, and Bed Bath & Beyond • Additionally, IHOP is located only a few blocks from Columbus Airport and Columbus State University which has over 8,200 students enrolled

dense in-fill location • Over 6,000 people within a 1-mile radius with average household income in excess of $53,300 • Over 64,600 people within a 3-mile radius with average household income in excess of $63,300 • Over 170,000 people within a 5-mile radius with average household income in excess of $62,200 • Expected population growth of 4.43%, 7.20% and 8.10% between in 2015-2020 in the 1, 3 and 5-mile

P. 2 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP PRICINGEXECUTI ANALYSISVE SUMMARY

Annualized Operating Data - IHOP IHOP Monthly Rent Annual Rent Rent/SF 2111 Airport Thruway January 1, 2016 $12,000.00 $144,000.00 $29.46 Columbus, GA 31904 January 1, 2021 $12,900.00 $154,800.00 $31.67 List Price...... $2,300,000 January 1, 2026 $13,867.50 $166,410.00 $34.04 CAP Rate - Current ��6.50% January 1, 2031 $14,907.56 $178,890.75 $36.60 Gross Leasable Area �� 4,888 SF Option 1: January 1, 2036 $16,025.63 $192,307.56 $39.34 Lot Size ...... ± 1.17 Acres ( 50,965 SF) Option 2: January 1, 2041 $17,227.55 $206,730.62 $42.29 Year Built ��1985 Annualized Operating Data - Billboard Monthly Rent Annual Rent Current $460.00 $5,520.00 (1) Lease expires October 31, 2019 and is subject to renewal at that time. Tenant Summary

Tenant Trade Name IHOP Type of Ownership Fee Simple Lease Guarantor Franchisee Lease Type NNN Roof and Structure Tenant Responsible Original Lease Term 20 Years Rent/Lease Commencement Close of Escrow Date Lease Expiration Date 15 years from COE Increases 7.50% Every 5 Years Options Two (2) Five (5) Year

IHOP | OFFERING MEMORANDUM Matthews Retail Advisors P. 3 COMPANY OVERVIEW

Property Name IHOP For 54 years, the IHOP (International House of Pancakes) family Gross Leasable Area ± 4,888 SF restaurant chain has served world famous pancakes and a wide Property Type Casual Dining Restaurant variety of breakfast, lunch and dinner items while offering an Parent Company Trade Name DineEquity, Inc affordable, everyday dining experience with warm and friendly Ownership Public service. Consumers can also enjoy a line of premium breakfast products called IHOP at HOME available at leading retailers. Credit Rating B Rating Agency Standard & Poor’s IHOP is a United States-based restaurant owned by DineEquity, Revenue 654.98 M with 99% of the restaurants run by independent franchisees. Net Income 36.459 M Founded in 1958 by Al and Jerry Lapin, along with early investors Stock Symbol DIN Al and Trudy Kallis, the first International House of Pancakes Board NYSE opened in the Los Angeles suburb of Toluca Lake, California. in No. of Locations ±1700 1961, the company began being publicly traded under the name No. of Employees ±40,000 International House of Pancakes. As of 1993, average sales Headquartered Glendale, CA per IHOP exceeded $1 million and system-wide sales of IHOP Web Site www.ihop.com reached $1 billion in 1998. Year Founded 1958

P. 4 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP PROPERTY DESCRIPTION

™ P. 6 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP PROPERTYPHYSICAL DESCRIPTIONDESCRIPTION

THE OFFERING Property Name ��IHOP Property Address...... 2111 Airport Thruway Columbus, GA 31904 Assessor’s Parcel Number ��188-007-020B

SITE DESCRIPTION Number of Stories ��One Year Built...... 1985 Gross Leasable Area (GLA) �� ± 4,888 SF Lot Size...... ± 1.17 Acres (50,565 SF) Type of Ownership...... Fee Simple Parking...... 50 Surface Spaces Parking Ratio...... 9.88 : 1,000 SF Landscaping...... Professional Topography...... Generally Level

IHOP | OFFERING MEMORANDUM Matthews Retail Advisors P. 7 BIRDS EYE

Airport Thwy CPD: 32,845

P. 8 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP PROPERTYREGIONAL DESCRIPTIONMAP

IHOP | OFFERING MEMORANDUM Matthews Retail Advisors P. 9 TENANT MAP

Columbus Airport

Columbus State University

P. 10 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP DEMOGRAPHICS

™ DEMOGRAPHICCITY OVERVIEW ANALYSIS | COLUMBUS, GA

Top Employers City Overview | Columbus, GA Number of Rank Employer Employees Columbus, located in Western Georgia, is the second-largest city in the state. 1 Fort Benning 41,462 The city has a population of over 200,000 people, and approximately 315,000 2 Muscogee County School District 6,200 in its metro area. The city is typically divided into 5 geographic areas: 3 TSYS 4,300 Downtown, East Columbus, MidTown, North Columbus, and South Columbus. Columbus is known for being an excellent place to live, thanks to its high 4 AFLAC 4,100 quality of life, low cost of living, and friendly residents. The city is also a large 5 Columbus-Muscogee County Consolidated Government 2,933 tourist location in the south due to its many attractions. 6 Columbus Regional Healthcare System 2,700 7 Blue Cross Blue Shield of Georgia 1,540 Columbus is home to a number of businesses, including several notable 8 Pezold Management 1,500 corporate headquarters. Aflac, Carmike Cinemas, TSYS, Realtree, Synovus, and 9 St. Francis Hospital 1,470 the W.C. Bradley Co. all are headquartered in the city. Columbus has a wide range of retail outlets, including a major indoor shopping mall, Peachtree Mall, 10 Synovus 1,021 and several strip malls such as Columbus Park Crossing, The Landings, and The Shoppes at Bradley Park. MidTown Columbus has two of the city’s early suburban shopping centers, both of which have been recently renovated.

Columbus offers a wide array of entertainment for visitors and residents to enjoy. Indoor entertainment includes museums, dining, shopping, and theaters. Some of the most popular sights in the city are the Coca-Cola Space Science Center, the Columbus Museum, and the RiverCenter for the Performing Arts. Due to Columbus’s location next to the Chattahoochee River, there are an abundance of activities available to outdoor enthusiasts. The Chattahoochee Riverwalk is a linear park that wraps around the banks of the river, where visitors can take a leisurely walk, fish, boat, or jet ski. The Columbus area is also renowned for its white water rafting trail, which has been named the world’s best manmade whitewater course by USA Today.

P. 12 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP DEMOGRAPHICCITY OVERVIEW ANALYSIS | COLUMBUS, GA

Tourism/Major Attractions

Columbus Museum Coca-Cola Space Museum Uptown Columbus

Chattahoochee River

IHOP | OFFERING MEMORANDUM Matthews Retail Advisors P. 13 P. 14 Matthews Retail Advisors OFFERING MEMORANDUM | IHOP DEMOGRAPHICDEMOGRAPHIC ANALYSISS REPORT

Population 1-Mile 3-Mile 5-Mile 2020 Projection 6,041 64,613 170,372 2015 Estimate 5,785 60,274 157,613 2010 Census 5,549 55,656 143,174 2000 Census 5,681 53,118 131,608 Growth 2000-2010 -2.34% 4.78% 8.79% Growth 2010-2015 4.26% 8.30% 10.08% Growth 2015-2020 4.43% 7.20% 8.09%

Households 1-Mile 3-Mile 5-Mile 2020 Projection 2,581 27,668 71,088 2015 Estimate 2,454 25,593 65,402 2010 Census 2,330 23,323 58,854 2000 Census 2,481 22,104 53,351 Growth 2000-2010 -6.10% 5.52% 10.31% Growth 2010-2015 5.35% 9.73% 11.13% Growth 2015-2020 5.17% 8.11% 8.69%

Income 1-Mile 3-Mile 5-Mile $0 - $15,000 12.33% 14.90% 16.09% $15,000 - $24,999 12.78% 11.83% 12.26% $25,000 - $34,999 14.62% 13.10% 12.38% $35,000 - $49,999 15.94% 13.62% 13.54% $50,000 - $74,999 22.46% 19.92% 18.26% $75,000 - $99,999 11.77% 10.81% 11.55% $100,000 - $124,999 4.97% 6.50% 6.36% $125,000 - $149,999 2.68% 3.02% 2.99% $150,000 - $199,999 1.70% 2.87% 3.19% $200,000 - $249,999 0.35% 1.08% 1.28% $250,000 - $499,999 0.32% 1.54% 1.48% $500,000+ 0.07% 0.81% 0.62% 2015 Est. Average Household Income $53,321 $63,137 $62,278 2015 Est. Median Household Income $44,665 $46,207 $45,263

IHOP | OFFERING MEMORANDUM Matthews Retail Advisors P. 15 IHOP 2111 Airport Thruway Columbus, GA 31904 ™ OFFERING MEMORANDUM

Calvin Short Partner Kyle Matthews direct +1.310.919.5770 Broker of Record MOBILE +1.310.567.3525 License No. 363764 [email protected] License No. 01927216

Matthews Retail Advisors | 841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.Matthews.com