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

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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
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