Imperial Plaza

Imperial Plaza 351-445 Havendale Boulevard Auburndale, FL Table of Contents Executive Summary • Legal Disclaimer 2 • Contacts • Offering Summary • The Opportunity • Location Overview • Bird’s Eye View Aerial • Market Aerial • Site Plan • Roof Exhibit • Property Fundamentals Financials 14 • Rent Roll • Cash Flow Analysis • Cash Flow Assumptions Tenant Fundamentals 19 • Tenant Overview • Tenant Mix Breakdown • Tenant Expiration Schedule • Tenant Lease Summaries Market Overview • Market Lease Comparables 28 • Market Overview • Drive Time Map • Demographics • Market News Contacts 36 • Contact Information

1| Imperial Plaza Legal Conditions

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for the THE SELLER EXPRESSELY RESERVES THE RIGHT AT ITS SOLE DISCRETION limited use in considering whether to pursue negotiations to acquire TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN Imperial Plaza (the “Property”) located in Auburndale, FL and is not THE PROPERTY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT intended to be an offer for the sale of the Property. ANYTIME WITH OR WITHOUT NOTICE.

This confidential memorandum, which contains brief, selected If the Recipient does not wish to pursue negotiations leading to this information pertaining to the business and affairs of the Property, has acquisition, or if in the future the Recipient discontinues such been prepared by The Palomar Group. This confidential memorandum negotiations, Recipient agrees to return this confidential memorandum does not purport to be all-inclusive or to contain all the information to The Palomar Group. which a prospective purchaser may desire. Neither Seller nor The Palomar Group nor any of their officers, employees or agents make any THIS CONFIDENTIAL MEMORANDUM SHALL NOT BE DEEMED A representation of warranty, expressed or implied, as to the accuracy or REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR completeness of this confidential memorandum or any of its contents CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN and no legal liability is assumed or shall be implied with respect THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF thereto. PREPARATION OF THIS MEMORANDUM.

By receipt of this confidential memorandum, it is agreed that the THE PALOMAR GROUP (BROKER) MAKES THE DISCLOSURE THAT ITS memorandum and its contents are confidential, that they will be held ROLE IS EXCLUSIVELY REPRESENTING THE SELLER, NOT THE BUYER AND and treated it in the strictest of confidence, that the Recipient will not, AS SUCH, BROKERS MUST WORK TO OBTAIN FOR SELLER THE BEST directly or in directly, disclose or permit anyone else to disclose this PRICE AND TERMS AVAILABLE. NEITHER SELLING BROKER OR SELLER memorandum or its contents to any other person, firm or entity ARE RESPONSIBLE FOR ANY COMPENSATION TO ANY OTHER PARTY IN without prior written authorization of the Seller, and that the Recipient CONNECTION WITH THE SALE OF THE PROPERTY. will not use or permit to be used this memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. THIS PROPERTY IS BEING SOLD AS AN “AS IS,WHERE IS”SALE. Photocopying or other duplication is strictly prohibited.

2| Imperial Plaza Team

Ryan McArdle David Rivers Steve Collins

Partner Partner Partner 706.631.8897 706.840.0055 706.564.8556 [email protected] [email protected] [email protected]

Jefferson Knox Lee Malchow

Associate Associate 706.294.8806 706.231.7249 [email protected] [email protected] FL Broker of Record Andrew Knight New England Commercial Brokerage Inc, 860-648-1600 Lic #BK3287452 The Palomar Group is a full-service commercial Investment Sales firm. The Investment Sales Team specializes in well positioned anchored or unanchored retail properties throughout the country. Their proven track record on both the acquisition and disposition sides are a direct result of their understanding of the marketplace, appropriate asset valuation based off current market conditions, and the alignment of assets to the most suitable and qualified Buyer/ Seller. The Team has worked on over 9.5 million square feet of retail, office and multifamily, having a hand in over $1 billion in transactions across 13 states.

3| Imperial Plaza Executive Summary

4| Imperial Plaza % Asking Cap Rate NOI Asking Price Acreage Price PSF 7.75% $970,563 $12,523,000 11.72 $97/SF

Square Footage Tenants National Tenant Occupancy Year Built 129,807 SF Winn-Dixie, Harbor Revenue 97% 1977/2008 Freight, O’Reilly Auto 84% Parts, Fresenius Medical, Rent-A-Center, Subway

5| Imperial Plaza THE OPPORTUNITY DOMINANT CENTER Address • Winn-Dixie anchored center in one of the leading regions in the country 351-445 Havendale Boulevard • Unrivaled synergy with co-anchors Harbor Freight, O’Reilly Auto Parts, and Fresenius Auburndale, FL 33823 (Lakeland-Winter Haven MSA) • Superior location at the lighted intersection of Havendale Blvd and E Derby Ave • Strong traffic counts with 29,976 VPD on Havendale Blvd Parcel Number • Winn-Dixie has been in the center for 31 years having recently renewed for 10 years 11-28-25-000000-022470 • Harbor Freight agreed to an early extension taking their term to 2029 • Winn-Dixie is backed by parent company Southeastern Grocers, the State of Florida’s second largest grocer Gross Leasable Area • Barriers to entry are high with every corner of the intersection having already been 129,807 square feet developed • Recent lease executed with La Familia Pawn reinforces the properties position as the Land Area dominant center in the market 11.72 acres • All tenant leases that expired during the ‘20 COVID pandemic renewed

Year Built 1977/ 2008 THE ASSET • E-Commerce resistant tenant mix • $1,000,000 interior remodel by Winn-Dixie in 2020 Asking Price • Façade renovation in 2020 $12,523,000 ($97 psf) • Minimal COVID deferrals with only one tenant requiring rent relief 7.75% cap rate • Parking lot lights upgraded to LED in 2020 • 84% of GLA is made up of National Tenants Leasing • 83% of the Rental Income from National Tenants All leases that expired during COVID renewed • Grocery, Tools and Equipment, and Service uses make up 81% of the GLA • The leases are staggered and expire incrementally through 2030 • Average rents at $8.21 psf are well below market rents Summary of Tenants • The acquisition price of <$100psf is substantially below replacement costs Size Expiration Renewal Opt • Average occupancy period in the center is just under 15 years

52,870 2/28/2030 4, 5-years THE MARKET • Polk County ranked no. 4 on the ‘19 US Census chart for fastest growing metropolitan 20,468 1/31/2029 4, 5-years areas by percentage growth • High occupancy levels in the immediate area with submarket small shop vacancies at <5% • Imperial Plaza’s location outflanks the grocery competitors in the market 11,457 12/31/2028 4, 5-years • Overall, the Lakeland-Winter Haven MSA has seen over a 10% population growth the past ten years, expected to grow by more than 8% the next five years • Extremely dense retail corridor, neighbors include Publix, Walmart, Ace Hardware, Save- 7.972 6/30/2025 3, 5-years A-Lot, Planet Fitness and more • The subject property is the best located and configured center in the Auburndale market • 3,000 residential units currently under construction in Auburndale

6| Imperial Plaza 351-445 Havendale Blvd ORLANDO Auburndale, FL 46 miles from property

238,629 Total Households in the Lakeland- Winter Haven MSA

724,777 Total Population LAKELAND in the Lakeland- 14 miles from property Winter Haven MSA

TAMPA 48 miles from property

$51,833 Median HH Income in the Lakeland- Winter Haven MSA

7| Imperial Plaza Imperial Plaza

29,976

8| Imperial Plaza Winter Haven Regional Airport

21,707

Imperial Plaza

29,976

9| Imperial Plaza 10| Imperial Plaza Site Plan

SUITE TENANT SQ. FT.

1-2 Subway 2,088 SF

3A Hong Kong Restaurant 1,060 SF 3B Fire Bunny, LLC 1,781 SF 3 3 4 Fresenius Medical 7,972 SF 1 2 A B 4 5

5 Metro PCS 1,427 SF

6 Fabkleen, LLC 1,397 SF

7 Pro Nails 1,200 SF

8 Advance America 1,200 SF 13 14 15 16-17 18 19 9 Hungry Howies 1,234 SF

10 Available 4,420 SF

11-12 O’Reilly Auto Parts 11,457 SF

13 Rent A Center 4,500 SF 14 La Familia 9,500 SF (not included) 15 Auburndale Tax Service 2,006 SF

16-17 Beauty Outlet 5,227 SF

18 Harbor Freight 20,468 SF

19 Winn Dixie 52,870 SF

TOTAL 129,807 SF E Derby Ave

11| Imperial Plaza Roof Exhibit

BUR/GRAVEL 1990

SUITE TENANT SQ. FT. BUR EPDM 1-2 Subway 2,088 SF 1990 2013 3A Hong Kong Restaurant 1,060 SF

3B Fire Bunny, LLC 1,781 SF 3 3 1 2 A B 4 5 4 Fresenius Medical 7,972 SF

5 Metro PCS 1,427 SF

6 Fabkleen, LLC 1,397 SF

7 Pro Nails 1,200 SF EPDM 8 Advance America 1,200 SF 13 18 19 2013 14 15 16-17 9 Hungry Howies 1,234 SF

10 Available 4,420 SF 11-12 O’Reilly Auto Parts 11,457 SF BUR/GRAVEL BUR 13 Rent A Center 4,500 SF 1990 2001

14 La Familia 9,500 SF (not included)

15 Auburndale Tax Service 2,006 SF

16-17 Beauty Outlet 5,227 SF

18 Harbor Freight 20,468 SF

19 Winn Dixie 52,870 SF

TOTAL 129,807 SF E Derby Ave

12| Imperial Plaza Property Fundamentals

Trade Area Imperial Plaza features 129,807 square feet of retail space on the north corner of Havendale Blvd and E Derby Ave. In addition to Winn-Dixie, the area boasts a large concentration of national retailers and restaurants in the Auburndale market. Walmart, Publix, Burlington and more are located in the area. Access The site benefits from 6 total access points. There are two points of ingress/egress off of Havendale Blvd., two off of E Derby Ave., and two off of Charlotte Rd. Signage Imperial Plaza has two large pylon signs located at the primary entrance off of Havendale Blvd. 1 mile Parking The site consists of 423 parking spaces and a total parking ratio of 3.28 spaces per 1,000 sf.

3 miles Roof Reference roof exhibit Traffic Counts Strong traffic counts with 29,906 VPD on Havendale Blvd., the dominant retail corridor in the Auburndale market. 5 miles Parking Lot Lights New LED Lights installed in the parking field in 2020

13| Imperial Plaza Financials

14| Imperial Plaza Rent Roll

Tenant Rent Roll

Tenant Suite Lease Status SF % SF Start Date Lease End Date Rent PSF Annual Rent Annual Recoveries

Subway 1-2 2,088 1.61% Oct-85 Sep-25 $18.24 $38,080 $5,755 Opt Oct-25 Sep-30 $18.24 $38,080 Opt Oct-30 Sep-35 $18.24 $38,080 Hong Kong Restaurant 3A 1,060 0.82% May-03 May-24 $19.79 $20,982 $2,751 Fire Bunny, LLC 3B 1,781 1.37% Mar-20 May-24 $13.50 $24,044 Gross Fresenius Medical 4 7,972 6.14% May-15 Jun-25 $12.82 $102,201 $18,742 Esc Jul-21 $13.17 $104,991 Esc Jul-22 $13.53 $107,861 Esc Jul-23 $13.90 $110,811 Esc Jul-24 $14.28 $113,840 Opt Jul-25 Jun-30 $14.67 $116,949 Opt Jul-30 Jun-35 $15.07 $120,165 Opt Jul-35 Jun-40 $15.49 $123,470 Metro PCS 5 1,427 1.10% Oct-11 Sep-22 $12.93 $18,448 Gross Fabkleen, LLC 6 1,397 1.08% Oct-20 Jul-26 $12.23 $17,086 $3,558 Pro Nails 7 1,200 0.92% Mar-98 Apr-23 $19.25 $23,100 $3,307 Advance America 8 1,200 0.92% Oct-03 Sep-23 $13.79 $16,548 $3,307 Hungry Howies 9 1,234 0.95% Apr-90 Mar-25 $15.09 $18,621 $3,697 Esc Apr-21 $15.34 $18,930 Esc Apr-22 $15.59 $19,238 Esc Apr-23 $15.84 $19,547 Esc Apr-24 $16.09 $19,855 Vacant 10 10 4,420 3.41% Jan-23 Dec-27 $0.00 $0 $0

15| Imperial Plaza Rent Roll

Tenant Rent Roll

Tenant Suite Lease Status SF % SF Start Date Lease End Date Rent PSF Annual Rent Annual Recoveries

O'Reilly Auto Parts 11 -12 11,457 8.83% Jan-14 Dec-28 $7.83 $89,708 $24,594 Esc Jan-24 $8.46 $96,926 Opt Jan-29 Dec-33 $9.13 $104,602 Opt Jan-34 Dec-38 $9.86 $112,966 Opt Jan-39 Dec-43 $10.65 $122,017 Opt Jan-44 Dec-48 $11.50 $131,756 Rent A Center 13 4,500 3.47% Feb-98 Sep-26 $9.35 $42,075 $12,402 La Familia 14 9,500 7.32% Mar-20 Feb-26 $7.50 $71,250 $24,192 Auburndale Bookkeeping & Tax 15 2,006 Sep-98 Oct-23 Service 1.55% $11.22 $22,500 $5,529 Esc Nov-21 $11.59 $23,250 Esc Nov-22 $11.96 $23,992 Beauty Outlet 16-17 5,227 4.03% Jul-17 Oct-22 $11.28 $58,952 $13,128 Esc Oct-21 $11.69 $61,104 Harbor Freight 18 20,468 15.77% Mar-13 Jan-29 $6.15 $125,878 $56,411 Opt Jan-29 Jan-34 $6.66 $136,317 Opt Jan-34 Jan-39 $6.66 $136,317 Opt Jan-39 Jan-44 $6.66 $136,317 Opt Jan-44 Jan-49 $6.66 $136,317 Winn Dixie 19 52,870 40.73% Jun-90 Feb-30 $6.50 $343,655 $84,423 Opt Mar-30 Feb-35 $6.50 $343,655 Opt Mar-35 Feb-40 $6.50 $343,655 Opt Mar-40 Feb-45 $6.50 $343,655 Opt Mar-45 Feb-50 $6.50 $343,655 Taco Bell OUTP 0 0.00% Jan-21 Aug-39 $0.00 $0 $5,820 Total 129,807 100% $1,033,129 $267,616

16| Imperial Plaza Cash Flow Analysis

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

AS-IS Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending NOI Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Dec-2030

Rental Revenue Potential Base Rent 1,104,835 1,104,835 1,111,316 1,116,285 1,135,432 1,138,277 1,146,368 1,153,896 1,172,747 1,198,510 1,263,546 Absorption & Turnover Vacancy -71,706 -66,300 -67,626 0 0 0 0 0 0 0 0 Scheduled Base Rent 1,033,129 1,038,535 1,043,690 1,116,285 1,135,432 1,138,277 1,146,368 1,153,896 1,172,747 1,198,510 1,263,546 Total Rental Revenue 1,033,129 1,038,535 1,043,690 1,116,285 1,135,432 1,138,277 1,146,368 1,153,896 1,172,747 1,198,510 1,263,546

Other Tenant Revenue Total Expense Recoveries 267,616 267,615 272,733 290,026 295,775 301,381 307,172 313,068 319,245 325,671 332,862 Total Other Tenant Revenue 267,616 267,615 272,733 290,026 295,775 301,381 307,172 313,068 319,245 325,671 332,862

Total Tenant Revenue 1,300,745 1,306,150 1,316,423 1,406,312 1,431,207 1,439,658 1,453,540 1,466,964 1,491,992 1,524,181 1,596,408

Potential Gross Revenue 1,300,745 1,306,150 1,316,423 1,406,312 1,431,207 1,439,658 1,453,540 1,466,964 1,491,992 1,524,181 1,596,408

Vacancy & Credit Loss Vacancy Allowance 0 0 0 -54,318 -55,398 -55,709 -56,708 -57,654 -59,746 -60,772 -61,369 Total Vacancy & Credit Loss 0 0 0 -54,318 -55,398 -55,709 -56,708 -57,654 -59,746 -60,772 -61,369

Effective Gross Revenue 1,300,745 1,306,150 1,316,423 1,351,994 1,375,810 1,383,950 1,396,832 1,409,310 1,432,246 1,463,409 1,535,039

Operating Expenses CAM 99,580 99,580 101,572 103,603 105,675 107,789 109,944 112,143 114,386 116,674 119,007 Reserves ($.15 PSF) 19,471 19,471 19,860 20,258 20,663 21,076 21,498 21,928 22,366 22,813 23,270 Property Taxes 93,795 93,795 95,671 97,584 99,536 101,527 103,557 105,628 107,741 109,896 112,094 Property Insurance 72,000 72,000 73,440 74,909 76,407 77,935 79,494 81,084 82,705 84,359 86,047 Property Management Fee (3.5%) 45,336 45,715 46,075 47,320 48,153 48,438 48,889 49,326 50,129 51,219 53,726 Total Operating Expenses 330,182 330,561 336,618 343,674 350,434 356,765 363,382 370,109 377,327 384,962 394,144

Net Operating Income 970,563 975,588 979,805 1,008,320 1,025,375 1,027,185 1,033,450 1,039,201 1,054,919 1,078,447 1,140,895

Leasing Costs Tenant Improvements 0 0 0 44,200 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 13,260 0 0 0 0 0 0 0 Total Leasing Costs 0 0 0 57,460 0 0 0 0 0 0 0

Total Leasing & Capital Costs 0 0 0 57,460 0 0 0 0 0 0 0

Cash Flow Before Debt Service 970,563 975,588 979,805 950,860 1,025,375 1,027,185 1,033,450 1,039,201 1,054,919 1,078,447 1,140,895

Cash Flow Available for Distribution 970,563 975,588 979,805 950,860 1,025,375 1,027,185 1,033,450 1,039,201 1,054,919 1,078,447 1,140,895

17| Imperial Plaza 10 Year Cash Flow Assumptions UNDERWRITING ASSUMPTIONS Analysis Start Date 1/1/2021 Net Operating Income Analysis End Date 12/31/2030 Analysis Term 10 yrs Year 1 975,500 Global Growth Rate 2%

Year 2 979,800 Vacancy Assumption 10%, starting in year 3 Year 3 1,008,300 Excluded from Vacancy Loss Winn-Dixie, O’Reillys, Harbor Freight, Fresenius Capital Reserve $.15 Year 4 1,025,300 Management Fee 3.5% Year 5 1,027,100 RENEWAL ASSUMPTIONS Year 6 1,033,400 Shops Anchors

Year 7 1,039,200 Renewal Probability 75% 75%

Year 8 1,054,900 Lease Renewal Option Fixed Rate Exercised Fixed Rate Exercised TI New $10psf $10psf Year 9 1,078,400 TI Renewal $0psf $0psf

Year 10 1,140,800 Leasing Commissions (New) 4% 4%

Leasing Commissions (Renewal) 0% 0%

LEASEUP ASSUMPTIONS

Space SF Start Term Rent

Vacant 10 4,420 1/1/2023 5 years $15 psf

18| Imperial Plaza Tenant Fundamentals

19| Imperial Plaza Winn-Dixie Website: www.winndixie.com Privately Held Parent: Southeastern Grocers

Founded in 1925, Winn-Dixie grocery stores, liquor stores and in-store pharmacies serve communities throughout five southeastern states - Alabama, Florida, Georgia, Louisiana and Mississippi. Winn-Dixie Stores, Inc. is a subsidiary of Southeastern Grocers, which is one of the largest supermarket chains based in the Southeast. Southeastern Grocers (formerly Bi-Lo Holdings) is a supermarket portfolio headquartered in Jacksonville, Florida. The portfolio was created by Lone Star Funds in September 2013 as the new parent company for BI-LO, Harveys, Winn-Dixie, and Fresco y Más.

Harbor Freight Tools USA, Inc. Website: www.harborfreight.com Privately Held Owner: Eric Smidt, CEO

Harbor Freight Tools was founded in 1977 by current CEO Eric Smidt and his father, Allan, in a small building in North Hollywood, California. The chain has since grown to over 900 stores in 47 states while employing over 17,000 people. Harbor Freight is known for its retail stores as well as its ecommerce and mail-order operations, which is given credit to the growth in popularity over the years. The firm boasts its direct access to manufacturers as its ability to sell quality household tools while keeping prices affordable for its customers.

O’Reilly Auto Parts Website: www.oreillyauto.com NASDAQ: ORLY

O’Reilly Auto Parts is an American auto parts retailer that provides automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States serving both the professional service providers and do-it-yourself customers. Founded in 1957 by the O’Reilly family, the company operates more than 5,400 stores in 47 states, and 20+ stores in Mexico. O’Reilly Automotive, Inc. officially started in the auto parts business with one store in Springfield, Missouri, in December 1957.

Fresenius Medical Care Website: www.fmcna.com NYSE: FMS FWB: FME 2018 Revenue: $16.55 Billion

Headquartered in Germany, Fresenius is an industry leader in the USA with over 2,200 dialysis facilities, outpatient cardiac and vascular labs, and urgent care centers. Fresenius is also the country’s largest practice of hospitalist as post-acute providers. Worldwide, Fresenius has over 3,800 dialysis clinics serving over 325,000 renal patients, as well as operating 40 production sites to provide dialysis products. Fresenius employs more than 110,000 people in 50 countries with approximately 60,000 employees in the USA.

20| Imperial Plaza Tenant Mix

41% 25% 15% 16%

Grocery Tools & Equipment Service Health, Beauty, (41% OF GLA) (25% OF GLA) (15% OF GLA) Other (16% OF GLA) 100% of the Property’s leased GLA is comprised of internet resistant tenants

National & Regional Tenant Line-Up

84% of the Property’s leased GLA is comprised of national tenants | 83% of the Property’s revenue is comprised of national tenants

3% NATIONAL TENANTS Vacant LOCAL TENANTS 13% 17% Local Local ▪ Hong Kong Restaurant ▪ Fire Bunny, LLC ▪ Fabkleen, LLC GLA REVENUE ▪ Pro Nails ▪ La Familia ▪ Auburndale Bookkeeping & 84% 83% Tax Service National National

National Local Vacant National Local

21| Imperial Plaza Tenant Expiration Schedule Number of Tenants Expiring 4 3 3 3 3 2 2 2 1 1 1 1 0 0 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Percentage of Total SF Expiring

50% 40.73% 40% 30% 15.77% 20% 11.86% 8.83% 5.13% 8.70% 10% 0.00% 3.39% 2.19% 0.00% 0% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

TENANT EXP. SQ. FT. % OF TOTAL TENANT EXP. SQ. FT. % OF TOTAL Year 1 Year 6 None La Familia Feb-26 9,500 7.32% Year End - Dec 31, 2021 0 Tenants Expiring 0 0.00% Fabkleen, LLC Jul-26 1,397 1.08% Year 2 Rent A Center Sep-26 4,500 3.47% Metro PCS Sep-22 1,427 1.10% Year End - Dec 31, 2026 3 Tenants Expiring 15,397 11.86% Beauty Outlet Oct-22 5,227 4.03% Year 7 Year End - Dec 31, 2022 2 Tenants Expiring 6,654 5.13% None Year 3 Year End - Dec 31, 2027 0 Tenants Expiring 0 0.00% Pro Nails Apr-23 1,200 0.92% Year 8 Advance America Sep-23 1,200 0.92% O'Reillys Auto Parts Dec-28 11,457 8.83% Auburndale Bookkeeping Oct-23 2,006 1.55% Year End - Dec 31, 2028 1 Tenant Expiring 11,457 8.83% Year End - Dec 31, 2023 3 Tenants Expiring 4,406 3.39% Year 9 Year 4 Harbor Freight Tools Jan-29 20,468 15.77% Fire Bunny, LLC May-24 1,781 1.37% Year End - Dec 31, 2029 1 Tenant Expiring 20,468 15.77% Hong Kong Restaurant May-24 1,060 0.82% Year 10 Year End - Dec 31, 2024 2 Tenants Expiring 2,841 2.19% Winn-Dixie Feb-30 52,870 40.73% Year 5 Year End - Dec 31, 2030 1 Tenant Expiring 52,870 40.73% Hungry Howies Mar-25 1,234 0.95% Fresenius Medical Jun-25 7,972 6.14% Current Vacancy 4,420 3.41% Subway Sep-25 2,088 1.61% Total Expiration During Analysis 125,387 96.59% Year End - Dec 31, 2025 3 Tenants Expiring 11,294 8.70% Total Center SF 129,807 100.00%

22| Imperial Plaza Lease Abstract & Market Outlook Tenant Winn Dixie Size 52,870

Lease Term 10 Years Parent Company: Southeastern Grocers Original Lease 6/1/1977 Start Expiration Date 2/28/2030 LOCATIONS Base Rent $343,655/yr ($6.50/SF) 500+ Locations Options 4, 5-year

CAM Pro rata share, capped at $27,600

Insurance/Taxes Pro rata share ($9,000 fixed + PRS over a base year of $56,823) LONG-TERM TRACK RECORD Admin Fee 0% Winn-Dixie has operated at the Property for over 44 Years Use Tenant shall have the right to operate a retail food store, a pharmacy and prescription drug department in the shopping center. Strong Corporate Earnings Restrictions None Exclusive Tenant shall have the exclusive right to operate a supermarket in the shopping $7.7 Billion in revenue in 2020 center.

2021 NEW STORES +/- 8 Southeastern Grocers finishes 2020 with upgraded store base December 17, 2020 NO. OF EMPLOYEES Proceeding with its business transformation, Southeastern Grocers is closing out 2020 with a combined 41 41,000 supermarket remodels and new stores. Jacksonville, Fla.-based Southeastern Grocers said Thursday that, this year, it has upgraded 32 stores in Alabama, Florida, Georgia, Louisiana and Mississippi to offer improved shopping experiences, as well as opened eight new Winn-Dixie stores in Florida and expanded its Fresco y Más Hispanic grocery store into a new community in southwestern Florida.

23| Imperial Plaza Lease Abstract & Market Outlook Tenant Harbor Freight Size 20,468

Lease Term 9 Years Original Lease 3/1/2013 Start Expiration Date 1/31/2029 Base Rent $125,878 /yr ($6.15/SF) Options 4, 5-year

CAM Pro rata share LOCATIONS Insurance Pro rata share 1100+ Locations Taxes Pro rata share

Admin Fee 15%

Use Premises may be used as a retail store selling tools, hardware, electronic goods, Strong Corporate Earnings and related items in the shopping center. Restrictions None $5 Billion in revenue in 2020 Exclusive Tenant shall have the exclusive right to operate as a general tool and tool accessories merchandise retailer.

2021 NEW STORES +/- 100 Harbor Freight’s New Stores: A Sign of Home Improvement Market Health October 1, 2020 The discount tool and equipment retailer has been opening new stores across the country at a rapid rate. NO. OF EMPLOYEES Harbor Freight boasts more than 1,050 stores in almost every state, and they are currently considering hundreds of new locations across the U.S., according to their website. Hiring is up as well, with 2,800 20,000 current openings. The jobs feature mostly retail positions, but corporate positions are also available in web development, accounting, human resources and marketing.

24| Imperial Plaza Lease Abstract & Market Outlook Tenant O’Reilly Auto Parts Size 11,457

Lease Term 8 Years Original Lease 1/1/2014 Start Expiration Date 12/31/2028 Base Rent $89,708/yr ($7.83/SF) LOCATIONS Options 4, 5-year 5,640+ Locations CAM Pro rata share Insurance Pro rata share

Taxes Pro rata share

Admin Fee 5%

Use Tenant agrees to operate for the sale of wholesale or retail auto parts and uses Strong Corporate Earnings ancillary thereto. $11.6 Billion in revenue in 2020 Restrictions None Exclusive None

Auto Parts Retailer O'Reilly Automotive NO. OF EMPLOYEES Benefits From Rising Demand Of 80,000 Preowned Cars October 14, 2020 American workers are snapping up used cars as they avoid mass transits and Uber during the pandemic. Auto parts retailers such as Advance Auto Parts (AAP), O'Reilly Automotive (ORLY) and AutoZone (AZO) will benefit from that uptick trend with more used cars on the road.

O'Reilly Automotive saw a positive improvement to its Relative Strength (RS) Rating on Wednesday, rising from 67 to 71.

25| Imperial Plaza Lease Abstract & Market Outlook Tenant Fresenius Medical Care Size 7,972

Lease Term 5 Years Original Lease 5/1/2015 Start Expiration Date 6/30/2025 Base Rent $102,201/yr ($12.82/SF) LOCATIONS Options 3, 5-year 4000+ Clinics Globally CAM Pro rata share Insurance Pro rata share

Taxes Pro rata share

Admin Fee 15% Strong Corporate Earnings Use Tenant shall use and occupy for the purpose of an outpatient dialysis facility and $14.8 Billion in revenue in 2020 related medical care in the shopping center. Restrictions None Exclusive Landlord shall not lease or sell to any other tenant/buyer for the purpose of the Permitted Use. PATIENTS Care for more than 346,500 patients Business Is Booming for Dialysis Giant Fresenius NO. OF EMPLOYEES August 10, 2020 As the coronavirus pandemic paralyzed most nonemergency medical practices this spring, the dialysis 125,000 in 50 countries business, vital to the survival of patients with kidney disease, rolled ahead and in some cases grew. Yet when the Trump administration sent billions in federal relief funds to medical organizations, at least $259 million went to dialysis providers, a KHN analysis of federal records found. Of that, kidney care behemoth Fresenius Medical Care accepted more than half, at least $137 million, despite acknowledging it had ample financial resources, the analysis showed.

26| Imperial Plaza Market Overview

27| Imperial Plaza Market Lease Comparables CENTER Address SQ FT YR BUILT OCCUP $PSF

Subject 351-455 Havendale Blvd 129,980 1998/2008 97% $15.00

1 362 Havendale Blvd 167,927 1977/1987 96% $14.00

2 2124 US Highway 92 W 190,854 2005 100% $16.00

Imperial Plaza 2

28| Imperial Plaza Lakeland-Winter Haven, FL MSA

Largest Employers in the Area

Publix Polk County School Board Lakeland Regional Health 13,701 Employees 13,363 Employees 5,888 Employees

Walmart Amazon.com Geico 5,523 Employees 5,000 Employees 3,700 Employees

City of Lakeland BayCare Advent Health 2,800 Employees 2,614 Employees 2,466 Employees

Polk County • In ‘19 Polk County ranked no. 4 on the US Census Top 10 Metropolitan areas in percentage growth • Located in the geographic center of Florida and along Central Florida’s I-4 corridor, Polk County is less than 40 minutes from both Tampa and Orlando.3rd fastest growing metro area in Florida • Polk is the 4th largest county in the state. • With over 2,000 square miles of diverse landscape, Polk County is a prime location for businesses in manufacturing, logistics, distribution, research & technology, medical services, agriculture, business services and others to call home.

29| Imperial Plaza Drive Time Map

10 mins

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15 mins

Drive Time Population 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 10 min 15 min 25 min

30| Imperial Plaza 1 Mile Population 3 Mile Population 5 Mile Population 7,500 50,000 120,000

7,000 40,000 100,000 80,000 6,500 30,000 60,000 6,000 20,000 40,000 5,500 10,000 20,000 5,000 0 0 2010 2020 2025 2010 2020 2025 2010 2020 2025

Population: 1 Mile 3 Mile 5 Mile 2020 Household Income 1 Mile 3 Mile 5 Mile 2025 Projection 7,016 44,602 100,051 2020 Avg Household Income $50,709 $59,480 $60,186 2020 Estimate 6,352 40,075 89,784 2010 Census 5,954 35,507 78,743 2020 Med Household Income $34,597 $43,418 $45,061 Growth 2020-2025 2.1% 2.3% 2.3%

2019 Households by Households: 1 Mile 3 Mile 5 Mile 1 Mile 3 mile 5 Mile 2025 Projection 2,572 16,904 38,111 Household Income: <$25,000 820 4,450 9,015 2020 Estimate 2,341 15,268 34,408 $25,000 - $50,000 716 4,146 9,598 2010 Census 2,209 13,637 30,615 $50,000 - $75,000 405 2,943 6,898 Growth 2020 - 2025 2.1% 2.3% 2.3% $75,000 - $100,000 173 1,490 3,881 Growth 2010 - 2020 0.7% 1.3% 1.4% $100,000 - $125,000 56 864 1,945 Owner Occupied 1,519 11,234 25,696 $125,000 - $150,000 18 399 1,044 $150,000 - $200,000 4 522 1,182 $200,000+ 98 456 846

31| Imperial Plaza Parts of Central Florida see economic boom Lakeland Linder International Airport has a during pandemic as other areas go bust billion-dollar-year February 12, 2021 March 29, 2021 Gov. Ron DeSantis spoke in Venice, Florida, on Thursday and said he will not lock the state down Lakeland Linder International Airport’s economic impact has taken off. or close schools. Now some analysts say Florida’s economy is doing better than other states. Brevard County has been brought back to life thanks to the space program and tourism. When According to a recent study, Lakeland Linder’s impact on the local economy is on a rapid up-tick, the pandemic arrived, the county, like many that depend on tourism, took a hit. But it seems generating $1.5 billion, a roughly 160% increase from 2019’s impact. places like Melbourne and Palm Bay have rebounded nicely.

The leap can be attributed to the airport’s expansion to Amazon Air, NOAA, and even Draken Ross DeVol, of Heartland Forward, ranks the area in the top 30 most economically dynamic cities International — worth millions of dollars. in the country. DeVol runs what is called a think-and-do tank to promote job creation and economic growth. He ranked cities early last year to understand how high-performing areas Airport Director, Gene Conrad also mentions a 7-acre expansion project as well as further would weather the pandemic. He ranked the Melbourne area in 25th place. DeVol also found investments worth somewhere between seven + eight million dollars. To break down the current economic growth in The Villages and put it at 11th place. There was job growth because in the impact, here are the results by the numbers. last decade it had the most population growth of anywhere in the country, he said.