SINGLE TENANT INVESTMENT OPPORTUNITY

DEL RIO, TEXAS SINGLE TENANT INVESTMENT OPPORTUNITY

EXCLUSIVELY MARKETED BY JIM SCHUCHERT FIRST VICE PRESIDENT SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 1500 Newport Beach, CA 92660 M: 310.971.3892 Jim.Schuchert@srsre.com CA License No. 01969414 JOE SCHUCHERT FIRST VICE PRESIDENT SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 1500 Newport Beach, CA 92660 M: 310.971.3116 Joe.Schuchert@srsre.com CA License No. 01973172 This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment. Broker of Record: Jonathen Hicks - TX License No. 557689

4 6 11 13 INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW PARCEL MAP AERIALS SITE PLAN LOCATION MAP AREA OVERVIEW CITY OVERVIEW DEMOGRAPHICS FINANCIALS RENT ROLL BRAND PROFILE

INVESTMENT SUMMARY SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a Family Dollar located in Del Rio, TX. Built in 2008, Family Dollar has been operating at this location for nearly 10 years and recently exercised their first option and committed to an additional 5-year term. The NN+ lease has approximately 6 years remaining in the existing term with five (5) five (5) year options at 10% rental increases. The lease is guaranteed by Dollar Tree, Inc. (NYSE: DLTR) with a credit rating of BBB- from Standard & Poor s. The subject property is strategically located in the heart of Del Rio on E Gibbs St boasting traffic counts in excess of 16,500 vehicles per day. Del Rio is home to Laughlin Air Force Base, the busiest United States Air Force pilot training complex in the world, which serves as the area s largest employer. Del Rio is just a few miles from the vast Amistad National Recreation Area, which includes Lake Amistad, home to some of the best bass fishing in Texas. The 5-mile trade area is supported by a population of 50,000 with an average household income of $57,822. OFFERING PRICING: $1,133,333 NET OPERATING INCOME: $93,500 CAP RATE: 8.25% GUARANTY: Corporate CREDIT RATING: S&P: BBB- LEASE TYPE: NN+ LANDLORD RESPONSIBILITIES: Roof & Structure PROPERTY SPECIFICATIONS RENTABLE AREA: LAND AREA: 9,180 SF 0.74 Acres PROPERTY ADDRESS: 700 E. Gibbs Street, Del Rio, TX 78840 YEAR BUILT: 2008 PARCEL NUMBER: 16575 OWNERSHIP: Fee Simple (Land and Building) 4 / FAMILY DOLLAR / DEL RIO, TEXAS INVESTMENT SUMMARY / SRS NATIONAL NET LEASE GROUP

INVESTMENT HIGHLIGHTS PROPERTY DETAILS 6 Years Remaining on NN+ Lease Tenant Recently Extended the Lease Early for an Additional 5 Years Five (5) Five (5) Year Option Periods at 10% Rental Increases Landlord Responsibilities Limited to Roof & Parking Lot (Concrete) - Tenant Responsible for Restriping Parking Lot and Any Repairs Up to $1,000 per Year Tenant Responsible for Maintenance, Repair, and Replacement of the HVAC Systems LOCATION Strategically Located on E. Gibbs St Boasting Traffic Counts in Excess of 16,500 Vehicles Per Day Del Rio is Home to Laughlin Air Force Base The Busiest United States Air Force Pilot Training Complex in the World Located Less than 10 Miles from Amistad National Recreation Area which Served Approximately 1.25 Million Visitors in 2015 Located in a Dense Retail Corridor that Includes: McDonald s, H-E-B Grocery, CVS, Advance Auto Parts, Tractor Supply, Goodyear, Taco Bell, Dollar General and Sonic Drive-In The 5-Mile Trade Area is Supported by a Dense Population of 44,263 with an Average Household Income of $56,232 TENANT The Combined Dollar Tree/Family Dollar Entity is Now the Largest Discount Retailer in North America with Over 14,835 Discount Variety Retail Stores with Annual Sales in Excess of $22.5 Billion Dollar Tree is a Fortune 200 Company (Ranked #136 for 2017) Investment Grade Credit Tenant S&P Credit Rating of BBB- 5 / FAMILY DOLLAR / DEL RIO, TEXAS INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP

PROPERTY OVERVIEW ACCESS There are two (2) access points with one (1) along E. Gibbs Street/U.S. Highway 90 and one (1) along E. 1st Street. TRAFFIC COUNTS E. Gibbs Street/U.S. Highway 90:...16,500 VPD E. Garfield Street/Business U.S. Highway 277:...4,700 VPD PARCEL Parcel Number: 16575 Acres: 0.74 Square Feet: 32,147 SF ZONING C-2-A: Commercial IMPROVEMENTS There is approximately 9,180 SF of existing building area. PARKING There are approximately 43 parking spaces on the owned parcel. The parking ratio is approximately 1.59 stalls per 1,000 SF of leasable area. YEAR BUILT 2008 PARCEL MAP 6 / FAMILY DOLLAR / DEL RIO, TEXAS PROPERTY OVERVIEW / SRS NATIONAL NET LEASE GROUP

16,500 CARS PER DAY 17,000 CARS PER DAY N

17,000 CARS PER DAY 4,700 CARS PER DAY 16,500 CARS PER DAY N

E. 1ST. ST.. I. AVE HUMAN SERVICE DEPARTMENT S ST. E. GIBB PYLON SIGN T. VE S RSE. I. AVE N CON

DEL RIO 2.8 Hours 158 Miles To San Antonio SAN ANTONIO 2017 ESTIMATED POPULATION 1 Mile... 8,686 3 Mile... 33,632 5 Mile... 44,263 2017 AVERAGE HOUSEHOLD INCOME 1 Mile...$43,041 3 Mile...$52,565 5 Mile...$56,232 2017 ESTIMATED TOTAL EMPLOYEES 1 Mile... 4,374 3 Mile... 13,472 5 Mile... 14,452 N CORPUS CHRISTI

AREA OVERVIEW OF DEL RIO, TEXAS Del Rio is a city in and the county seat of Val Verde County, Texas. It is 152 miles west of San Antonio. The City of Del Rio had a population of 34,983 as of July 1, 2017. Del Rio is connected with Ciudad Acuna via the Lake Amistad Dam International Crossing and Del Río Ciudad Acuna International Bridge. Del Rio is also home to Laughlin Air Force Base, the busiest United States Air Force pilot training complex in the world. Del Rio is the principal city of the Del Rio Micropolitan Statistical Area, which includes all of Val Verde County; the micropolitan area had an estimated population of over 50,000 in 2007. Located across from Del Rio, in the Mexican state of Coahuila, is the city of Ciudad Acuna with a city population of 146,161. The City continues to build and strengthen its economy not only by expanding existing businesses, but also by working to attract new businesses and industries to the City. The primary goal is to assist businesses both small and large in developing and enhancing working relationships among economic development practitioners throughout the city. By supporting the growth of the existing business core and marketing its competitive advantages to attract new businesses, the City will continue to modernize its economy. During the stay in Del Rio, leisure hours can be spent at Roosevelt Park, Moore Park, Buena Vista Park, Uco Park, Star Park, and Oaklawn Memorial Park. The Whitehead Memorial Museum, Seminole Canyon State Historical Park, and Devils River State Natural Area are worth visiting. One can also plan a day trip to Lake Amistad National Recreation Area. In addition, the Recreation Department of Del Rio organizes several special events and programs throughout the year. Lake Amistad provides year-round, water-based recreation opportunities, including boating, fishing, swimming, scuba diving and water-skiing, as well as other recreational opportunities for picnicking, camping, and hunting. The area is rich in archeology and rock art, and contains a wide variety of plant and animal life. Del Rio is home to the George Paul Memorial Bullriding, which is the oldest standalone bull riding event in the world. The United League Baseball is looking into placing an expansion franchise in Del Rio for the 2014 season. Home games will be played at Del Rio Bank and Trust Ram Stadium (formerly Roosevelt Park); the stadium is going through a renovation and seating expansion project. A future minor-league baseball stadium is being proposed to be built at the Val Verde Fairground Complex. Del Rio International Airport serves the city. United Express operating regional jet aircraft on behalf of United Airlines had provided daily nonstop service between Del Rio (DRT) and Houston Intercontinental Airport (IAH); however, the airline ceased serving the DRT-IAH route in April 2013. The airport currently has no scheduled passenger air service. 11 / FAMILY DOLLAR / DEL RIO, TEXAS AREA OVERVIEW / SRS NATIONAL NET LEASE GROUP

AREA OVERVIEW (CONTINUED) DEMOGRAPHICS 1 MILE 3 MILES 5 MILES 2017 Estimated Population 8,686 33,632 44,263 2022 Projected Population 8,411 33,119 43,934 2010 Census Population 9,389 34,448 44,682 2017 Estimated Households 2,894 10,734 14,035 2022 Projected Households 2,807 10,569 13,941 2010 Census Households 3,115 11,003 14,133 2017 Estimated White 81.70% 83.10% 83.50% 2017 Estimated Black or African American 1.30% 1.60% 1.70% 2017 Estimated Asian or Pacific Islander 0.60% 0.70% 0.70% 2017 Estimated American Indian or Native Alaskan 0.70% 0.60% 0.70% 2017 Estimated Other Races 13.10% 11.70% 11.10% 2017 Estimated Hispanic 92.30% 87.70% 84.70% 2017 Estimated Average Household Income $43,041 $52,565 $56,232 2017 Estimated Median Household Income $30,010 $38,582 $41,697 2017 Estimated Per Capita Income $14,103 $17,417 $18,495 2017 Estimated Total Businesses 435 1,170 1,269 2017 Estimated Total Employees 4,374 13,472 14,452 12 / FAMILY DOLLAR / DEL RIO, TEXAS AREA OVERVIEW / SRS NATIONAL NET LEASE GROUP

RENT ROLL LEASE TERM RENTAL RATES TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF RECOVERY TYPE OPTIONS Family Dollar 9,180 11/5/2007 12/31/2023 Current - $7,792 $0.85 $93,500 $10.19 NN+ 5 (5-Year) Corporate Guaranty Option 1: $102,850 / Yr Option 2: $113,135 / Yr Option 3: $124,449 / Yr Option 4: $136,893 / Yr Option 5: $150,583 / Yr FINANCIAL INFORMATION PROPERTY SPECIFICATIONS Price:...$1,133,333 Net Operating Income:...$93,500 Cap Rate:... 8.25% Lease Type:... NN+ BRAND PROFILE FAMILY DOLLAR Family Dollar Stores, Inc. operates a chain of general merchandise retail discount stores primarily for low- and middleincome consumers in the United States. For more than 55 years, Family Dollar has been providing value and convenience to customers in easy-to-shop neighborhood locations. Family Dollar s mix of name brands, and quality, private brand merchandise appeals to shoppers in more than 8,200 stores in rural and urban settings across 46 states. Helping families save on the items they need with everyday low prices creates a strong bond with customers who refer to their neighborhood store as my Family Dollar. Family Dollar, headquartered in Matthews, North Carolina, is a wholly-owned subsidiary of Dollar Tree, Inc. of Chesapeake, Virginia. Year Built:... 2008 Rentable Area:...9,180 SF Land Area:... 0.74 Acres Address:... 700 E. Gibbs Street, Del Rio, TX 78840 Company Type:...Subsidiary Parent:... Dollar Tree, Inc. 2016 Revenue:...$15.50 Billion 2016 Net Income:... $282 Million 2016 Assets:...$15.90 Billion 2016 Equity:... $4.05 Billion Ranking:...#136 on Fortune 500 13 / FAMILY DOLLAR / DEL RIO, TEXAS RENT ROLL / SRS NATIONAL NET LEASE GROUP

SRS GLOBAL STATS 800+ PROPERTIES CURRENTLY REPRESENTED 600+ CLIENTS REPRESENTED IN 2016 $2.6B* TRANSACTION VALUE 20+ OFFICES 250+ BROKERS, PROFESSIONALS, AND STAFF #1 LARGEST REAL ESTATE FIRM EXCLUSIVELY DEDICATED TO RETAIL SERVICES IN NORTH AMERICA *STATISTICS ARE FOR 2016.