STRONG LEASE FUNDAMENTALS - Abs. NNN Lease Provides Zero Landlord Responsibilities - Corporate Guaranty by First Watch - 10% Rental Increases every 5 years, including option periods CORPORATE GUARANTEE BY PUBLIC COMPANY - First watch has over 540 restaurants in 29 states and has a market cap of $1B - Total revenue for 2023 was $892 Million CLOSE PROXIMITY TO ELON UNIVERSITY - Under 2.5 miles from the site is the Elon University Campus - Elon has over 7K students with more than 2,700 employees - The economic impact of the school is more than $695 million annually to the state of North Carolina OUTPARCEL TO REGIONAL POWER CENTER - Site is an outparcel to Alamance Crossing (90% occupied; 3.7M visitors a year), a 714K SF power center - Over 90% occupied, and 3.7M visitors a year, Alamance Crossing provides cross-shopping synergies and drives consumers to the site - Anchor tenants include: Belk, Carousel Cinema, Dillard’s, Hobby Lobby, JCPenny, and more EASILY ACCESSIBLE IN PROMINENT RETAIL NODE - Located directly off of I-40 (124K VPD) - Over 2.1MSF of retail space within a 1-mile radius - Nearby National Retailers include: Dick’s Sporting Goods, Kohl’s, Belk, JC Penny, Walmart Supercenter, Target, Best Buy, TJ Maxx, and more- HIGH GROWTH BURLINGTON, NC - According to the Milken Institute Burlington, NC is one of the best performing small cities in the US - The area has grown steadily with a growth of 2.9% from 2022-2023