• Panera Bread will execute a brand new 10-year lease at the close of escrow • Covelli Enterprises is the largest Panera Franchisee, operating 300+ locations across the country (Covelli Enterprises) • Dalcan, LLC (54 Panera Bread Stores) is the guarantor of the lease • The lease features 7.50% rental increases every five years throughout the initial term and at the beginning of each of the 4 (5-year) options • The asset is equipped with a drive-thru, allowing for increased customer convenience