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Popeyes Chicken4 7 5 0 J o n e s b o r o R o a d | U n i o n C i t y, G A 3 0 2 9 1

O F F E R I N G M E M O R A N D U M

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E X E C U T I V E S U M M A R Y

f i n a n c i a l O V E R V I E W

a r e a O V E R V I E W

t e n a n t o v e r v i e w

G a r y c h o u

FVP & Senior Director

Gary.Chou@matthews.comDIR (310) 919-5827MOB (714) 928-8016LIC # 01911222 (CA)

K y l e M at t h e w sBROKER OF RECORD

LIC # 67120

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LONG-TERM, WORRY-FREE INVESTMENT

• Brand New Development! – This store was recently built in 2017 to match the latest Popeyes prototype!

• Long Term Lease – Tenant to sign brand new 20-year lease with Four, 5-Year options to extend at close of escrow

• Absolute NNN Lease – Tenant takes care of all landlord responsibilities including tax, insurance, maintenance, roof and structure

• Growing Cash Flow – There are 8% increases every 5 years – Excellent hedge against inflation!

EXCELLENT TENANT WITH STRONG GROWTH MODEL AND BALANCE SHEET

• GPS Hospitality – Corporate guarantee from one of the largest franchise operators in the country!

• High Growth Operator – GPS Hospitality has 400 Burger King & Popeyes restaurants across Alabama, Arkansas, Florida, Georgia, Louisiana, Maryland, Mississippi, New Jersey, Pennsylvania and West Virginia

• Tenant with Long Term Outlook – GPS plans to remodel 30-40 stores each year and has consistently seen year over year revenue growth

• Healthy Cash Flow – Franchise Times reports that GPS Hospitality has revenues over $500 million and is half way to its 10-year goal of $1 billion in annual revenue

STRONG RETAIL LOCATION

• Main Retail Corridor – Nearby national retailers include Walmart, Kroger, Wendy’s, Burger King, McDonald’s, Wells Fargo Bank, PNC Bank, Dunkin’ Donuts and IHOP amongst many others!

• Excellent Traffic Counts – Popeyes sits on Jonesboro Rd which supports over 31,000 VPD - Interstate 85 is a main artery to and from Atlanta and supports over 132,000 in daily commuter traffic

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P o p e y e s C h i c k e n , U n i o n C i t y G A | 7

p o p e y e s C h i c k e n4750 Jonesboro Road Union City, GA 30291

List Price .......................................................................................................... $2,950,000

CAP Rate - Current ................................................................................................... 5.32%

Gross Leasable Area ........................................................................................ ± 3,149 SF

Lot Size .....................................................................................± 0.83 Acres (36,155 SF)

Year Built ........................................................................................................................ 2017

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Years 1-5 $13,083.33 $157,000 $49.85 5.32%

Years 6-10 $14,130.00 $169,560 $53.84 5.75%

Years 11-20 $15,260.40 $183,124.80 $58.15 6.21%

Years 16-20 $16,481.23 $197,774.78 $62.80 6.70%

Option 1:Years 21-25 $17,799.73 $213,596.77 $67.83 7.24%

Option 2: Years 26-30 $19,223.71 $230,684.50 $73.25 7.81%

Option 3: Years 31-35 $20,761.61 $249,139.27 $79.11 8.44%

Option 4: Years 36-40 $22,422.53 $269,070.41 $85.44 9.12%

Tenant Summary

Tenant Trade Name Popeyes Chicken

Type of Ownership Fee Simple

Lease Guarantor GPS Hospitality

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 20 Years

Lease Commencement Date COE

Rent Commencement Date COE

Lease Expiration Date 20 Years from COE

Term Remaining on Lease 20 Years

Increases 8% Increases

Options Four, 5-Year Options

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Property Name Popeyes Louisiana Kitchen, Inc.

Industry Quick-Service Restaurant

Ownership Public

Net Income $9.2 Million

No. of Locations ±2,688

No. of Employees ±1,898

Headquartered Atlanta, GA

Website www.popeyes.com/

Year Founded 1992

Popeyes distinguishes itself with a unique “New Orleans” style menu that features spicy chicken, chicken tenders, fried shrimp and other seafood, as well as jambalaya, Red Beans and Rice and other regional items. Popeyes is a highly differentiated QSR brand with a passion for its Louisiana heritage and flavorful authentic food.

STRATEGY

The Company’s strategic plan focuses on the five pillars which management believes are proven strategies for growing a high-performance restaurant chain. Create a Culture of Servant Leaders - creating a culture so engaging that you can’t wait to come work at Popeyes. Build Distinct Brand - offering a distinctive brand and menu with superior food at affordable prices. Create Memorable Experiences - service experience so good you can’t wait to come back to Popeyes. Grow Restaurant Profits - reducing restaurant operating costs and increasing restaurant profitability while maintaining excellent food quality for our guests. Accelerate Quality Restaurants - building more restaurants across the U.S. and abroad with superior profits and investment returns.

GEOGRAPHIC OUTREACH

The Company operates and franchises over 2,688 Popeyes restaurants worldwide. Of the 1,600 domestic franchised restaurants, approximately 70% are concentrated in Texas, California, Louisiana, Florida, Illinois, Maryland, New York, Georgia, Virginia and Mississippi. Of the nearly 400 international franchised restaurants, approximately 55% are located in Korea, Canada and Turkey. More than 90% of the company-operated restaurants are concentrated in Louisiana and Tennessee.

GPS HOSPITALITY

GPS Hospitality is a rapidly growing franchisee group. GPS recently expanded their national footprint into five new states with the acquisition of 194 Burger King restaurants. This recent acquisition doubles the company’s size and puts it firmly among the top three largest Burger King franchisees in the US with 400 locations nationwide. GPS Hospitality is on track to meet its goal of becoming a $1 billion company in sales in just 10 years.

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Property Name Popeyes Chicken

Property Address 4750 Jonesboro Road

Union City, GA 30291

Assessor’s Parcel Number 09F-1503-0063-137-9

Site DescriptionNumber of Stories One

Year Built 2017

Gross Leasable Area (GLA) ± 3,149 SF

Lot Size ± 0.83 Acres (36,155 SF)

Type of Ownership NNN

Landscaping Professional

Topography Generally Level

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Oceanside Blvd ± 31,792

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Located in Fulton County, Union City is just 20 minutes from metropolitan Atlanta. Union City is a tight knit community that experiences the benefits of being near a large city while still being part of a smaller community.

The city is conveniently located 10 miles from the world’s largest airport, Hartsfield-Jackson International. The location of the city makes it an excellent place for business to grow and create jobs for the surrounding communities. Some of the leading national firms in Union City include Newell Rubbermaid, General Electric, Costco, Caterpillar, Dendreon, and Kraft Foods.

U n i o n C i t y, G e o r g i a

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POPULATION 1 Mile 3 Mile 5 Mile

2022 Projection 6,575 52,733 108,775

2017 Estimate 5,968 47,877 99,643

2010 Census 5,014 40,169 85,304

2000 Census 3,590 23,212 55,226

Growth 2017 - 2022 10.17% 10.14% 9.16%

HOUSEHOLDS 1 Mile 3 Mile 5 Mile

2022 Projection 2,436 19,409 39,476

2017 Estimate 2,202 17,712 36,303

Growth 2017 - 2022 10.63% 9.58% 8.74%

INCOME 1 Mile 3 Mile 5 Mile

2017 Est. Average Household Income

$38,492 $52,547 $60,479

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Atlanta, GA

Atlanta is the capital of and the most populous city in the U.S. state of Georgia, with an estimated 2013 population of 447,841. Atlanta is the cultural and economic center of the Atlanta metropolitan area, home to 5,522,942 people and the ninth largest metropolitan area in the United States.

Atlanta is an “alpha-” or “world city”, exerting a significant impact upon commerce, finance, research, technology, education, media, art, and entertainment. It ranks 36th among world cities and 8th in the nation with a gross domestic product of $270 billion. Atlanta’s economy is considered diverse, with dominant sectors including logistics, professional and business services, media operations, and information technology.

Encompassing $304 billion, the Atlanta metropolitan area is the eighth largest economy in the country and 17th-largest in the world. Corporate operations comprise a large portion of the Atlanta’s economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, Chick-fil-A, UPS, and Newell-Rubbermaid. Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations.

Atlanta is home to professional franchises for three major team sports: the Atlanta Braves of Major League Baseball, the Atlanta Hawks of the National Basketball Association, and the Atlanta Falcons of the National Football League. Due to the more than 30 colleges and universities located in the city, Atlanta is considered a center for higher education.

EconomyAtlanta’s economy is considered diverse, with dominant sectors including logistics, professional and business services, media operations, and information technology. Corporate operations comprise a large portion of the Atlanta’s economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, Chick-fil-A, UPS, and Newell-Rubbermaid. Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations. Many corporations are drawn to Atlanta on account of the city’s educated workforce; as of 2010, nearly 43% of adults in the city of Atlanta have college degrees, compared to 27% in the nation as a whole.

TourismAtlanta is one of the most visited cities in America, with over 37 million visitors per year. In 2015 alone, the tourism industry generated $58.9 billion in business sales. Although the most popular attraction among visitors to Atlanta is the Georgia Aquarium, the world’s largest indoor aquarium, Atlanta’s tourism industry mostly driven by the city’s history museums and outdoor attractions. Atlanta contains a notable amount of historical museums and sites, including the Martin Luther King, Jr. National Historic Site, which includes the preserved childhood home of Dr. Martin Luther King, Jr., as well as his final resting place. The Atlanta Cyclorama & Civil War Museum, which houses a massive painting and diorama in-the-round, with a rotating central audience platform, depicting the Battle of Atlanta in the Civil War; the World of Coca-Cola, featuring the history of the world famous soft drink brand and its well-known advertising; the College Football Hall of Fame which honors college football and its athletes; the National Center for Civil and Human Rights, which explores the Civil Rights Movement and its connection to contemporary human rights movements throughout the world; the Carter Center and Presidential Library, housing U.S. President Jimmy Carter’s papers and other material relating to the Carter administration and the Carter family’s life; and the Margaret Mitchell House and Museum, site of the writing of the best-selling novel Gone with the Wind. Atlanta also contains various outdoor attractions. The Atlanta Botanical Garden, adjacent to Piedmont Park, is home to the 600-foot-long Kendeda Canopy Walk, a skywalk that allows visitors to tour one of the city’s last remaining urban forests from 40-foot-high. The Canopy Walk is considered the only canopy-level pathway of its kind in the United States. Zoo Atlanta, located in Grant Park, accommodates over 1,300 animals representing more than 220 species. Home to the nation’s largest collections of gorillas and orangutans, the Zoo is also one of only four zoos in the U.S. to house giant pandas. Festivals showcasing arts and crafts, film, and music, including the Atlanta Dogwood Festival, the Atlanta Film Festival, and Music Midtown, respectively, are also popular with tourists.

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Popeyes Chicken located at 4750 Jonesboro Road, Union City, GA 30291 (“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T

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™Popeyes Chicken4 7 5 0 J o n e s b o r o R o a d | U n i o n C i t y, G A 3 0 2 9 1

G a r y c h o u

FVP & Senior Director

Gary.Chou@matthews.comDIR (310) 919-5827MOB (714) 928-8016LIC # 01911222 (CA)

K y l e M at t h e w sBROKER OF RECORD

LIC # 67120