Investment Highlights

NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH CORPORATE GUARANTY
» New 15-year absolute NNN ground corporate lease with 10% rental increases every five years
» Dutch Bros (NYSE: “BROS”) went public in 2021 – now valued at over $6.4 billion
» Dutch Bros Inc. is one of the fastest-growing brands in the food service and restaurant industry in the U.S. by location count
» In Q3 2022, total revenues grew 53.0% to $198.6 million as compared to $129.8 million in the same period of 2021
» Dutch Bros opened 38 new shops, 34 of which were company-operated, across 11 states in Q3 2022
» Dutch Bros Q3 2022 company-operated shop revenues increased 59.7% to $173.5 million as compared to $108.7 million in the same period of 2021

EXCELLENT LOCATION AT THE CONFLUENCE OF MAJOR SAN ANTONIO THOROUGHFARES
» High-visibility and easily accessible location near the signalized intersection of U.S. Route 281 & Bulverde Road (42,205 AADT)
» Located near the confluence of major U.S. thoroughfares, including Interstates 35, 410, 10, 37, and 35
» Excellent proximity to major national tenants such as Sam’s Club, Target, The Home Depot, H-E-B Plus, In-n-Out, Whataburger, and many more
» Centrally located with proximity to major San Antonio community hubs and attractions, including Natural Bridge Caverns, TPC San Antonio, and Joint Base Camp Bullis

DENSELY POPULATED AND GROWING TEXAS CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 119,379 residents live within five miles of the property
» Excellent annual household income of $154,772 within a three-mile radius of the property
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and San Antonio for steady concurrent growth
» Gateway to Downtown San Antonio, the urban core of Greater San Antonio serving 2.5 million people

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Dutch Bros prototype
» Site features a dual-lane drive-thru and walk-up window for added customer convenience
» Texas is an income tax-free state

Property Description

» This Dutch Bros has a high-visibility and easily accessible location near the signalized intersection of U.S. Route 281 & Bulverde Road (42,205 AADT)
» The property is centrally located near the confluence of major U.S. thoroughfares, including Interstates 35, 410, 10, 37, and 35
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Sam’s Club, Target, The Home Depot, H-E-B Plus, In-n-Out, Whataburger, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity to major San Antonio community hubs and attractions, including Natural Bridge Caverns, TPC San Antonio, and Joint Base Camp Bullis
» 119,379 residents live within a five-mile radius of the site with an excellent average annual household income of $154,772 within three miles of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and San Antonio for steady concurrent growth