Lease and Location

• 2025 Build-to-Suit Construction for Chipotle: Purpose-built in 2025 specifically for Chipotle, reflecting long-term operational commitment and tailored design to meet tenant specifications.
• ±15-Year Absolute NNN Lease with Zero Landlord Responsibilities: The lease structure is absolute triple-net (NNN), requiring no landlord involvement in property management, maintenance, taxes, or insurance, ensuring a passive investment profile.
• 10% Rental Increases Every 5 Years Including Option Periods: Structured rental escalations of 10% every five years during both the primary term and option periods provide a predictable income growth and hedge against inflation.
• Dense Demographics: 156,849 Residents Within a ±5-Mile Radius: The property benefits from strong population density, supporting strong consumer demand and long-term viability of quick-service retail at this location.
• Projected Population Growth of ±1% Annually Over the Next 5 Years: Steady demographic expansion enhances the trade area’s economic fundamentals and supports future retail performance and appreciation.

Tenant

• National Footprint: ±3,700 Locations Operated Globally as of 12/31/2024: Chipotle Mexican Grill maintains a substantial presence with approximately 3,700 restaurants worldwide, reflecting operational scale and brand strength.
• Growth-Oriented Strategy: ±345 New Units Planned in 2025: The company’s expansion plans underscore its continued long-term growth trajectory within the fast-casual segment.
• Publicly Traded on the NYSE Under Ticker: CMG: As a publicly listed company, Chipotle provides transparency through regular financial disclosures and adherence to regulatory standards.
• Investment-Grade Credit: S&P Rating of BBB: Chipotle holds a BBB credit rating from Standard & Poor’s, indicating strong financial stability and reliable performance as a long-term tenant.