NEW ORLEANS, LA

P O P E Y E S3825 GENERAL D EGAU LLE DRNEW ORLEA NS, LA 70114

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

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A C T U A L S I T E

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TABLE OF CONTENTS

JEFF MILLER MBA Associate

DIRECT 424.220.7263 MOBILE 817.239.1566jeff.miller@matthews.com

LIC # 02013110 (CA)

KYLE MATTHEWS Chairman & CEO kyle.matthews@matthews.com

LIC # 01469842 (CA)

BEAU J. BOXBroker Of Record DIRECT 225.931.3200 LIC # 72498 (LA)

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INV ESTMENT HIGH LIGHTS

DENSE DEMOGRAPHICS AND AN EXCELLENT RETAIL CORRIDOR

» Less than 5-miles from downtown New Orleans

» Over 268,000 people in a 5-mile radius

» ± 56,000 ADT on General De Gaulle Dr

» Retailers in the immediate area include: Walmart, Walgreens, T.J. Maxx, Applebee’s, Smoothie King, McDonald’s, Rite Aid, Burger

King, KFC, Buffalo Wild Wings, Chase Bank, Winn-Dixie, O’Reilly Auto Parts, Wendy’s, and much more

INVESTMENT GRADE PROPERTY AND A HEALTHY PERFORMING SITE

» Recent 10-year extension with no consideration from owner demonstrating the tenant’s commitment to the site

» Corporately backed lease with 3, 5-Year extensions

» The Popeyes brand was recently purchased by Restaurants Brands International, which also holds Tim Horton’s and Burger King

under it’s QSR umbrella

Executive Overview

Executive OverviewFINANCIAL OVERVIEW

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NEW ORLEANS, LA

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Annualized Operating Data

Monthly Rent Annual Rent Rent/SF Cap Rate

4/1/2023 - 3/31/2028 $6,724.00 $80,688 $40.83 6.05%

Option 1 $7,397.00 $88,764 $44.92 6.66%

Option 2 $8,136.00 $97,632 $49.41 7.32%

Option 3 $8,950.00 $107,400 $54.35 8.05%

Tenant Summary

Tenant Trade Name Popeyes

Type of Ownership Fee Simple

Lease Guarantor Popeyes Louisana Kitchen

Lease Type NNN

Roof and Structure Tenant Responsible

Term Remaining on Lease ± 10 Years

Original Lease Term 10 Years

Lease Commencement Date 4/1/2018

Rent Commencement 4/1/2018

Lease Expiration Date 3/31/2028

Increases 10% Every 5 Years

Options Three, 5-Year Options

Investment Summary

» OFFERING PRICE

» NOI

» CAP RATE (YEAR 1)

» TOTAL BUILDING AREA

» TOTAL LAND AREA

$1,333,745

5.50%

± 0.48 Acres (± 20,700 SF)

$73,356

± 1,976 SF

Parcel Map

A C T U A L S I T E

Property Overview

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Property Overview

The Offering Tenant OverviewPROPERTY NAME Popeyes

Property Address 3825 General DeGaulle Dr New Orleans, LA 70114

APN 5-13-6-145-18

SITE DESCRIPTION

Number of Stories One

Year Built/Renovated 1978

GLA ± 1,976 SF

Lot Size ± 0.48 AC (± 20,700 SF)

Type of Ownership Fee Simple

Parking Spaces ± 18

Parking Ratio 9.11 : 1,000 SF

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.

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.

» Company Name Popeyes Louisiana Kitchen, Inc.

» Net Income $9.2 Million

» Headquarters Atlanta, GA

» No. of Locations ± 2,688

» No. of Employees ± 1,898

» Website www.popeyes.com

» Ownership Public

» Year Founded 1992

A C T U A L S I T E

NEW ORLEANS, LALOCATION

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Nor th

» No. of Employees ± 1,898

» Website www.popeyes.com

SURROUNDING AREA

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NEW ORLEANS, LA

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Executive OverviewArea Overview

New Orleans is the largest city and metropolitan area in the state of Louisiana. The city is known for its distinct French and Spanish Creole architecture, as well as its cross-

cultural and multilingual heritage. New Orleans is famous for its cuisine, music (particularly as the birthplace of jazz) and its annual celebrations and festivals, most notably Mardi

Gras. The city is often referred to as the “most unique” in the United States.

Greater New Orleans is centered on the city of New Orleans, which possesses a rapidly growing, entrepreneurial creative industries sector and is renowned for its cultural

tourism. Greater New Orleans, Inc. (GNO, Inc.) coordinates between Louisiana’s Department of Economic Development and the various parochial business development

agencies regarding regional economic development. The Fortune 500 company Entergy has its headquarters in New Orleans. Other companies headquartered in the area

include Globalstar, Smoothie King, and Intralox.

New Orleans, LA

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Virtually surrounded by water, the New Orleans metropolitan area is home to

one of the busiest ports in the world and a center of maritime industry. The city

is bordered by Lake Pontchartrain on the north, the Mississippi River along the

southern edge, and bayous, lakes and marshlands everywhere else. The region

accounts for a significant portion of the nation’s oil refining and petrochemical

production, and serves as a white-collar corporate base for onshore and offshore

petroleum and natural gas production.

New Orleans is also a center for higher learning, with over 50,000 students

enrolled in the region’s eleven two- and four-year degree-granting institutions.

Metropolitan New Orleans is a major regional hub for the healthcare industry

and boasts a small, globally competitive manufacturing sector. The center city

possesses a rapidly growing, entrepreneurial creative industries sector and is

renowned for its cultural tourism.

Economy

New Orleans, LA

DemographicsPOPULATION 1 - MILE 3 - MILE 5 - MILE

2023 Projection 20,263 114,088 279,675

2018 Estimate 19,328 110,350 268,197

2010 Census 17,107 102,097 240,429

Growth 2010-2018 12.98% 8.08% 11.55%

Growth 2018-2023 4.84% 3.39% 4.28%

HOUSEHOLDS 1 - MILE 3 - MILE 5 - MILE

2023 Projection 8,676 44,961 117,618

2018 Estimate 8,165 43,226 112,004

2010 Census 6,986 39,414 98,412

Growth 2010-2018 16.88% 9.67% 13.81%

Growth 2018-2023 6.26% 4.01% 5.01%

INCOME 1 - MILE 3 - MILE 5 - MILE

2018 Est. AverageHousehold Income $56,955.00 $60,935.04 $66,304.12

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Confidentiality Agreement & Disclaimer

This Offering Memorandum contains select information pertaining to the business and affairs of Popeyes located at 3825 General De Gaulle Dr New Orleans, LA 70114 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1 . The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner

detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

Van Nuys, CA ™

P O P E Y E S3825 GENERAL D EGAU LLE DRNEW ORLEA NS, LA 70114

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

JEFFERY MILLER MBA Associate

DIRECT 424.220.7263 MOBILE 817.239.1566jeffery.miller@matthews.com

LIC # 02013110 (CA)

KYLE MATTHEWS Chairman & CEO kyle.matthews@matthews.com

LIC # 01469842 (CA)

BEAU J. BOXBroker Of Record DIRECT 225.931.3200 LIC # 72498 (LA)

A C T U A L S I T E