Fresenius Medical Care

■ Just Under Ten Years Remaining on InitialFifteen Year Lease

■ Build-to-Suit for Fresenius in2013 – Manitowoc, WI2014 – Winslow, AZ

■ Full Corporate Guarantee of Fresenius MedicalCare Holdings Inc.

■ NN Lease Structure | Very Limited LandlordResponsibilities

■ Annual Rental Increases of 1.50%| Three, Five-Year Renewal Options

Investment Highlights Purchase Price $8,525,000Cap Rate 6.05%

NOI $515,720

WI

Lot Size 1.51 Acres 1.27 Acres

Year Built 2013 2014

Building Size 7,200 SF 8,228 SF

Price / SF $561.57 $562.02

Lease Structure NN NN

Annual Rent Increases 1.50% 10% every 5 years

Lease Expiration June 8, 2029 January 31, 2029

Lease Guarantor FMCH, Inc. FMCH, Inc.

3711 Dewey Street • Manitowoc, WI 721 Mike’s Pike Street • Winslow, AZ

Manitowoc, WI Winslow, AZ Loan Amount to be assumed$4,450,000

(as of Nov 2019)

Annual Debt Service (Year 1) $280,171

Amortization Start January 2020

Interest Rate 4.80%

Equity $4,075,000

Return on Equity (Year 1) 5.78%

Total Return (Cash Flow + Principal Reduction)

7.45%

Financing Requirements and Return Summary

JDS Real Estate Services, Inc. Broker of Record - WI 937897-91

Each office independently owned and operated

Fresenius Medical Care3711 Dewey Street • Manitowoc, WI

Population

1 MILE 3 MILES 5 MILES

2019 Population 3,207 27,194 35,576

2024 Population 3,152 26,988 35,233

2019 Avg. HH Income $48,128 $58,242 $60,014

Location Demographics & Highlights

■ The property is in the local, big-box retail corridor, including multiple large magnets such as a Walmart SuperCenter & Harbor Town Shopping Centers.

■ Known as the Maritime Capital of Wisconsin, Manitowoc is located on Lake Michigan, is the seat of Manitowoc County and the center for the Manitowoc Micropolitan Statistical Area. It’s housing affordability index is a very favorable 162.

■ Wisconsin has been ranked by US News & World Report as the #6 state for overall Opportunity and #14 in Education, Healthcare and Fiscal Stability.

■ The city is the world headquarters of Lakeside Foods Company, and Bio-Blend Fuels. Other notable employers include Burger Boat Company, a yacht builder, Baileigh Industrial, a manufacturer of metal fabrication and woodworking machines and Orion Energy Systems, specializing in energy-efficient commercial fluorescent and solar lighting.

■ Strategically located just 3 blocks from Holy Family Memorial Hospital and situated right off State Highway 151 & Interstate 43.

Fresenius Medical Care721 Mike’s Pike Street • Winslow, AZ

Population

1 MILE 3 MILES 5 MILES

2019 Population 4,182 9,460 11,118

2024 Population 4,153 9,681 11,402

2019 Avg. HH Income $47,963 $49,146 $48,963

Location Demographics & Highlights

■ Winslow, also known as “The City of 10,000 friendly faces” and is known for its combination of cultures.

■ FMC Winslow is the only dialysis center within a sixty-mile radius - thus offering limited competition for services.

■ Situated conveniently off the 1-40 I Route 66 corridor between Flagstaff, AZ, Lake Powell and Gallup, NM, Winslow is an attractive tourist stop due to its location on the historic U.S. Route 66 in Arizona.

■ Fresneius Medical Care - Winslow is located directly across from Wal Mart SuperCenter and numerous other retail locations.

■ The subject property is also strategically located just one mile from the Little Colorado Medical Center and just over two miles from the Winslow Indian Healthcare Center.