Offering MemorandumA A RO N ' S N E T L E A S E I N V E STM E N T |7. 2 5 % C A P R AT E

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D I S C L A I M E R & L I M I T I N G C O N D I T I O N S 3E X E C U T I V E S U M M A R Y 4F I N A N C I A L O V E R V I E W 5A D D I T I O N A L P H O T O S 6

I N T H E A R E A 7D E M O G R A P H I C S M A P 8

T E N A N T O V E R V I E W 9A B O U T T H E A R E A 10

T E A M P R O F I L E 11C O N F I D E N T I A L I T Y A G R E E M E N T 12

T A B L E O F C O N T E N T S

50 Glenlake Parkway, Suite 600Atlanta, GA 30328BullRealty.com

Michael Bull, CCIMBrokerMichael@BullRealty.com404-876-1640 x101

Grant SmithAssociate, Net Lease Investment GroupGSmith@BullRealty.com404-876-1640 x119

Exclusively listed by Bull Realty, Inc.

D I S C L A I M E R & L I M I T I N G C O N D I T I O N SA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of theinformation that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based uponassumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospectivepurchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available toqualified prospective purchasers.

In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete oraccurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected toreview independently all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute arecommendation, endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is torely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or toterminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaserreviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has beenfully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. TheSeller reserves the right to move forward with an acceptable offer prior to the call for offers deadline.

This Offering Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this OfferingMemorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of aconfidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwisereproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth aboveapply to this Offering Memorandum in its entirety and all documents, disks and other information provided in connection therewith.

Bull Realty is pleased to offer this STNL property occupied by Aaron's inDothan, Alabama. This offering consists of an absolute NNN lease with 10years of initial term to commence at close of escrow in the completion of asale-leaseback. The lease also contains three 5-year options with a 10%escalation every 5 years. The 9,000 SF retail property generates a pro formaNet Operating Income of $108,360.

The subject property is managed by Michael Hickey Sr., the principal at HPHInvestments LLC and former VP of management at Aaron's corporate, wherehe served for 12 years. Mr. Hickey is supported by owner/operators MichaelHickey and Joleene Williams. Michael and Joleene have both been in theAaron's system for 16 years respectively. The team successfully operates fiveother Aaron's locations across Alabama and Florida.

EXECUTIVE SUMMARY• The subject property is well located along Montgomery Highway (37,770

VPD), which is the major retail corridor in Dothan, Alabama.

• The property located off Montgomery Highway is surrounded by vastamounts of retail including Walmart, Walgreens, Chili’s, Panda Express,Zaxby’s, Checkers, Red Lobster, Dicks Sporting Goods, Kohl’s, Starbucks,Best Buy, Dunkin Donuts, Academy Sports + Outdoors, etc.

• Dothan is one of the region’s most progressive cities and ranks as the 7thlargest city in Alabama. Dothan serves as the main transportation andcommercial hub for a significant part of southeastern Alabama, southwestGeorgia and nearby portions of the Florida Panhandle. Approximately one-fourth of the U.S. peanut crop is produced nearby, with much of it beingprocessed in the city of Dothan.

AREA OVERVIEW

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

E X E C U T I V E S U M M A RYA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

P R O P E R T Y & L E A S E I N F O R M AT I O NProperty Location:

County:

Price:

Cap Rate:

Building Size:

Site Size:

Year Built:

Type Of Ownership:

4111 Montgomery Hwy, Dothan, AL 36303

Houston

$1,494,600

7.25%

9,000 SF

1.14 Acres

2008

Fee Simple

L E A S E S U M M A RYTenant: Aaron's

Guarantor: Personal Guaranty (HPH Investments Ownership)

Lease Type: Absolute NNN

Lease Term: 10 Years

Options: Three 5-year options

Rent Increases: 10% escalations every 5 years

Rent Commencement: At time of Closing

Lease Expiration: TBD

R E N T S C H E D U L ETerm Dates Monthly Rent Annual Rent Increase %

Initial Term (Years 1-5) TBD $ 9,030 $ 108,360 -

Initial Term (Years 6-10) TBD $ 9,933 $ 119,196 10%

Option 1 (Years 11-15) TBD $ 10,926 $ 131,115 10%

Option 2 (Years 16-20) TBD $ 12,018 $ 144,227 10%

Option 3 (Years 21-25) TBD $ 13,220 $ 158,649 10%

AC T U A L L O C AT I O N

F I N A N C I A L O V E R V I E WA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

Actual LocationRepresentative Photo

Actual Location

Actual Location Actual Location

Representative Photo

A D D I T I O N A L P H O TO SA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

I N T H E A R E AA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

D E M O G R A P H I C S M A PA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

* Demographic data derived from 2010 US Census

3 Miles 5 Miles 10 MilesTotal Population 24,163 53,490 96,164Population Density 855 681 306Median Age 38.3 38.5 37.7Median Age (Male) 37.4 37.0 36.2Median Age (Female) 39.3 39.9 38.8Total Households 9,399 20,667 36,900# of Persons Per HH 2.6 2.6 2.6Average HH Income $70,430 $63,891 $57,340Average House Value $230,619 $216,018 $168,520

T E N A N T O V E R V I E WA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

Aaron'sAaron’s, Inc. (NYSE: AAN) is a specialty retailer serving consumers through the sale andlease ownership of furniture, consumer electronics, computers, home appliances andaccessories in over 1,900 Company-operated and franchised stores in the United States andCanada. The Company was founded in 1955, is headquartered in Atlanta and has beenpublicly traded since 1982. Aaron’s is the industry leader in serving the moderate-incomeconsumer and offering affordable payment plans, quality merchandise and superiorservice.

During fiscal year 2017, revenues for Aaron’s increased 5.5% to $3.38 billion, net earningswere recorded at $292.5 million, and the EBITDA for the company was $362.7 million. 110franchise stores were purchased by corporate in 2017 as well. After this milestone year,Aaron’s remains focused on increasing same store revenue growth, enhancing Aaron’sonline platform, driving cost efficiencies, moderating new store growth and strengtheningthe franchise network. The rent-to-own business model for Aarons is poised to benefitgreatly from the recent tax reform because of the ability to immediately deduct inventorypurchases and reduce cash taxes which should lead to more growth in 2018.

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

A B O U T T H E A R E AA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

DOTHAN, AL

Dothan is one of the region’s most progressive cities. Thecommunity offers a mild winter climate, affordable housing,low property taxes and a wide variety of products andservices that includes health care, education, shopping andcultural entertainment. Located a few short miles from thestate lines of Florida and Georgia, the area embraces thebest that life has to offer, providing its residents not onlymodern conveniences and amenities of much larger cities,but also retains the charm and friendliness of the South.More than just a place to build a better life, Dothan hasbuilt-in advantages that also make it better for business:strategic location, easy access, strong work ethic, trainedwork force, sound and diversified economy, first rateeducational institutions and a pro-business tax structure.

Michael Bull, CCIMBrokerMichael@BullRealty.com

Grant SmithAssociate, Net Lease Investment GroupGSmith@BullRealty.com

404-876-1640 x101

404-876-1640 x119

Aubri Lienemann

Marketing

Mitch Smith

V.P. Healthcare Real Estate Services

Randee Comstock

Marketing

Scott Jackson

Analyst

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

T E A M P R O F I L EA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E

This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the undersignedparty (“Receiving Party”), the owner of the subject property (the “Seller”) and undersigned broker BullRealty Incorporated (“Broker”). Now therefore in consideration of the privileges granted to Receiving Partywith respect to receiving certain confidential information, and other good and valuable consideration, theReceiving Party hereby agrees to the following:

I. Confidential Information:Receiving Party will receive confidential information regarding property referred to as Aaron's Net LeaseInvestment | 7.25% Cap Rate, 4111 Montgomery Hwy, Dothan, AL 36303. Prospect agrees to not disclose toany person that the property may be available for sale or lease, or that discussions or negotiations aretaking place concerning the property, nor any terms, conditions, or other facts with respect to theproperty, including but not limited to tenant information, lease rates, lease expirations, income andexpenses, and any such possible purchase, including the status thereof. The term “person” used in thisagreement shall be interpreted broadly and shall include, without limitation, any corporation, company,partnership or individual other than parties to which Broker approves in writing. Receiving Party mayshare information with directors, officers, employees, agents, affiliates, counsel, lending sources,accountants or representatives of Receiving Party that Receiving Party notifies of the requirements of thisAgreement. Receiving Party agrees to not contact the property owner, the management, the tenants, thelender, the vendors, the insurers, the employees or the customers of any business at the site.

II. Acting as a Principal:Receiving Party hereby warrants that it is acting as a principal only, and not as a broker,regarding this contemplated transaction. Receiving Party acknowledges that Broker is workingan agency capacity as representing the Seller only in this transaction and is the only Brokerinvolved in this potential transaction. Receiving Party agrees to not be involved in anyarrangement to lease or purchase the property, in whole or in part, as a lender, partner, buyer ofthe note, buy in foreclosure, buy from bankruptcy court, or in any other manner acquire aninvestment in, joint venture or control of the property, unless Bull Realty, Incorporated is paid acommission at closing as per separate agreement with Seller.

This agreement will expire two years from the date hereof.

III. Governing LawThis Agreement shall be governed and construed in accordance with the laws of the State ofAlabama.

Accepted and agreed to __ / __ / __

Receiving Party

Signature

Printed Name

Title

Company Name

Address

Email

Phone

Fax

M i c h a e l B u l l , C C I M4 0 4 - 8 7 6 - 1 6 4 0 x 1 0 1M i c h a e l @ B u l l R e a l t y . c o m

5 0 G l e n l a k e P a r k w a y , S u i t e 6 0 0A t l a n t a , G A 3 0 3 2 8

G r a n t S m i t h4 0 4 - 8 7 6 - 1 6 4 0 x 1 1 9G S m i t h @ B u l l R e a l t y . c o m

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Information contained herein may have been provided by the seller, landlord or other outside sources. While deemedreliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information

should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.

C O N F I D E N T I A L I T Y AG R E E M E N TA A R O N ' S N E T L E A S E I N V E S T M E N T | 7 . 2 5 % C A P R A T E