Ground Lease – No Landlord Responsibilities: 2.5 years remaining on term. Attractive Scheduled 10% increases every 5 years. 4-5 year options remaining.

10% Increase in 2025: LongHorn’s lease will increase by 10% on 12/1/2025 if they execute the first of four options, bringing the year-3 cap rate to 6.77%

Corporate Guarantee: This is a corporate location, guaranteed by Darden Restaurant, Inc. (NYSE: DRI) one of the largest restaurant operators in the world

Strong Location: Located just off State Street (40,000 VPD) and an out-parcel to the Gateway Fashion Mall which brings in over 1.8 million visitors a year (according to Placer.ai) and is anchored by Joann’s, Harbor Freight, Planet Fitness and many others

Growing Market: The population of Bismarck grew over 19% from 2010-2022 and is poised to continue to grow over the next 5 years