Positive Anchor Outlook

– Long remaining term on anchors: Three of the existing four anchors have greater than 7 years of remaining term

– Limited same store anchor competition: None of the anchors at Horizon Park have nearby competitive same stores: Guitar Center (one of two locations within Tampa Bay). Norther Tool & Equipment (one of two locations within Tampa Bay). Conn’s (will be the first location within the market for the retailer), and dd’s Discounts (one of four locations within Tampa Bay)

– Conn’s growth plans: Conn’s is actively pursing growth into Florida aiming to open up to 40 stores within the state, and tenant will facilitate this growth with a new 413.000 SF distribution center in Lakeland dd’s Discounts strong perimance: This location is the second highest trafficked location, out of 28, for did’s Discounts within the state of Florida according to data from Placer.ai

– Guitar Center lease affirmed: Guitar Center’s lease was affirmed in bankruptcy court with no reduction to the base rent; store is the fifth highest trafficked location for Guitar Center within the state accord. ing to data from Placer.a

Strong Tenant Lineup

– National tenant roster: 91.6% of the occupied GLA and 90.5% of the potential gross income at the Center is derived from national/ regional tenants

– Inline tenants are resilient to online retoil: 93.3% of the occupied inline square footage of the Property is occupied by tenants which do not face strong online competition. Tenant uses include value oriented retail, medical, food & beverage, professional services, personal care, and experiential retail

– Seasoned tenancy: Average tenure for currently operating tenants is greater than 13 years

Excellent Location within The Market

– Proximity to premier intersection: Center has good access/visibility and is located just to the west of the highly trafficked intersection of W Hillsborough Avenue and Dale Mabry Highway (combined 141,500

AADT), one of the busiest intersections in Tampa Bay

– Close vicinity to regional traffic drivers: Horizon Park is situated 1 mile north of George Steinbrenner Field (spring training home to the NY Yankees and home to their A affiliate), 1.25 miles to the north of Raymond James Stadium (home of the Tampa Bay Buccaneers), and 1.75 miles northeast of Tampa International Airport (more than 22 million passengers in 2019)

– Dense, infill trade area: The immediate surrounding area is extremely built out and dense with nearly 104,000 people within a 3-mile radius, despite the entirety of Tampa International Airport being contained in this radius

Value-Add Opportunity

– Strong returns: Horizon Park posts healthy returns featuring 37.3% NOI growth over the projected 10 year hold and a CAG of 3.58% derived from the leaseup of the 31,281 vacant square feet

– Immediate upside potential through leasing of vacant anchor boxes: Spaces 10 and 10A were recaptured in 2020. There is strong interest from national tenants to lease the combined box, providing immediate actionable upside

– Below replacement cost: Opportunity to acquire an asset well below replacement cost

– Opportunity to reduce basis: Two outparcels and the eastern inline strip, which is 89% occupied by national/regional operators, could be spun off at significantly lower cap rates to reduce property basis

– Balanced lease expirations: The leases expire gradually through Fiscal Year 2031