Our investment thesis is based on:

• Increasing demand among remote workers for convenient necessity based retail in their neighborhoods

• Shift among tenants to smaller footprints closer to their customers

• Tenant stability and income growth during a period where other property types are struggling

• Highly fragmented ownership with 90-95% of our target properties owned by individuals and families

• Recent value declines of 15-25% based on rising interest rates providing an attractive basis

• High construction costs and low availability of construction financing making supply difficult to add

• Institutionalization of property types with small individuals assets, such as SFR, over the past 15 years