220 Carillon Pkwy, St. Petersburg, FL 33716

New Construction Corporate Topgolf Absolute NNN Lease:

• Includes land and building for depreciation benefits

• New 20-year absolute NNN lease

• 10% increases every 5 years during the initial term and each of the four 5-year options

• The property features 102 climate-controlled hitting bays, a full-service restaurant with an executive chef, bars, private event space, a rooftop terrace, and over 200 HDTVs throughout the facility showing a variety of sporting events

• In 2021, Topgolf was acquired by Callaway Golf Co. (NYSE: ELY) in an all-stock deal that values Topgolf's net worth at $3.63 Billion as of July 19, 2023

• Florida is an income-tax-free state

Industry-Dominant Tenant: Topgolf estimates 2023 revenue will be $1.9 billion, with a 30% average annual growth since 2017

Adjacent to New Echelon City Center Mixed-Use Development: The project will include 172,000+ SF of retail, 500,000+ SF of office, 120-room hotel, and 1,500+ residential units

Irreplaceable Location Within The Gateway Area and Carillon Office Park:

• Over one-third of Topgolf’s revenue is derived from corporate events – the property is located within the Gateway area and Carillon Office Park; The Gateway area supports more than 2,700 businesses and 60,000 employees

• Carillon Office Park houses over 3 million square feet of office space, including corporate offices for Raymond James, Lincoln Financial, Humana, HSN, and Transamerica

• 86% of Topgolf’s customers are under the age of 45

• 40% of residents within a 5-mile radius are between the ages of 18 to 44

The Tampa - St. Petersburg Market was Ranked the #1 Emerging Tech Hub in the US by Forbes: 137,000 people within a 5-mile radius and an AHHI over $108k within a 1-mile radius