601 S High St, Columbus, OH 43215

Long Lease Term: Brand-new 10-year lease running through June 2035, with two (2) five-year renewal options on the back end.

Absolute NNN Lease: The property is leased under an absolute NNN structure, with the tenant responsible for all operating expenses, including taxes, insurance, utilities, repairs, and capital items, providing truly passive ownership.

Attractive Rental Increases: 3.00% annual rent escalations, creating strong, predictable NOI growth and built-in inflation protection.

High Barrier To Entry: The property operates as a state-licensed cannabis dispensary, a use that benefits from strict licensing caps, zoning restrictions, and regulatory hurdles, making tenant relocation significantly more difficult compared to traditional retail uses.

Strong Multi-State/Established Operator: Trulieve is one of the largest cannabis operators in the United States, operating over 230 dispensaries nationwide with approximately 4 million square feet of cultivation and processing capacity across multiple states. For FY 2025, Trulieve reported approximately $1.2 billion in revenue with a 60% gross margin, along with record adjusted EBITDA of $427 million (36% of revenue) and record operating cash flow of $273 million and free cash flow of $229 million. The company also sold a record 50.1 million branded product units in 2025, further demonstrating the strength of its vertically integrated platform and customer demand.

Strong Cannabis Market: Ohio is one of the most attractive cannabis markets in the U.S., with medical marijuana sales exceeding $2.28 billion to date. In 2023, Ohio became the 24th state to legalize recreational marijuana, with adult-use sales commencing in August 2024. Since launch, recreational sales have already surpassed $1.03 billion.

Prime Urban Infill Location with Strong Real Estate Fundamentals: Located along South High Street in Columbus’ Brewery District, the property benefits from immediate proximity to Downtown Columbus, German Village, Ohio State University, and Scioto Audubon Metro Park. The surrounding dense mix of residential neighborhoods, employment centers, restaurants, entertainment venues, and creative office generates consistent foot traffic and long-term consumer demand. Limited new development opportunities within this established urban corridor support durable real estate value independent of the tenant.

E-Commerce Resistant Tenant: Cannabis retail is less sensitive to e-commerce disruption than some of the other traditional retail businesses, offering portfolio diversification benefits for net-lease investors.