2420 Washington Avenue, Houston, TX 77007

• Strong Publicly Traded Operator: Trulieve (NYSE: TRLV) is one of the largest vertically integrated cannabis operators in the United States, operating more than 240 dispensaries nationwide and over 3.5 million square feet of cultivation and production capacity across multiple states. For fiscal year 2025, Trulieve reported approximately $1.2 billion in revenue and a gross margin of 60%.

• Limited Competition in a High-Growth Market: Texas recently expanded its medical cannabis program by authorizing 12 new licenses, which, upon full implementation, will bring the total number of licensed operators in the state to just 15. As the second most populous state in the nation, Texas presents a significant long-term growth opportunity supported by a highly limited-license regulatory framework.

• Brand New Lease: The property is secured by a brand new 5-year lease with two additional 5-year renewal options, providing investors with the potential for approximately 15 years of contractual rental income.

• Annual Rental Increases: The lease features 2.00% annual rental escalations, creating predictable NOI growth and providing a built-in hedge against inflation over the lease term.

• Tenant Holds Texas Cannabis License: The tenant, Trulieve TX, Inc., a subsidiary of Trulieve, received conditional approval for a medical cannabis license under the Texas Compassionate Use Program, providing access to one of the most supply-constrained and highly regulated cannabis markets in the United States.

• Premier Houston Infill Location: Located at 2420 Washington Avenue, the property sits within Houston's highly desirable Washington Corridor, immediately west of Downtown Houston and in close proximity to Sawyer Heights, Rice Military, Memorial Park, and The Heights—some of the city's most affluent and densely populated neighborhoods.

• Strategic Urban Corridor Location: The property offers excellent accessibility to Interstate 10, Loop 610, Downtown Houston, and Houston's central business district, providing convenient access to one of the largest population centers in Texas.

• Located Within One of Texas' Largest Medical Cannabis Markets: Houston is the largest city in Texas and the fourth-largest city in the United States, positioning the property within one of the state's most significant patient and consumer bases as Texas continues expanding its medical cannabis program.

• Business-Friendly Tax Environment: Texas is one of only a handful of states with no personal state income tax, helping attract both businesses and residents while supporting continued population growth and economic expansion throughout the state.