Avis + Billboard

• New Lease with Avis Car Rental – Avis is committed to a new lease running through December 31, 2032, providing investors with approximately six years of initial lease term.
• Institutional-Quality Tenant: Leased to Avis Budget Car Rental, LLC, a core operating subsidiary of Avis Budget Group (NASDAQ: CAR)
• Triple-Net Lease Structure – Avis operates under a NNN lease, limiting landlord responsibilities and providing investors with a passive net-leased investment.
• 3.00% Annual Rental Increases – Avis’ minimum rent increases by 3.00% annually, providing contractual NOI growth and a hedge against inflation throughout the lease term.
• Percentage-Rent Upside Above the Minimum Rent – Avis pays the greater of the contractual minimum rent or 6% of Time & Mileage Revenue, allowing the landlord to participate in increased vehicle rental revenue generated at the location.
• Additional Income from On-Site Billboard – The property benefits from a second income stream generated by an on-site billboard, contributing $9,075 in annual rent.
• Proximity to Airport – The subject property is approximately a 12-minute drive from Destin-Fort Walton Beach Airport (VPS), making it the closest off-airport car rental location to the airport.
• High Visibility – Situated at the signalized intersection of Eglin Pkwy and Racetrack Rd, the subject property benefits from excellent visibility and exposure to approximately 46,000 vehicles per day (VPD).
• Strategic Eglin Parkway Location – Located at 700 Eglin Pkwy NE, the property benefits from frontage along one of Fort Walton Beach’s primary north-south commercial corridors connecting Fort Walton Beach with Eglin Air Force Base and the Destin-Fort Walton Beach Airport.
• Tourism-Driven Regional Economy – Fort Walton Beach sits within the Destin-Fort Walton Beach tourism market, one of Northwest Florida’s premier coastal destinations. Okaloosa County identifies tourism and the military as two of its major economic drivers. The area has experienced a 5% increase in lodging units in 2 years.