Real Estate Investments for Generations
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1 Real Estate Investments for Generations 1
2 G E N E R A T I O N I N C O M E P R P E R T I E S Disclaimer 2 These materials are for informational purposes only. No money or other consideration is being solicited, and if sent to Generation Income Properties, will not be accepted. No offer to buy these securities can be accepted and no part of the purchase price can be received until the offering statement is qualified by the Securities and Exchange Commission ( SEC ), and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance is given after the qualification date. Any indication of interest involves no obligation or commitment of any kind. The Company has filed a preliminary offering circular with the SEC and a copy of the most recent version of the offering circular can be found at the SEC s website under the Filings tab. All information related to this offering and a copy of the preliminary offering circular can also be found at GIPREIT.com. Materials may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to the company s management. When used in the offering materials, the words estimate, project, believe, anticipate, intend, expect and similar expressions are intended to identify forward-looking statements, which constitute forward looking statements. These statements reflect management s current views with respect to future events and are subject to risks and uncertainties that could cause the company s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
3 3 Table Of Contents Generation Income Properties CEO Triple Net Lease Investments - An Overview Net Lease REIT Market Opportunities Generation Income Properties - The REIT Generation Income Properties Structure Generation Income Properties Future
4 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e David Sobelman Founder and CEO 4 Has procured or overseen roughly $10B is net lease transactions Began real estate career from the bottom - Research Analyst Co-founder, Executive Vice President and Managing Partner of Calkain Companies Has been personally investing for over ten years Authored the first book on net lease investments; The Little Book of Triple Net Lease Investing. Currently in its second edition. (Sold ~6,000 copies) Speaker at over 40 venues on the net lease investment market Published over 30 times in commercial real estate trade journals Sought for quotes and insight the WSJ, Forbes and Fortune Leadership roles in ICSC (60,000 members) for net lease investments Has experienced two real estate recessions and two market peaks Tracks over 4,000 net lease properties each month Served two United States Presidential Appointments Well known figure in the industry with unmatched contacts and experience as well as a stellar reputation Takes his executive roles personally and uses his experiences and character to drive each transaction to a successful outcome
5 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e The Evolution of Generation Income Properties After two Presidential Appointments, David Sobelman began real estate career at Grubb & Ellis, now Newmark Knight Frank Grubb, in Washington, DC 2005 Co-Founds Calkain Companies, Net Lease Brokerage Company 2006 Begins expansion of Calkain Companies, currently has 9 offices 2012 Concept initiation and organizational structure of Generation Income Properties completed 2013 GIP Fund I, LLC organized and funded by investors 2013 First asset acquisition made by GIP Fund I, LLC 2014 GIP Fund I, LLC performs well enough to drive investors to ask about status of future investments 2015 Generation Income Properties files for REIT status
6 Triple Net Lease Investments An Overview 6
7 7 T r i p l e N e t L e a s e I n v e s t m e n t s A n O v e r v i e w Triple Net Lease Investments Definitions Tenant Responsible for Traditional Property Expenses Taxes (Property and Sales) Maintenance/Management Expenses Insurance Why do Tenants agree to these terms? The best locations typically require concessions from the tenants to lease prime land and building locations Tenants maintain complete control of their operating platforms and expenses Eliminates reliance on the Landlord to maintain their physical presences Why invest in Single Tenant, Triple Net Lease Properties? Consistent and predictable cash flow for long periods of time Yields that outperform other conservative and predictable investments Conservative Underwriting Capitalization (Cap) Rates Net Operating Income (Rent) Purchase Price = Cap Rate
8 T r i p l e N e t L e a s e I n v e s t m e n t s A n O v e r v i e w Net Lease Underwriting 8 Real Estate Tenant Credit Terms of the Lease
9 T r i p l e N e t L e a s e I n v e s t m e n t s A n O v e r v i e w Real Estate/Locations 9 Geography/Location is THE most important aspect of real estate investing Would you rather own in a prime market or a rural area? Most REITs consider the value of the real estate to be only 25% - 50% of the value of the asset. $1000M GIP will look to reverse that ratio Some may forget that the first two letters of "REIT" represent "Real Estate Less emphasis should be placed on financial engineering and look to fundamental real estate underwriting
10 Wells Fargo - BB&T T r i p l e N e t L e a s e I n v e s t m e n t s Chase Banks - Chick Fil A Chipotle - Circle K Tenant Credit CVS - FedEx PNC Bank - Shell Sherwin A very close "second Williams place" underwriting - Stacbucks tool. The income stream is valued by the entity paying the rent. SunTrust - Taco Bell The better the credit worthiness of the tenant, the more valuable TD the Bank asset. - Verizon Walgreens - Wal-Mart Wawa - 7-Eleven BP - Brinker International Capital One - Chevron Citibank - Costco Darden Restaurants - Exxon Mobil Fifth Third Bank - Home Depot Key Bank, Kohl's - Ahold, Kroger Lowe's - Nordstrom Owens Corning - PNC Bank Publix Raytheon - RBC Bank Ross Stores - Safeway Staples - Target A n O v e r v i e w 10
11 T r i p l e N e t L e a s e I n v e s t m e n t s A n O v e r v i e w Terms of the Lease Variations on NNN What entity is responsible for the various factors of ownership of that real estate? 2. The length of the lease also provides value to an asset. Original lease duration is typically years 3. Increase in rental income over primary lease term $1000M
12 Value = Cap Rate T r i p l e N e t L e a s e I n v e s t m e n t s A n O v e r v i e w Value of a Triple Net Lease Asset 12 1) Real Estate 2) Tenant Credit 3) Lease Terms
13 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e Examples of Prime Real Estate Assets that GIP Could Buy 13 Starbucks CVS Pharmacy Chipotle Wells Fargo S&P Credit: A- Number of stores: 11,000+ Primary lease term: 10 years S&P Credit: BBB+ Number of stores: 7,000+ Primary lease term: 25 years S&P Credit: Not Rated Number of stores: 1,600+ Primary lease term: 10 years S&P Credit: A+ Number of stores: 6,300+ Primary lease term: 20 years
14 Triple Net Lease REIT Market Opportunities 14
15 Starbuck's Yearly Average Cap Rate N e t L e a s e R E I T M a r k e t O p p o r t u n i t i e s % 6.72% 5.75% 7.92% 6.60% 8.62% 8.25% 7.41% 7% 5.99% Tenant Specific Net Lease Cap Rates 4.75% 4.13% 2.75% 4.00% 3.38% vs US Treasury Yields Yearly Average Cap Rate 10-Year Bond Coupon CVS Yearly Average Cap Rate 6.62% 5.75% 7.16% 7.91% 8.02% 6.60% 7.32% 6.91% 6.84% 6.10% 4.75% 4.13% 2.75% 4.00% 3.38% Yearly Average Cap Rate 10-Year Bond Coupon Source: Calkain Companies Research
16 N e t L e a s e R E I T M a r k e t O p p o r t u n i t i e s Cap Rates Vs. US Treasuries 10% U.S. NNN Retail Cap Rate Comparison Source: Real Capital Analytics % 600 8% 500 7% 6% 5% % 200 3% 100 2% 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 10yr UST* Cap Rate** Spread (bps)
17 N e t L e a s e R E I T M a r k e t O p p o r t u n i t i e s REIT Income Relative to Inflation A Protective Measure 17 Note: There have only been six years, in the last 43 years, where REIT income did not outpace inflation. Sources: Morningstar and
18 Generation Income Properties The REIT 18
19 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e Geographic Market Opportunities 19 GIP s Strategy vs. Other Net Lease REITs Private market investing under an institutional platform Net Lease REITs typically stay away from core real estate markets GIP changes the way that a Net Lease REIT will underwrite the long term value of the locations of each acquisition GIP will fill an institutional void in the Net Lease industry
20 T r i p l e N e t L e a s e I n v e s t m e n t s T h e R E I T America s Primary Markets Targeted Areas 20 Seattle Boston New York Denver Philadelphia Chicago San Francisco Washington, DC Las Vegas Los Angeles Phoenix Raleigh San Diego Atlanta Dallas Honolulu Houston Orlando Tampa Miami
21 T r i p l e N e t L e a s e I n v e s t m e n t s T h e R E I T Primary Markets-Demographics Drive Value Seattle Proven demographics in major markets Baby boomers and millennials are moving to urban core markets. Less emphasis is placed on real estate with other net lease REITs. 21 Denver Chicago Boston New York Philadelphia San Francisco Washington, DC Las Vegas Los Angeles Phoenix Raleigh San Diego Atlanta Dallas Honolulu Houston Orlando Tampa Miami
22 T r i p l e N e t L e a s e I n v e s t m e n t s T h e R E I T Source: Case-Shiller 22 Change in Population Density versus Change in Home Value (2000 to 2010) Retail Follows Rooftops 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% -60.0% % Change in Population Density % Change in Home Value
23 Corporate Structure 23
24 G e n e r a t i o n I n c o m e P r o p e r t i e s Board of Advisors S t r u c t u r e 24 Douglas (Doug) Band President, Teneo Holdings Douglas J. Band began working in the White House in 1995, serving in the White House Counsel s office for four years and later in the Oval Office as the President s Aide. In 1999, Doug was appointed by President Clinton as a Special Assistant to the President before he was made one of the youngest Deputy Assistants ever to serve a President. Doug served as President Clinton s chief advisor from 2002 until 2012, advising him as the Counselor to the President, and was the key architect of Clinton s post-presidency. He created and built the Clinton Global Initiative, which to date has raised 69 billion dollars for 2,100 philanthropic initiatives around the world and impacted over 400 million people in 180 countries. President Clinton said of Doug: I couldn t have achieved half of what I have in my post presidency without Doug Band. In 2011, Doug co-founded Teneo Holdings, a global advisory firm that partners with CEOs and senior leaders of many of the world s largest and most complex companies and organizations. Teneo has twelve office around the globe, 250 professionals and twelve operating divisions.
25 G e n e r a t i o n I n c o m e P r o p e r t i e s Board of Advisors S t r u c t u r e 25 James (Jamie) Graff Co-Head of Real Estate Investment Banking, Raymond James James Graff has 15 years of investment and merchant banking experience, 13 of which have been with the Real Estate Investment Banking group covering REITs, lodging companies and home builders. He has managed more than 150 equity transactions that raised over $25 billion in various forms of capital in the public and private markets, and he has represented clients in numerous M&A transactions worth in excess of $5 billion. Prior to joining Real Estate Investment Banking, Mr. Graff worked at Raymond James Capital, a middle-market merchant banking fund, and at Robertson Stephens and Merrill Lynch investment banking, where he assisted clients in executing several mergers and acquisitions, public offerings and private placements in the technology, metals, and mining and logistics industries.
26 G e n e r a t i o n I n c o m e P r o p e r t i e s Board of Advisors S t r u c t u r e Melvin (Mel) Lazar Founding Partner of New York CPA Firm, Lazar, Levine & Felix, LLP, now Baker Tilly. Board Director and Audit Committee Member of publicly traded NYSE REIT Mel Lazar founded Lazar Levine & Felix LLP ( LL&F ) in As its managing partner, he grew LL&F to over 70 professionals, and at his 2002 retirement, left the firm with a reputation and legacy beyond reproach. LL&F merged into ParenteBeard LLC in February 2009, and Mel continued as an employee and consultant until September 30, Mel continues his consulting work through Melvin F. Lazar, LLC, his Florida LLC. Since 2002, Mel has been a Board Member and Audit Committee Chairman of several public and privately-held companies, including: -Arbor Realty Trust, Inc. (NYSE: ABR), a real estate investment trust formed to invest in real estate related bridge and mezzanine loans, preferred equity investments and other real estate-related assets. -Active Media Services, Inc. an ESOP owned company, a corporate trading company specializing in media and goods and services in exchange for under-performing assets. The company is the leader in its industry. Mel has more than 40 years of experience in auditing, reviewing, initial public offerings (IPO) registrations, all periodic filings, and SEC compliance matters. Mel has overseen implementing, testing and continued compliance with Section 404 internal control requirements. 26
27 G e n e r a t i o n I n c o m e P r o p e r t i e s Board of Advisors S t r u c t u r e 27 Benjamin (Ben) Adams Founder and CEO, Ten Capital Management Benjamin Adams is the Chief Executive Officer and Founder of Ten Capital Management. He launched the company in 2011 and is responsible for the strategic direction and oversight of all firm activities. Ben spent over 20 years in business, government, and law. Ben was a Portfolio Manager with The Townsend Group, where he oversaw $1.7 billion in private equity real estate assets under management within the firm s discretionary investment management (fund of funds) business, and was actively involved in product development and structuring. Prior to Townsend, Ben was a Vice President and General Counsel of Lionstone Development LLC, a Miami-based, principal balance sheet investor. He practiced law with Greenberg Traurig LLP in New York, New York, and served as the Special Assistant to the White House Counsel in the Clinton Administration. Ben has a law degree from Georgetown University Law Center and a BA from Miami University in Oxford, Ohio. He is the founder and Chairman Emeritus of the Defined Contribution Real Estate Council (DCREC).
28 G e n e r a t i o n I n c o m e P r o p e r t i e s Board of Advisors S t r u c t u r e Daniel (Dan) Mirman Partner and Counsel, Everett & Everett Dan is a founding partner of the New York office and chair of the firm s corporate and startup group. Dan s practice focuses on startup law, securities and finance law, M & A, and emerging growth companies. Dan has advised numerous companies on both public and private debt and equity offerings and transactions. 28 Prior to joining the firm, Dan was General Counsel for Teneo Holdings, a global strategic consulting firm and investment bank. As General Counsel, Dan was instrumental in the company s rapid growth as he was responsible for establishing Teneo s presence as an international organization by setting up multiple entities for the firm in numerous foreign jurisdictions. Additionally, Dan advised the company on corporate best practices, managed and implemented legal processes for the company, and negotiated hundreds of high value agreements and engagements on behalf of the company.
29 29 The Filing First REIT to use the new, Securities and Exchange Commission (SEC) Regulation A+ Generation Income Properties is a Maryland Real Estate Investment Trust (REIT) GIP will be listed on the OTC following our offering (Began discussions with NYSE) GIP is focused solely on purchasing prime, single tenant net leased retail, office and industrial real estate assets in sound, supportive and growing markets throughout the United States.
30 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e Net Lease REIT Comparative Data 30 The Net Lease REIT industry has an aggregate market cap of $47.4B and an enterprise value of $83.3B 10 of the 16 Net Lease REITs have a market cap over $1B All net lease REITs currently trade on the NYSE Net Lease REITs have 65.27% average ownership by institutions with some institutional REIT ownership as high as 93% (as of August 12, 2015 ) On average, Net Lease REITs use 44.16% debt within their portfolios and some up to 62.58% of debt
31 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e All Cash Little to No Debt 31 A man in debt is so far a slave. - Ralph Waldo Emerson
32 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e All Cash Little to No Debt 32 Eliminate refinance risk and variable rate debt Most Net Lease REITs use debt up to 63% over market cap (leveraged enterprise value) Most of the debt is either sourced from a floating rate credit line or shorter term permanent debt Why use short term debt, with a fixed rental rate servicing that debt and expect that the macroeconomic influences will lend itself to a safe and profitable refinance? Debt for net lease investments does not take into account long term value for the assets
33 G e n e r a t i o n I n c o m e P r o p e r t i e s S t r u c t u r e The Net Lease Industry's Most Transparent REIT - Individual Asset Fundamentals 33 GIP will provide the following full information for shareholders: Occupancy Percentage of investment grade tenancy by property type Same-Property NOI growth Same-Property NOI detail Re-leasing spreads Acquisition cap rates Disposition cap rates Sale price vs. gross book value Development costs and yield (when applicable) EBITDAR/Rent coverage ratio NOI by property type NOI by individual asset
34 The Future 34
35 SHORT TERM OBJECTIVES G e n e r a t i o n I n c o m e P r o p e r t i e s T h e F u t u r e 35 Raise $20MM+ File for IPO in 2015 Approved in February 2016 Acquire assets that fit GIP's strategy
36 SHORT TERM OBJECTIVES G e n e r a t i o n I n c o m e P r o p e r t i e s T h e F u t u r e Hire industry leaders as support staff to GIP Raise second round of funding for GIP: $300MM - $500MM Acquire assets that fit GIP's strategy Maintain discipline and practice of only buying sound net lease real estate in prime US markets Allow dividend and market cap to increase organically with GIP's investment strategy in place
37 ONGOING OBJECTIVES G e n e r a t i o n I n c o m e P r o p e r t i e s T h e F u t u r e 37 Grow market's perception of GIP as THE QUALITY Net Lease REIT Within Net Lease industry: Foster established tenant relationships Foster real estate broker relationships Foster Net Lease REIT - Colleague relationships Outside of Net Lease industry: Engage Non-Net Lease Institutional real estate owners Potential seller of "noncore"/smaller net lease assets Potential joint venture/"take-out" partner for GIP-type assets Broker-dealer network
38 38 GIP's Goals $1B - $2B market cap by 2020 Known as the Only Net Lease REIT with 100% prime/gateway market presence To always be known as the best/highest quality acquisition/buy-out target in the Net Lease REIT industry Continue to instill the philosophy that a premium for a proven and seasoned portfolio of assets are extremely difficult to assemble on a "one-off" basis Institutionalize private-market assets Constantly grow the stock price, market cap and dividend through growing rents, scalability and valuations Solidify the reputation that investing for future Generations will be a more conservative underwriting process for any one asset and therefore the REIT as a whole.
39 G e n e r a t i o n I n c o m e P r o p e r t i e s T h e F u t u r e 39 Why Generation Income Properties REIT? Leveraging an asset doesn't make that asset more valuable. David Sobelman Success: Long term, growth vs. immediate performance. Discipline: No decisions based solely on the amount of capital raised. Conservativeness: Real Estate comes first.
40 Real Estate Investments for Generations 40
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