The subject property is a freestanding Pizza Hut Restaurant located in Snyder, Texas operated by Progressive Pizza Partners (”Tenant”). Progressive is a respected, long term Pizza Hut franchisee owned and operated by Michael Baird, a 30+ year Pizza Hut veteran. This successful location was recently remodeled by Tenant. The proposed rent represents a conservative 5% Rent to Sales ratio. Pizza Hut is located along South Bridge Street near Walmart, Beall’s, Dollar General, Citibank, McDonald’s, Sonic Drive-In, Dairy Queen, KFC, 7-Eleven, Subway, State Farm Insurance, Farmers Insurance, medical offices and other neighborhood servicing retail. Brady is known as the “Heart of Texas” at the confluence of Highways 87, 190, 283 & 377. The economy is largely farming, agricultural and tourism (hunting & fishing). Pizza Hut is the world’s largest pizza restaurant company with 6,200 locations in the U.S. and 4,000 in 100 other countries. Pizza Hut is a subsidiary of YUM! Brands, Inc. (NYSE: YUM)The subject property is a freestanding Pizza Hut Restaurant located in Brady Texas.

Tenant: Progressive Pizza Partners
Progressive Pizza Partners is part of Pizza Partners Inc., operator of 27 Pizza Hut Restaurants in Texas. Established in 1998, Progressive Pizza Partners own and operate 12 units in Texas. Principal, Mike Baird has been in the Pizza Hut system for more than 30 years and is regarded as one of the premier franchise operators. Prior to becoming a Pizza Hut franchise, Mr. Baird held several positions with Pizza Hut Inc., the last, being Director of Franchise Operations for the PHI domestic market. Company-wide revenues are $23.8 million with 2006 EBITDA of $1.8 million. Mr. Baird has assembled a winning team to manage and grow their business. Nearly 50% of their stores sales exceed $1.0 million.