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 an extremely conservative 6.25% Rent to Sales ratio. Traffic generators in the area include WalMart Supercenter, Beall’s, CVS Pharmacy, United Supermarket, O’Reilly Auto, Napa Auto, Dollar General, Family Dollar, McDonald’s, Long John Silver’s, Sonic Drive-In, Subway, Whataburger, and Dairy Queen. The City of Snyder is located 90 miles south of Lubbock, west of Abilene, north of San Angelo and east of Midland. 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)

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.