| Brand-new 15-year absolute net corporate net lease |
| 2% annual rental increases throughout the base term and options |
| Replaceable $33/ft. rent – education users pay $40-50/ft.+ in rent for most new leases |
| 20-year roof warranty in place (15+ years remaining) |
| Lease is guaranteed by KinderCare Learning Companies, Inc. (S&P: KLC), a publicly traded corporate school operator with significant financial backing |
| KinderCare completed its IPO in October 2024, raising approximately $616M in proceeds and receiving a credit rating upgrade as a result (per Moody’s) |