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Net Lease TrendsTenant Expansion Report

Spring 2017

The information contained herein has been obtained from sources deemed reliable but has not been verified and not guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

TRAVIS DUNN Managing Director 949.608.2092 [email protected] CA RE Licence #01390592

CONTACT:

4675 MacArthur Court, Suite 1600, Newport Beach, CA 92660 Corporate CA RE #01355491

Table of Contents

Credit Summary 3 Automotive 9 Banking 10 Consumer Electronics 11 Convenience Stores 12 Discount & Variety Stores 13 Fitness Stores 15 Grocery Stores 16 Health & Personal Care Stores 19 Home Improvement Stores 20 Industrial 21 Medical 22 Off-Price Apparel Stores 23 Other I General Retail 25 Restaurants (Casual Dining) 28 Restaurants (Quick Serve) 31 Sporting Goods Stores 35

Sources: Stan Johnson Company Research. S&P. Moody's, various retailer websites. public news articles; information deemed accurate but not guaranteed

2

Tenant Expansion Report - Credit Summary

Tenant Name Parent Company Name S&P Moody's Stock Symbol Category 24 Hour Fitness 7-Eleven Aaron's Academy Sports + Outdoors Ace Hardware Advance Auto Parts Aldi Apple Applebee's Arby's Ashley Furniture Aspen Dental AT&T AutoZone Baskin Robbins Bass Pro Shops Bed Bath & Beyond Inc Best Buy Big 5 Sporting Goods Big Lots BJ's Restaurant & Brewhouse BJ's Wholesale Club Bob Evans Bridgestone I Firestone Buffalo Wild Wings Burger King Burlington Cabela's Camping World Carl's Jr CarMax Casey's General Stores

24 Hour Fitness Worldwide Inc I AEA Investors Seven & I HoldingsCo Ltd Aarons Inc Academy Sports + Outdoors Ace Hardware Corporation Advance Auto Parts Inc ALDI GmbH & Co KG Essen Apple Inc DineEquity Inc Arby's Restaurant Group Inc I Roark Capital Group Ashley Furniture HomeStore Aspen Dental Management Inc AT&T Inc AutoZone Inc Dunkin' Brands Group Inc Bass Pro Group LLC Bed Bath & Beyond Inc Best Buy Co Inc Big 5 Sporting Goods Corp Big Lots Inc BJ's Restaurants Inc BJ's Wholesale Club Inc Bob Evans Farms Inc Bridgestone Corp Buffalo Wild Wings Inc Restaurant Brands International Inc Burlington Stores Inc Cabela's Inc Good Sam Enterprises CKE Restaurants Holdings Inc I Roark Capital Group Carmax Inc Casey's General Stores

B B2 AA- Al NR NR NR B2 NR NR BBB- Baa2 NR NR AA+ Aal NR NR NR NR NR NR NR NR BBB+ Baal BBB Baal NR NR B+ Ba3 BBB+ Baal BBB- Baal NR NR BBB NR NR NR B- B3NR NR A A2 NR NR B+ NR BB- NR NR NR NR NR B- NR NR NR NR NR

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Private TSE:3382 AAN Private Private AAP Private AAPL DIN Private Private Private T AZO DNKN Private BBBY BBY BGFV BIG BJRI Private BOBE TSE:5108 BWLD QSR BURL CAB Private Private KMX CASY

Fitness Stores Convenience Stores Discount & Variety Stores Sporting Goods Stores Home Improvement Stores Automotive Grocery Stores Consumer Electronics Restaurants (Casual Dining) Restaurants (Quick Serve) Other I General Retail Medical Consumer Electronics Automotive Restaurants (Quick Serve) Sporting Goods Stores Other I General Retail Consumer Electronics Sporting Goods Stores Discount & Variety Stores Restaurants (Casual Dining) Discount & Variety Stores Restaurants (Casual Dining) Automotive Restaurants (Casual Dining) Restaurants (Quick Serve) Off-Price Apparel Stores Sporting Goods Stores Sporting Goods Stores Restaurants (Quick Serve) Other I General Retail Convenience Stores


Tenant Name Parent Company Name S&P Moody's Stock Symbol Category Cash America Cash America International Inc Charming Charlie Charming Charlie Chase Bank JPMorgan Chase & Co Checkers Drive-In I Rally's Checkers Drive-In Restaurants Inc I Sentinel Capital Partners Chick-fil-A Chili's Chipotle Mexican Grill Chuck E Cheese Chuy's Container Store Costco Cracker Barrel Old Country Store Culver's CVS DaVita Dial sis Del Taco Denny's Dick's Sporting Goods Dickey's BBQ Pit Discount Tire Company Dollar General Dollar Tree DSW Dunkin' Donuts Family Dollar FedEx Corporation FedEx Ground Field & Stream Five Below Fred's Pharmacy I Fred's Super Dollar Fresenius Medical Care Giant Eagle

Chick-fil-A Inc Brinker International Inc Chipotle Mexican Grill Inc CEC Entertainment Concepts LP Chuy's The Container Store Inc I Leonard Green & Partners Costco Wholesale Corp Cracker Barrel Old Country Store Inc Culver's CVS Health Corp DaVita Inc Del Taco Restaurants Inc Denny's Corp Dick's Sporting Goods Inc Dickey's BBQ Pit Discount Tire Company Dollar General Corp Dollar Tree Inc DSW Inc Dunkin' Brands Group Inc Dollar Tree Inc FedEx Corp FedEx Corp Dick's Sporting Goods Inc Five Below Inc Fred's Inc Fresenius Medical Care AG & Co Giant Eagle

4

NR NR CCC+ Caal A- A3 NR NR NR NR 88+ Bal NR NR 8 83 NR NR 8 82 A+ Al NR NR NR NR BBB+ Baal BB Ba3 NR NR NR NR NR NR NR NR NR NR BBB Baa2 88+ Ba2 NR NR NR NR 88+ Ba2 BBB Baa2 BBB Baa2 NR NR NR NR NR NR 888- Bal NR NR

CSH Private JMP Private Private EAT CMG Private CHUY TCS COST CBRL Private CVS DVA TACO DENN DKS Private Private DG DLTR DSW DNKN DLTR FDX FDX DKS FIVE FRED FMS Private

Discount & Variety Stores Off-Price Apparel Stores Banking Restaurants (Quick Serve) Restaurants (Quick Serve) Restaurants (Casual Dining) Restaurants (Quick Serve) Restaurants (Casual Dining) Restaurants (Casual Dining) Other I General Retail Discount & Variety Stores Restaurants (Casual Dining) Restaurants (Quick Serve) Health & Personal Care Stores Medical Restaurants (Quick Serve) Restaurants (Casual Dining) Sporting Goods Stores Restaurants (Casual Dining) Automotive Discount & Variety Stores Discount & Variety Stores Off-Price Apparel Stores Restaurants (Quick Serve) Discount & Variety Stores Industrial Industrial Sporting Goods Stores Off-Price Apparel Stores Health & Personal Care Stores Medical Grocery Stores


Tenant Name Parent Company Name S&P Moody's Stock Symbol Category Gold's Gym Golden Corral GoldMax Golf Galaxy Goodwill Industries Guitar Center h.h. gregg Harbor Freight Tools Hardee's Harris Teeter Hobby Lobby Home Depot Home Goods Hooters IHOP ln-N-Out Burger Jack In The Box Jared The Galleria of Jewelry Jiffy Lube Jo-Ann Stores Ke Bank KFC Kirkland's Kohl's Kroger Krystal LA Fitness La-Z-Boy Lidl Life Time Fitness Longhorn Steakhouse Lowe's

TRT Holdings Golden Corral Corp GoldMax USA Dick's Sporting Goods Inc Goodwill Industries International Ares Management LP HHGREGG Inc Harbor Freight Tools CKE Restaurants Holdings Inc I Roark Capital Group The Kroger Co Hobby Lobby Stores Inc The Home Depot Inc The TJX Companies Hooters of America LLC DineEquity Inc ln-N-Out Burger Inc Jack In The Box Inc Signet Jewelers Jiffy Lube International Inc Jo-Ann Stores Inc I Leonard Green & Partners Ke Corp Yum! Brands, Inc. Kirkland's Inc Kohl's Corp The Kroger Co Krystal LA Fitness Ltd La-Z-Boy Inc Schwarz Gruppe Life Time Fitness Darden Restaurants Inc Lowe's Companies Inc

NR NR NR NR NR NR NR NR NR NR BBB+ NR NR NR BB- Ba3 B- NR BBB Baal NR NR A A2 A+ A2 NR NR NR NR NR NR NR NR BBB- NR NR NR B Caal BBB+ Baal BB Ba3 NR NR BBB- Baa2 BBB Baal NR NR NR NR NR NR NR NR B B2 BBB Baa3 A- A3

5

Private Private Private DKS Private ARES HGG Private Private KR Private HD TJX Private DIN Private JACK SIG Private JAS KEY YUM KIRK KSS KR Private Private LZB Private Private DRI LOW

Fitness Stores Restaurants (Casual Dining) Other I General Retail Sporting Goods Stores Discount & Variety Stores Consumer Electronics Consumer Electronics Home Improvement Stores Restaurants (Quick Serve) Grocery Stores Other I General Retail Home Improvement Stores Off-Price Apparel Stores Restaurants (Casual Dining) Restaurants (Casual Dining) Restaurants (Quick Serve) Restaurants (Quick Serve) Other I General Retail Automotive Other I General Retail Banking Restaurants (Quick Serve) Home Improvement Stores Off-Price Apparel Stores Grocery Stores Restaurants (Quick Serve) Fitness Stores Other I General Retail Grocery Stores Fitness Stores Restaurants (Casual Dining) Home Improvement Stores


Tenant Name Parent Company Name S&P Moody's Stock Symbol Category Marciel Marsh Supermarket Marshall's Mattress Firm McAlister's Deli McDonald's Med Express Mei er Menards Michaels Midas Newk's Eatery Nordstrom Rack Northern Tool O'Reilly Auto Parts Office Depot Olive Garden Orscheln Farm & Home Panda Express Panera Bread Pep Boys Petco Petsense PetSmart Pet Supplies Plus Pier 1 Imports Piggly Wiggly Planet Fitness PNC Bank Popeye's Price Chopper Publix

Marciel Christian & Education Sun Capital Partners The TJX Companies Steinhoff International Holdings N.V. Focus Brands I Roark Capital Group McDonald's Corp Urgent Care MSO LLC Mei er Inc Menards Michaels Companies Inc TBC Corporation Newk's Franchise Company LLC Nordstrom Inc Northern Tool + Equipment O'Reilly Automotive Inc Office Depot Inc Darden Restaurants Inc Orscheln Farm & Home Panda Restaurant Group Inc Panera Bread Co Icahn Enterprises Petco Animal Supplies Tractor Supply Company PetSmart Inc Irving Place Capital Pier 1 Imports Inc C&S Wholesale Grocers Planet Fitness Holdings LLC The PNC Financial Services Group Popeyes Louisiana Kitchen Inc The Golub Corporation Publix Supermarkets Inc

NR NR NR NR A+ A2 B+ NR B B2 BBB+ Baal NR NR NR NR NR NR B+ Ba2 NR NR NR NR BBB+ Baal NR NR BBB+ Baal B- Bl BBB Baa3 NR NR NR NR NR NR BB+ Ba3 B B2 NR NR B+ Bl NR NR B NR BB NR NR Bl A- A3NR NR NR NR NR NR

6

Private Private TJX SNH.F Private MCD Private Private Private MIK Private Private JWN Private ORLU ODP DRI Private Private PNRA IEP Private TSCO PETM Private PIR Private PLNT PNC PLKI Private Private

Other I General Retail Grocery Stores Off-Price Apparel Stores Other I General Retail Restaurants (Casual Dining) Restaurants (Quick Serve) Medical Grocer Stores Home Improvement Stores Other I General Retail Automotive Restaurants (Casual Dining) Off-Price Apparel Stores Home Improvement Stores Automotive Other I General Retail Restaurants (Casual Dining) Home Improvement Stores Restaurants (Quick Serve) Restaurants (Casual Dining) Automotive Other I General Retail Other I General Retail Other I General Retail Other I General Retail Other I General Retail Grocery Stores Fitness Stores Banking Restaurants (Quick Serve) Grocery Stores Grocery Stores


Tenant Name Parent Company Name S&P Moody's Stock Symbol Category Qdoba Quaker Steak & Lube QuikTrip RaceTrac I Raceway Petroleum Red Lobster Red Robin REI Rite Aid Ross Dress For Less I dd's Discounts Roundy's Supermarkets Ruby Tuesday Sam's Club Save-A-Lot Schlotzsky's Schnucks Shake Shack Sheetz Sherwin-Williams Shoe Carnival Shopko Sonic Drive-In Sports Authority Sprouts Farmers Market Staples Starbucks Stater Bros Markets Steak 'N Shake Subway Sunbelt Rentals T.J. Maxx Taco Bell Target

Jack in the Box Inc TravelCenters of America QuikTrip Corp RaceTrac Petroleum Inc Golden Gate Capital Red Robin Gourmet Burgers Inc Recreational Equipment Inc Walgreens Boots Alliance Ross Stores Inc The Kroger Co Ruby Tuesday Inc Walmart Stores Inc SUPERVALU Inc Focus Brands I Roark Capital Group Schnucks Markets Inc Shake Shack Inc Sheetz Inc The Sherwin-Williams Co Shoe Carnival Inc Shopko Stores Operating Co LLC I Sun Capital Partners Inc Sonic Corp The Sports Authority Inc I Leonard & Green Partners LP Sprouts Farmers Market Inc Staples Inc Starbucks Corp Stater Bros Holdings Inc Biglari Holdings Inc Doctor's Associates Inc Sunbelt Rentals Inc The TJX Companies Yum! Brands, Inc. Target Corp

7

NR NR NR NR NR NR NR NR NR NR NR NR NR NR BBB Baa2 A- A3 BBB Baal B- B3 AA Aa2 B+ Bl B B2 NR NR NR NR NR NR A A3 NR NR NR NR NR NR NR NR NR NR BBB- Baa2 A A2 NR NR NR NR NR NR NR NR A+ A2 BB Ba3 A A2

Jack TA Private Private Private RRGB Private WBA ROST KR RT WMT svu Private Private SHAK Private SHW SCVL Private SONC Private SFM SPLS SBUX Private BH Private Private TJX YUM TGT

Restaurants (Quick Serve) Restaurants (Casual Dining) Convenience Stores Convenience Stores Restaurants (Casual Dining) Restaurants (Casual Dining) Sporting Goods Stores Health & Personal Care Stores Off-Price Apparel Stores Grocery Stores Restaurants (Casual Dining) Discount & Variety Stores Grocery Stores Restaurants (Casual Dining) Grocery Stores Restaurants (Quick Serve) Convenience Stores Home Improvement Stores Off-Price Apparel Stores Discount & Variety Stores Restaurants (Quick Serve) Sporting Goods Stores Grocery Stores Other I General Retail Restaurants (Quick Serve) Grocery Stores Restaurants (Casual Dining) Restaurants (Quick Serve) Other I General Retail Off-Price Apparel Stores Restaurants (Quick Serve) Discount & Variety Stores


Tenant Name Parent Company Name S&P Moody's Stock Symbol Category TCF Bank TD Bank Texas Roadhouse TGI Friday's The Fresh Market The Vitamin Shoppe Tim Hortons Tire Kingdom Tractor Supply Company Trader Joe's Tuffy Auto Service Center Twin Peaks ULTA Verizon Wireless Walgreens Walmart I Walmart Supercenter Walmart Neighborhood Market WaWa Wegman's Wells Far o Wendy's Whataburger White Castle Whole Foods WinCo

TCF Financial Corp TD Bank NA Texas Roadhouse Inc TGI Friday's Inc The Fresh Market Inc Vitamin Shoppe Inc Restaurant Brands International Inc TBC Corporation Tractor Supply Company Trader Joe's Company Tuffy Associates Corporation Front Burner Restaurant LP Ulta Salon, Cosmetics & Fragrance Inc Verizon Communications Inc Walgreens Boots Alliance Walmart Stores Inc Walmart Stores Inc WaWa Inc Wegman's Wells Far o & Co The Wendy's Company Whataburger White Castle System Inc Whole Foods Market Inc WinCo Foods Inc

Winn-Dixie Bi-Lo LLC I Southeastern Grocers LLC I Lone Star Funds

8

BBB- NR AA- Aal NR NR B B2 B B2 NR NR B+ NR NR NR NR NR NR NR NR NR NR NR NR NR BBB+ Baal BBB Baa2 AA Aa2 AA Aa2 NR NR NR NR A A2 B B2 NR NR NR NR BBB- Baa3 NR NR B- B3

TCB TD TXRH Private TFM VSI QSR Private TSCO Private Private Private ULTA vz WBA WMT WMT Private Private WFC WEN Private Private WFMI Private Private

Banking Banking Restaurants (Casual Dining) Restaurants (Casual Dining) Grocery Stores Health & Personal Care Stores Restaurants (Quick Serve) Automotive Home Improvement Stores Grocery Stores Automotive Restaurants (Casual Dining) Health & Personal Care Stores Consumer Electronics Health & Personal Care Stores Discount & Variety Stores Grocery Stores Convenience Stores Grocery Stores Ban kin Restaurants (Quick Serve) Restaurants (Quick Serve) Restaurants (Quick Serve) Grocery Stores Grocery Stores Grocery Stores

Tenant Expansion Report - Automotive

Tenant Name Average SF -Advance Auto Parts 7,970 $237

AutoZone 6,600 $270

Bridgestone I Firestone 7,500 - 8,100 n/a

Discount Tire Company 7,500 n/a

Jiffy Lube 1,900 - 2,400 n/a

Midas 4,500 - 6,000 n/a

O'Reilly Auto Parts 7,250 $244

Pep Boys 6,000 - 20,000 n/a

Tire Kingdom 3,500 - 6,000 n/a

Tuffy Auto Service Center 3,900 - 5,800 n/a

Region of Operation

Nationwide, Canada, Puerto Rico & the U.S. Virgin Islands

Global

Nationwide

31 states

Nationwide

Global

47 states

35 states & Puerto Rico

41+ states, Wash DC, Alberta &

British Columbia

16 states

---..... . .... 2015 Expansion 2016 Expansion

5,293 (includes Advance Auto Parts, Autopart 100 -120 60 - 75 85 International,

Carquest & Worldpac)

3 -4% new store 5,872 square footage 100+ 150

annually

2,200 n/a n/a n/a

925+ 3+ 13 1+

2,000+ n/a n/a 2+

2,236 (1,400+ n/a n/a n/a U.S. & Canada)

4,829 205 210 190

900 5+ n/a 130+

1,200+ (includes NTB, Merchant's n/a n/a 1+ Tire & Big 0

Tire)

205 n/a n/a n/a

9

Notes

Plans to open 85 new stores and a distribution center in 2017, as well as to convert up to 200 Carquest stores

Plans to open up 150 domestic stores in FY 2017

Continuing 5 year plan to expand NC tire factory; will not produce more jobs, but will stay ahead of technology this way Janesville, WI location to be open by October; opened 13 stores in 11 states in 2016

Two new locations opened in Minneapolis, MN area in early 2017

Franchisee committed to spending over $6m throughout 2017 to upgrade 42 stores Plans to aggressively open new stores, allowing for penetration in existing markets and expansion into new, contiguous markets Purchased Just Brakes, which strengthens presence in target markets (i.e. Atlanta & Dallas)

Planning to open "lots" of stores in 2017

Franchisor is seeking new units in the following states: FL, IA, IL, IN, MD, Ml, NE, NC, ND, NJ, OH, PA, SD, VA, WI, Midwest, South, Southeast & Southwest

Tenant Expansion Report - Banking

Tenant Name Average SF -Chase Bank 4,000 - 4,500 n/a

KeyBank 3,000 - 5,000 n/a

PNC Bank 3,500 - 4,800 n/a

TCF Bank n/a n/a

TD Bank 3,500 - 4,800 n/a

Wells Fargo 1,000 - 4,000 n/a

Region of Operation

Nationwide

15 states & 30 countries

19 states (East Coast & Midwest) &

Wash DC

8 states (Midwest & Western regions)

Northeast. Mid-Atlantic. Wash DC. FL & the Carolinas

Global (36 countries)


100 over next 100 over next 5,000+ n/a two years two years

1.200+ n/a n/a 1+

2,600+ n/a n/a n/a

339 n/a n/a n/a

1,300+ n/a n/a n/a

8,700 (global) n/a n/a n/a

10

Notes

Despite closing 300 branches recently, Chase plans to add 100 branches in next 2 years

Continuing to grow

Implementing regional-presidential models in Minneapolis, Dallas, & Kansas City, but no plans to open banks there

Plans to close 17 supermarket branches in early 2017

Doubling A TM presence in FL in select Walgreens

Tenant Expansion Report - Consumer Electronics

Tenant Name Average SF -Apple 8,400 $4,551

AT&T 3,200 n/a

Best Buy 29,130 $808

Guitar Center 5,000 - 30,000 n/a

h.h. gregg 31,410 $378

Verizon Wireless 2,600 - 4,500 n/a

Region of Operation

Global

Nationwide

Nationwide

44 states

19

Nationwide

---..... . .... 491 (269 US)

2,200+

1,575 (1,363 U.S.)

270+

132

1,700+

11

40

100

Expansion of "store-within-astore" concept

n/a

n/a

2015 Expansion

n/a

n/a

0

n/a

n/a

n/a

2016 Expansion Notes

Expanding Seattle offices &

1+ bought Turi, an artifical intelligence startup; still aggressively expanding in China Converted 700 stores to bilingual

n/a and adding 100 new bilingual locations in Latino-dense markets

n/a Closed 11 big-box stores & 31 Best Buy Mobile stores in 2016

3 Recently opened stores in CA, VA, & TN

n/a Closing 88 stores & 3 distribution centers

n/a

Tenant Expansion Report - Convenience Stores

Tenant Name Average SF

7-Eleven 2,400 - 3,000

Casey's General Stores 3,200 - 4,200

QuikTrip 4,600

RaceTrac I Raceway 6,000 (RaceTrac) Petroleum I 3,000 (Raceway)

Sheetz 2,000 - 6,500

WaWa 4,000 - 5,600

-n/a

n/a

$804

n/a

Region of Operation

Global

14 states (Midwest)

11 states (South, Midwest,

Southwest)

12 states (Southeast)

$200 _ 500 MD, NC, OH, PA, VA &WV

n/a DE, Central FL, MD, NJ,PA&VA

---..... . .... 2015 Expansion 2016 Expansion Notes

Plans to increase North American

60,000 n/a n/a 412+ store count to 10,000 by FY 2019; franchisee plans to open 412 locations worldwide In FY2017, plans to open 77-116

1,931 75+ 51 77 - 116 stores, replace 35 stores, complete 100 major remodels

Planning gas-less locations with 700+ n/a n/a 2+ just a convenience store; new

locations in SC & MO

694 n/a 24+ 1+ Planning to open 50 locations in FL over the next two years

40 new & rebuilt stores in 2017; 11 540+ 30 1+ 11+ stores coming soon in NC, PA, VA,

WV

Expanding in FL & Mid-Atlantic 750+ 50 18+ 3+ markets; plans to open 300

locations in the next 15 years

12

Tenant Expansion Report - Discount & Variety Stores

Tenant Name Average SF -Aaron's 6,000 - 12,000 n/a

Big Lots 30,995 $114

BJ's Wholesale Club 85,000 - 119,000 $486

Cash America 5,000 - 10,000 n/a

Costco 144,000 $1,117

Dollar General 7,410 $223

Dollar Tree 7,820 $187

Family Dollar 7,820 $180

Goodwill Industries 11,000 n/a

Sam's Club 133,515 $682

Region of Operation

48 states, Wash DC & Canada

49 states

16 states

20 states

44 states, Asia, Australia, Canada,

Mexico, Spain & UK

43 states

48 states & Canada

46 states

Nationwide

Nationwide

1,860

1,493

215

2,085 including First Cash, Cash America, & Maxi Prenda (1,130 in

US)

728 worldwide (528 n U.S.)

13,320

6,360

7,974

3,000+

655

13

2015 Expansion 2016 Expansion Notes

11+ n/a 0 Closing approximately 70 stores in 02 2017

Shifting focus to never-out vs.

n/a 1+ n/a close-out inventory; e-commerce increases; on pace with growth plan since 2014

1+ 1+ 3+ Plans to open 3-5 stores a year over the next few years

First Cash merged with

n/a 1,038 85 CashAmerica; acquired Maxi Prenda stores in Mexico. Guatemala. & El Salvador

50 32+ 29 Plans to open 150 locations over next 5 years

Plans to open 1,000 stores in 2017;

730 900 1,000 converted 42 former Walmart Express stores to Dollar Generals in 2016 Opening some stores. but

n/a 156+ 47+ focusing on Dollar Tree/Family Dollar merger

Opening some stores. but n/a n/a 57+ focusing on Dollar Tree/Family

Dollar merger

n/a n/a 1+ Opening store in Mount Pleasant. WI

Walmart's emphasis on

n/a 13 11 ecommerce has slowed the growth of brick and mortar discount warehouses

Tenant Expansion Report - Discount & Variety Stores, cont.

Tenant Name Average SF -Shopko

Target

Walmart I Walmart Supercenter

80,000 (Shopko) I 15,000 - 35,000

(Shopko Hometown)

133,670

150,775

n/a

$308

$434

Region of Operation

24 states (Midwest, Mountain, North Central & Pacific

regions)

49 states & Canada

Global


380 20 n/a n/a Adding groceries to 1/3 of Shopko stores

Shut down smaller store plans, as 1,802 15 n/a n/a well as Project Goldfish (an up-

and-coming online marketplace)

Focusing on expanding e-11,528 225 - 228 50 - 60 130 commerce presence & capabilites;

expanding distribution centers

14

Tenant Expansion Report - Fitness Stores

Tenant Name Average SF -24 Hour Fitness 28,000 - 42,000 n/a

Gold's Gym 10,000 - 40,000 n/a

LA Fitness 35,000 - 45,000 n/a

Life Time Fitness 125,000 n/a

Planet Fitness 20,000 n/a

Region of Operation

13 states


Nationwide & Canada

26 states

47 states, Wash DC. Puerto Rico,

Canada & the Dominican Republic


450+ 18+ 1+ 2+

720+ 1+ 66 47

690+ 6+ 11+ n/a

122 6 n/a 1+

1,300+ 15+ 195 200+

15

Notes

All locations throughout the St Louis & Oklahoma City metro areas will be acquired by Gold's Gym; recently opened in FL & NJ locations

Plans to aggressively expand in Germany, Africa, & South Korea

Opening location in Philadelphia

Continued focus on Canada expansion, but looking to grow nationwide

Tenant Expansion Report - Grocery Stores

Tenant Name Average SF -Aldi 16,000 - 19,000 n/a

Giant Eagle 60,000 - 97,000 $600

Harris Teeter 30,000 - 60,000 $455

Kroger 62,275 $496

Lidl 33,000 n/a

Marsh Supermarket 45,000 - 65,000 n/a

Meijer 200,000 - n/a 250,000

Piggly Wiggly 25,000 - 45,000 n/a

Price Chopper 30,000 - 60,000 n/a

Region of Operation

32 states & global

MD, OH, PA & WV

DE. FL. GA. MD. NC, SC, VA & Wash DC

35 states

Currently located across Europe

IN&OH

IL. IN. KY. Ml. OH & WI

17 states

CT, MA, NH, NY, PA & VT


Massive U.S. expansion calls for

1,600+ 45+ 45+ 1+ 650 new stores by the end of 2018; goal of over 2,000 stores; remodeling 1,300 stores

400 6+ n/a n/a Closing three locations in OH

230+ 1+ n/a 5+ Opened new stores in NC & VA

2,800 5 n/a n/a Merging with Murray's Cheese

First U.S. retail stores to open in 2018; distribution center currently

10,000 (global) n/a n/a 20 under construction in VA. with 20 stores in NC. SC & VA by early 2018 Plans to open 13 stores by the end

97 n/a 3 1+ of 2018; several Marsh stores closing in 2017 Moving into the MN market;

230 10 9 7 planning a "slow and steady" growth; opening 7 new stores & remodeling 22 locations

530+ n/a 1+ n/a

Plans to convert all locations into Market 32-branded concept over

130+ n/a n/a 1+ the next 8-10 years; 10 have been converted so far and three were built from the ground up

16

Tenant Expansion Report - Grocery Stores, cont.

Tenant Name Average SF -Wegman·s 75,000 - 140,000 n/a

Whole Foods 39,035 $1.000

WinCo 85,000 - 95,000 n/a

Winn-Dixie 46,800 $301

Region of Operation

MA, MD, NJ, NY, PA & VA

42 states

8 states

Southeast

---..... . .... 2015 Expansion

91 5+ 5+

464 38 26

112 3+ n/a

550 n/a n/a

18

2016 Expansion

13+

30

2+

n/a

Notes

Opening two stores in NJ, one in NY, & ten more stores with undisclosed locations; expanding to NC Potential for 1,200 Whole Foods Market stores across the U.S. in the coming years, with the new "365" concept contributing additional stores; opening up to 22 locations in the first half of FY 2017; closing nine locations in 2017 Opening a location in Nampa, ID in early 2017 & Arlington. TX in mid-2017

At least 6 more Winn-Dixies will be converted to Harvey's

Tenant Expansion Report - Health & Personal Care Stores

Tenant Name Average SF -CVS 8,225 $526

Fred's Pharmacy I Fred's 14,000 - 16,000 $252 Super Dollar

Rite Aid 12,700 $144

The Vitamin Shoppe 3,510 $455

ULTA 10,555 $380

Walgreens 14,500 $303

Region of Operation

49 states & Brazil

15 states

31 states

44 states, Canada, Costa Rica &

Panama

48 states

Nationwide


8,035 retail stores; 10,023 n/a 130 n/a Plans to close 70 stores in 2017

total

644 n/a n/a 1+ Will acquire 865 Rite Aids over the next 24 months

50 relocations & new store 4,561 5 n/a 1+ openings; 350 remodels; merging

with Walgreens Opening 3 stores in Costa Rica & 2

700+ 60 26 15 in Panama; expected to open 8 stores in Costa Rica over the next five years Planning for large expansion in

949 15 - 20% 100+ 100+ 2016 and increasing average store size by 10%; plans to open 100+ stores in 2017

8,173 133 107 n/a Recently filed an amendment to extend merging with Rite Aid

19

Tenant Expansion Report - Home Improvement Stores

Tenant Name Average SF -Ace Hardware 8,000 - 12,000 n/a

Harbor Freight Tools 13,000 - 15,000 n/a

Home Depot 104,355 $420

Kirkland's 7,665 $191

Lowe's 10,780 $267

Menards 50,000 n/a

Northern Tool 15,000 n/a

Orscheln Farm & Home 25,000 - 50,000 n/a

Sherwin-Williams 4,000 - 5,000 n/a

Tractor Supply Company 16,085 $258

Region of Operation

Global

47 states

Nationwide, Canada, China &

Mexico

36 states

Nationwide

14 states (mainly Midwest)

17 states

9 states

4,800 (global)

750+

2,278

396

2,129

300+

95+

160+

Nationwide, Canada & the Caribbean 4·180 (global)

49 states 1,575

20


n/a n/a n/a East Coast Redistribution Center is expanding

100+ n/a 1+ Opened new location in TX

Very few store openings; focusing 0 4+ n/a on online market and new website

launch in mid-2017

Plans to reach 500 locations; plans 30 42 25 - 30 to open 25-30 stores in FY 2017 &

close approximately 20 stores

Anticipates growth in Canada & 25 45 35 Mexico; plans to add 15-20 stores

per year for the next 3 years

Increasing average store size to n/a n/a n/a 220ksf; second Menards coming

to KY in 2018-2019 Expanding presence into South &

n/a n/a n/a Midwest; adding a 175,000sf expansion to TX distribution center

9 n/a n/a New locations in IA & KS

Goal of opening 5,000 stores; 84 94 90 - 100 Valspar acquistion to be

completed in early 2017 Focused on growth with a goal to have 2,500 stores; will open a

100 - 140 113 100 Northeast distribution center in FY 2017; acquired Petsense in late 2016

Tenant Expansion Report - Industrial

Tenant Name Average SF -FedEx Corporation n/a n/a

FedEx Ground n/a n/a

Region of Operation

Global

Nationwide

2015 Expansion 2016 Expansion

n/a n/a n/a n/a

547 n/a n/a 1+

21

Notes

TNT Express acquisition not forecasted; FedEx Express Fleet nurturement

Ongoing domestic expansion

Tenant Expansion Report - Medical

Tenant Name Average SF -Aspen Dental 3,500 n/a

DaVita Dialysis 7,500 n/a

Fresenius Medical Care 5,000 - 10,000 n/a

Med Express n/a n/a

Region of Operation

35 states

Global

Nationwide

17 states


550+ 60+ 60+ 4+

2,350 72 100 n/a

3,624 worldwide n/a 206 n/a

(2,306 US)

179 40 1+ 35

22

Notes

Opening 4 new offices in MS in 2017

Committed to international expansion & acquisition

Acquired a major stake in Cura Group, day hospitals in Australia

Forecasted 35 locations in 8 markets by the end of 2017; opening at least 3 locations in the Richmond area

Tenant Expansion Report - Off-Price Apparel Stores

Tenant Name Average SF -Burlington

Charming Charlie

DSW

Five Below

Home Goods

Kohl's

Marshall's

Nordstrom Rack

Ross Dress For Less I dd's Discounts

77,000

8,000 - 14,000

20,950

7,500

25,000

88,000

30,000

37,650

22,060

$103

n/a

$262

$229

$250

$194

$304

$507

$350

Region of Operation


U.S., Canada, the Middle East, & the

Philippines

North America

31 states


49 states

42 states & Canada

39 states & Canada

34 states, Wash DC & Guam (Ross) I 15

states (dd's Discounts)

592

350+

502

500+

579

1,154

1,035

15

1,533


25 25 30 Long-term goal of reaching 1,000 stores

55 n/a 1+ Expanding Middle Eastern presence; opening in KS

40 21+ 12 - 15 Recently opened stores in MA, MN & NJ

70 85 31+ Over 31 stores scheduled to open in 2017

Long-term potential growth to 1,000 stores; parent company

40 53 1+ plans to open a different, distinctive home store that will not be a direct competitor

12 -10 1+ Will open an online distribution center in IN

Plans to open and expand more 70 (including 28 1+ stores in FY 2018, although the

T.J. Maxx) exact numbers have yet to be released Will open 15 new stores in 2017 &

27 21 15 relocate one; 19 additional locations planned to open 2017-2019 Long-term projected store potential of 2,000 locations in the

95 70 (Ross) I 20 70 (Ross) I 20 U.S. and 500 dd's Discounts; 23 (dd's Discounts) (dd's Discounts) Ross and 5 dd's Discounts opened

across 15 states in February/March 2017

23

Tenant Expansion Report - Off-Price Apparel Stores, cont.

Tenant Name Average SF -Shoe Carnival 11,025 $224

T.J. Maxx 29,000 $304

Region of Operation


Nationwide

411

1,186


Opened 19 stores & closed nine in 20 19 1+ FY 2016; opened 20 stores &

closed 15 in FY 2015 Plans to open and expand more

70 (including 30 1+ stores in FY 2018, although the Marshall's) exact numbers have yet to be

released

24

Tenant Expansion Report - Other I General Retail

Tenant Name Average SF -Ashley Furniture 35,000 $232

Bed Bath & Beyond Inc 28,285 $263

CarMax 85,000 - 100,000 n/a (20 - 30 acres)

Container Store 25,000 n/a

GoldMax 700 - 4,000 n/a

Hobby Lobby 55,000 n/a

Jared The Galleria of 6,000 $800 Jewelry

Jo-Ann Stores 10,000 - 25,000 n/a

La-Z-Boy 18,550 $156

Region of Operation


Nationwide

Nationwide

28 states & Wash DC

9 states

47 states

40 states

49 states

Nationwide

---..... . .... 600+ 1+

1,019 n/a

170+ 11

86 1+

121 n/a

700+ 6

275 17

850+ n/a

331 30 - 35

25

2015 Expansion

1+

l+

14

7+

n/a

56

18

n/a

16

2016 Expansion

1+

n/a

n/a

4+

n/a

60

8

n/a

16

Notes

5-store expansion plans in South FL (unspecified timeframe); new SW regional warehouse to be built in Mesquite Long-term growth calls for approximately 300 new Bed Bath & Beyond stores, and additional growth across the company's other concepts; up to 140 new stores in the next 2 years Plans to open 10-15 stores per year through FY 2016; increase online user experience; recently opened stores irt....!iL.� & NY Opened 4 new stores in 03 of FY 2016; in 2017 will open stores in OH, NM. NJ & NY

Recently opened stores in GA & TN

Major initiative to expand to 400 stores that average $4M in sales in 5 years; opened 100th new concept store; will open 6 company-owned & 10 dealerowned in FY 2017

Tenant Expansion Report - Other I General Retail, cont.

Tenant Name Average SF -Marciel 25,000 n/a

Mattress Firm 4,300 $203

Michaels 18,000 $223

Office Depot 5,000 - 15,000 $175

Petco 20,000 $200

Petsense 5,000 n/a

PetSmart 18,000 - 27,500 $243

Pet Supplies Plus 6,000 - 10,000 n/a

Pier 1 Imports 7,910 $205

Region of Operation

7 states

49 states

49 states & Canada

Nationwide

Nationwide, Mexico & Puerto Rico

25 states

Nationwide, Canada & Puerto Rico

25 states

Nationwide & Canada

2015 Expansion

35 n/a n/a

3,600 78+ n/a

1.223 30 32

1.441 n/a n/a

1.470+ 1+ n/a

136 n/a n/a

1,500 50+ n/a

385+ 25+ 75

1,032 50 17

26

2016 Expansion

n/a

2+

17

0

71

13

80+

60

n/a

Notes

Affiliated with Hobby Lobby

Acquired by Steinhoff International in Sept 2016; opened 2 new stores in IA

Plans to open 3 stores in early FY 2017

Closing 300 stores in the next three years

Opening 71 locations nationwide & one Unleashed by Petco; remodeling 41 stores & expanding five stores in 2017 Recently acquired by Tractor Supply Company; plans to grow 15-20% annually, and reach 200 stores by 2017

Plans to open 80 new locations by the end of FY 2016

Looking to franchise in CA. FL. GA. NY. TX. VA and New England

Plans to close approximately 30 stores during FY 2016 as part of final leg of 3-year strategy, with modest new store opening plans for future growth; by end of FY 2018, company plans to operate fewer than 1,000 stores

Tenant Expansion Report - Other I General Retail, cont.

Tenant Name Average SF -Staples 18,000 - 24,000 $263

Sunbelt Rentals n/a n/a

Region of Operation

Nationwide

39 states

2015 Expansion

1.225 n/a n/a

600+ n/a n/a

27

2016 Expansion

n/a

n/a

Notes

Closing 50 stores in 2017; closed 48 in 2016

Will spend $8 million to expand headquarters

Tenant Expansion Report - Restaurants (Casual Dining)

Tenant Name Average SF -Applebee·s

BJ's Restaurant & Brewhouse

Bob Evans

Buffalo Wild Wings

Chili's

Chuck E Cheese

Chuy·s

Cracker Barrel Old Country Store

Denny's

Dickey's BBQ Pit

5,200

7,400

3,600 - 6,500

6,200

3,900 - 6,000

12,700

8,800

9,000

3,800 - 4,500

1,800

n/a

n/a

n/a

n/a

n/a

n/a

n/a

$430

n/a

n/a

Region of Operation


24 states

18 states

Global

Global

47 states

14 states

42 states

Global

44 states

---..... . .... 2015 Expansion

2,016

189

523

1,240

1,262 (U.S.)

603

80

640

1,733

560+

28

n/a

15

7

3+

8-10

25 - 33

17

n/a

40 company owned; 30 - 35

franchise

55

17 including 12 including Peter Peter Piper Pizza Piper Pizza

10 -11 12

6 4

9 22

5 1+

2016 Expansion

20 - 30

10

n/a

64 - 79

46 - 55

1+

12 - 14

7 - 8

45 - 50

1+

Notes

Franchisees to open 20-30 new restaurants globally, most of which will be international; 40-60 restaurants will close

Believes national capacity is 425 restaurants & brewhouses

Expected to close 6 restaurants in 2017

Plans for 3,000 stores; in 2017 will open 15 company-owned, 15 franchised, 20 international, 2 company-owned R-Tacos, & 12-15 franchised R Tacos Will open 5-6 domestic companyowned, 5-8 domestic franchised, 1 international company-owned, & 35-40 international franchised restaurants in 2017

Plans to grow internationally

Plans to double its locations by 2020; will open locations in Chicago, Denver & Miami

Plans to open 7-8 new stores in 2017; opened 2 Holler & Dash locations in AL in 2016

45-50 restaurant openings in 2017, with a net growth of 10-20 restaurants

Plans to further expand in the Northeast; will open first store in HI within the next year

Tenant Expansion Report - Restaurants (Casual Dining), cont.

Tenant Name Average SF -Golden Corral 7,571 - 8,032 n/a

Hooters 5,500 n/a

IHOP 5,000 n/a

Longhorn Steakhouse 7,000 n/a

McAlister's Deli n/a n/a

Newk's Eatery 4,500 n/a

Olive Garden 7,807 n/a

Panera Bread 4,500 n/a

Quaker Steak & Lube 5,700 - 8,700 n/a

Red Lobster 6,000 - 7,500 n/a

Red Robin 4,500 - 5,800 n/a

Region of Operation

41 states

Global

Nationwide

38 states

28 states

13 states (SE)

Nationwide

46 states & Wash DC

15 states

Nationwide

Nationwide

500

425 (global)

1,733

481

361

110+

843

2,036

50+

700+

551

29


n/a 1+ 1+ New location in Poughkeepsie, NY

10 - 20 n/a 4+ New locations in Singapore & the Baltic States

Plans to open 75-90 locations

45 65 - 77 75 - 90 mainly within domestic markets; approximately 18 locations will close

n/a 8 - 10 24 - 28 Plans to open 24-28 Darden restaurants in the upcoming FY

27 1+ 3+ 3 new locations in TX in 2017

Plans to have 220 stores by 2018;

n/a 16 40 has six new development areas that will procure 40 new restaurants

0 1 - 2 24 - 28 Plans to open 24-28 Darden restaurants in the upcoming FY

n/a 93 70 - 80 Plans to offer food delivery from all its stores by 2018

4 n/a 1+ Aggressive nationwide expansion plan; new PA location

Plans to have 50 overseas n/a 1+ 1+ locations by 2017, specifically in

Asia 3 locations rebranded as Red

n/a 26 8 Robin Express will be completed by late 2016/early 2017; new location in NM

Tenant Expansion Report - Restaurants (Casual Dining), cont.

Tenant Name Average SF -Ruby Tuesday 6,000 n/a

Schlotzsky's 2,800 - 3,500 n/a

Steak 'N Shake 3,200 n/a

Texas Roadhouse 6,700 - 7,500 n/a

TGI Friday's 6,500 n/a

Twin Peaks 6,000 - 8,000 n/a

Region of Operation

Global

37 states

29 states


Nationwide

25 states

613

370+

417 company operated; 173

franchised units

520+

900+ (global)

80

30


13 store remodels in Jan 2017; plan n/a 6 n/a to close 95 underperforming

restaurants

n/a n/a n/a

Recently opened Fresno locations; n/a 7+ franchised 1+ plans to open more there at a later

date

Plans to open 30 company 2-4 6 24 restaurants in 2017. with at least 6

being Bubba's 33

n/a n/a 1+ First location in Shropshire to open in April 2017

20+ 20 1+ Plans to grow in several select markets including FL & TX

Tenant Expansion Report - Restaurants (Quick Serve)

Tenant Name Average SF -Arby's 2,100 - 3,000 n/a

Baskin Robbins 600 - 1,200 n/a

Burger King 3,000 n/a

Carl's Jr 2,390 - 2,911 n/a

Checkers Drive-In I Rally's n/a n/a

Chick-fil-A 4,200 n/a

Chipotle Mexican Grill 2,530 n/a

Culver's 4,500 n/a

Del Taco 2,000 - 2,600 n/a

Region of Operation

Nationwide

43 states & Wash DC

Nationwide

14 states (Southwest &

West), Australia, Cambodia, Chile &

Japan

28 states

45 states & Wash DC

Nationwide

24 states

16 states

---..... . .... 3,400 (global) n/a

7,700 (global); 2,500+ 19

(nationwide)

15,738 631

1,495 1+

840 22+

2,103 24+

2,250 229

580 31

550+ 3+

31


10+ 1+

1+ 10

735 n/a

1+ 20+

37 2+

1+ 1+

240 195 - 210

40 1+

13 23 - 26

Notes

Plans to open 70 stores by 2022; plans to open 25 stores in the Northeast over the next six years with an emphasis on NY & PA

Adding 3 stores to the Atlanta market

Further international expansion planned

20 new restaurants in TX in 2017; will develop 84 OH restaurants in the next 9-12 years with Hardee's; opened first restaurant in Chile

Opening up to 26 locations in Sacramento over the next several years

Plans to open 8-10 locations in Western Ml by 2018; opened a new location in NC

All 15 of ShopHouse locations will close

Plans to expand in the upperMidwest, including Chicago & its suburbs

Focus on Southeast expansion; long-term goal of having 2,000 locations

Tenant Expansion Report - Restaurants (Quick Serve), cont.

Tenant Name Average SF -Dunkin' Donuts 1,200 - 2,500 n/a

Hardee's 3,000 n/a

ln-N-Out Burger n/a n/a

Jack In The Box 2,200 n/a

KFC n/a n/a

Krystal 1,700 n/a

McDonald's 4,000 n/a

Region of Operation

41 states & Wash DC


AZ, CA, NV, OR, TX & UT

21 states & Guam

Global


Global

---..... . .... 8,431 349

2,086 (global) n/a

304 n/a

2,249 5 -10

20,064 1,081

360+ n/a

36,525 n/a

32


46 new stores in I N over next few years; 1,000 new stores throughout CA over the long-

736 17+ term, with 200 new stores in CA over next few years; 1,500 stores expanding to China & Mexico; 17 new in AL & MS Growth opportunities in Eastern & Midwest; large expansion to Northeast with plans to open 200

new restaurants in 5 years starting in NJ & NY; first restaurant there

1+ 1+ to open in 12-18 months, with goal to reach 1,000 stores in Northeast; current expansion in Chicago calls for 35 new stores in the next 7 years; will develop 84 OH restaurants in the next 9-12 years with Carl's Jr Will soon expand to Houston;

n/a 2+ recently opened a third location in San Antonio

6 20 - 25 Majority of new locations will belong to franchisees

1,096 n/a Goal of less than 1,000 company owned YUMI Brands units

100 new units over the next 3 n/a n/a years, with target of 500 total

stores

Plans to refranchise approximately 400 - 500 n/a 4,000 locations by the end of

2018


Tenant Name Average SF -Panda Express 2,000 n/a

Popeye's 2,695 n/a

Odoba n/a n/a

Shake Shack 3,200 n/a

Sonic Drive-In 1,500 n/a

Starbucks 1,500 - 1,800 n/a

Subway 800 - 1,300 n/a

Taco Bell n/a n/a

Tim Hortons n/a n/a

Wendy's 3,800 n/a

Region of Operation

Nationwide

48 states & Wash DC

47 states, Wash DC & Canada

16 states, Wash DC & global

45 states

Global


Global

16 states, Canada, & the Middle East

Global

---..... . .... 1.757 100 each year

2,688 219

700 4+

75 (global) 21

3,557 41

25,085 (global) 1,677

44.000 (global) 34 (net)

6,604 277

4,613 158

6,500+ (global) 80

33


100 each year 1+ International expansion planned; recently opened in IA

216 4+ Purchased by Restaurant Brands International; plans to expand

23 60 - 70 Approximately 40 of the new locations will be company owned

30 11 11 new Shacks will be licensed in FY 2017; 22-23 will be developed

Wants to be 95% franchised by

53 1+ the end of FY 2017; will start to develop in their 46th state, HI, in 2018 Wants to open 8,000 more

1,800 2,100 restaurants over the next 5 years. eventually growing to 30k stores with majority in Asia

1+ 100+ Plans to open 100 outlet stores in the next year in India

294 n/a Goal of less than 1,000 company owned YUMI Brands units

200 2+ Opening in the UK & Mexico in 2017

Goal of 1,000 new restaurants by 110 1+ 2020; plans to open at least 500

in the U.S.


Tenant Name Average SF -Whataburger n/a n/a

White Castle n/a n/a

Region of Operation

10 states (Southwest &

Southeast)

12 states


800+ n/a n/a

420+ 20 - 25 n/a n/a

34

Tenant Expansion Report - Sporting Goods Stores

Tenant Name Average SF -Academy Sports + Outdoors

Bass Pro Shops

Big 5 Sporting Goods

Cabela's

Camping World

Dick's Sporting Goods

Field & Stream

Golf Galaxy

REI

Sports Authority

n/a

20,000 -400,000

11,000

103,015

n/a

49,535

n/a

n/a

23,000 -33,000

n/a

n/a

n/a

$203

$344

n/a

$181

n/a

n/a

n/a

n/a

Region of Operation


32 states & Canada

11 states (West)

36 states & Canada

36 states & Canada

47 states

13 states

29 states

36 states

n/a

225+

74 (U.S.)

432

68 (U.S.)

122

797

27

73

147

n/a

35


6+ n/a 20 Plans to open 20 stores this year; opened first store in IL in 2016

Cabelas & Bass Pro Shops merger 1+ 14 n/a indefinite; could possibly violate

federal regulations

8 -10 5-8 8 In FY 2017, opening 8 stores, but closing 3 stores

Cabelas & Bass Pro Shops merger 13 8 n/a indefinite; could possibly violate

federal regulations

Aggressively expanding in TX; 12 1+ 3+ opening at least 3 locations in

Dallas

55 79 43 Plans to open approximately 43 stores & relocate 7 stores

n/a n/a 8 Expects to open 2 stores in early FY 2017

2+ 9 Plans to open 9 new stores & relocate one store in 2017

6 1+ n/a Opening a location in Chattanooga in 2018

2+ n/a n/a Closed all 450+ stores

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