165 E Nine Mile Rd
Pensacola, FL 32534

• Concept: Applebee’s is the world’s largest casual dining chain with more than 1,800 locations in the U.S. and around the world. 100% of all Applebee’s are owned and operated by Franchisees. The Applebee’s brand is owned by Dine Brands Global (NYSE: DIN), which operates approximately 3,700 restaurants under the Applebee’s and IHOP brand names making it one of the largest full-service restaurant companies in the world. • Tenant: As one of Applebee’s largest franchisees, RMH Franchise Corporation currently operates 135 high-performing locations and employs over 9,300 people. Following its recent restructuring which included a $50M credit facility from Fortress Credit Corp, RMH is expected to have entity-level EDBITA of $20M in 2019. Additionally, the company experienced a ±6.59% increase in same-store sales during 2018. RMH is a portfolio holding company of ACON Investments, a Washington, DC-based international private equity firm. • Absolute Net Lease: 20-year absolute net lease with ±13.75 years of primary lease term remaining - No Landlord responsibilities. • Attractive Annual Rent Escalations: Annual rent increases equal to the lesser of 1.50%or 1.25 times the change in the CPI.