ash ameica exclusive listing | 3 portfolio...
TRANSCRIPT
Cash America | 3 Portfolio LocationsOffering Memorandum
DOUG ARONSONMANAGING DIRECTOR
(954) 514-9477 [email protected]
West Palm Beach, FL Actual Site
EXCLUSIVE LISTINGOffering Memorandum
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C A L K A I N .C O MC A L K A I N .C O M
Cash America (Three Location Portfolio) | FL & TN
Sold separately or as a portfolio
Cash America | 3 Portfolio LocationsOffering Memorandum
Tenant Overview 3
Portfolio Financial Summary 4
Location Overview 5
West Palm Beach, FL 6
Tampa, FL 10
Murfreesboro, TN (Nashville) 14
About Calkain 18
Contact Us 19
Table of Content
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Cash America | 3 Portfolio LocationsOffering Memorandum
About Cash AmericaCash America International, Inc. provides specialty financial services to individuals in the United States at more than 900 locations in 20 states. They are the largest provider of secured non-recourse loans, commonly referred to as pawn loans, and operate under the brand names Cash America Pawn, Cashland and Cash America SuperPawn.
They also offer short-term cash advances in many of their locations, under the brand names Cash America Payday Advance and Cashland. In addition, check-cashing services are provided through their franchised and company-owned Mr. Payroll check-cashing centers.
About First Cash - New Corporate ParentOn September 1, 2016 First Cash Financial Services, Inc. merged with Cash America International, Inc. to form FirstCash, Inc. On September 2, 2016 FirstCash began trading on the NYSE. FirstCash has over 2,000 retail and consumer lending locations in the U.S., Mexico, Guatemala and El Salvador making them a leading international operator of pawn stores.
FirstCash focuses on serving cash and credit constrained consumers through its retail pawn locations, which buy and sell a wide variety of jewelry, consumer electronics, power tools, household appliances, sporting goods, musical instruments and other merchandise, and make small consumer pawn loans secured by pledged personal property. Approximately 94% of the Company’s revenues are from pawn operations. FirstCash is a component company in both the Standard & Poor’s SmallCap 600 Index® and the Russell 2000 Index®.
Press Release FirstCash Reports Record Fourth Quarter and Full Year Results; Increases Quarterly Dividend and Issues 2018 Earnings OutlookFort Worth, Texas (February 1, 2018) -- FirstCash, Inc. (the “Company”) (NYSE: FCFS), a leading international operator of over 2,100 retail pawn stores in the U.S. and Latin America, today announced record revenue, net income and earnings per share for the fourth quarter and full year ended December 31, 2017. In addition, the Company announced that the Board of Directors increased the annualized dividend to $0.88 per share, or $0.22 per share quarterly, beginning with the dividend to be paid in February 2018, which represents a 16% increase over the $0.19 per share dividend paid in the first quarter of 2017.
Tenant Snapshot# of Locations
2,000+
Stock SymbolNYSE: FCFS
Credit RatingS&P: BB
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Tenant Overview
Cash America | 3 Portfolio LocationsOffering Memorandum
Portfolio Financial Summary
Rent Schedule
Tenant City, State AnnualRent
Monthly Rent
Lease Commencement
Lease Expiration Options Increases
Cash America West Palm Beach, FL $149,040 $12,420 07/30/2017 07/29/2022 Two (2), Five (5) Yr 10% Every 5 Yrs
Cash America Tampa, FL $67,200 $5,600 03/01/2018 02/28/2023 Two (2), Five (5) Yr 5.35% - 6.80% Every 5 Yrs
Cash America Murfreesboro, TN $62,832 $5,526 02/01/2017 01/31/2022 One (1), Five (5) Yr 12% Every 5 Yrs
Total $279,072 $23,546
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Sold separately or as a portfolio
Cash America | 3 Portfolio LocationsOffering Memorandum
A
A 1640 S Military Trail West Palm Beach FL
B 9631 N Nebraska Ave Tampa FL
C 320 SE Broad St Murfreesboro TN
West Palm Beach
C
B
Location Overview
Tampa
Murfreesboro
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Cash America | 3 Portfolio LocationsOffering Memorandum
1640 S Military Trail | West Palm Beach, FL
Asking Price $1,948,235 | Cap Rate 7.65%
Net Operating Income (NOI) $149,040
Rent/Month $12,420
Rentable Square Feet5,059+/- SF Retail
3,280+/- SF Warehouse
Land Area 0.786+/- Acres
Tenant Name Cash America
Stock Symbol NYSE: FCFS
Credit Rating S&P: BB (Stable)
Guarantor Corporate
Ownership Type Fee Simple
Lease Type NNN
Landlord Responsibilities None
Store Opened 1990
Rent Commencement July 30, 2017
Lease Expiration July 29, 2022
Increases 10% Every 5 Years
Options Two (2), Five (5) Year
Rent Schedule
Term Increases Annual Rent Monthly Rent7/12/2012-7/29/2017 - $129,600 $10,800
7/30/2017-7/29/2022 15% $149,040 $12,420
7/30/2022-7/29/2027 (Option 1)
10% $163,944 $13,662
7/30/2027-7/29/2032 (Option 2)
10% $180,336 $15,028
Investment Highlights • South Florida asset with strong visibility
• Successful location for tenant (since 1990)
• Publicly traded company (NYSE: FCFS)
• Retail and warehouse building included
• Strong population density (123,441 households within 5 miles)
• High traffic count (42,500 VPD)
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Financial Summary | West Palm Beach
Address1640 S Military Trail | West Palm Beach, FL
Subject Site
Cash America | 3 Portfolio LocationsOffering Memorandum
S Mili
tary
Trl 4
2,50
0 VP
D
Forest Hill Blvd 43,400 VPD
95
Palm Beach International Airport
West Palm Beach Golf Course
Forest Hill Community High School
S Con
gres
s Ave
36,
780
VPD
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Cash America | 3 Portfolio LocationsOffering Memorandum
Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 29,203 144,925 330,339
2022 Population 31,019 152,720 349,902
2010-2017 Annual Rate 1.19% 1.01% 1.17%
2017-2022 Annual Rate 1.21% 1.05% 1.16%
2017 Male Population 48.7% 49.8% 49.6%
2017 Female Population 51.3% 50.2% 50.4%
2017 Median Age 34.2 36.2 37.8
Households2017 Total Households 10,268 50,485 123,441
2022 Total Households 10,831 52,871 130,151
2010-2017 Annual Rate 0.95% 0.72% 0.95%
2017-2022 Annual Rate 1.07% 0.93% 1.06%
2017 Average Household Size 2.84 2.81 2.64
Median Household Income2017 Median Household Income $38,535 $40,649 $41,846
2022 Median Household Income $41,476 $44,753 $47,052
2017-2022 Annual Rate 1.48% 1.94% 2.37%
Average Household Income2017 Average Household Income $49,327 $54,791 $59,278
2022 Average Household Income $56,186 $62,357 $67,901
2017-2022 Annual Rate 2.64% 2.62% 2.75%
Per Capita Income2017 Per Capita Income $17,539 $19,455 $22,426
2022 Per Capita Income $19,842 $21,941 $25,498
2017-2022 Annual Rate 2.50% 2.43% 2.60%
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Demographics
Cash America | 3 Portfolio LocationsOffering Memorandum
9631 N Nebraska Ave | Tampa, FL 33612
Asking Price $896,000 | Cap Rate 7.50%
Net Operating Income (NOI) $67,200
Rent/Month $5,600
Rentable Square Feet3,960+/- SF Retail
3,895+/- SF Warehouse
Land Area 0.528+/- Acres
Tenant Name Cash America
Stock Symbol NYSE: FCFS
Credit Rating S&P: BB (Stable)
Guarantor Corporate
Ownership Type Fee Simple
Lease Type NN
Landlord Responsibilities Roof & Parking Lot
Store Opened 1990
Rent Commencement March 1, 2018
Lease Expiration February 28, 2023
Increases 5.35% - 6.80% Every 5 Years
Options Two (2), Five (5) Year
Investment Highlights • Tampa, Florida asset with strong visibility
• Successful location for tenant (since 1990)
• Publicly traded company (NYSE: FCFS)
• Retail and warehouse building included
• Strong population densisty (131,379 households within 5 miles)
• Traffic count (23,120 VPD)
Rent Schedule
Term Increases Annual Rent Monthly Rent3/1/2018-2/28/2023 - $67,200 $5,600
3/1/2023-2/28/2028 (Option 1)
5.35% $70,800 $5,900
3/1/2028-2/28/2033 (Option 2)
6.80% $75,600 $6,300
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Financial Summary | Tampa
Address9631 N Nebraska Ave | Tampa, FL 33612
Subject Site
Cash America | 3 Portfolio LocationsOffering Memorandum
N Ne
bras
ka A
ve 2
3,12
0 VP
D
I-275
139
,500
VPD
E Busch Blvd 47,000 VPD
ChamberlainHigh School
41
275
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Cash America | 3 Portfolio LocationsOffering Memorandum
Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 17,616 131,613 330,825
2022 Population 18,779 139,529 350,686
2010-2017 Annual Rate 1.03% 0.88% 0.90%
2017-2022 Annual Rate 1.29% 1.17% 1.17%
2017 Male Population 50.2% 48.8% 48.3%
2017 Female Population 49.8% 51.2% 51.7%
2017 Median Age 34.2 34.7 34.6
Households2017 Total Households 6,226 50,226 131,379
2022 Total Households 6,612 53,131 139,057
2010-2017 Annual Rate 0.89% 0.75% 0.82%
2017-2022 Annual Rate 1.21% 1.13% 1.14%
2017 Average Household Size 2.78 2.53 2.45
Median Household Income2017 Median Household Income $32,030 $35,694 $37,010
2022 Median Household Income $34,131 $38,338 $40,238
2017-2022 Annual Rate 1.28% 1.44% 1.69%
Average Household Income2017 Average Household Income $43,445 $50,337 $54,198
2022 Average Household Income $49,365 $57,592 $62,087
2017-2022 Annual Rate 2.59% 2.73% 2.76%
Per Capita Income2017 Per Capita Income $16,159 $20,008 $22,093
2022 Per Capita Income $18,164 $22,698 $25,146
2017-2022 Annual Rate 2.37% 2.55% 2.62%
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Demographics
Cash America | 3 Portfolio LocationsOffering Memorandum
320 SE Broad St | Murfreesboro, TN 37130
Asking Price $837,760 | Cap Rate 7.50%
Net Operating Income (NOI) $62,832
Rent/Month $5,236
Rent/SF $13.31
Rentable Square Feet 4,720+/- SF Retail
Land Area 0.471+/- Acres
Tenant Name Cash America
Stock Symbol NYSE: FCFS
Credit Rating S&P: BB (Stable)
Guarantor Corporate
Ownership Type Fee Simple
Lease Type NN
Landlord Responsibilities Roof & Structure
Store Opened 2007
Rent Commencement February 1, 2017
Lease Expiration January 31, 2022
Increases 12% Every 5 Years
Options One (1), Five (5) Year
Rent Schedule
Term Increases Annual Rent Monthly Rent2/1/2007-1/31/2012 - $51,000 $4,250
2/1/2012-1/31/2017 10% $56,100 $4,675
2/1/2017-1/31/2022 (Option 1)
12% $62,832 $5,236
2/1/2022-1/31/2027 (Option 2)
12% $70,368 $5,864
Investment Highlights • Publicly traded company (NYSE: FCFS)
• Nashville MSA
• 12% rent bumps in options
• Successful location for tenant (since 2007)
• Population density (50,723 households within 5 miles)
• Excellent visibility on US-41 (33,210 VPD)
• 2 miles to Middle Tennessee State University
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Financial Summary | Nashville MSA
Address320 SE Broad St | Murfreesboro, TN
Subject Site
Cash America | 3 Portfolio LocationsOffering Memorandum
SE Broad St 33,210 VPD
Stones River Mall
McFadden School of Excellence
41
24
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Cash America | 3 Portfolio LocationsOffering Memorandum
Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 9,022 63,590 131,050
2022 Population 9,708 68,697 145,739
2010-2017 Annual Rate 1.14% 1.13% 1.94%
2017-2022 Annual Rate 1.48% 1.56% 2.15%
2017 Male Population 49.7% 50.2% 49.4%
2017 Female Population 50.3% 49.8% 50.6%
2017 Median Age 30.9 28.6 32.0
Households2017 Total Households 4,090 25,182 50,723
2022 Total Households 4,419 27,282 56,458
2010-2017 Annual Rate 1.22% 1.18% 1.96%
2017-2022 Annual Rate 1.56% 1.61% 2.17%
2017 Average Household Size 2.10 2.36 2.50
Median Household Income2017 Median Household Income $24,219 $37,591 $53,195
2022 Median Household Income $25,592 $41,549 $59,937
2017-2022 Annual Rate 1.11% 2.02% 2.42%
Average Household Income2017 Average Household Income $38,483 $54,730 $70,513
2022 Average Household Income $44,318 $63,886 $81,053
2017-2022 Annual Rate 2.86% 3.14% 2.83%
Per Capita Income2017 Per Capita Income $18,489 $22,614 $27,691
2022 Per Capita Income $21,147 $26,208 $31,704
2017-2022 Annual Rate 2.72% 2.99% 2.74%
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Demographics
Cash America | 3 Portfolio LocationsOffering Memorandum
DOUG ARONSONMANAGING DIRECTOR
(954) 514-9477 [email protected]
Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.
We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.
Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.
With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.
Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.
Client Testimonial
“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.
- Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)
$11.5 Billion in Closed Transactions
$350 Million
in Active Listings
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C A L K A I N .C O MC A L K A I N .C O M
About Calkain
DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Corporate Headquarters Washington, DC12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783
Fort Lauderdale200 SW 1st Avenue | Suite 880 Fort Lauderdale, FL 33301 T: (813) 282-6000
Atlanta111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629
Boston101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584
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