1. PETROLEUM & C-STORE REAL ESTATE
Brokerage and Advisory Services
Tulsa . Houston . Chicago . Los Angeles . New York . Atlanta . San Francisco . Phoenix
Andrew Barnes
abarnes@stanjohnsonco.com
650.617.3464
Phillip Bonina
pbonina@stanjohnsonco.com
310.752.0287
PetroCstore.com
stanjohnsonco.com
Market Business
Value
Appraised Value
of Real Estate
& Facility
Market Business
Value
Appraised Value
of Real Estate
& Facility
Adjusted Investment
Market Value of Real
Estate & Facility
@ Cap Rate
SJC conducts
a paper split of
the business
& real estate/
facility values
• A long term, triple net (NNN)
lease with sustainable rent is
put in place, re-connecting the
Business & RE/Facility
• Business is re-valued subject
to the new long term lease
• RE/Facility is re-valued and
sold as a triple net lease
property to the real estate
investment market with a
demand for these properties
Fee Simple
Site(s)
Client generates proceeds
from the sale of the real
estate and uses proceeds to
reduce capital investment in
the business
Adjusted Business
Value @ X multiple
of EBITDA
Client
Objectives
Client’s objective is to purchase operating site(s) with little retained capital
• Client desires to generate proceeds from selling the real estate (site & facility) and use those proceeds to
reduce their retained capital investment in the acquisition
• Client also desires the flexibility to sell or retain the business, fuel supply and franchise agreements
Incremental value
is created and then
RE/Facility is sold
Original EBITDA
Less Rent Obligation
= Adjusted EBITDA
Adjusted EBITDA
Client
Results
Purchaser “Split Purchase” | Business Growth Through Acquisitions and Improved ROI
Client has the flexibility of
subleasing & selling the business
and retaining the fuel supply and
franchise agreements
Plus
Option to sell
Business &
sublease site
to 3rd party
operator
Business Rent Multiple
Business Value Multiple
Real Estate CAP Rate- %
Applied
Market
Range
EBITDA to Rent Factor

2. PETROLEUM & C-STORE REAL ESTATE
Brokerage and Advisory Services
Tulsa . Houston . Chicago . Los Angeles . New York . Atlanta . San Francisco . Phoenix
Andrew Barnes
abarnes@stanjohnsonco.com
650.617.3464
Phillip Bonina
pbonina@stanjohnsonco.com
310.752.0287
PetroCstore.com
stanjohnsonco.com
Market Business
Value
Appraised Value
of Real Estate
& Facility
Market Business
Value
Appraised Value
of Real Estate
& Facility
Adjusted Investment
Market Value of Real
Estate & Facility
@ Cap Rate
SJC conducts
a paper split of
the business
& real estate/
facility values
• A long term, triple net (NNN)
lease with sustainable rent is
put in place, re-connecting the
Business & RE/Facility
• Business is re-valued subject
to the new long term lease
• RE/Facility is re-valued and
sold as a triple net lease
property to the real estate
investment market with a
demand for these properties
Fee Simple
Site(s)
Adjusted Business
Value @ X multiple
of EBITDA
Client
Objectives
Client owns and operates multiple sites
• Client desires to extract their capital locked-up in both the business and real estate (site & facility)
• Client also desires a full exit from both the business operations and real estate ownership
Original EBITDA
Less Rent Obligation
= Adjusted EBITDA
Adjusted EBITDA
Client
Results
Seller “Split Sale” | Profitable Sale of Multi-Site Operations and Real Estate
Business is first
marketed & sold to
quality credit operator
subject to long term
lease terms
Client generates more
proceeds from the split sale
of the real estate & business
RE/Facility is then
sold to the real estate
investment market
based upon value &
terms of long term lease
Business Rent Multiple
Business Value Multiple
Real Estate CAP Rate- %
Applied
Market
Range
EBITDA to Rent Factor

3. PETROLEUM & C-STORE REAL ESTATE
Brokerage and Advisory Services
Tulsa . Houston . Chicago . Los Angeles . New York . Atlanta . San Francisco . Phoenix
Andrew Barnes
abarnes@stanjohnsonco.com
650.617.3464
Phillip Bonina
pbonina@stanjohnsonco.com
310.752.0287
PetroCstore.com
stanjohnsonco.com
Type of Advisory Service
Enhance Portfolio Revenue and/or Prepare to Go-to-Market
ValueofPetroleum&C-StorePortfolio
COT Strategies
Site Leasehold
Strategies
On-Site
Supplemental
Profit Center
Strategies
Portfolio/Site
High-Grading
Strategies
Annual
Replacement
of Lower 10%
Performers
Advisory Services For Portfolio Optimization | Operating Petroleum & C-Store Site