ANNUAL UNITHOLDERS ’ MEETING May 14, 2015 1
Scott Frederiksen Chairman & CEO 7515 Hartman Industrial Way Atlanta, Georgia 2 GLA: 113,700 sq. ft. Ceiling height: 28 feet
Forward-Looking Statements Certain statements in this presentation may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of WPT Industrial Real Estate Investment Trust ( “ WPT REIT ” or the “ REIT"), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this presentation, such statements use such words as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate" and other similar terminology. These statements reflect the REIT's current expectations regarding future events and operating performance including the REIT ’ s future growth potential, results of operations, future prospects and opportunities, demographic and industry trends and future legislative and regulatory approaches with respect to matters affecting the REIT and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, which include, but are not limited to the factors discussed under “ Forward-Looking Statements ” and "Risk Factors" in the REIT ’ s annual information form for the year ended December 31, 2014, the “ AIF ” and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. Forward looking statements are necessarily broad on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies; therefore, the REIT cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the REIT assumes no obligation to update or revise them to reflect new events or circumstances. This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. The information contained in this presentation concerning the REIT and its affiliates does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether or not to make an investment in the REIT. The information is qualified entirely by reference to the AIF. This presentation includes certain financial measures such as funds from operations ( “ FFO ” ), adjusted funds from operations ( “ AFFO ” ) and net operating income ( “ NOI ” ) that are not measures recognized under International Financial Reporting Standards ( “ IFRS ” ) and do not have standardized meanings prescribed by IFRS. FFO, AFFO and NOI are supplemental measures of a Canadian real estate investment trust ’ s performance and the REIT believes they are relevant measures of the ability of the REIT to earn and distribute cash returns to investors in the Units and to evaluate the REIT ’ s performance. The IFRS measurement most directly comparable to FFO, AFFO and NOI is net income. Tables reconciling such non- IFRS financial measures are available in this presentation and in the AIF. All currency in U.S. dollars 3
Specific concentration on US distribution market Managed by Welsh Property Trust • Over 35 years of experience ONLY Canadian REIT • Fully aligned with 47.3% focused exclusively on ownership interest U.S. industrial real estate Strong growth and performance since April 2013 IPO 2014 – A Year of Strong Growth 4
Consistent Growth Since IPO (US$,000 except per Unit amounts) Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Investment properties revenue 16,386 15,431 15,227 13,846 12,847 NOI 12,452 11,796 11,610 10,480 9,432 FFO 7,990 7,623 7,431 6,541 5,928 AFFO 6,697 6,363 6,234 5,155 4,816 AFFO per Unit $0.207 $0.216 $0.212 $0.188 $0.202 AFFO Payout Ratio 88.1% 80.9% 82.6% 95.0% 86.4% 85.7% Property acquisitions make significant contribution 5
Strong Balance Sheet & Liquidity Position As of March 31: 2015 2014 Total Debt to GBV 50.8% 52.4% Weighted Average Effective Interest Rate 3.8% 4.0% Weighted Average Mortgage Term-to-Maturity 5.7 yrs 6.5 yrs Interest Coverage Ratio 3.3x 3.2x Fixed Charge Coverage Ratio 2.9x 2.7x $46.5 million equity offering in Q1 2015 6
$255.4 Million 11 Institutional Quality Properties Acquisitions since IPO 6.5 Million Square Feet 17 High-Quality Tenants 6766 Pontius Rd. Cincinnati, Ohio 7 GLA: 754,000 sq. ft. Ceiling height: 35 feet
$53.0 Million Acquisition Highlights 1 Institutional Quality Property 2 Efficient cross-dock configuration 3 32 foot clear ceiling height 4 Ample parking and large, flexible truck court 5 1,262,000 square foot facility, 100% leased to Unilever (NYSE: UN) 5620 Inner Park Drive Pontoon Beach, IL 8 GLA: 1,262,000 sq. ft. Ceiling height: 32 feet
$13.3 Million Acquisition Highlights 1 Location: Proximity to Airport and Interstate 275 and 75 2 Efficient cross-dock configuration 3 32 foot clear ceiling height 4 Ample parking and large, flexible truck court 5 300,000 square foot facility, 100% leased to UPS Supply Chain Solutions (NYSE: UPS) 1500 Worldwide Blvd Hebron, KY 9 GLA: 300,000 sq. ft. Ceiling height: 32 feet
$51.5 million Acquisition Highlights 1 USGBC LEED Gold certified Building 2 Efficient cross-dock configuration & rail served 3 32 foot clear ceiling height 4 Ample parking and large, flexible truck court 5 1,500,000 square foot facility, 100% leased to General Mills (NYSE: GIS) 1871 Willow Springs Church Road Atlanta, GA 10 GLA: 1,500,000 sq. ft. Ceiling height: 32 feet
$45.4 Million Acquisition Highlights 1 Location: 15 minutes from UPS Worldport air hub 2 Institutional Quality, Class A property 3 32 foot clear ceiling height 4 Ample parking and large, flexible truck court 5 936,000 square foot facility, 100% leased to Amazon.com (NASDAQ: AMZN) & The Clorox Company 100 West Thomas P Echols Drive (NYSE: CLX) Louisville, KY 11 GLA: 936,000 sq. ft. Ceiling height: 32 feet
$5.5 Million Acquisition Highlights 1 Location: Within the Airport submarket of Cincinnati 2 Institutional Quality, Class A property 3 30 foot clear ceiling height 4 Ample parking and large, flexible truck court 5 127,800 square foot facility, 100% leased to US Worldwide Logistics 2750 Earhart Court Hebron, KY 12 GLA: 127,800 sq. ft. Ceiling height: 30 feet
$86.7 Million Portfolio Highlights 1 Location: Southeastern submarket of Memphis, TN 2 Six Institutional Quality, Class A distribution properties 3 24-32 foot clear ceiling heights 4 Ample parking and large, flexible truck courts 5 2,327,018 square foot portfolio, 100% leased to 11 tenants 6 Portfolio includes excess land that allows for building Southeast Submarket Memphis, TN expansion or new development opportunities. 13 GLA: 2,327,018 sq. ft. Ceiling height: 24-32 feet
Current Portfolio 48 Properties 15.1M sq. ft. of GLA Strategically Located in Key Distribution Markets 14
1 Institutional-Quality Portfolio 31 feet 2 Average Clear Ceiling Heights 13 Years Average Asset Age 321,000 Sq. Ft. 2 Average Building Size 195,000 Sq. Ft. 2 Average Tenant Size 1. As of March 31, 2015 2. Industrial assets only State-of-the-Art Warehouse and Distribution Properties 15
Staggered Lease Maturity Profile* Lease Expiration (% of GLA) by Year 25.0% 20.3% 20.0% 17.8% 17.2% Weighted Average 16.3% Remaining Lease Term 15.0% 13.6% 4.2 years 10.0% 6.7% 5.0% 3.5% 2.4% 2.2% 0.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 + Leases expiring 5 19 14 16 10 11 6 3 7 *As of March 31, 2015 Opportunities starting in 2016 to roll rents to market 16
High-Quality Tenant Base Top 10 Industrial Tenants* (%) of Total Remaining Lease Tenant GLA Occupied Portfolio GLA Term (Years) Sector General Mills 1,512,552 10.02% 5.17 Consumer Products Unilever 1,262,648 8.36% 8.25 Consumer Products Honeywell 754,000 4.99% 3.76 Consumer Products OSP Group 741,092 4.91% 1.42 Online Retailer Zulily 737,471 4.88% 2.17 Online Retailer United Stationers 654,080 4.33% 2.34 Consumer Products CEVA Logistics 648,750 4.30% 1.17 Logistics Amazon.com 572,000 3.79% 4.34 Online Retailer Ebay 543,512 3.60% 2.08 Online Retailer Life Science Logistics 394,200 2.61% 5.25 Healthcare 7,820,305 51.80% 4.05 *As of March 31, 2015 Stable and Diversified Tenant Mix 17
US Distribution Market Update 7515 Hartman Industrial Way Atlanta, Georgia 18 GLA: 113,700 sq. ft. Ceiling height: 28 feet
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