INVESTOR PRESENTATION First Quarter 20 16 Forward-Looking - PDF document

1 INVESTOR PRESENTATION First Quarter 20 16

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 ability to invest in private funds and the future prospects and opportunities relating to investment in, or co-investment with, such private funds, the current or future status of the REIT’s Unitholder Rights Plan Agreement, the REIT’s future growth potential and other prospects and opportunities, results of operations, 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, 2015, 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 2

GLA: 1,262,648 sq. ft. 5620 Inner Park Drive Pontoon Beach, Illinois Ceiling height: 32 feet 3 Market Update US Industrial

Demand for Industrial  23 consecutive quarters of industrial demand outstripping supply. (Source: JLL Investm ent Outlook, Q4 2015)  2016 opens with 59.6 million sq ft of positive net absorption (Source: CBRE Market Snapshot, Q1 2016)  E-commerce sales in the U.S. were up 20% in 2015 vs. 2014. (Source: eMarketer, Decem ber 2014)  Sales volume was $25.6bn in Q4 2015, the highest quarterly volume of activity ever. (Source: Colliers- US Industrial Report, Q4 2015) Industrial Fundam entals Solid 4

Development Activity  Nationwide availability hits a 15- year low (Source: CBRE Marketview snapshot, Q1 2016)  Current space requirements in the market (~249MM sf) exceed active speculative construction by a factor of 2.3x . (Source: JLL US Industrial Outlook Q2 2015, JLL US Industrial First Look Q3 2015 & CoStar – Costar data includes all industrial product types) Strong Absorption will Fuel Developm ent 5

Capital Inflows  $64.4bn in 2015 industrial investment sales, which was a 55.3% increase over the prior year (Source: JLL Investm ent Outlook, Q4 2015)  In 2015, foreign investments in U.S. industrial properties of $25.9bn, eclipsed investments in office properties of $19.3bn, for the first time. (Source: JLL Investm ent Outlook, Q4 2015) Industrial Investm ents Surpass Office 6

7 Rents are Rising Growing Rents

10 0 West Louisville, KY GLA: 936,000 sq. ft. Ceiling height: 32 feet Thom as P Echols Drive 8 WPT Industrial REIT Update

 Specific concentration in U.S. distribution and logistics market  Managed by WPT Capital Advisors • Over 35 years of experience ONLY Canadian REIT focused exclusively on  Annual distribution of U.S. Industrial Real Estate $0.76/ unit in U.S. Dollars Unique Investm ent Vehicle 9

$255.4 Million 11 Institutional Quality Properties Acquisitions since IPO 6.5 Million Square Feet 17 High-Quality Tenants 6766 Pontius Rd. Cincinnati, Ohio GLA: 754,000 sq. ft. Ceiling height: 35 feet Significant Growth since IPO 10

1 Current Portfolio 48 Properties 15.1M Minneapolis sq. ft. of GLA “The value of goods delivered by same-day delivery is expected to increase by 154% annually through 2018.” (Source: Business Insider Intelligence Estimates) 1. As of March 31, 2016 Strategically Located in Key Distribution Markets 11

1 Institutional-Quality Portfolio 31 feet 2 Average Clear Ceiling Heights 14 Years Average Asset Age 321,0 0 0 Sq. Ft. 2 Average Building Size 191,0 0 0 Sq. Ft. 2 Average Tenant Size 1. As of March 31, 2016 2. Industrial assets only State-of-the-Art Assets 12

High-Quality Tenant Base Top 10 Tenants* % of Total Annualized (%) of Total Tenant Base Rent GLA Occupied Portfolio GLA Sector General Mills Operations, LLC 7.4% 1,512,552 10.0% Consumer Products Unilever Home & Personal Care 6.2% 1,262,648 8.4% Consumer Products Zulily Inc 4.2% 737,471 4.9% Online Retailer Fullbeauty Brands, Inc. 3.9% 741,092 4.9% Online Retailer Essendant Co (Formerly United Stationers Supply 3.8% 654,080 4.3% Consumer Products Co) CEVA Logistics U.S. Inc. 3.5% 648,750 4.3% Logistics Amazon.com 3.5% 572,000 3.8% Online Retailer Radial, Inc. (Formerly eBay Enterprise, Inc.) 3.4% 543,512 3.6% Online Retailer Honeywell International Inc 3.4% 754,000 5.0% Consumer Products KGP Logistics, Inc. 3.2% 311,100 2.1% Logistics Total 42.5% 7,737,20 5 51.3% *As of March 31, 20 16 Stable and Diversified Tenant Mix 13

GLA: 754,000 sq. ft. 6766 Pontius Rd. Cincinnati, Ohio Ceiling height: 35 feet 14 Financial Overview

Consistent Growth Since IPO Q1 20 16 Q4 20 15 Q3 20 15 Q2 20 15 Q1 20 15 (US$,0 0 0 except per Unit am ounts) Investment properties $ 17,564 $ 15,769 $ 17,705 $ 17,563 $ 16,386 revenue NOI 13,029 11,372 13,420 13,358 12,452 FFO 7,511 6,121 8,617 8,143 7,990 AFFO 7,180 7,423 7,361 7,156 6,697 AFFO per Unit $0.213 $0.220 $0.218 $0.212 $0.207 Targeting Disciplined and Accretive Growth 15

Strong Balance Sheet & Liquidity Position As of March 31, 2016 Total Debt to GBV 48.2% Weighted Average Effective Interest Rate 3.8% Weighted Average Mortgage Term-to-Maturity 4.7 yrs Interest Coverage Ratio 3.3 times Fixed Charge Coverage Ratio 2.9 times Debt to EBITDA 8.1 times AFFO Payout Ratio – Q1 2016 89.3% $29.0 Million in Capacity on Revolving Facility 16

Well-Balanced Mortgage Portfolio Mortgage Maturities by Year (1) 100,000 87,111 Maturities ($ in thousands) Weighted Average 90,000 80,000 Mortgage Term-to-Maturity 70,000 52,498 60,000 50,011 4.7 years 50,000 33,295 40,000 31,481 25,762 30,000 22,616 20,000 8,863 10,000 1,913 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1) As of March 31, 2016 10 0 % Fixed Rate Mortgage Debt with Weighted Average Interest Rate under 4% 17