INVESTOR PRESENTATION First Quarter 20 17 1 Forward-Looking - PowerPoint PPT Presentation

INVESTOR PRESENTATION First Quarter 20 17 1

Forward-Looking Statements This presentation contains "forward-looking information" as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of WPT Industrial Real Estate Investment Trust (the “REIT"). The words “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “projects”, “believes”, or variations of such words and phrases (including negative variations) or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. These statements reflect the REIT's current expectations regarding future events and operating performance, 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 are necessarily based on a number of estimates, beliefs and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies which could cause actual results to differ materially from those that are disclosed in such forward-looking statements. While considered reasonable by management of the REIT as of the date of this presentation, any of these estimates, beliefs or assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those estimates, beliefs or assumptions could be incorrect. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved, if achieved at all. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including but not limited to those factors discussed or referenced under the “Risk Factors” section of the REIT’s MD&A and the REIT’s annual information form for the year ended December 31, 2016 (the “AIF”). 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 REIT’s MD&A and the AIF. Certain terms included in this presentation such as funds from operations (“FFO”), adjusted funds from operations (“AFFO”), adjusted cash flow from operations (“ACFO”) and net operating income (“NOI”) are used by management to measure, compare and explain the operating results and financial performance of the REIT and are not recognized terms under IFRS, and therefore should not be construed as alternatives to net income (loss) and comprehensive income (loss) or cash flow from operating activities calculated in accordance with IFRS. Management believes these terms are relevant measures in comparing the REIT’s performance to industry data, the REIT’s ability to earn and distribute cash returns to holders of the REIT’s trust units, and the REIT’s ability to meet its ongoing obligations. These terms are defined and reconciled to the most directly comparable measure specified in the REIT’s MD&A. Such terms do not have a standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures presented by other issuers. All currency in U.S. dollars 2

U.S. Industrial Market Update 56 20 Inner Park Drive Pontoon Beach, Illinois GLA: 1,262,648 sq. ft. Ceiling height: 32 feet 3

Demand for Industrial continues into ‘17  Vacancy rates fell in nearly three quarters of U.S. Markets, causing overall vacancy to decline another 30 basis points. This is despite a steady flow of new construction in most markets (Source: JLL U.S. Investment Outlook Q4 2016)  U.S. industrial market expanded for a 28 th consecutive quarter, logging ~33M sq. ft. of positive net absorption in Q1 2017 – the longest such streak in more than 20 years. (Source: CBRE Marketview Snapshot, Q1 2017)  The continued surge in e-commerce sales and the need to get products to consumers quickly while minimizing supply chain costs is forcing retailers and wholesalers into modern facilities and expanding their warehouse presences in secondary markets. (Source: Colliers International Industrial Market Outlook, Q4 2016)  E-commerce sales in the U.S. were up 15.1% in Q4 2016 vs. Q4 2015, while total retail sales increased 2.2% in the same period, working to the advantage of industrial markets. (Source: U.S. Census Bureau New s, February 2017) Industrial Market Dem and at Highest Level Since 20 0 5 4

Development Activity Keeps Building Momentum  The construction pipeline continues to grow, led by a significant increase of build-to-suit properties. After delivering 224.5 m.s.f in 2016, we expect 2017 to be another solid year. (Source: JLL Industrial First Look Q1 2017)  If 100% of the development activity currently in the pipeline goes unleased; the worst case scenario is the vacancy rate would increase to 6.3%, which is still 15% below the 10 year average. (Source: CBRE Western US Industrial and Office Conference) (Source: Cushm an Wakefield US Industrial MarketBeat, Q1 2017 )  The pipeline remains robust, with ground breakings up 24% since fourth quarter of 2016. (Source: Cushm an Wakefield US Industrial MarketBeat, Q1 2017) Tenant Dem and Exceeds Available Space, Fueling Developm ent 5

Growing Rents Industrial Tenant Dem and Continues to Drive Rents to Record Highs 6

WPT Industrial REIT Update 10 0 West Thom as P Echols Drive Louisville, KY GLA: 936,000 sq. ft. Ceiling height: 32 feet 7

 Specific concentration in U.S. distribution and logistics market  Managed by WPT Capital Advisors • Experienced management team with long history in ONLY Canadian REIT industrial sector focused exclusively on  Annual distribution of U.S. industrial real estate $0.76/ unit in U.S. Dollars  Unit price is in U.S. Dollars Unique Investm ent Vehicle 8

Proven Growth Strategies Internal Growth: External Growth: • Contractual rent increases • Strong established acquisition team • Rolling rents to market upon renewals • Strong acquisition pipeline • Consistently high occupancy rates across • Extensive institutional relationships portfolio • Proven track record of sourcing, • Effective asset & property management completing and integrating acquisitions • Strategic debt placement & refinancing • Development of vacant land parcels Experienced Managem ent Team Delivering Growth & Results 9

$315.5 Million 13 Institutional Quality Properties Acquisitions since IPO (1) 7.3 Million Square Feet 41 High-Quality Tenants 6 76 6 Pontius Rd. Cincinnati, Ohio GLA: 754,000 sq. ft. Ceiling height: 35 feet Strong Track Record of Growth 10 (1) As of March 31, 2017.

1 Current Portfolio 49 Investment Properties 15.6M sq. ft. of GLA 1. As of March 31, 2017 Strategically Located in Key Distribution Markets 11

1 Institutional-Quality Portfolio 31 feet 2 Average Clear Ceiling Heights 13 Years Average Asset Age 326,0 0 0 sq. ft. 2 Average Building Size 146,0 0 0 sq. ft. 2 Average Tenant Size 1. As of March 31, 2017 2. Industrial assets only State-of-the-Art Assets 12

High-Quality Tenant Base Top 10 Tenants* % of Total Annualized GLA Occupied (%) of Total Tenant Base Rent (‘0 0 0 s sq. ft.) Portfolio GLA Sector General Mills Operations, LLC 6.8 % 1,512.6 9.7% Consum er Products Unilever Hom e & Personal Care 5.8 % 1,262.6 8 .1% Consum er Products Zulily, LLC 3.9% 737.5 4.7% Online Retailer Fullbeauty Brands, Inc. 3.6% 741.1 4.7% Online Retailer Am azon.com 3.3% 572.0 3.6% Online Retailer CEVA Logistics U.S. Inc. 3.3% 648 .8 4.2% Logistics Honeywell International Inc. 3.2% 754.0 4.8 % Consum er Products Radial, Inc. 3.1% 543.5 3.5% Online Retailer Essendant Co. 3.1% 654.0 4.2% Consum er Products KGP Logistics, Inc. 2.9% 311.1 2.0 % Logistics Total 39.0 % 7,737.2 49.5% *As of March 31, 20 17 Stable and Diversified Tenant Mix 13