#1BW BLACKWELLS CAPITAL BLACKWELLS CAPITAL 36.09 04.28 2 607 23.59 "95.14 Investment Committee Presentation Project Wolfgang January 2021 64.85 LX 76.62 42.96 53.73 38.86 60.3462.70/2 JH 28.78 42.92 Summary Discussion Materials. 640.82 92.14 62.70 98.78#2DISCLAIMER The views expressed in this presentation (the "Presentation") represent the opinions of Blackwells Capital LLC and/or certain affiliates ("Blackwells") and the investment funds it manages that hold shares in WPT Industrial REIT (the "Company", "WPT Industrial", or "WPT"). This Presentation is for informational purposes only, and it does not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person who may receive the Presentation, and should not be taken as advice on the merits of any investment decision. The views expressed in the Presentation represent the opinions of Blackwells, and are based on publicly available information and Blackwells' analyses. Certain financial information and data used in the Presentation have been derived or obtained from filings made with the Securities and Exchange Commission ("SEC") by the Company or other companies that Blackwells considers comparable. Certain statements and information included herein have been sourced from third parties. Blackwells has not sought or obtained consent from any third party to use any statements or information indicated in the Presentation as having been obtained or derived from a third party. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in the Presentation. Information contained in the Presentation has not been independently verified by Blackwells, and Blackwells disclaims any and all liability as to the completeness or accuracy of the information and for any omissions of material facts. Blackwells disclaims any obligation to correct, update or revise the Presentation or to otherwise provide any additional materials. Blackwells recognizes that the Company may possess confidential information that could lead it to disagree with Blackwells' views and/or conclusions. Blackwells currently beneficially owns, and/or has an economic interest in, shares of the Company. Blackwells is in the business of trading-buying and selling- securities. Blackwells may buy or sell or otherwise change the form or substance of any of its investments in any manner permitted by law and expressly disclaims any obligation to notify any recipient of the Presentation of any such changes. There may be developments in the future that cause Blackwells to engage in transactions that change its beneficial ownership and/or economic interest in the Company. The securities or investment ideas listed are not presented in order to suggest or show profitability of any or all transactions. There should be no assumption that any specific portfolio securities identified and described in the Presentation were or will be profitable. Under no circumstances is the Presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any security. This document is the property of Blackwells and may not be published or distributed without the express written consent of Blackwells. All registered or unregistered service marks, trademarks and trade names referred to in this Presentation are the property of their respective owners, and Blackwells' use herein does not imply an affiliation with, or endorsement by, the owners of these service marks, trademarks and trade names. The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if Blackwells' underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Blackwells that the future plans, estimates or expectations contemplated will ever be achieved. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2#3TABLE OF CONTENTS I. II. Executive Summary III. Company Overview IV. Competitor & Industry Overview V. History of Shareholder Value Destruction Firm Overview VI. Corporate Governance VII. Blackwells Plan VIII. Appendix BW BLACKWELLS CAPITAL Strictly Confidential 2016 Pages Pages Pages Pages Pages Pages Pages Pages 79 - 207 5405 4-8 9 - 26 27-42 43 - 57 58-64 65-74 443 20 75-784 92168.34.61 60#4BW BLACKWELLS CAPITAL Firm Overview Strictly Confidential & Trade Secret#5BLACKWELLS OVERVIEW Blackwells is an Alternative Asset Manager Focused on Fundamental Investing Value Oriented and Focus on Downside Protection Blackwells invests in public companies and seeks opportunities to unlock the maximum value for all shareholders. Each investment has a disciplined focus on downside protection to protect our investors' capital A Im S BW Research Intensive Blackwells combines bottom-up, fundamental value-added research with the deep operational experience to identify opportunities where we can step-in to effect change and create shareholder value Extensive Network The Blackwells team has years of longstanding relationships, notably with C-Suite Executives and Board Members, that provide exceptional deal sourcing and analysis capabilities. Importantly, our network reflects our great reach for potential Board candidates as illustrated by the high-quality selections of our prior campaigns Highly Experienced Team The Blackwells team has significant experience and success in activism since inception, which includes particular expertise in industrial real estate notably the two largest announced transactions of last two years - Blackwells' $3.8 billion acquisition offer for Monmouth and $5.7 billion sale of Colony Industrial to Blackstone Owner-Operator Approach Blackwells takes major ownership stakes in companies and invests significant time and money to understand their challenges, identify paths to value creation, and guide management and Boards to optimally execute BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5#6BLACKWELLS IS A LEADING ACTIVIST INVESTOR¹ Blackwells Seeks Undervalued Investments and Will Become Actively Involved in Target Companies Blackwells' activism has resulted in: $3.8 billion all cash offer in December 2020 to acquire Monmouth REIT (NYSE: MNR) in largest real estate transaction since COVID-19 Since our March 2020 settlement with Colony Capital (NYSE:CLNY) through December 2020 we have a 33x MOIC on our settlement investment as shares have returned more than 230% Sale of a $5.7 billion Industrial Real Estate Portfolio The removal of two well-known public company CEOs in 2020 Since new CEO appointment at Colony Credit Real Estate (NYSE: CLNC) in April 2020, CLNC's stock +130% through December 2020 ● ● Sale of Supervalu (NYSE:SVU) to United National Foods (NYSE:UNFI) in a $3 billion transaction Nominated 13 Board seats across multiple campaigns which led to either a company sale or settlement Settled for four Board seats at CLNY through two campaigns Less Visible Ongoing Oversight Behind-the-Scenes Discussions BW BLACKWELLS CAPITAL Private Letter 1. 2019 Activist Insight Year in Review Ranked Blackwells as the 6th top activist investment firm. Blackwells' Range of Engagement Public Presentation SUPERVALU ColonyCapital Strictly Confidential & Trade Secret ColonyCredit REAL ESTATE Amber Road POWERING GLOBAL TRADEⓇ MREIC Board Representation Proxy Contest More Visible Take Private 6#7SUCCESSFULLY PUSHED FOR $5.7 BN INDUSTRIAL SALE TO BLACKSTONE Blackwells' activist involvement as a shareholder of Colony Capital (NYSE:CLNY) led to the creation of the Strategic Asset Review Committee and subsequent sale of the 13th largest Industrial Real Estate Portfolio in the U.S. to Blackstone in 2019 Blackwells' three most recent activism campaigns have resulted in the sale of the company or the sale of the company's underlying assets Buildings Rentable SF 3Q19 Consolidated NOI LTM Consolidated NOI Leased Weighted Average Lease Term in years Colony Ownership Tenant Type ▪ Local Regional Source: Colony Capital Inc. SEC filings as of Q3 2019. BW BLACKWELLS CAPITAL ■ Sold Industrial Real Estate Portfolio Overview Light 450 57.4 million 4.2 million $63 million $3 million $235 million 90.9% 3.9 Bulk 6 34% 67.4% 11.5 51% San Francisc 3 Ceball Volley 475 Tenant Use H Office Other ▪ Distribution / Warehouse Strictly Confidential & Trade Secret Los Angeles 41% Portant 1% Las Vegas: lo ▪ Retail Showroom - Manufacturing Brewe " Kansas City: Aastin 17% Merespols San Anton P St. Lou Cheap Allevia s Can P Tampa: 15 Philadelphi New Jersey Jacksonville: 2% Orlando: 6% Tenant Industry Sh ■ Other ▪ Media & Information ▪ Health & Science ▪ Wholesale Trade H Professional, Scientific and Technical Services Manufacturing 7#8BLACKWELLS OFFERED $3.8 BN FOR MONMOUTH REIT IN ALL CASH OFFER Blackwells' Activism Practice Has Unique Ability to Take Companies Private In December 2020, Blackwells offered to acquire Monmouth Real Estate Investment Corp (NYSE: MNR) in a $3.8 billion transaction, representing a 22% premium to its unaffected share price on 12/01/20 • ● ● ● Largest announced real estate transaction since COVID-19; second largest industrial real estate deal of the last two years, second only to Colony's industrial portfolio $5.7 billion sale to Blackstone MNR is an industrial REIT that has significantly underperformed its public peers over the last five years, has a long history of poor corporate governance, and as structured is not appropriate for the public markets Blackwells' cash offer provided shareholders immediate liquidity at a 17% premium above consensus net asset value and the proposed price exceeds the unaffected 1-month, 3-month, and 6-month VWAPs by 19.3%, 23.8%, and 24.8%, respectively MNR acquisition is part of Blackwells' industrial real estate consolidation strategy to build a 100mm square feet industrial real estate platform over the next few years, which would be one of the top five platforms in North America Monmouth's Key Operating Statistics Number of Industrial Buildings Number of States Gross Leasable Area Current Occupancy Weighted Average Lease Maturity Weighted Average Mortgage Maturity % of Rental Revenue from IG Tenants BW BLACKWELLS CAPITAL 119 31 23.4 million sq. ft. 99.4% 7.1 years 11.1 years 81% Strictly Confidential & Trade Secret amazon # 8#9BW BLACKWELLS CAPITAL Executive Summary Strictly Confidential & Trade Secret#10WPT OVERVIEW Number of Industrial Buildings Number of States Gross Leasable Area Average Building Size Current Occupancy Weighted Average Lease Maturity Average Asset Age Key Operating Statistics Total Debt Market Capitalization 2021E NOI Total Enterprise Value Implied Cap Rate - 2021E NOI 2021E FFO P/2021E FFO Key Financial Statistics ($ in millions) Note: Market data as of 12/31/2020. Financial data as of 9/30/2020. Source: WPT Industrial REIT Q3 2020 Investor Presentation. 108 BW BLACKWELLS CAPITAL 20 35.6 million sq. ft. 318,000 sq. ft. 97.4% 4.5 years 15 years $1,258 $1,138 $2,377 $136 5.7% $88 14.3x Strictly Confidential & Trade Secret 16393-16441 DO000, DODO DOD 0.00 10#11EXECUTIVE SUMMARY Based on Our Analysis, Blackwells Believes WPT Industrial REIT (the "Company" or "WPT") Is Undervalued and Should Not Be a Publicly Traded Canadian REIT: BW Blackwells believes there is a significant valuation disconnect between WPT and its underlying portfolio of leading U.S. industrial real estate assets because its shares trade in Canada Blackwells also believes that WPT's portfolio of high-quality U.S. assets should instead be valued inline comparably with its U.S. listed peers Duke Realty, EastGroup, and Prologis versus Canadian REITS ● U.S. publicly traded industrial REIT's trade at a 3.8% cap rate on average versus their Canadian listed peers which trade at a 5.3% cap rate on average ● Blackwells believes WPT will not get credit for its high-quality U.S. portfolio while listed in Canada Over the last two years, WPT has transformed itself by nearly doubling its square footage, diversifying its geographic distribution and tenant base, and by internalizing its management ● From a geographic and building style perspective, WPT's most similar comp is Duke Realty (NYSE:DRE). Both companies have their largest exposures in Georgia, Illinois, and Texas and have some of the largest facilities at over 300,000 square feet per building on average On a FY+1 cap rate basis, Duke Realty trades at 4.0% versus WPT at 5.7% ● This transformation of the Company has been underappreciated and we believe it is one of the main drivers behind WPT's valuation discount The recent announcement of a $150 million equity drip program has also weighed on shares and valuation Not covered by U.S. sell side analysts BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 11#12EXECUTIVE SUMMARY (CONT.) We Believe that WPT is a Highly Attractive Take Private Opportunity BW Strong Private Equity Returns ● Combining WPT with privately owned Monmouth would create significant value and could be used as a large platform to continue acquiring and consolidate industrial real estate assets in North America ● ● 36% IRR and 4.0x MOIC over a five-year hold period The Company is materially undervalued by the market based on its asset base when compared to both public and private peers ● The combination of the two portfolios would result in a highly diversified U.S. industrial REIT with over 60 million square feet of GLA and over 200 properties The resulting portfolio would be one of, if not the, youngest of its peers, with a strong WALT, best in class tenant base and over 99% rent collection and occupancy Has Significantly Re-Leasing Opportunity Given Existing Lease Expiration Schedule Given the strength of the industrial market and the increased demand from ecommerce asking rents at industrial facilities are increasing dramatically WPT's high quality portfolio has a weighted average remaining lease term of 4.5 years and a strong history of tenant retention allowing them to take advantage of the ever-increasing rents while also being protected from potential vacancies BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 12#13VALUATION SCENARIOS Projected Share Price Scenarios + 5.3% dividend yield $25.50 $24.50 $23.50 $22.50 $21.50 $20.50 $19.50 $18.50 $17.50 $16.50 $15.50 $14.50 $13.50 1/1/2021 12/1/2020 2/1/2021 3/1/2021 4/1/2021 BW BLACKWELLS CAPITAL 1 5/1/2021 1 6/1/2021 7/1/2021 8/1/2021 Returns calculated from WPT Industrial closing share price on 12/31/2020 per Bloomberg. 9/1/2021 10/1/2021 Strictly Confidential & Trade Secret Cases 1 1 I 1 11/1/2021 1 1 1/1/2022 12/1/2021 Interloper Upside Potential Take Private Range 2/1/2022 3/1/2022 5/1/2022 4/1/2022 6/1/2022 $26.00 High +80% Case $20.15 +40% $17.30 +20% Take Private High End Take Private Low End 13#14PRO FORMA MONMOUTH + WPT The NewCo. Would Be the 12th Largest Industrial Real Estate Company in the U.S. Combining Monmouth and WPT's portfolio the NewCo would have over 220 buildings and over 60 million square feet of industrial real estate space With Monmouth's preexisting relationships in sourcing and acquiring newly built facilities and WPT's pipeline of development the NewCo would have a healthy growth prospective both organically and inorganically The NewCo would also solve the many issues that weigh upon Monmouth and WPT's valuations currently including the FedEx exposure, inefficient debt structure, lack of rent escalators, and a refreshed and capable management team The NewCo would also have one of the strongest portfolios in the industrial real estate space with 98% occupancy, an average asset age of 12.2 years and a 6.1 year weighted average lease maturity New Co Property Locations States with only MNR Properties States with only WPT Properties States with both MNR & WPT Properties Major Hubs BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret Number of Industrial Buildings Number of States Gross Leasable Area WPT Industrial REIT Inc. Q3 2020 Investor Presentation, Monmouth Real Estate Investment Corporation October 2020 Investor Presentation. Key Operating Stats Average Building Size Current Occupancy Weighted Average Lease Maturity Average Asset Age 220+ 34 60.1 million sq. 98% 250,000 sq. ft. 6.1 years ft. 12.2 years 14#15MONMOUTH + WPT Combining the Companies for Long-Term Shareholder Value Creation Present Day Monmouth Present Day WPT 119 Property Industrial REIT Portfolio 24.5 million square feet -$100 million securities Business: Board Size & Structure: Management: Equity Story: Real Estate Portfolio: Valuation: BW ● ● ● ● ● portfolio Run Rate NOI of $172mm 13 Directors UMH Directors Undervalued industrial REIT with poor capital allocation strategies and stale Board with poor governance Landy Family No COO BLACKWELLS CAPITAL Over-concentration to Fedex Geographically focused in Midwest and East coast secondary markets Trades at significant discount to peers from securities portfolio, poor capital allocation, and customer concentration + + + + + + ● ● ● 108 Property Industrial Portfolio ● 35.6 million square feet 2021E NOI of $136mm Scott Frederikson - CEO, Matthew Cimino - COO Judd Gilates - CFO 7 Directors Canadian listed U.S. industrial REIT Focus on larger big box distribution properties in Tier 1 and Tier 2 U.S. Markets Trades at a significant discount to U.S. traded comps Strictly Confidential & Trade Secret ● ● 220+ Property Industrial REIT Portfolio 60+ million square feet No securities portfolio 2021E NOI of ~$300mm ● ● Pro-Forma NewCo • 8 Directors Independent, Non-Executive Chair No Directors from UMH World Class Management Team Reinvigorated industrial REIT with refreshed Board and new leadership, robust acquisition pipeline, and attractive acquisition candidate Clear plan for diversified portfolio of high quality tenants, improved pricing power from in-demand geographies Highly attractive to a strategic or private equity Exit ownership in 2025 at a 4.5% cap rate or better through the sale of the company to a larger Industrial REIT or a financial buyer 15#16MONMOUTH + WPT Monmouth + WPT Would Be the 10th Largest Industrial Real Estate Company in the U.S. Monmouth + WPT would be the 10th largest industrial real estate company Would be the 3rd largest U.S. publicly traded Industrial REIT (if IPOed) The Industrial Real Estate Landscape Company 1 Prologis 2 Blackstone Group 3 4 5 6 7 LaSalle Investment Management 8 Majestic Realty 9 First Industrial Realty Trust 10 NewCo. (Monmouth + WPT) 11 CenterPoint Properties 12 W. P. Carey 13 Lexington Realty Trust 14 Black Creek Group 15 Nuveen / TH Real Estate Exeter Property Group Duke Realty Clarion Partners STAG Industrial Industrial Space Owned 963,000,000 957,925,224 167,000,000 156,100,000 151,630,991 91,800,000 87,418,633 78,250,000 BW BLACKWELLS CAPITAL 62,999, 157 60,105,861 59,000,000 56,196,000 53,100,000 49,829,934 47,819,070 Implied Enterprise Value WPT Industrial REIT Inc. Q3 2020 Investor Presentation, Monmouth Real Estate Investment Corporation December 2020 Investor Presentation. Market Cap and EV as of 12/31/2020. Note: NewCo. Implied Enterprise Value Calculated using group average. Strictly Confidential & Trade Secret Company Prologis 1 2 Duke Realty 3 New Co. (Monmouth + WPT) 4 Rexford Industrial Realty 5 First Industrial Realty Trust 6 EastGroup Properties STAG Industrial 7 8 Terreno Realty Corporation 9 Lexington Realty Trust Enterprise Value (in $mms) 83,272 18,036 8,138 8,130 6,990 6,773 6,354 4,312 4,036 16#17ILLUSTRATIVE LBO TRANSACTION ASSUMPTIONS 2021 NOI Assumptions Financing ABS Debt 2021 NOI Cap Rate Unencumbered Asset Value Last-Dollar LTV Max Debt Capacity Less: Senior Debt ABS Debt Debt Pricing ABS Rate ABS Amortization (Per Annum) Valuation Current Price % Premium Purchase Price Diluted Shares Outstanding Equity Value Plus: Net Debt Enterprise Value $136 BW BLACKWELLS CAPITAL $136 4.5% $3,032 75.0% $2,274 $0 $2,275 2.00% 1.00% $14.45 19.4% $17.25 87.1 $1,502 $1,119 $2,621 Source of Funds Sponsor Equity ABS Total Cash & Equivalents Mortgage Notes Term Loans CMBS / ABS Mezz Total Debt + Prefs Net Debt + Prefs Equity Total Capitalization Note: Market data as of 12/31/2020. Financial data as of 09/30/2020. Source: Company filings, FactSet, Wall Street research. Strictly Confidential & Trade Secret $ $455 2,275 $2,730 As of 11/30/20 $20 201 937 1,138 1,119 1,258 $2,377 % 16.7% 83.3% 100.0% % Of Total Cap 1% 9% 40% Sources & Uses 49% 48% 52% Use of Funds Purchase of Equity Refinanced Mortgage Notes Refinanced Term Loans Mortgage Defeasence Costs Debt Financing Expenses Advisory Expenses Total Capitalization Adjustments (+) 2,275 455 (-) (201) (937) (1,219) $ $1,502 201 937 54 23 13 $2,730 Pro Forma $20 2,275 2,275 2,255 455 $2,730 % 55.0% 7.4% 34.3% 2.0% 0.8% 0.5% 100.0% % Of Total Cap 1% 83% 0% 83% 83% 17% 100% 17#18ILLUSTRATIVE RETURNS ANALYSIS Assumes $17.25 acquisition price, 75% LTV, and 4.50% exit cap rate Exit Assumptions 2026E NOI Exit Cap Rate Exit Valuation Less: CMBS Debt Less: ABS Debt Plus: Cash Net Proceeds From Sale $166 4.5% $3,693 BW BLACKWELLS CAPITAL (2,161) 20 1,551 Note: Market data as of 12/31/2020. Financial data as of 09/30/2020. Source: Company filings, FactSet, Wall Street research. Year: Total Revenue NOI % Growth Less G&A Adj. EBITDA % Margin Free Cash Flow: EBITDA Less Recurring Capex % of Revenue CMBS Interest Expense ABS Interest Expense Free Cash Flow for Debt Paydown Initial Equity Investment Free Cash Flow for Debt Paydown Debt Paydown Net Proceeds from Sale Total Cash Flow Cash-on-Cash Yield Debt Schedule / Capitalization Cash CMBS Debt ABS Debt Total Debt Net Debt LTV Strictly Confidential & Trade Secret Illustrative Returns Analysis 2020E $171 $123 (6) $117 ($455) ($455) $20 2,275 $2,275 $2,255 75% 2021E $186 $136 11.0% (6) $130 70.0% $130 (16) 8.6% (46) $69 69 (23) 46 15.1% $20 2,252 $2,252 $2,233 71% 2022E $195 $143 4.5% (6) $136 70.0% $136 (16) 8.2% (46) $75 75 (23) 52 16.5% $20 2,230 $2,230 $2,210 68% 2023E $202 $147 3.3% (6) $141 70.0% $141 (16) 7.9% (46) $80 80 (23) 57 17.5% $20 2,207 $2,207 $2,187 65% 2024E $209 $153 3.6% (6) $146 70.0% $146 (16) 7.6% (46) $85 85 (23) 62 18.6% $20 2,184 $2,184 $2,164 62% 2025E $216 $157 3.3% (6) $151 70.0% $151 (16) 7.4% (46) $90 90 (23) 1,551 1,618 19.7% $20 2,161 $2,161 $2,142 59% 18#19SENSITIVITY ANALYSIS Exit Cap Rate vs. Acquisition Price - Assumes 75% LTV Acquisition Price Acquisition Price $16.25 $16.75 $17.25 $17.75 $18.25 Leverage $16.25 $16.75 $17.25 $17.75 $18.25 Leverage vs. Acquisition Price - Assumes 4.50% Exit Cap Rate IRR Sensitivity Analysis 65% 70% 75% 80% 85% 4.00% 49% 45% 42% 39% 36% BW BLACKWELLS CAPITAL 65% 29% 27% 26% 24% 23% 4.25% 46% 42% 39% 36% 33% 4.00% 31% Exit Cap Rate vs. Leverage - Assumes $17.25 Acquisition Price 35% 42% 53% 75% 70% 34% 32% 30% 28% 26% Exit Cap Rate 4.50% 43% 39% 36% 33% 30% 4.25% 28% 32% 39% 49% 71% Leverage 75% 43% 39% 36% 33% 30% Exit Cap Rate 4.50% 26% 30% 36% 45% 67% Note: Market data as of 12/31/2020. Financial data as of 09/30/2020. Source: Company filings, FactSet, Wall Street research. 4.75% 39% 36% 33% 30% 27% 80% 58% 51% 45% 41% 37% 4.75% 23% 27% 33% 42% 62% 5.00% 36% 33% 30% 27% 25% 85% 107% 81% 67% 57% 50% 5.00% 21% 24% 30% 38% 58% Strictly Confidential & Trade Secret Exit Cap Rate vs. Acquisition Price - Assumes 75% LTV Acquisition Price Acquisition Price $16.25 $16.75 $17.25 $17.75 $18.25 Leverage MOIC Sensitivity Analysis $16.25 $16.75 $17.25 $17.75 $18.25 Leverage vs. Acquisition Price - Assumes 4.50% Exit Cap Rate 4.00% 6.2x 5.6x 5.0x 4.6x 4.2x 65% 70% 75% 80% 85% 65% 3.2x 3.0x 2.9x 2.7x 2.6x 4.25% 5.6x 5.0x 4.5x 4.1x 3.8x 4.00% 3.5x 4.1x 5.0x 6.9x 12.4x 70% 3.8x 3.5x 3.3x 3.1x 2.9x Exit Cap Rate vs. Leverage - Assumes $17.25 Acquisition Price Exit Cap Rate 4.50% 5.0x 4.5x 4.0x 3.7x 3.4x 4.25% 3.2x 3.7x 4.5x 6.1x 10.9x Leverage 75% 5.0x 4.5x 4.0x 3.7x 3.4x Exit Cap Rate 4.50% 2.9x 3.3x 4.0x 5.4x 9.5x 4.75% 4.5x 4.0x 3.6x 3.3x 3.0x 80% 7.6x 6.3x 5.4x 4.8x 4.2x 4.75% 2.6x 3.0x 3.6x 4.8x 8.3x 5.00% 4.0x 3.6x 3.2x 2.9x 2.7x 85% 21.2x 13.1x 9.5x 7.4x 6.1x 5.00% 2.4x 2.7x 3.2x 4.2x 7.2x 19#20YEARS OF SHARE PRICE UNDERPERFORMANCE Despite Strong Fundamentals for Industrial REITS, WPT Shares Have Materially Underperformed WPT Industrial has suffered prolonged and substantial share price underperformance on a relative basis Over the last five years WPT has overperformed their peer group by (118%) on average Source: Capital IQ. Note: Calculated through 12/31/2020. BW BLACKWELLS CAPITAL Industrial REIT and S&P 500 Performance Over the Last 5 Years REXR SMU-U TRNO EGP US Average Canadian Average PLD GRT-U DIR-U DRE FR WPT 0.0% 50.0% 63.2% 100.0% Strictly Confidential & Trade Secret 125.9% 118.2% 150.0% 181.6% 192.4% 187.4% 178.2% 168.6% 165.2% 161.5% 208.0% 200.0% 233.8% 250.0% 20#21BUSINESS OVERVIEW WPT Industrial REIT is an ... Internally managed Canadian industrial REIT that acquires, develops, manages, and owns distribution and logistics properties located throughout the United States in Tier 1 and 2 distribution markets with proximity to major population centers, significant transportation infrastructure, access to cost-effective labor, and favorable long-term rent growth prospects $1.3 billion equity market cap, $2.4 billion enterprise value As of September 30, 2020, the Company's property portfolio consisted of 35.6 million square feet across 108 properties in 20 states with 97.4% occupancy BW High-quality, stabilized and geographically diverse portfolio in major U.S. distribution markets, a stable and diversified tenant base, and a strong platform for accretive growth through stabilized portfolio and proprietary private capital pipeline WPT Property Locations Seattle Portland Reno San Francisco Los Angeles Current Markets Target Markets Light blue areas represent 1,000 people Source: US Cenau Bur Salt Lake City Phoenix Denver BLACKWELLS CAPITAL San Antonio Minneapolis Kansas City. Austin Dallas WPT Industrial REIT Inc. Q3 2020 Investor Presentation. Market Cap and EV as of 12/31/2020. Houston Milwaukee Chicago Indianapolis Memphis St. Louis Detroit Cincinnati Louisville Nashville Columbus Eastern PA Atlanta Jacksonville Central Florida Charlotte New Jersey South Florida Strictly Confidential & Trade Secret Other, 64.8% Revenue by Tenant FedEx Ground Package System,, 12.7% IKEA Distribution Services, Inc., 3.4% Continental Tire the Americas, 2.7% Amazon.com, 2.5% Zulily LLC, 2.0% MWI Veterinary Supply Company, 1.8% General Mills Operations, LLC, 2.9% Unilever Home & Personal Care, 2.7% Keystone Automotive (1), 2.3% International Paper Company, 2.2% 21#22WHY NOW? Blackwells Believes WPT is an Attractive Take Private Acquisition Target Industrial real estate industry is a COVID-19 winner and WPT is beneficiary There is significant arbitrage opportunity between Canadian and U.S. listed Industrial REIT companies Underlying secular business drivers accelerated from COVID-19 Supply / demand conditions should tighten and rent growth should strengthen further over the next three years Fundamentals should improve further coming out of recession Industrial real estate industry is highly fragmented and ripe for continued consolidation History of underperformance increases shareholder leverage Strong downside protection ● ● ● BW The industrial real estate space has shown resiliency and has relatively outperformed during recent market turmoil Attractive and favorable financing environment Blackwells has a history of successfully creating value including: -$3.8 billion offer from Blackwells to acquire Monmouth Real Estate (NYSE: MNR) ~$5.7 billion sale of industrial real estate business of Colony Capital to Blackstone ● -$3 billion sale of Supervalu to United Natural Foods -$500 million sale of Amber Road to E2open LLC BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 22#23NAV & EBITDA MULTIPLES WPT Trades at a Larger Valuation Discount Than Any of Its Industrial REIT Peers WPT trades at one of the biggest discounts to NAV out of its peer group Industrial REIT (Discount) / Premium to NAV REXR Average PLD TRNO EGP DRE WIR.U 2.8% 10.1% 9.7% BW BLACKWELLS CAPITAL 15.3% 15.0% 14.6% 27.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0x Strictly Confidential & Trade Secret 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x Industrial REIT FY+1 EV/EBITDA Multiples 33.0x 32.6x Calculations based on closing share price data from Bloomberg on 12/31/2020. NAV from wall street research consensus expectations. Source: WPT Industrial Company Filings. JP Morgan Securities LLC, Company Reports, Bloomberg. 27.8x 26.1x 25.9x 26.2x TRNO REXR Average PLD EGP 23.1x || 19.4x DRE FR WIR.U 23#24FFO & CAP RATES WPT Trades at a Larger Valuation Discount Than Any of Its Industrial REIT Peers 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x 36.4x Industrial REIT FY+1 P/FFO 34.9x 28.2x 26.1x BW BLACKWELLS CAPITAL 24.6x 24.5x 22.6x 14.3x TRNO REXR Average PLD EGP DRE FR WIR.U 7.0% Strictly Confidential & Trade Secret 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 5.7% Calculations based on closing share price data from Bloomberg on 12/31/2020. NAV from wall street research consensus expectations. Source: WPT Industrial Company Filings. JP Morgan Securities LLC, Company Reports, Bloomberg. Industrial REIT FY+1 Cap Rates 4.8% 4.1% 4.1% 4.0% WIR.U FR EGP 3.7% 3.5% 3.5% ||||| DRE Average PLD TRNO REXR 24#25IMPLIED NAV OF WPT Implied premium to current: $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 87% $28.26 4.4% 3.8% 5.8% Implied range of values based on comps 75% $25.25 BW BLACKWELLS CAPITAL 4.1% WPT Implied NAV at Various Cap Rates and 2021E NOI of $136mm 4.7% 62% $23.47 4.3% Recent Industrial Transactions - Cap Rates 4.6% Prologis / Blackstone / Blackstone / Blackstone / DCT (Aug-18) Gramercy GLP (Sep-19) Colony (Oct-18) (Dec-19) Note: Market data as of 12/31/2020. Financial data as of 09/30/2020. Source: Company filings, Wall Street research. 4.6% 46% $21.09 4.6% Prologis / Liberty (Feb-20) 3.3% Avg.: 4.6% Rexford / Class A Industrial Park (Oct-20) Strictly Confidential & Trade Secret 36% $19.68 4.8% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 23% $17.76 5.1% 5.7% $16.60 15% 4.1% WIR.U EGP 5.3% Industrial FY+1 Cap Rates 4.1% 7% DRE $15.52 5.5% 3.7% Current share price: $14.45 PLD 5.7% 3.5% II 3.5% TRNO REXR Avg. ex. WPT: 3.8% 25#26BLACKWELLS APPROACH TO WPT Blackwells Believes There Are Multiple Levers for Value Creation Including: Take Private BW Fix Exit BLACKWELLS CAPITAL WPT Industrial REIT is a Canadian listed REIT that acquires, develops, and owns logistics properties in the US. WPT has a comparable asset base and business to the American players because it is listed in Canada it trades at a much higher cap rate. We aim to take advantage of this disconnect by buying into an undervalued and underappreciated Company where we can increase coverage or relist the Company in the US WPT has grown significantly over the last three years essentially doubling the portfolio. Before this growth WPT was penalized for over concentration to the Midwest and lack of growth as well as their external management structure. Since then, the company has fixed the management structure, geographic exposure, and growth issues yet is still being valued at a significant discount WPT has an attractive portfolio of industrial real estate assets that should garner a significant M&A premium. There are several exit options including the sale of the Company to a financial buyer or other Industrial REIT, relisting the Company, or using it as a platform to grow Strictly Confidential & Trade Secret 26#27BW BLACKWELLS CAPITAL Company Overview Strictly Confidential & Trade Secret#28BUSINESS OVERVIEW - PORTFOLIO Portfolio Overview 108 properties geographically diversified across 20 states, totaling approximately 35.6 million square feet of gross leased area ("GLA") ● ● ● ● ● ● ● One of the highest occupancy rates in the Industrial REIT sector at 97.4% Weighted average building age of 15 years Average building size is approximately 319,700 square feet Average tenant size is approximately 174,000 square feet Weighted average lease maturity is 4.5 years Wei average rent per square foot is $5.58 The REIT also holds an equity interest through a joint venture in two properties totaling 348,918 square feet Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. BW BLACKWELLS CAPITAL FENSE REASE DIE WIN trert tre Strictly Confidential & Trade Secret 120 100 80 60 40 20 0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 42 0.0 2014 2015 48 49 I 12.8 Total Square Footage (in millions of sq. ft) Properties 15.1 2014 2015 53 15.6 57 2016 2017 2018 2019 Q3 2020 17.6 74 18.9 108 22.9 35.6 2016 2017 2018 2019 Q3 2020 28#29BUSINESS OVERVIEW - FINANCIALS Financial Overview $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $57,351 2014 $67,423 $71,110 [[||| $90,000 $80,000 $70,000 $60,000 $50,000 $43,318 $40,000 $30,000 $20,000 $10,000 Revenues $81,786 NOI $50,602 $52,660 BW BLACKWELLS CAPITAL $95,244 2015 2016 2017 2018 2019 $59,812 $67,816 $118,716 Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. 2014 2015 2016 2017 2018 2019 $84,238 Strictly Confidential & Trade Secret $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $- $27,522 $0.08 $30,871 2014 2014 2015 2016 2017 $0.64 FFO 2015 $34,220 EPS $0.82 $40,758 2016 $1.09 $44,412 2017 $1.04 || $51,558 2018 2019 $1.56 2018 2019 29#30DIVIDENDS Long Term Reliable Cash Dividends WPT has maintained or increased its dividend since its IPO In 2016, WPT increased its dividend to $0.76 per year, marking its second dividend increase in 3 years 100% cash dividends since inception ● $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 SA $0.48 BW BLACKWELLS CAPITAL 2013 $0.70 2014 $0.76 $0.76 |||||| $0.72 2015 Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. Dividends Per Share $0.76 2016 Strictly Confidential & Trade Secret 2017 2018 $0.76 2019 $0.76 2020 E 30#31TENANT OVERVIEW WPT Industrial Has a High-Quality Roster of Tenants WPT industrial has a diversified and stable tenant base WPT's top 11 tenants are all industrial grade with ratings ranging from BBB to A+ Tenant FedEx Ground Package System, Inc. IKEA Distribution Services, Inc. General Mills Operations, LLC Continental Tire the Americas Unilever Home & Personal Care Amazon.com Keystone Automotive2 International Paper Company Zulily LLC MWI Veterinary Supply Company Industry Third Party Logistics Consumer Products Consumer Products Consumer Products Consumer Products BW BLACKWELLS CAPITAL WPT Tenants E-Commerce Consumer Products Consumer Products Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. FedEx IKEA Express E-Commerce Consumer Products % of Total Annualized Base Rent G Strictly Confidential & Trade Secret 12.7% 3.4% 2.9% 2.7% 2.7% 2.5% 2.3% 2.2% 2.0% 1.8% 35.2% General Mills GLA Occupied ('000s sq. ft.) 1,874.1 996.5 1,512.6 740.9 1,262.5 936.0 754.8 665.3 737.5 555.0 10,035.2 amazon (%) of Total Portfolio GLA 5.9% 3.1% 4.8% 2.3% 4.0% 2.9% 2.4% 2.1% 2.3% 1.7% 31.5% Unilever 31#32TENANT OVERVIEW Monmouth Has a High-Quality Roster of Tenants Zulily LLC 6% International Paper Company 6% MWI Veterinary Keystone Supply Automotive (1) Company 5% 5% Amazon.com 7% Unilever Home & Personal Care 8% Annual Rent by Tenant Continental Tire the Americas, LLC 8% General Mills Operations, LLC 8% BW BLACKWELLS CAPITAL Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. FedEx Ground Package System, Inc. 37% IKEA Distribution Services, Inc. 10% Strictly Confidential & Trade Secret Keystone Automotive (1) 7% Zulily LLC 7% International Paper Company 7% Square Footage by Tenant Amazon.com 9% MWI Veterinary Supply Company 6% Unilever Home & Personal Care 13% FedEx Ground Package System, Inc. 19% Continental Tire the Americas, LLC 7% IKEA Distribution Services, Inc. 10% General Mills Operations, LLC 15% 32#33LEASE EXPIRATIONS Lease Expirations are Well Dispersed Weighted average lease maturity currently at 4.5 years Weighted average rent per occupied square foot of $5.58 while the national average rent psf for industrial real estate currently is $6.58 and trending higher Leasing Update During the second quarter, 539,000 and 1,122,000 sq. ft. of new and renewal leases commenced, respectively. Lease renewals had a weighted average cash re-leasing spread and straight-line rent re-leasing spread of 8.3% and 8.2%, respectively During the second quarter, the REIT signed approximately 779,000 sq. ft. of leases with a weighted average cash re- leasing spread and straight-line rent re-leasing spread of 11.3% and 6.6%, respectively Occupancy was 97.4% as of end of the second quarter 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Leases Expiring 1.2% BW BLACKWELLS CAPITAL 2020 1.2% 6.9% 2021 6.9% Lease Expirations (Square Footage) Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. 21.9% 2022 21.9% Strictly Confidential & Trade Secret 10.9% 2023 10.9% 14.4% 2024 14.4% 11.9% 2025 11.9% 32.6% 2026+ 32.6% 33#34BUSINESS OVERVIEW - GEOGRAPHY WPT's 35 Million Square Foot Portfolio is Well Diversified Across 20 States Pennsylvania3% 3% Wisconsin 4% Ohio 4% New Jersey 4% Florida 4% Indiana 5% California 5% Kansas Oregon Louisiana 1% 3% Kentucky 6% NOI by State BW BLACKWELLS CAPITAL North Carolina 6% Georgia 13% Tennessee 7% Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. Texas 12% Illinois 9% Minnesota 8% Strictly Confidential & Trade Secret Ohio 6% Pennsylvania 2%. 3% Wisconsin 3% New Jersey 1% Florida 4% Indiana 6% California 2% Kentucky 7% Square Footage by State Kansas Oregon 2% North Carolina 6% Tennessee 9% Georgia 20% Minnesota 5% Texas 11% Illinois 10% 34#35STRATEGIC LOCATIONS Seattle Portland Reno San Francisco BW BLACKWELLS CAPITAL Los Angeles Current Markets Target Markets Light blue areas represent 1,000 people Source: US Census Bureau WPT's Property Portfolio and Expanding U.S. Footprint Salt Lake City Phoenix Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. Denver San Antonio Austin Minneapolis Kansas City Dallas Strictly Confidential & Trade Secret Houston ( Milwaukee Chicago Indianapolis Memphis St. Louis Detroit Cincinnati Columbus Louisville Nashville Atlanta Eastern PA Jacksonville Central Florida Charlotte New Jersey South Florida 35#36PORTFOLIO SUMMARY Summary Portfolio Metrics Young portfolio in the industrial REIT sector with a weighted average building age of 15 years One of the highest occupancy rates 98.3% current occupancy levels 4.5-year average remaining lease term Occupancy 100.0% 99.1% 95.6% 98.7% 97.9% 99.3% 99.0% 98.3% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FY 2014 I FY Q3 FY FY FY FY 2015 2016 2017 2018 2019 2020 Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 6.0 5.0 4.0 3.0 2.0 1.0 Average Remaining Lease Term (years) 4.6 FY 2014 3.9 FY 2015 4.1 4.0 4.7 4.9 FY FY FY FY 2016 2017 2018 2019 4.5 Q3 2020 36#37ACQUISITIONS & PIPELINE Private Capital Pipeline WPT uses their Private Capital Pipeline to invest in industrial real estate assets as both an acquirer and manager Key Highlights: REIT equity investments spread across a larger number of investments with enhanced returns through management and incentive fees - Management fees offset foregone NOI during development period and carry minimal direct expense, resulting in high operating margins The REIT receives incentive fees (promotes) following project stabilization Upon stabilization, the REIT's equity ownership benefits from value generated between development yields and stabilized cap rates (typically 75 -150 bps) Allows the REIT to generate a substantially larger proprietary pipeline of development and value- add investments, including larger portfolios Diversifies capital resources and reduces reliance on public markets for development capital Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 37#38ACQUISITIONS & PIPELINE Private Capital Pipeline Fontana, CA Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Distribution Pre Construction 200, 160 9.2 32' 21 Inland Empire, CA Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Distribution Lease-Up 354,810 16.3 36' 47 P BW BLACKWELLS CAPITAL Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Eagan, MN Land Area Clear Heights Dock Doors Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Stage Net Rentable Area (sq. ft.) Land Area (acres) Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. Building Type Stage Net Rentable Area Phoenix, AZ Distribution Construction 206,384 14.1 32' 20 Chicago, IL Distribution Construction 152,304 8.4 32' 22 Distribution Pre Construction 1,149,120 61.9 40' 128 Pre-Construction 2,240, 120 148.5 Totals Construction Strictly Confidential & Trade Secret 1,625,238 115.2 New York, NY Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Lease Up 354,810 16.3 Distribution Pre Construction 164,840 12.1 36' 29 Houston, TX Distribution Construction 494,550 30.7 36' 105 Stabilized 348,918 18.6 Total Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors Bayonne, NJ 4,569,086 Building Type Stage Net Rentable Area Land Area Clear Heights Dock Doors 298.6 Mansfield, NJ WH/ Distribution Stabilized 348,918 18.6 26.5'- 36' 42 Building Type Stage Net Rentable Area Land Area Clear Heights Distribution Construction 772,000 62.0 40' 151 Nashville, TN Distribution Pre Construction 726,000 65.3 36' 38#39CAPITALIZATION & DEBT MATURITIES ('000s) 2020 2021 2022 2023 2024 2025-2027 Totals $450 $400 $350 $300 $250 $200 $150 $100 $50 Weighted Average Maturing Effective Interest Rates BW BLACKWELLS CAPITAL 0.9 n/a 5.80% 3.80% 3.90% 3.50% 3.40% 2020 WPT Debt Maturity Schedule Scheduled Principal Mortgage Mortgage Repayments Maturities $ 10.0 2021 Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. 992 $ 3,896 6,082 4,169 23,534 2,426 75,835 2,089 40,287 2,015 50,964 15,587 $ 196,702 $ 27.7 2022 WPT Debt Maturity Schedule ■ Mortgages Total Principal Repayments $ Strictly Confidential & Trade Secret 78.3 200.0 2023 1,947 992 9,978 7,605 27,703 6,822 78,261 4,393 42,376 3,116 52,979 2,777 212,289 $ 26,660 $ ■Credit Facility Scheduled Interest Payments $ 42.4 392.7 $ 2024 Total Debt Service Repayments 53.0 2,939 17,583 34,525 82,654 45,492 55,756 238,949 350.0 2025 39#40BALANCE SHEET Well-Positioned Balance Sheet 3.6 Years weighted average mortgage term to maturity ● 3.6 years weighted average unsecured credit facility term to maturity 3.0% weighted average effective interest rate of total debt 12.4% variable interest rate debt as a percent of total debt 47.9% total debt to investments 2.8x fixed charge coverage ratio 9.0x debt to adjusted EBITDA $156.5mm unsecured credit facility availability $19.5mm cash on hand Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret $450 $400 $350 $300 $250 $200 $150 $100 $50 Total Shares Outstanding Stock Price (12/31/2020) Equity Market Capitalization Total Market Capitalization Mortgage Notes Payable Loans Payable Total Debt Total Enterprise Value 0.9 2020 10.0 27.7 Debt Maturities (in millions) 2021 ■ Mortgages ■Credit Facility 2022 87.1 $14.45 $1,259 201.2 936.8 $1,138 2023 $2,377 392.7 350.0 200.0 ¡ll 78.3 53.0 42.4 2024 2025 40#41WPT HAS MINIMAL U.S. RESEARCH COVERAGE PLD DRE EGP TRNO REXR WPT U.S. Square Footage 611.0 156.0 43.5 13.1 27.6 35.6 BW BLACKWELLS CAPITAL U.S. Square Footage vs, U.S.-Based Equity Research Coverage Analysts 19 17 14 12 80 Number of U.S. Equity Research Analysts 20 18 16 14 12 10 8 4 2 0.0 EAST GROUP • DukeREALTY PROPERTIES TTERRENO Rexford Industrial INDUSTRIAL WPT REIT 100.0 Strictly Confidential & Trade Secret 200.0 300.0 400.0 U.S. Square Footage (mm) 500.0 600.0 PROLOGIS 700.0 41#42WPT IS UNDEROWNED BY U.S. INSTITUTIONS BW BLACKWELLS CAPITAL Top Shareholder Ownership U.S. Industrial REITS Top 25 WPT Holder? Shareholder 1 Vanguard Group Inc 2 BlackRock Inc 3 State Street Corp 4 JPMorgan Chase & Co 5 FMR LLC 6 APG Asset Management US Inc 7 T Rowe Price Group Inc 8 Cohen & Steers Inc 9 Principal Financial Group Inc 10 Northern Trust Corp 11 Geode Capital Management LLC 12 Teachers Insurance & Annuity Assoc 13 Bank of America Corp 14 Dimensional Fund Advisors LP 15 Invesco Ltd 16 Legal & General Group PLC 17 PGGM Investments 18 UBS AG 19 Government Pension Investment Fund 20 Capital Group Cos Inc 21 Deutsche Bank AG 22 Charles Schwab Corp 23 BANK OF NEW YORK MELLON CORP 24 Resolution Capital Ltd 25 Goldman Sachs Group Inc Strictly Confidential & Trade Secret X X X X X X X X X X X X X X X X X X X X 42#43BW BLACKWELLS CAPITAL Competitor and Industry Overview Strictly Confidential & Trade Secret#44U.S. COMPETITOR OVERVIEW Competitors We have identified ten publicly traded industrial REIT peers in the U.S. WPT represents a likely potential acquisition target for most players given its portfolio, high quality tenant base, and discounted valuation ● Name Prologis, Inc. Duke Realty Corporation Rexford Realty First Industrial Realty Trust, Inc. EastGroup Properties, Inc. STAG Industrial, Inc. Terreno Realty Corporation Lexington Realty Trust Monmouth Real Estate Investment Corporation Industrial Logistics Properties Trust WPT Industrial REIT Note: Market cap as of 12/31/2020. BW BLACKWELLS CAPITAL WPT Comparable Companies Market Capitalization 76,261,204 15,028,720 6,678,960 5,615,929 5,470,740 4,832,676 4,008,620 3,020,328 1,702,556 1,520,837 1,258,566 Strictly Confidential & Trade Secret Enterprise Value Number of Locations Total Square Feet 83,272,904 4,655 963,000,000 18,036,320 518 156,100,000 229 27,600,000 438 62,999,157 313 43,500,000 457 91,800,000 218 13,100,000 111 53,100,000 118 23,375,642 301 43,759,000 8,130,460 6,989,829 6,772,640 6,354,076 4,311,720 4,036,228 3,027,456 2,931,137 2,377,081 108 35,600,000 44#45CANADIAN COMPETITOR OVERVIEW Competitors We have identified three publicly traded industrial REIT peers in Canada Name Granite Dream Industrial Summit Industrial WPT Industrial REIT Note: Market cap as of 12/31/2020. BW BLACKWELLS CAPITAL WPT Comparable Companies Market Capitalization Enterprise Value 4,873,984 2,790,280 2,704,996 3,569,378 1,786,822 1,653,111 1,258,570 Strictly Confidential & Trade Secret 2,377,080 Number of Properties 108 266 160 108 Total Square Feet 45,300,000 26,600,000 18,206,504 35,600,000 45#46U.S. VERSUS CANADIAN INDUSTRIAL REIT VALUATIONS U.S. versus Canadian Publicly Traded Industrial REITS ● The average cap rate for U.S. publicly listed industrial REITs is 4.0% vs the average for Canadian publicly listed industrial REITs at 5.3% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 3.5% 3.7% 3.5% |||| REXR Note: Market cap as of 12/31/2020. BW BLACKWELLS CAPITAL Cap Rates of U.S. vs. Canadian Industrial Real Estate Peers TRNO 4.0% 4.1% PLD Average DRE US 4.1% EGP Strictly Confidential & Trade Secret 4.6% SMU-U 4.8% FR 5.3% 5.4% Average GRT-U Canadian 5.4% DIR-U 5.7% WIR.U 46#47U.S. INDUSTRY OVERVIEW All U.S. Players Company Prologis 1 2 Blackstone Group 3 Exeter Property Group 4 Duke Realty 5 Clarion Partners 6 STAG Industrial 7 LaSalle Investment Management 8 Majestic Realty 9 First Industrial Realty Trust 10 CenterPoint Properties 11 W. P. Carey 12 Lexington Realty Trust 13 Black Creek Group 14 Nuveen / TH Real Estate 15 Industrial Logistics Properties Trust 16 East Group Properties 17 USAA Real Estate 18 WPT Industrial REIT 19 Brennan Investment Group 20 IDI Logistics Public companies in bold. Source: National Real Estate Investor and Public Company Filings. BW BLACKWELLS CAPITAL Industrial Space Owned 963,000,000 957,925,224 167,000,000 156,100,000 151,630,991 91,800,000 87,418,633 78,250,000 62,999,157 59,000,000 56,196,000 53,100,000 49,829,934 47,819,070 43,759,000 43,500,000 37,201,102 35,600,000 34,778,442 31,000,000 Strictly Confidential & Trade Secret Company 21 Hartz Mountain Industries 22 Rexford Industrial Realty 23 Corporation Inmobiliaria Vesta 24 Realty Income 25 LBA Realty 26 Ivanhoe Cambridge 27 Monmouth Real Estate Investment 28 Ashley Capital 29 Phoenix Investors 30 Hines 31 Becknell Industrial 32 Buzz Oates 33 Equity Industrial Partners 34 Transwestern Development 35 Panattoni Development 36 Trammell Crow Company 37 Heller Industrial Parks 38 Scannell Properties 39 Transwestern Investment Group 40 American Realty Advisors Industrial Space Owned 30,000,000 27,600,000 26,721,116 26,023,400 26,000,000 25,968,594 23,375,000 22,405,000 22,058,733 21,742,924 20,800,000 19,980,000 19,611,000 19,455,035 19,300,000 17,288,869 16,000,000 15,600,000 14,470,731 14,000,807 47#48U.S. INDUSTRY OVERVIEW All U.S. Players - Potential for Making WPT a Consolidator as Private Company Company 41 Terreno Realty 42 Westmount Realty Capital 43 Mericle Commercial Real Estate 44 MDH Partners 45 Westcore Properties 46 HSA Commercial Real Estate 47 Plymouth Industrial REIT 48 Cole Office & Industrial REIT (CCIT II) 49 Core5 Industrial Partners 50 Dalfen America 51 GCP 52 CapRock Partners 53 Winstanley Enterprises 54 Bulk Industrial Group 55 Omega Industrial Realty 56 GFI Partners 57 Centurion Investments 58 ElmTree Funds 59 Equus Capital Partners 60 BKM Capital Partners Public companies in bold. Note: Data as of December 31, 2017. Source: National Real Estate Investor. BW BLACKWELLS CAPITAL Industrial Space Owned 13,100,000 13,000,000 13,000,000 12,985,126 12,000,000 10,010,660 9,500,000 8,791,000 8,164,088 7,342,334 7,178,006 6,304,232 6,058,136 5,800,000 5,100,000 5,000,000 4,599,951 4,300,000 4,261,013 4,131,275 Strictly Confidential & Trade Secret Company 61 McCraney Property 62 McDonald Development 63 Faropoint 64 Bezdek Realty 65 GID Investment Advisers 66 MLG Capital 67 Lincoln Property 68 Devitt & Associates 69 OmniTRAX 70 Hartman Income REIT 71 Friedman Integrated Real Estate 72 SAFEBOX 73 Rockefeller Group 74 Depaul Real Estate Investment Group 75 Aryana Industrial Space Owned 4,130,118 3,913,000 3,022,000 3,000,000 2,705,000 2,200,000 2,184,000 2,000,456 1,692,000 1,325,156 1,156,349 1,050,000 756,000 326,000 10,000 48#49POTENTIAL STRATEGIC ACQUIRERS Company Prologis (NYSE:PLD) Duke Realty (NYSE:DRE) First Industrial (NYSE:FR) East Group Properties (NYSE:EGP) Terreno Realty (NYSE:TRNO) Rexford Industrial (NYSE:REXR) STAG Industrial (NYSE:STAG) Lexington Realty (NYSE:LXP) BW Industrial Logistics (NYSE:ILPT) BLACKWELLS CAPITAL Overview Prologis is the largest of the public industrial REITs with 4,655 buildings and over 930 million square feet around the world. PLD has also been one of the most active acquirers in the space with their recent acquisition of Liberty Property Trust Duke Realty is the second largest Industrial REIT with 155 million square feet. Duke also operates medical office buildings along side their industrial portfolio. Duke's properties are well dispersed across the United States and are typically larger warehouses First Industrial has been focused more recently on expanding into the coastal markets and being less concentrated inland. First Industrial also develops smaller buildings in order to be nimbler in their new developments EastGroup is mainly focused on the SunBelt with a great finished product. EastGroup does a more traditional buildout of their facilities and has begun expanding in Atlanta and California Terreno is one of the smallest industrial REITs with only 13.4 million square feet of warehouse space. Terreno has a strong management team of ex AMB Property executives, an industrial REIT acquired by PLD in 2011. Terreno focuses on densely populated, true last mile locations Rexford focuses on small tenants in Southern California. REXR began as a startup and had a very strong cost of capital as they expanded into Inland Empire. Rexford has solely California based properties STAG focuses on aggressively acquiring industrial real estate in secondary and tertiary markets in the United States. Stag also typically does slightly higher cap rate deals and are well diversified geographically Lexington Realty owns a diversified portfolio of primarily equity investments in single tenant net leased commercial properties and expands in build to suit and sale leaseback transactions. LXP is heavily represented in the Midwest and southern United States Industrial Logistics Property Trust is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). Their properties are focused in the northern United States and Hawaii Strictly Confidential & Trade Secret WPT Acquirer? X X 49#50STRONG EXPECTED E-COMMERCE PERFORMANCE TO DRIVE DEMAND FOR INDUSTRIAL SPACE 1. E-commerce sales have spiked since the COVID outbreak, with 45% YoY growth in Q2 2020; the first half of 2020 would already be the greatest year for e-commerce growth in absolute dollar terms 2. E-commerce requires ~3x the warehouse space relative to physical retail due to space necessary to pick, part, and sort packages, higher overall inventory levels, and more returns 3. Overall supply growth will likely continue to lag demand; the unavailability of large plots of vacant land outside metropolitan areas means the bulk of industrial supply in the medium to long-term will be generated by commercial property conversions, which tend to take more time than greenfield developments E-commerce penetration is forecasted to reach 30% of sales in 2030, up from 11% in 2019, which translates to a 13% annual CAGR in e-commerce sales as shown below Penetration / sales growth (YoY) 40% 35% 30% 25% 20% 15% 10% 5% 0% (5)% 2010 2012 2014 Source: Green Street Advisors. 2016 BW BLACKWELLS CAPITAL 2018 2020E 2022E 2024E E-commerce penetration E-commerce sales growth (YoY) Brick and mortar sales growth (YoY) 2026E 2028E 2030E 13% CAGR (2020E-2030E) 1% CAGR (2020E-2030E) Strictly Confidential & Trade Secret 2030E penetration rate 50% 40% 30% 20% 10% 0% 16% 41% (0.5)% High e-commerce growth 13% 30% 1.1% Base case 10% 23% 1.9% Low e-commerce growth 2030E penetration rate E-commerce sales CAGR (2020E-2030E) Brick and mortar sales CAGR (2020E-2030E) 20% 15% 10% 5% 0% (5)% Sales CAGR (2020E-2030E) 50#51BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE E-Commerce Growth Provides Long Runway for Strong Fundamental in Industrial Real Estate Double-digit e-commerce growth and the ongoing supply chain evolution in retail over the last 5 years has drove steady demand for industrial real estate assets ● E-commerce fulfillment centers generally require 3x the warehouse space as a retail fulfillment center due to the wider variety of goods sold on the internet compared to in-store and the additional space needed to pack or sort items for delivery The relationship between e-commerce sales growth and industrial trailing twelve-month absorption strengthened over the last eight years Amazon has already signed 55 leases YTD and 28 MSF according to Co-Star as of July 2020 The rising use of e-commerce is expected to create additional warehouse demand as consumers continue social distancing even after states and cities reopen their economies Established e-commerce hubs at major transportation centers should see strong fundamentals as many occupiers recalibrate their supply chains and build automation and efficiencies into their distribution networks Super-regional distribution markets, such as Chicago and Dallas/Ft. Worth, appear particularly well positioned because of their central locations U.S. E-Commerce Sales Continue to Take Longer Share of U.S. Retail Sales 14% 6% 5% 12% 4% 10% 3% 8% 2% 6% 4% 2% 0% BW BLACKWELLS CAPITAL ТИТ US e-commerce sales as a % of headline US retail sales Source: U.S. Census, Company Data, Morgan Stanley Research. Strictly Confidential & Trade Secret || 1% 0% (1)% (2)% (3)% Industrial SS-NCI growth 51#52BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Pandemic Related Demand Increase for Industrial Space Through 2022 Fueled by e-commerce growth, annual net industrial absorption will total more than 333 million sq. ft. by 2022, leading to annual rent growth of 5.7%, according to CBRE estimates as of June 2020 This is more than triple the previously forecast demand based on new metrics that CBRE economic Advisors (CBRE EA) has developed using e-commerce data resulting from COVID-19 In the COVID-19 era, e-commerce is fueling industrial demand more than ever, so basing forecasts solely on traditional employment-based metrics is no longer enough. By incorporating e-commerce data into its industrial forecasting models beginning in Q1 2020, CBRE EA is now able to more precisely forecast industrial rent, availability, absorption and construction The COVID-19 pandemic has resulted in significant gains in e-commerce's share of total retail sales, which should further stimulate industrial demand and provide a short-term buffer to a more severe economic downturn The Census Bureau reports that while every other major category of retail spending declined, non-store retail sales rose by 9.5% in April and by 9.0% in May. Non-store's share of total retail sales jumped to 19.2% from 15.0% in April, illustrating e-commerce's prominence during the pandemic. Although this share fell slightly in May when many traditional retail stores reopened, it remained considerably higher than before the pandemic Source: CBRE June 25, 2020. Link: https://www.cbre.us/research-and-reports/US-Market Flash-Annual-Industrial-Demand-to-Hit-333-Million-Sq-Ft-by-2022. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 52#53INDUSTRY DEMAND DRIVERS Import volumes: Seaports Brick and mortar retail sales (ex. gas) E-commerce sales Inventories Global industrial production Intermodal rail volume Air cargo volume Export volume: Seaports Manufacturing (PMI) BW BLACKWELLS CAPITAL YoY trend - 2H 2020 ↑↑ Strictly Confidential & Trade Secret ↓↓ Historical correlation to demand 53#54BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Pandemic Related Demand Increase for Industrial Space Through 2022 0.2 BW BLACKWELLS CAPITAL 0.18 0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 2000 2001 Online Sales Metrics | % of Total Retail Sales & Food Services 2003 2002 1 2004 2005 2006 E-Commerce 2007 2008 2009 2010 Strictly Confidential & Trade Secret 2011 Source: CBRE June 25, 2020. Link: https://www.cbre.us/research-and-reports/US-Market Flash-Annual-Industrial-Demand-to-Hit-333-Million-Sq-Ft-by-2022. 2012 2013 2014 2015 2016 Nonstore Retailers 2017 2018 2020 2019 54#55BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Pandemic Related Demand Increase for Industrial Space Through 2022 $9.00 BW BLACKWELLS CAPITAL $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Industrial Rent Forecast ($ per sq ft.) Source: CBRE June 25, 2020. Link: https://www.cbre.us/research-and-reports/US-Market Flash-Annual-Industrial-Demand-to-Hit-333-Million-Sq-Ft-by-2022. Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 288000 Strictly Confidential & Trade Secret Q1 Q1 Q1 Q1 2022 2023 2024 2025 Current Forecast Q4 2019 Forecast 55#56BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Inventories-to-Sales Supply chains need to be more resilient in a post-pandemic world Inventory levels are projected to increase substantially This will drive greater industrial space demand 1.80 BW BLACKWELLS CAPITAL 1.75 1.70 1.65 1.60 1.55 1.50 1.45 1.40 1.35 1.30 Inventory to Sales чт mund 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Source: Monmouth Real Estate Investment Corp. October 2020 Investor Presentation. www и Strictly Confidential & Trade Secret 56#57POTENTIAL BENEFICIARY FROM RE-SHORING BACK TO THE U.S. As the U.S. economy restarts, adjustments to business supply chains will increase the demand for warehouse space. The downward trend in inventory-to-sales ratios since the early 1990s could reverse as manufacturers, wholesalers and retailers store materials and products closer to manufacturing centers and consumers Additionally, businesses may create more domestic supply chains as they re-shore or near-shore production According to CBRE Research, a 5% increase in business inventories requires an additional 400 million to 500 million sq. ft. of warehouse space Markets with convenient access to seaports may offer very limited space options. This likely will benefit inland hub markets, including the Inland Empire, Atlanta, Pennsylvania I-78/81 Corridor, Memphis, FL 1-4 Corridor, Greenville and Central Valley, CA BSF BW BLACKWELLS CAPITAL 9987 6 5 4 3 N TO 10 2 1 Q4 2002 Q4 2003 Q4 2004 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Occupied space (L) Source: CBRE May 14, 2020. Link: https://www.cbre.us/research-and-reports/US-MarketFlash-Distribution-Hubs-Will-Benefit-from-Increased-Business-Inventories. Business inventories (R) Strictly Confidential & Trade Secret 2.5 2.0 1.5 1.0 0.5 0.0 US$ (trillions) 57#58BW BLACKWELLS CAPITAL History of Shareholder Value Underperformance Strictly Confidential & Trade Secret#59YEARS OF SHARE PRICE UNDERPERFORMANCE Despite Strong Fundamentals for Industrial REITS, WPT Shares Have Materially Underperformed WPT Industrial has suffered prolonged and substantial share price underperformance on a relative basis Over the last three years, the end of the longest bull run in history, WPT's U.S. listed industrial real estate peers outperformed the S&P 500 with an average return of 71% Over the last five years WPT's peers have returned on average 182% versus WPT's returns of 63% an overperformance of 118%. WPT's peers have also outperformed the S&P 500 over the same time Source: Capital IQ. Note: Calculated through 12/31/2020. BW BLACKWELLS CAPITAL Industrial REIT and S&P 500 Performance Over the Last 5 Years REXR SMU-U TRNO EGP US Average Canadian Average PLD GRT-U DIR-U DRE FR WPT 0.0% 50.0% 63.2% 100.0% Strictly Confidential & Trade Secret 125.9% 118.2% 150.0% 181.6% 192.4% 187.4% 178.2% 168.6% 165.2% 161.5% 208.0% 200.0% 233.8% 250.0% 59#60YEARS OF SHARE PRICE UNDERPERFORMANCE Despite Strong Fundamentals for Industrial REITS, WPT Shares Have Materially Underperformed Since its IPO, WPT has significantly underperformed its peers 300% BW BLACKWELLS CAPITAL 250% 200% 150% 100% 50% 0% -50% Source: Capital IQ. Note: Calculated through 12/31/2020. Peer group includes DRE, EGP, PLD, REXR, and TRNO. WPT's Share Price Return vs. Index of Peers Since IPO 4/26/2013 4/26/2014 4/26/2015 4/26/2016 4/26/2017 4/26/2018 4/26/2019 Peer Average WPT Industrial Strictly Confidential & Trade Secret Her 4/26/2020 60#61DIVIDEND YIELD HISTORY Since 2013 WPT's Dividend Yield has Been Relatively Stable Since WPT first started trading its dividend yield has on average been around 6.2%, more than double the average dividend yield of its industrial real estate peers 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 10/30/2013 10/30/2014 BW BLACKWELLS CAPITAL илми WPT's Dividend Yield History 10/30/2015 10/30/2016 Calculations based on closing share price data from Bloomberg on 12/31/2020. NAV from wall street research consensus expectations. Source: WPT Industrial Company Filings. JP Morgan Securities LLC, Company Reports, Bloomberg. 10/30/2017 Strictly Confidential & Trade Secret 10/30/2018 10/30/2019 10/30/2020 61#62UNDERPERFORMANCE OVERVIEW WPT Industrial Trades at a Discount and Has Underperformed Its Peers over the Last Five Years for Several Reasons Including But Not Limited to: 1. Canadian Listing Misunderstood / Not Fully Appreciated Company Over the last 3 years WPT has fixed several issues that weighed on its valuation and the Company has yet to get credit for them including: 1. Over concentration to the Midwestern U.S. 2. BW 2. External Management Structure 3. Missed Financial Estimates BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 62#63NAV & EBITDA MULTIPLES WPT Trades at a Larger Valuation Discount Than Any of Its Industrial REIT Peers WPT trades at one of the biggest discount to NAV out of its peer group Industrial REIT (Discount) / Premium to NAV REXR Average PLD TRNO EGP DRE WIR.U 2.8% 10.1% 9.7% BW BLACKWELLS CAPITAL 15.3% 15.0% 14.6% 27.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0x Strictly Confidential & Trade Secret 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x Industrial REIT FY+1 EV/EBITDA Multiples 33.0x 32.6x Calculations based on closing share price data from Bloomberg on 12/31/2020. NAV from wall street research consensus expectations. Source: WPT Industrial Company Filings. JP Morgan Securities LLC, Company Reports, Bloomberg. 27.8x 26.1x 25.9x 26.2x TRNO REXR Average PLD EGP 23.1x || 19.4x DRE FR WIR.U 63#64FFO & CAP RATES WPT Trades at a Larger Valuation Discount Than Any of Its Industrial REIT Peers 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x 36.4x Industrial REIT FY+1 P/FFO 34.9x 28.2x 26.1x BW BLACKWELLS CAPITAL 24.6x 24.5x 22.6x 14.3x TRNO REXR Average PLD EGP DRE FR WIR.U 7.0% Strictly Confidential & Trade Secret 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 5.7% Calculations based on closing share price data from Bloomberg on 12/31/2020. NAV from wall street research consensus expectations. Source: WPT Industrial Company Filings. JP Morgan Securities LLC, Company Reports, Bloomberg. Industrial REIT FY+1 Cap Rates 4.8% 4.1% 4.1% 4.0% WIR.U FR EGP 3.7% 3.5% 3.5% ||||| DRE Average PLD TRNO REXR 64#65BW BLACKWELLS CAPITAL Corporate Governance Strictly Confidential & Trade Secret#66GOVERNANCE FAILURES Expectation Economic Alignment Diversity Lack of Independent Chair BW BLACKWELLS CAPITAL Criteria Interests aligned with shareholders Has a diverse and inclusive array of Board Members Have an Independent Chair to monitor management on behalf of the shareholders Strictly Confidential & Trade Secret Assessment Limited stock ownership and open market purchases of stock The legacy board sorely lacks diversity WPT's CEO is also the Chairman of the Board WPT Grade FAIL FAIL FAIL 66#67BOARD STOCK OWNERSHIP WPT's 7 Directors Collectively Own Only 1.62% of Total Shares Outstanding Name Scott T. Frederickson Milo D. Arkema Louie Di Nunzio Sarah B. Kavanagh Stuart H.B. Smith Pamela J. Spackman Robert T. Wolf Total Roll CEO & Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Source: WPT Industrial Company Filings, Company Reports, FactSet. BW BLACKWELLS CAPITAL Units Beneficially Owned, Controlled, or Directed (#) ($) 541,673 $5,714,650 6,800 $ 71,740 $ $ $ 20,000 $ 211,000 10,000 $ 105,000 578,473 $ 6,102,390 Strictly Confidential & Trade Secret DTUS and Deferred Limited Partnership Units Owned Controlled, or Directed (#) ($) 533,105 $5,835,258 69,019 $ 728,148 33,699 $ 355,525 65,880 $ 695,031 29,173 $ 307,779 24,124 $ 254,512 80,394 $ 848,152 835,394 $9,024,405 Total Units Owned Controlled, or Directed (#) ($) 1,074,778 $11,549,908 75,819 $ 799,888 33,699 $ 355,525 65,880 $ 695,031 29,173 $ 307,779 44,124 $ 465,512 90,394 $ 953, 152 1,413,867 $15,126,795 (%) 1.23% 0.09% 0.04% 0.08% 0.03% 0.05% 0.10% 1.62% 67#68INDEPENDENT BOARD MEMBER OVERVIEW Six of WPT's Seven Board Members are Independent The six Independent Board members have an average tenure of 7 years Every member of the current Board has been on it since the Company first started trading publicly ● Name Scott T. Frederickson Milo D. Arkema Louie DiNunzio Sarah B. Kavanagh Stuart H.B. Smith Pamela J. Spackman Robert T. Wolf Total Roll BW BLACKWELLS CAPITAL Source: WPT Industrial Company Filings, Company Reports, FactSet. WPT Independent Board Members CEO & Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Independent Trustee Age 54 60 69 52 63 74 68 63 Strictly Confidential & Trade Secret Director Since 2013 2013 2013 2013 2013 2013 2013 2013 Tenure Audit 7 7 7 7 7 7 7 7 Chair Member Member Committees Investment CG&N Member Chair Member Chair Member Member 68#69BOARD OVERVIEW Scott T. Frederiksen Milo D. Arkema Sarah B. Kavanagh CHIEF EXECUTIVE OFFICER AND TRUSTEE INDEPENDENT TRUSTEE INDEPENDENT TRUSTEE WPT's Board Member Biographies Mr. Frederiksen is the Chief Executive Officer of the REIT and a member of the board of managers of Welsh and the Chief Executive Officer and a member of the board of managers of WPT Capital. Mr. Frederiksen has served in many distinguished roles during his 30- year tenure with the Welsh organization. Starting as an industrial broker in 1987, he was named Senior Vice President in 1996 and became a Principal of Welsh Companies, LLC in 2006. Mr. Frederiksen also served as President of WelshInvest, LLC from January 2008 until his appointment as Chief Executive Officer of Welsh in 2010. In his current role as Chief Executive Officer of the REIT, Mr. Frederiksen is responsible for strategic oversight of the asset-based growth of the company, leading a team of dedicated professionals in the areas of financial analysis, acquisitions, due diligence, legal, investor relations, financing, asset management and dispositions. He serves as a frequent speaker and panelist for regional and national industry organizations in the U.S. and Canada. Mr. Frederiksen holds a Bachelor of Science degree from St. Cloud State University, where he graduated summa cum laude. He is a Certified Commercial Investment Member, a member of the National Association of Real Estate Investment Trusts and the Society of Industrial and Office Realtors, and holds a Real Estate Broker's License in the State of Minnesota. Mr. Frederiksen also holds his Series 24, 7 and 63 securities licenses. BW BLACKWELLS CAPITAL Mr. Arkema is an independent consultant with Chima Consulting, LLC. Prior to joining Chima Consulting, LLC in 2013, Mr. Arkema was a director and employee of Baker Tilly Virchow Krause, LLP, an accounting and advisory firm, from 2007 to 2012. Prior to 2007, Mr. Arkema was a partner at Baker Tilly Virchow Krause LLP, and served as a member of its executive committee for five years. Mr. Arkema's principal focus has been advising and consulting with entrepreneurs, shareholders, family businesses, and boards regarding strategy, capital formation, management issues, executive compensation and general business issues. Currently, he also leads and manages financial due diligence engagements for private equity firms and strategic buyers. Mr. Arkema is a member of the board of Data Sciences International Inc., and is the former Chairman of the board of directors of CaringBridge, a non-profit organization that provides free websites to connect family and friends during serious health events. Mr. Arkema also previously served as an independent member of the investment committee of two investment funds that hold minority equity interests in Welsh. He is a member of the American Institute of Certified Public Accountants and the Minnesota Society of Certified Public Accountants. Mr. Arkema holds a Bachelor of Arts in Accounting from Dordt College. Ms. Kavanagh is a corporate director. She is currently a Director, Chair of the Audit Committee and member of the Nominating and Governance Committee of Hudbay Minerals Inc. (TSX: HBM; NYSE: HBM) and a Director and member of the Audit and Risk Committee and Nominating and Corporate Governance Committee of Valeant Pharmaceuticals International, Inc. (TSX: VRX; NYSE: VRX). In addition to her public company directorships, she is a Director and Chair of the Audit Committee at the American Stock Transfer & Trust Company LLC and the Canadian Stock Transfer Company and a Director and Chair of the Audit and Investment Committee of Sustainable Development Technology Canada. From June 2011 through May 2016, she served as a Commissioner, and as Chair of the Audit Committee, at the Ontario Securities Commission. Between 1999 and 2010, Ms. Kavanagh served in various senior investment banking roles at Scotia Capital Inc., including Vice-Chair and Co-Head of Diversified Industries Group, Head of Equity Capital Markets and Head of Investment Banking. Prior to Scotia Capital, she held several senior financial positions with operating companies in Canada. She started her career as an investment banker with a bulge bracket firm in NY. Ms. Kavanagh graduated from Harvard Business School with a Masters of Business Administration and received a Bachelor of Arts degree in Economics from Williams College. She completed the Directors Education Program at the Institute of Corporate Directors in May 2011. Source: WPT Industrial Company Filings, Company Reports, FactSet. Strictly Confidential & Trade Secret 69#70BOARD OVERVIEW Louie DiNunzio Stuart H. B. Smith Robert T. Wolf INDEPENDENT TRUSTEE INDEPENDENT TRUSTEE INDEPENDENT TRUSTEE WPT's Board Member Biographies Mr. DiNunzio has more than 20 years of experience in the real estate sector in North America and Europe. In his current role as Senior Vice President, Investments at Cadillac Fairview, he is responsible for investments and divestments with a focus on the Canadian, US and European markets. Earlier in his tenure at Cadillac Fairview, he was responsible for building and leading the organization's Strategic Insight group. Prior to joining company, he held progressively senior positions within the investment banking industry at both BMO Nesbitt Burns Inc. and Merrill Lynch Canada. Mr. DiNunzio is a Chartered Accountant and holds a Masters in Business Administration from The Schulich School of Business at York University and a Bachelors of Commerce from the University of Toronto. He has also completed the ICD-Rotman Directors Education Program. BW BLACKWELLS CAPITAL Mr. Smith is currently the Chairman of EPIC Investments Services, Inc., a company formed following an amalgamation of three companies and an equity investment by a major Canadian institution. As Chairman, he is responsible for EPIC's overall vision, leadership and growth strategy. He was formerly Chairman of EPIC Realty Partners Inc., a real estate advisory company serving the Canadian marketplace, which he formed with a partner in 2005. Prior to forming EPIC, Mr. Smith served as the President and CEO of Oxford Properties Group, one of the Canada's largest property owners and managers, where he held progressively senior positions beginning in 1989 and led Oxford's transition following the acquisition by Ontario Municipal Employees Retirement System (OMERS). Prior to joining Oxford, Mr. Smith was President of Shipp Corporation Limited, a real estate development and management company involved in office, retail and residential properties. He served as a Director of Look Communications Inc. from 2003 to 2010 and Yellow Media Limited om 2004 to 2011. He served as a Director of Altus Group Limited from 2005 to 2013 and also served as the Executive Chairman and Chief Executive Officer of Altus Group Limited during the period of 2011-2013. He previously served on the Board of Directors of Knowledge First Financial (formerly The International Scholarship Foundation) and Yellow Pages Group. Mr. Smith is a graduate of University of Western Ontario in Economics. As a Chartered Accountant, he has been involved in a number of accounting and professional organizations, more specifically Urban Land Institute, a member of the Chief Executives' Organization and a member of The Canadian Institute of Chartered Accountants' Innovation Council. In 2017, Mr. Smith was awarded a Fellowship in the Chartered Professional Accountants and in 2005, he was awarded the NAIOP-REX Award for Community Service. Mr. Wolf, through RTW Capital Corporation, has been making active investments in and providing financial consulting to small and medium businesses in a variety of sectors since February 2008. Mr. Wolf served as a director of C.A. Bancorp Canadian Realty Finance Corporation from February 2008 to April 2011, as a trustee and Chair of the Investment Committee of InnVest Real Estate Investment Trust (TSX: INN.UN) from 2014 to 2016, and as a trustee and Chair of the Investment Committee of OneREIT (formerly Retrocom Real Estate Investment Trust) (TSX: RMM.UN) from 2010 - 2017. Mr. Wolf currently serves as a director of Crosswinds Holdings, Inc., fka C.A. Bancorp Inc. (TSX: CWI), which is a merchant bank and alternative asset manager with a primary focus on the insurance industry. Prior to 2008, Mr. Wolf served as Chief Financial Officer of RioCan Real Estate Investment Trust, Canada's largest real estate investment trust, from its inception in 1994. Prior to 1994, Mr. Wolf held a variety of positions in both public and private real estate companies. Mr. Wolf holds a Chartered Accountancy designation and received a Master's of Business Administration from the Schulich School of Business at York University and a Bachelor of Commerce from McGill University. Source: WPT Industrial Company Filings, Company Reports, FactSet. Strictly Confidential & Trade Secret 70#71BOARD OVERVIEW Pamela J. Spackman INDEPENDENT TRUSTEE Source: WPT Industrial Company Filings, Company Reports, FactSet. BW BLACKWELLS CAPITAL WPT's Board Member Biographies Pam Spackman, a corporate director, currently serves on the board of Slate Office REIT and as Chair of Governance, Compensation and Nominating Committee, and member of Audit Committee. Slate Office REIT is a TSX-listed enterprise focused on investing in office properties in Canada. Ms. Spackman is also a member of the Advisory Committee, responsible for the valuation of the Limited Partnership units, for Crestpoint Real Estate Investments Ltd. Crestpoint, is a part of the Connor, Clark and Lunn group of companies, and owns a growing portfolio of approximately $2.5 billion of commercial properties on behalf of its limited partnership investors. She is a member of the Independent Investment Committee of the Bentall Kennedy High Yield Canadian Property Fund. This fund invests in high yield mortgage debt and real estate equity in Canada. It is sponsored by Bentall Kennedy and Sun Life Investment Management. Ms. Spackman has previously served as Chair of the Timbercreek Mortgage Advisory Committee, from July 2008 until June 2016 (the date of amalgamation of the three TSX-listed mortgage funds for which this committee reviewed and approved all mortgage investments). She also served on the board of Gazit America Inc., and as Chair of Governance, Compensation and Nominating Committee and a member of the Audit Committee from July 2009 until August 2012 (the date of its privatization and de-listing from the TSX). Ms. Spackman served as President and CEO of Column Canada Financial Corporation, a wholly owned subsidiary of Credit Suisse Group AG from July 2000 to July 2008. Prior to that, Pam served as Vice-President Mortgage Investments, at the Ministry of Finance, Province of British Columbia (bcIMC) and an Investment Manager for the Workers' Compensation Board Investment Fund in Ontario. Ms. Spackman acquired the ICD.D designation in 2010 following completion of the Institute of Corporate Directors programme at University of Toronto. Strictly Confidential & Trade Secret 71#72MANAGEMENT OVERVIEW Scott T. Frederiksen CHIEF EXECUTIVE OFFICER Matthew J. Cimino Judd K. Gilats CHIEF OPERATING OFFICER & GENERAL COUNSEL CHIEF FINANCIAL OFFICER WPT's Management Team Biographies Mr. Frederiksen is the Chief Executive Officer of the REIT and a member of the board of managers of Welsh and the Chief Executive Officer and a member of the board of managers of WPT Capital. Mr. Frederiksen has served in many distinguished roles during his 30- year tenure with the Welsh organization. BW BLACKWELLS CAPITAL Starting as an industrial broker in 1987, he was named Senior Vice President in 1996 and became a Principal of Welsh Companies, LLC in 2006. Mr. Frederiksen also served as President of WelshInvest, LLC from January 2008 until his appointment as Chief Executive Officer of Welsh in 2010. In his current role as Chief Executive Officer of the REIT, Mr. Frederiksen is responsible for strategic oversight of the asset-based growth of the company, leading a team of dedicated professionals in the areas of financial analysis, acquisitions, due diligence, legal, investor relations, financing, asset management and dispositions. He serves as a frequent speaker and panelist for regional and national industry organizations in the U.S. and Canada. Mr. Frederiksen holds a Bachelor of Science degree from St. Cloud State University, where he graduated summa cum laude. He is a Certified Commercial Investment Member, a member of the National Association of Real Estate Investment Trusts and the Society of Industrial and Office Realtors, and holds a Real Estate Broker's License in the State of Minnesota. Mr. Frederiksen also holds his Series 24, 7 and 63 securities licenses. Mr. Cimino is Chief Operating Officer & General Counsel of WPT Industrial REIT. Mr. Cimino oversees day-to-day operations of the firm and strategic initiatives. Mr. Cimino also oversees all legal operations for the REIT, including securities matters, corporate governance, compliance, insurance, litigation and the structuring and negotiation of all joint ventures, private placements, acquisitions, dispositions, development, financing and leasing. Mr. Cimino also serves as the company's corporate secretary. Prior to his appointment as Chief Operating Officer & General Counsel, Mr. Cimino served as General Counsel & Secretary, with primary responsibility for all legal operations of the firm. Before joining the Welsh organization in 2007, Mr. Cimino worked in private practice, serving as external counsel to Welsh and its subsidiary companies. While in private practice, Mr. Cimino focused in the areas of real estate, finance, corporate and environmental law. He is a frequent speaker on real estate legal matters such as the structuring and negotiation of joint ventures and commercial lease transactions and was also a recipient of the First Chair Award for "Top General Counsel" in 2012 and 2013. Mr. Cimino is admitted to practice law in Missouri and Minnesota and is a member of the Real Property Law Section of the Minnesota State Bar Association, The Association of Corporate Counsel and The Society of Corporate Secretaries and Governance Professionals. Mr. Cimino is also the Chairman of the NAIOP National Forum for Real Estate Law and Transactions. He received a Juris Doctor degree from Creighton University School of Law and a Bachelor of Science degree from Montana State University. Mr. Gilats is Chief Financial Officer of WPT Industrial REIT. Mr. Gilats oversees the firm's accounting, financial analysis and other financial operations. Prior to joining WPT, Mr. Gilats was Chief Financial Officer for U.S. Assets and Dislocated Industries at Castlelake, L.P., a global investment firm based in Minneapolis, MN. Before Castlelake, Mr. Gilats held various corporate finance and capital markets roles with Ares Management, Wrightwood Capital, Chiron Corporation and Deloitte & Touche LLP, where he earned his CPA designation. Mr. Gilats received his BBA in accounting from the University of Wisconsin-Madison and his MBA from the Hass School of Business at the University of California - Berkeley. Source: WPT Industrial Company Filings, Company Reports, FactSet. Strictly Confidential & Trade Secret 72#73MANAGEMENT OVERVIEW Ryan Doyle Jennifer R. Widener Spencer Gerberding HEAD OF INVESTMENTS, EAST REGION HEAD OF INVESTMENTS, WEST REGION SENIOR VICE PRESIDENT, ASSET MANAGEMENT WPT's Management Team Biographies Mr. Doyle is currently Head of Investments, Central Region for WPT Industrial REIT. He is responsible for sourcing, underwriting and closing industrial investments. BW BLACKWELLS CAPITAL Mr. Doyle is a 17-year veteran of WPT and its predecessor companies. Prior to joining the WPT investment team, Mr. Doyle spent seven years as an industrial leasing and sales broker. Mr. Doyle is a graduate of St. Cloud State University with a Bachelor of Science in Real Estate Finance. He is also a member of the NAIOP industrial acquisitions national forum Ms. Widener is currently Head of Investments, West Region for WPT Industrial REIT. She is responsible for sourcing, underwriting and closing industrial investments. Ms. Widener was previously a Vice President of Investments at IDI Gazeley Brookfield Logistics Properties, handling third party acquisitions for both company accounts and separate account clients. Prior to IDI Gazeley, Ms. Widener was employed at Bristol Group, a boutique real estate investment management firm, and was responsible for the acquisition, disposition, and asset management for a variety of assets including office, industrial, retail, multi-family, and self-storage properties. During her near 20-year career, she has gained experience in project development, capital formation, debt procurement, and investment transactions. Ms. Widener is a graduate of the University of Oklahoma with a Master of Arts in economics and a graduate of the University of lowa with a Bachelor of Arts in economics. She also serves as co-Chair of the Investment Management I national forum with NAIOP Mr. Gerberding is Senior Vice President - Asset Management for WPT Industrial REIT. In his current role, Mr. Gerberding is responsible for strategic property and portfolio planning, leasing decisions, asset valuation and oversight of property management functions. Having held positions for several investment and real estate companies, Mr. Gerberding has been actively involved in investment management, syndications, acquisitions, dispositions, workouts, development, brokerage, asset management and consulting for the past 18 years. Outside WPT, Mr. Gerberding has served on the Board of Directors for Open Book and The Sanneh Foundation. He is also a member of the global commercial real estate network of Certified Commercial Investment Members (CCIM) and is a LEED certified professional. A graduate of Lehigh University, Mr. Gerberding holds a Bachelor of Science degree in finance & economics, where he also earned Patriot League honors as a student athlete Source: WPT Industrial Company Filings, Company Reports, FactSet. Strictly Confidential & Trade Secret 73#74MANAGEMENT OVERVIEW Scott Haugen Pat Qualley SENIOR VICE PRESIDENT, ASSET MANAGEMENT VICE PRESIDENT, CONSTRUCTION & DEVELOPMENT WPT's Management Team Biographies BW BLACKWELLS CAPITAL Mr. Haugen is Senior Vice President - Asset Management for WPT Industrial REIT. In his current role, Mr. Haugen is responsible for strategic property and portfolio planning, leasing decisions, asset valuation and oversight of property management functions. Prior to WPT, Mr. Haugen was most recently with Founders Properties, LLC, where he was responsible for leading the asset management team in providing services for private real estate partnerships that included industrial, office, multi-family and retail/mixed use projects. Mr. Haugen also worked at Welltower (NYSE: WELL) spending two years overseeing the management of a national portfolio of approximately 200 medical office properties. Starting his real estate career at RBC Wealth Management, Mr. Haugen worked initially in their investment real estate subsidiary as an analyst, and eventually led their corporate real estate department. Mr. Haugen is also a member of the Board of Directors of the National Association of Industrial and Office Properties (NAIOP) and a licensed Real Estate Salesperson. He received a Bachelor of Science degree from the University of Minnesota's Carlson School of Management, and a Master's in business administration from the University of St. Thomas. Mr. Qualley is Vice President - Constructio and Development at WPT Industrial REIT. In his current role, Mr. Qualley is responsible for the oversight of the firm's construction and development activity. Prior to WPT, Mr. Qualley was with Opus Design Build, LLC, where he was responsible for leading design and construction teams from entitlement through construction completion. Mr. Qualley has over 24 years of real estate and construction experience, which includes involvement in industrial, office, retail, medical and multi-family projects. Mr. Qualley is a member of the Lean Construction Institute and is a LEED certified professional. He is a graduate of the University of Minnesota with a Bachelor of Science degree in Structural Engineering and received his MBA with a real estate emphasis from the University of St. Thomas. Source: WPT Industrial REIT Q3 2020 Investor Presentation, Company Filings. Strictly Confidential & Trade Secret 74#75BW BLACKWELLS CAPITAL Blackwells Plan Strictly Confidential & Trade Secret#76ASSESSING THE OPPORTUNITY Business Highlights Opportunities BW BLACKWELLS CAPITAL Observations WPT is currently undervalued and has significantly underperformed relative to its industrial REIT peers ● ● ● Over the last five years WPT's peers have returned on average 182% versus WPT's returns of 63% an overperformance of 118%. WPT's peers have also outperformed the S&P 500 over the same time WPT trades at the second biggest discount to NAV out of its peer group WPT and the industrial real estate industry is a clear winner of the secular shift to e- commerce COVID-19 and the increase of e-commerce activity from people sheltered at home has increased the demand for Industrial Real Estate ● ● There is a significant valuation disconnect between the Canadian and U.S. Markets WPT is a Canadian listed REIT that acquires, develops, and owns logistics properties in the US Although WPT has a comparable asset base and business to the American players because it is listed in Canada it trades at a much higher cap rate ● ● WPT has one of the strongest Industrial Real Estate Portfolios in Public Markets WPT has one of the highest occupancy rates in the Industrial REIT sector at 97.4%, a weighted average building age of 15 years, an average building size is approximately 318,000 square feet, an average tenant size is approximately 172,000 square feet, and a weighted average lease maturity of 4.6 years Combine with Blackwells' Existing Industrial Real Estate Platform Blackwells is currently building an extensive industrial real estate platform with over 20 million square feet in major U.S. Markets As a major holder of U.S. industrial real estate we see several synergies in combing WPT with our portfolio ● Strictly Confidential & Trade Secret 76#77BLACKWELLS APPROACH TO WPT Blackwells Believes There Are Multiple Levers for Value Creation Including: Take Private BW Fix Exit BLACKWELLS CAPITAL WPT Industrial REIT is a Canadian listed REIT that acquires, develops, and owns logistics properties in the U.S. WPT has a comparable asset base and business to the American players because it is listed in Canada it trades at a much higher cap rate. We aim to take advantage of this disconnect by buying into an undervalued and underappreciated Company where we can increase coverage or relist the Company in the US WPT has grown significantly over the last three years essentially doubling the portfolio. Before this growth WPT was penalized for over concentration to the Midwest and lack of growth as well as their external management structure. Since then, the company has fixed the management structure, geographic exposure, and growth issues, yet is still being valued at a significant discount WPT has an attractive portfolio of industrial real estate assets that should garner a significant M&A premium. There are several exit options including the sale of the Company to a financial buyer or other Industrial REIT, relisting the Company, or using it as a platform to grow Strictly Confidential & Trade Secret 77#78VALUATION SCENARIOS Projected Share Price Scenarios + 5.3% dividend yield $25.50 $24.50 $23.50 $22.50 $21.50 $20.50 $19.50 $18.50 $17.50 $16.50 $15.50 $14.50 $13.50 1/1/2021 12/1/2020 2/1/2021 3/1/2021 4/1/2021 BW BLACKWELLS CAPITAL 1 5/1/2021 1 6/1/2021 7/1/2021 8/1/2021 Returns calculated from WPT Industrial closing share price on 12/31/2020 per Bloomberg. 9/1/2021 10/1/2021 Strictly Confidential & Trade Secret Cases 1 1 I 1 11/1/2021 1 1 1/1/2022 12/1/2021 Interloper Upside Potential Take Private Range 2/1/2022 3/1/2022 5/1/2022 4/1/2022 6/1/2022 $25.98 High +81% Case $20.15 +40% Take Private High End $17.27 Take Private +20% Low End 78#79BW BLACKWELLS CAPITAL Appendix Strictly Confidential & Trade Secret#80BW BLACKWELLS CAPITAL Appendix I Industry Overview Strictly Confidential & Trade Secret#81INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Tight Market Conditions Absorption gains will be difficult to achieve with extremely low vacancy rates and limited space options in several markets ● BW ● ● ● Consequently, net absorption will be lower than in previous years Anecdotally, seeing higher-than-normal renewal rates, particularly in the markets with the lowest vacancy rates, and this trend should continue if not accelerate in the near term Overall, the market will remain stable as e-commerce penetration continues to impact supply chains As operations become more complex for occupiers, there will be a heightened focus on outsourcing, paving the way for growth in the third-party logistics (3PL) sector Source: CBRE 2020 Industrial Real Estate Outlook. BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 81#82INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Shift in Supply / Demand Fundamentals Considering there will be more renewal activity and fewer leases for new space, the consensus between CBRE Research and CBRE's I&L business is that supply will outpace demand by 20 million to 30 million sq. ft BW ● ● The first time there will be an overhang of space since the 2008 recession, albeit representing only 0.2% of total industrial inventory The vacancy rate may increase slightly, but should remain near historic lows in 2020 Source: CBRE 2020 Industrial Real Estate Outlook. BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 82#83INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Strong Rent Growth from Construction & Infill ● BW ● Despite some softening in the market, CBRE forecasts rent growth of 5% in 2020, on par with previous years Rising rents will be driven by newer product and infill industrial space in supply-constrained markets. High-quality, first-generation Class-A warehouse space typically generates a rent premium Demand for light-industrial warehouses of less than 120,000 sq. ft. will accelerate as e-commerce companies race to offer same-day delivery to customers. These properties have seen rents rise by 30% in the past five years, whereas big-box rents rose by 15%. Space is very limited in the smaller- size segment Source: CBRE 2020 Industrial Real Estate Outlook. BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 83#84INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Strong Rent Growth from Construction & Infill 15 BW BLACKWELLS CAPITAL 10 5 0 -5 -10 Historical Average Asking Rent Growth & Forecast yo Source: CBRE 2020 Industrial Real Estate Outlook. 1990 1991 1992 1993 1994 1995 1996 1997 - 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Average Asking Net Rent Growth Strictly Confidential & Trade Secret T 2014 2015 2016 2017 2018 2019 2020 Long Run Average 84#85INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Limited Effects of Trade Conflict ● BW ● Should the U.S.-China trade conflict persist or deepen, economic growth may suffer and have a negative impact on I&L markets Nevertheless, I&L market fundamentals remain extremely strong, and trade with China-while important is not the only demand driver If trade tensions continue, two factors must be watched: consumer spending, which has a direct impact on industrial market dynamics, and supply chain restructuring, whereby import sourcing shifts largely from China to other countries like Vietnam, Malaysia and India Uncertainty will drive growth in the 3PL segment of the industrial market as companies outsource operations. This will translate into more 3PL leasing activity-a trend that is already underway Source: CBRE 2020 Industrial Real Estate Outlook. BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 85#86INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Markets to Watch ● BW As user dynamics change with supply-chain growth requiring more facilities across industrial hubs, several secondary markets are becoming desirable from an investment perspective The major risk to investors in smaller, secondary markets is oversupply and lack of liquidity CBRE has identified Charlotte, Cincinnati, Denver, Louisville, Orlando, Portland, St. Louis and Tampa as key secondary markets that will offer strong liquidity and relatively high income returns in 2020 45 40 35 30 25 20 15 10 BLACKWELLS CAPITAL 5 0 Source: CBRE 2020 Industrial Real Estate Outlook. Key Emerging Markets, Supply vs. Demand 11 Charlotte Cincinnati Denver Louisvlle Orlando Portland St. Louis Tampa Net Absorption Completions - Strictly Confidential & Trade Secret 86#87INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS BaML 2020 Outlook Fundamentals suggest guidance upside to initial 2020 outlooks barring virus drag - comparing initial guidance assumptions to market fundamentals suggests that many Industrial REITs will be in a position to bump same store NOI and development starts guidance as the year unfolds. Note that 2019 sector average same store NOI was +90 bps higher than initial guidance, development starts increased by 59% and FFO increased by 3%. BaML estimated in March 2020 that U.S. supply is likely to outpace absorption by 20-30M SF in 2020, as it did in 2019, but with vacancy is so low that rents should still rise. Real estate is a key component of tenant logistics strategies but comprises only 5% of total logistics costs, according to PLD (45% transportation, 32% labor, 18% inventory). Tenants are seemingly more sensitive to location and strategic need than rent and also recognize the impact on rent from rising construction costs. BaML noted in March 2020 that monitoring development pipeline pre-leased % as signals whether or not tenants are able to find the space they need in available supply. As of March 2020, the % remained elevated at 42% versus the historic 25-30%, suggesting they cannot. Vacancy near historic lows at 5.1% U.S. vacancy increased +20 bps Q/Q in 4Q19 to 5.1% but U.S. rent growth accelerated to 6.3% in 2019 from 4.7% in 2018. Excess supply is concentrated in select submarkets. Source: BaML 2020 Industrial Real Estate Outlook. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 87#88INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS Retail-to-Industrial Property Conversions Accelerate Retail-to-industrial property conversions are accelerating across the U.S., driven by the growth of e- commerce There are now 59 such projects that have either been completed, proposed or are underway since 2017-up from 24 in January 2019. These projects total approximately 13.8 million sq. ft. of retail space converted to 15.5 million sq. ft. of industrial space Underperforming retail sites have become an ideal location for last-mile warehouse developers. They are often located within population centers, connected to utilities and have large parking lots with multiple points of ingress and egress. Many are also freestanding big-box stores with existing dock doors and clear heights compatible with industrial use. Those without compatible design formats are typically demolished and replaced with modern warehouse facilities The top five markets for these conversion projects are Milwaukee, Cleveland, Chicago, Omaha and Dallas/Ft. Worth, accounting for one-third of the total number of projects nationally. This is primarily due to the number of "dead malls" in the Midwest Looking ahead, the changing tide of retail, the growth of online shopping and the steadily increasing demand for industrial space could extend this development strategy to higher growth markets in the Southeast and West regions The after-effects of COVID-19 will accelerate this trend. Stay-at-home orders across the U.S. have introduced an entirely new customer base to e-commerce. Adobe estimates that online sales in April and May were 7% higher than those of the 2019 holiday season and were $52 billion above normal online sales in April and May. The disruption to the retail sector and the growth of e-commerce will continue to increase the viability and payback of retail-to-industrial property conversions Source: CBRE July 23, 2020. Link: https://www.cbre.us/research-and-reports/US-Market Flash-Retail-to-Industrial-Property-Conversions-Accelerate. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 88#89INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS Retail-to-Industrial Property Conversions since 2017 1 Project 2 Projects 3 Projects BW BLACKWELLS CAPITAL 4 Projects 5 projects Source: CBRE July 23, 2020. Link: https://www.cbre.us/research-and-reports/US-MarketFlash-Retail-to-Industrial-Property-Conversions-Accelerate. Strictly Confidential & Trade Secret Total U.S. Projects Total U.S. Retail SF Total U.S. Industrial SF 59 13,793,513 15,510,451 89#90INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS The rising use of e-commerce is expected to create additional warehouse demand as consumers continue social distancing even after states and cities reopen their economies Established e-commerce hubs at major transportation centers should see strong fundamentals as many occupiers recalibrate their supply chains and build automation and efficiencies into their distribution networks Super-regional distribution markets, such as Chicago and Dallas/Ft. Worth, appear particularly well positioned because of their central locations Top Market For Under-Construction Inventory Q1 2020 Ranking Market 1 Dallas Atlanta Houston Inland Empire Chicago Phoenix BW BLACKWELLS CAPITAL 2 3 4 5 6 7 8 9 10 Pennsylvania Corridor Indianapolis Central New Jersey Memphis Source: CBRE May 14, 2020. Link: https://www.cbre.us/research-and-reports/US-MarketFlash-Distribution-Hubs-Will-Benefit-from-Increased-Business-Inventories. Strictly Confidential & Trade Secret MSF 23.9 23.2 22.1 21.2 17.4 14.4 1.9 12.3 11.8 9.3 90#91TRIPLE DIGIT DEMOGRAPHIC SHIFTS Metropolitan Areas With The Greatest Daily Net Population Exodus And Gain Th -201 Los Angeles BW BLACKWELLS CAPITAL +105 Las Vegas +200 Phoenix Source: Monmouth Real Estate Investment Corp. October 2020 Investor Presentation. Strictly Confidential & Trade Secret +212 Dallas -161 Chicago +102 Austin +119 Atlanta +143 Tampa +137 Orlando -277 New York 91#92BW BLACKWELLS CAPITAL Appendix II Sell Side Ratings Strictly Confidential & Trade Secret#93SELL SIDE RATINGS & COVERAGE BW WIR/U CN Equity WPT Industrial Real Estate Investment Trust 4.80 6M 1Y 12M Tgt Px 15.43 Price 14.41 Consensus Rating Buys Holds Sells 12M Tgt Px Last Price Pricing Currency Return Potential LTM Return 8) 9) 10) Note: As of January 4, 2021. 90.0% 10.0% 0.0% 10/10 Showing 11 of 11 sources Firm RBC Capital Markets Desjardins Securities Raymond James Scotiabank BLACKWELLS CAPITAL Actions Alert Export 9 100- 1 O 15.43 14.41 USD 7.1% 10.5% 50 0- Buy Hold Sell Analyst Pammi Bir Michael Markidis Brad Sturges Himanshu Gupta FTD Securities Lorne Kalmar FABMO Capital Markets Joanne Chen Industrial Alliance S... Frederic Blondeau FACIBC Capital Markets Chris Couprie Canaccord Genuity Mark Rothschild National Bank Finan... Matt Kornack 2Y Price Spread (Tgt - Px) 1.02 Jan Mar... Jun ... Sep... Strictly Confidential & Trade Secret … As of 01/04/21 5Y Max 2019 Recommendation outperform buy outperform sector perform buy outperform buy outperform buy outperform Dec... ……. Mar... Analyst Recommendations Jun... 2020 ... will Sep Tgt Px Datel 1 Yr Rtn 15.50 01/03/21 16.00 12/18/20 13.82% 16.00 12/17/20 15.50 12/09/20 15.50 12/04/20 14.75 11/15/20 14.50 11/13/20 15.00 11/12/20 10.83% 16.00 11/12/20 10.83% 15.50 11/12/20 10.83% 0.00% bec BARR 1 3 2 NNN 2 2 14.00 -12.00 10.00 -8.00 Rank + 3 যযযযযযযযযয 1/ 93#94BW BLACKWELLS CAPITAL Appendix III Current Shareholders Strictly Confidential & Trade Secret#95CURRENT SHAREHOLDERS Note: As of 9/30/2020 BW BLACKWELLS CAPITAL Holder 1 Alberta Investment Management Corp. 2 Manulife Investment Management Ltd. 3 BlackRock Fund Advisors 4 Mawer Investment Management Ltd. 5 Empire Life Investments, Inc. 6 BMO Asset Management, Inc. 7 1832 Asset Management LP 8 Lazard Asset Management LLC 9 Middlefield Capital Corp. 10 11 12 13 Cl Investments, Inc. Nuveen Asset Management LLC RBC Global Asset Management, Inc. Leith Wheeler Investment Counsel Ltd. 14 Real Estate Management Services Group LLC 15 APG Asset Management NV 16 Dimensional Fund Advisors LP 17 Principal Global Investors LLC 18 Industrial Alliance Investment Management, Inc. 19 CIBC Asset Management, Inc. 20 Versus Capital Advisors LLC 21 Vancity Investment Management Ltd. 22 ATB Investment Management, Inc. 23 Arrowstreet Capital LP 24 Barometer Capital Management, Inc. 25 BlackRock Investment Management (UK) Ltd. 26 The Vanguard Group, Inc. 27 Picton Mahoney Asset Management 28 TD Asset Management, Inc. 29 BlackRock Advisors (UK) Ltd. 30 Purpose Investments, Inc. Strictly Confidential & Trade Secret %OS 17.8% 2.7% 2.6% 2.6% 1.8% 1.6% 1.5% 1.3% 1.2% 1.2% 1.1% 0.9% 0.9% 0.7% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% Position (000) 14,824 2,231 2,171 2,128 1,461 1,361 1,274 1,106 970 963 902 763 711 592 529 518 495 449 416 414 384 343 312 247 241 235 229 207 186 183 95#96BW BLACKWELLS CAPITAL Appendix IV Public Comparables Strictly Confidential & Trade Secret#97U.S. GEOGRAPHIC EXPOSURE Top US Markets Southem California Houston South Florida Chicago Dallas NJ/NYC Charlotte San Francisco Orlando East & Central PA Atlanta Indianapolis Baltimore/DC Tampa Phoenix San Antonio Nashville Cincinnati Minneapolis Columbus Seattle Jacksonville Raleigh Savannah Denver St. Louis El Paso Source: BaML Global Research. Geographic Exposure BW BLACKWELLS CAPITAL PLD 17.8% 2.7% 3.3% 6.1% 4.5% 8.1% 10.6% 1.2% 2.8% 3.3% 2.1% 1.2% 1.1% 4.3% 1.4% 7.1% 77.8% DRE 9.4% 5.2% 9.4% Strictly Confidential & Trade Secret 9.7% 7.9% 5.8% 1.9% 3.0% 3.6% 6.8% 6.7% 3.4% 2.9% 4.7% 4.2% 2.9% 2.1% 2.8% 4.3% 3.1% EGP 10.0% 13.9% 5.0% 0.0% 100.0% 8.1% 6.7% 2.7% 9.0% 1.9% Cleveland Louisville Austin Fresno Other U.S. Markets U.S. Subtotal / Wtd Avg Source: Company filings, BofA Global Research as of 4019; Note: EGP, ILPT and REXR represent exposure by Rent, DRE and PLD by NOI, STAG by SF 9.8% 7.9% 9.1% 4.3% 2.6% 1.7% 2.1% 0.7% 4.5% 100.0% ILPT 0.5% 4.5% 3.5% 3.3% 88.2% 100.0% REXR 100.0% 0.0% 100.0% STAG 1.1% 2.7% 6.1% 1.7% 4.0% 12.9% 1.3% 9.4% 1.7% 3.5% 1.5% 0.1% 0.2% 0.0% 6.2% 2.1% 2.8% 3.5% 1.2% 2.6% 0.6% 0.2% 0.7% 2.2% 2.5% 2.1% 27.2% 100.0% 97#98TOP TENANT EXPOSURE DRE-Tenants Amazon.com UPS of America, Inc. Wayfair, Inc NFI Industries Floor & Decor Outlets Target Corporation Deckers Outdoor Corporation Home Depot HD Supply Inc Samsung Electronics Co. LTD Total Source: Company fillings Table 12: Top 10 tenants PLD - Tenants Amazon DHL Geodis XPO Logistics Home Depot FedEx Kuehne + Nagel DSV Panalpina A/S UPS BMW Total Source: BaML Global Research. % of total 8.3% 2.3% BW BLACKWELLS CAPITAL 2.2% 1.3% 1.3% 1.1% 1.1% 1.0% 1.0% 0.9% 20.5% % of total 3.8% 1.4% 1.2% 1.2% 1.1% 1.0% 1.0% 0.9% 0.8% 0.6% 13.0% Top Tenant Exposure EGP - Tenants The Chamberlain Group WNA Comet West, Inc. Essendant Co. Mattress Firm Kuehne & Nagel, Inc. Price Transfer Oceaneering International, Inc. Iron Mountain Information Management, Inc. U.S. Postal Service Arizona Nutritional Supplements LLC Total REXR- Tenants Federal Express Corporation Unified Natural Foods, Inc. Cosmetic Laboratories of America, LLC Omega/Cinema Props, Inc. 32 Cold, LLC Dendreon Pharmaceuticals, LLC Triscenic Production Services, Inc. Goldencom Sheets, LLC Universal Technical Institute of S. California % of total 1.0% 1.0% Strictly Confidential & Trade Secret Lumber Liquidators Services, LLC Total Source: Company fillings; PLD based on net effective rent; REXR on total annualize base rent; STAG on annualized base rental revenue 0.9% 0.8% 0.8% 0.8% 0.7% 0.7% 0.6% 0.6% 7.9% % of total 2.8% 2.1% 1.1% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8% 12.1% ILPT - Tenants Amazon.com Services, LLC Federal Express Corporation The Procter & Gamble Distributing LLC Restoration Hardware, Inc. American Tire Distributors, Inc. UPS Supply Chain Solutions Inc. Par Hawaii Refining, LLC Servco Pacific Inc. SKF USA Inc. EF Transit, Inc. Total STAG - Tenants Amazon General Service Administration XPO Logistics, Inc. DHL Supply Chain Solo Cup TriMas Corporation DS Smith Ford Motor Company Yanfeng US Automotive Interior FedEx Corporation Total % of total 14.2% 3.8% 3.7% 2.5% 2.1% 2.0% 1.9% 1.9% 1.7% 1.6% 35.4% % of total 1.9% 1.8% 1.2% 1.0% 1.0% 1.0% 1.0% 0.9% 0.8% 0.8% 11.4% 98#99TOP INDUSTRY EXPOSURE DRE - Industry exposure % of ABR Transportation 22.0% Manufactured Products E-commerce Retail Wholesale Goods Consumer Services Food Products Textiles Technology Health Services Total Source: BaML Global Research. 18.0% 16.0% 10.0% BW BLACKWELLS CAPITAL 8.0% 5.0% 5.0% 4.0% 3.0% 2.0% 93.0% PLD - Industry exposure %, NRA Consumer Goods 9.0% Food Transport Appliances General Retailer Clothing Construction Auto Top Industry Exposure Paper/Packaging Home Goods Total 9.0% 8.5% 8.0% 7.5% 7.3% 6.8% 6.5% 5.0% 4.5% 72.1% REXR - Industry exposure % of ABR Wholesale Trade 23.0% Strictly Confidential & Trade Secret Warehousing Manufacturing Retail Trade Transportation Scientific/Technical Construction Information Repair/Maintenance Paper / Printing Total 21.0% 14.0% 11.0% 6.0% 6.0% 3.0% 2.0% 2.0% 2.0% 90.0% Source: Company fillings DRE pg 32 of November NAREIT Presentation; PLD pg 2 of Investor Fact Sheet (as of 12/31/19); REXR pg 9 of November 2019 Investor Presentation; STAG pg 17 of 4019 Supp STAG - Industry exposure % of ABR Auto Components 11.1% 8.6% 7.4% 7.2% 4.8% 4.7% 4.5% 4.5% 3.6% 3.4% 59.8% Air Freight & Logistics Commercial Services & Supplies Containers & Packaging Machinery Household Durables Building Products Food Products Electrical Equipment Food & Staples Retailing Total 99#100LEASE EXPIRATIONS 2020 2021 2022 Source: BaML Global Research. COLD 28.1% 16.9% 20.6% 15.2% 8.6% 0.6% 10.1% 2023 2024 2025 Thereafter Source: Company filings; BofA Global Research; Note: Data as of 4019 BW BLACKWELLS CAPITAL DRE 5.3% 8.9% 12.2% 10.0% 11.7% 9.7% 42.2% Industrial Lease Expirations ILPT 0.7% 6.0% 8.5% EGP 14.6% 19.6% 17.5% 11.9% 14.6% 7.40% 14.4% Strictly Confidential & Trade Secret 6.6% 17.5% 3.9% 56.8% PLD 11.7% 14.8% 15.2% 13.2% 13.0% n.a. 32.1% REXR 15.3% 19.1% 14.9% 12.8% 13.6% 5.7% 18.8% STAG 8.6% 13.3% 10.4% 11.7% 12.4% 8.1% 35.5% Average 12.0% 14.1% 14.2% 11.6% 13.1% 5.9% 30.0% 100#101BW BLACKWELLS CAPITAL Appendix V Case Studies Strictly Confidential & Trade Secret#102CASE STUDY- SUPERVALU ● ● Overview Blackwells initiated its investment in Supervalu based on the premise that its share price did not reflect the strategic value of its 17mm square feet of wholesale distribution real estate Management missteps, poor financial performance and a declining stock price led Blackwells to engage management to improve shareholder returns Blackwells crafted a 4-step strategy to improve shareholder value, which included strategic alternatives, and proposed a refreshment of the Supervalu Board In private meetings with Supervalu's C-Suite and through its February presentation Blackwells illustrated the attractiveness of putting Supervalu up for sale, specifically demonstrating the returns of selling the company to United National Foods (UNFI) Supervalu was acquired by United National Foods on July 26, 2018, realizing a gain of 67% on the day of and a +128% return for shareholders since we first engaged Blackwells Value Creation $14.80 Current BW $23 - $27 $21 $23 +55% to +80% +40% to +55% $42 - $45 +180% to +200% $33- $35 +120% to +135% BLACKWELLS CAPITAL 1 Strategic Sale-Leaseback Retail Spin-Off Wholesale M&A Initiatives Strictly Confidential & Trade Secret Date Jun - 17 Aug - 17 Oct - 17 Feb 18 Mar - 18 Mar - 18 Apr - 18 Jun - 18 Event Jun - 18 SUPERVALU Timeline Blackwells begins initial investment in Supervalu Blackwells met with Supervalu to discuss shareholder concerns Blackwells sends initial letter to Supervalu Board Blackwells publishes 79-page presentation illustrating how to create shareholder value at Supervalu and UNFI as a potential acquirer of Supervalu Supervalu sells 21 of its 38 Farm Fresh supermarket stores Blackwells nominates 6 candidates to SVU Board Supervalu announces $483mm sale-leaseback transaction Blackwells publishes 175-page presentation detailing need for change in Supervalu Board Supervalu announces sale of company to UNFI for $32.50 per share in cash (+67% premium) Total Shareholder Return - TSR (%) TSR Prior to Blackwells 1-Year 3-Year +18% +37% +10% +29% +6% +18% (24%) (17%) Supervalu (47%) (80%) a) As of February 5, 2018, day prior to Blackwells' release of presentation titled "Save Supervalu". S&P 500 Russell 2000 Proxy Peers Grocer Peers TSR After Blackwells' Engagement (a) +6% +4% (12%) +11% +128% 102#103CASE STUDY - COLONY CAPITAL Overview Since our March 2020 settlement with Colony Capital (NYSE:CLNY) through December 2020 we have a 33x MOIC on our settlement investment as shares have returned more than 230% Blackwells initiated a position in Colony Capital due to its misunderstood conglomerate structure, years of underperformance and poor governance Given the Blackwells team's strong history in real estate and private equity, our operational mindset gave us an edge in evaluating and creating a successful value creation plan for the Company For over two years Blackwells was in active conversation with Management and the Board, eventually resulting in the sale of billions of dollars worth of legacy assets, a more cost-efficient corporate structure, the removal of the previous CEO, and the appointment of 4 new Board members At the time of out initial involvement Colony was an undervalued real estate holding company with a collection of underperforming legacy assets. But, through Blackwells involvement over the last two years, Colony has transformed itself into a leading global digital infrastructure, real estate, and investment manager with over $46 bn in AUM Blackwells believes that with its Board oversight and the continued implementation of its strategic initiatives Colony should be worth upwards of $8.00 per share BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret October 2018 February 2019 February 2019 January 2019 - Present September 2019 July 2019 July 2019 September 2019 Fall 2019- Winter 2020 March 2020 Colony Wins Began private conversations with Colony and privately nominated new Directors to the Board Appointed three qualified and experienced independent Directors to Colony's Board, including two Directors identified by Blackwells and one Director mutually agreed upon by Blackwells and the Company Assigned a Strategic Asset Review Committee of Directors, including nominees from Blackwells, to actively engage in a comprehensive review of Colony's assets and businesses $500 million+ of net proceeds from the sale of non-core assets from the Company's Other Debt & Equity segment Closed on the sale of publicly traded and externally managed NorthStar Realty Europe ("NRE") to AXA, which resulted in net cash proceeds of approximately $160 million Reduced cost structure that is projected to result in $50 million of annual savings by early 2020 Announced a corporate strategy focused on digital infrastructure and digital real estate sectors, which have the strongest secular growth drivers in real estate Reached a definitive agreement to sell Colony's Industrial segment to Blackstone for $5.7 billion Announced hiring of in-house investor relations professional in December 2019 On March 20, 2020 Blackwells settled with Colony Capital for second time. The settlement created a long-term alignment and we increased our position to show our support and belief in Colony. In the settlement we added a fourth Director to the Board 103#104SUCCESSFULLY PUSHED FOR SALE OF $5.7 BILLION INDUSTRIAL PORTFOLIO TO BLACKSTONE Colony Blackwells' activist involvement as a shareholder of Colony Capital (NYSE:CLNY) led to the creation of the Strategic Asset Review Committee and subsequent sale of the 13th largest Industrial Real Estate Portfolio in the U.S. to Blackstone in 2019 Blackwells' three most recent activism campaigns have resulted in the sale of the company or the sale of the company's underlying assets Buildings Rentable SF 3Q19 Consolidated NOI LTM Consolidated NOI Leased Weighted Average Lease Term in years Colony Ownership Tenant Type ▪ Local Regional Source: Colony Capital Inc. SEC filings as of Q3 2019. BW BLACKWELLS CAPITAL ■ Sold Industrial Real Estate Portfolio Overview Light 450 57.4 million 4.2 million $63 million $3 million $235 million 90.9% 3.9 Bulk 6 34% 67.4% 11.5 51% San Francisc 3 Ceball Volley 475 Tenant Use H Office Other ▪ Distribution / Warehouse Strictly Confidential & Trade Secret Los Angeles 41% Portant 1% Las Vegas: lo ▪ Retail Showroom - Manufacturing Brewe Kansas City: Aastin 17% Merespols San Anton P St. Lou Allevia s Cal P Tampa: 15 Philadelphi New Jersey Jacksonville: 2% Orlando: 6% Tenant Industry Sh ■ Other ■ Media & Information Health & Science ■ Wholesale Trade ■ Professional, Scientific and Technical Services Manufacturing 104#105CASE STUDY - COLONY CREDIT Overview Since the appointment of Colony Credit's new CEO in April 2020, the company's stock price is up +130% through the end of December 2020 ● ● Alongside its position in Colony Capital, Blackwells also began working on strategic initiatives at Colony Credit (NYSE:CLNC) of which Colony Capital owned 36% The Colony Credit initiatives included many of the same themes including poor governance, lack of accountability, self-dealing, and poor capital allocation In less than two years, Colony Credit's share price lost 35% of its value, tangible book value per share declined by nearly 30%, and in its short life as a public company, Colony Credit cut its dividend by more than 30% In November 2019, Colony Capital proposed that Colony Credit internalize its management by directly hiring, from Colony Capital, the very people who have incompetently managed the Colony Credit portfolio for years The Blackwells involvement eventually resulted in stopping Colony's ill-conceived internalization of Colony Credit, the removal of the CEO Kevin Traenkle, and the appointment of a highly qualified CEO in Michael Mazzei to take Traenkle's place BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret December 2019 February 2020 $8.00 $7.00 $6.00 CLNC Stock Price Since Appointment of New CEO $5.00 $4.00 $3.00 Wins $2.00 Colony Prevented the ill-conceived internalization of Colony Credit's management Blackwells public and private letters to the Board led to the removal of CLNC's CEO Kevin Traenkle and the announcement of strategic alternatives and initiation of share buyback (~20% of market cap) ми you W 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 105#106CASE STUDIES - ASHLAND GLOBAL / AMBER ROAD Ashland was a leader Global Specialty Chemicals with four unique assets; specialty ingredients, water, performance chemicals, and Valvoline The Company was undervalued with two under-appreciated businesses ripe for significant organic and inorganic growth. Both businesses were highly valuable with coveted assets in two industries experiencing significant change The approach involved a long shareholder history with the Company and a deep relationship with the management team which was integral in the campaign Ashland stock returned +27% and generated ~1150bps of Alpha relative to the S&P 500 $125.00 $120.00 $115.00 $110.00 $105.00 $100.00 $95.00 $90.00 $85.00 $80.00 Ashland™ always solving BW Jan-19-2016 Feb-19-2016 BLACKWELLS CAPITAL Stock Price Mar-19-2016 Apr-19-2016 www.m May-19-2016 Jun-19-2016 Jul-19-2016 Strictly Confidential & Trade Secret ● ● Amber Road was a trade management software provider. Blackwells, alongside a fellow activist fund, pressed Amber Road to sell itself While Blackwells never publicly commented on the transaction, a proxy filing revealed that Blackwells wanted to gain Board representation but dropped our request after a constructive March 5th meeting with Company representatives Two months later, E2open acquired Amber Road in an all-cash transaction worth $13.05 per share Amber Road shares returned 51% from the date of the proxy filing revealing our involvement to the acquisition announcement $14.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 Amber Road POWERING GLOBAL TRADEⓇ Mar-13-2019 Mar-06-2019 Mar-20-2019 Stock Price Mar-27-2019 Apr-03-2019 Apr-10-2019 Apr-17-2019 Apr-24-2019 May-01-2019 May-08-2019 May-15-2019 106#107BW BLACKWELLS CAPITAL Appendix VII Asset Portfolio Strictly Confidential & Trade Secret#1081 COMMERCE AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL TITLE Strictly Confidential & Trade Secret 1 Commerce Avenue Dover New Jersey Distribution 171,907 31.7 acres 30' Front Load Wet & Dry Pipe 108#10910501 COMMERCE PARKWAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 10501 Commerce Parkway Miramar Florida Warehouse 63,092 6.36 acres 17' Cross-Dock Wet System 109#11010800 SOUTH REITZ AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: FedEx Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL FedEx FedEx Strictly Confidential & Trade Secret 10800 South Reitz Avenue Baton Rouge Fed Louisiana Distribution 175,374 17.7 acres 32' Cross-Dock ESFR 110#1111105 NORTHFIELD DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: 1105 1105 Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1105 Northfield Drive Brownsburg Indiana Distribution 526,200 28.3 acres 32' Cross-Dock ESFR 111#11211632 NE AINSWORTH CIRCLE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL RECEIVING Strictly Confidential & Trade Secret 11632 NE Ainsworth Circle Portland Oregon Warehouse 126,303 8.08 acres 24' Front Load Wet Sprinkler System 0000200 112#1131234 PETERSON DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1234 Peterson Drive Wheeling Illinois Distribution 147,082 12.6 acres 24-26' Front & Rear Load Wet Pipe 113#11412932-58 MIDWAY PLACE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 12932-58 Midway Place Cerritos California Warehouse 161,517 6.7 acres 24' Front Load Wet System 114#11513201 WILFRED LANE 40 Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL ALTURA KATA SE g NAMUN Strictly Confidential & Trade Secret PUNJEZIA 13201 Wilfred Lane Rogers Minnesota Distribution 335,400 24.3 acres 32' Cross-Dock ESFR WES SPY - HANKA KEKELLA 115#1161490 CHASE AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL I LANFRAION Strictly Confidential & Trade Secret 1490 Chase Avenue 0 Elk Grove Illinois Warehouse 51,964 2.61 Acres 28' Rear-Load ESFR 116#117150 MCDONOUGH DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: For Lease 760,256 SF Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 150 Distribution Drive McDonough Georgia Distribution 760,256 57.0 Acres 36' Cross dock Wet Pipe & ESFR 117#1181500 CHASE AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1500 Chase Avenue Elk Grove Illinois Warehouse 77,486 3.72 acres 30' Side-Load ESFR 118#11915904 IMPACT WAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 15904 Impact Way Pflugerville Texas Distribution 199,865 33.4 acres 30' Cross Dock Wet Pipe & ESFR 119#1201871 WILLOW SPRINGS CHURCH ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Publix ST VALUABLE CE SITS HERE. Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL WEEE Strictly Confidential & Trade Secret 1871 Willow Springs Church Road Social Circle Georgia Distribution 1,512,552 125.1 acres 32' Cross Dock ESFR 120#1211936 AMITY STREET Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Tuy FedEx Ground Strictly Confidential & Trade Secret 1936 Amity Street Newton North Carolina Distribution 141,432 14.2 acres 23' Front Load Wet Pipe 121#1221975 SARASOTA PARKWAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL ES Strictly Confidential & Trade Secret Pratt 1975 Sarasota Parkway Conyers Georgia Distribution 145,262 10.4 acres 25' Rear Load Wet Pipe SPEED LIMIT 122#123200 DEPOT WAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL PASTATATATATAT MILL Strictly Confidential & Trade Secret 200 Depot Way Haines City Florida Distribution 200,000 22.75 acres 30' Cross Dock ESFR 123#124200 OLD RANCH ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL FedEx Ground Industry Hub Te Strictly Confidential & Trade Secret Astrophysics Ine FedEx Ground 200 23 11 200 Old Ranch Road City of Industry California Distribution 211,495 An 26.9 acres 35' Cross Dock Wet Pipe Essentra Specialty Tapes Los Angeles Es Componen 124#1252000 ARTHUR AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2000 Arthur Ave Elk Grove Illinois Distribution 146,074 7.3 acres 28' Front Load ESFR 125#1262000 USG DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL PUPITERITTEL Strictly Confidential & Trade Secret 2000 USG Drive Libertyville Illinois Distribution 242,200 12.8 acres 28' Rear Load ESFR 126#127201 GREENWOOD COURT Address: City: State: Property Type: Total Square Footage: Lot Size: Dock Package: Fire Sprinkler: JOHJAUNIE Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 201 Greenwood Court McDonough Georgia Distribution 800,000 37.8 acres Rear Load Wet Pipe 127#128201 SOUTH INTERSTATE 45 Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 201 South Interstate 45 Wilmer Texas Distribution 758,922 37.1 acres 32' Cross Dock Wet Pipe & ESFR 128#1292101 REEVES PLACE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2101 Reeves Place Fort Worth Texas Distribution 301,500 16.6 acres 32' Cross Dock Wet Pipe & ESFR 129#1302107 EASTVIEW PARKWAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1111 ** 2107 Eastview Parkway Conyers Georgia Distribution 201,403 13.4 acres 30-32' Front Load ESFR 130#1312175 EAST PARK DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2175 East Park Drive Conyers Georgia Distribution 226,256 23.5 acres 28-30' Rear Load Wet Pipe & ESFR 131#13225 HAMILTON DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 25 Hamilton Dr Hamilton Ohio Warehouse 45,000 2.89 acres 24' Rear Load Wet Sprinkler System 132#1332621 TECHNOLOGY DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2621 Technology Drive Louisville Kentucky Distribution 224,000 16.5 acres 32' Rear Load ESFR 133#134270 BRIDGEPOINT DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL AMERICAN BOTTLING COMPANY AD Strictly Confidential & Trade Secret 270 Bridgepoint Drive Saint Paul Minnesota Distribution 124,800 10.7 acres 24' Rear Load ESFR 134#1352750 EARHART COURT Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: U.S. WORLDWIDE LOGISTICS Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2750 Earhart Court Hebron Kentucky Distribution 127,800 7.29 acres 30' Rear Loading ESFR & Hapag-Lloyd 135#1362825 REEVES ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2825 Reeves Road Plainfield Indiana Distribution 171,600 10.7 acres 32' Rear Load ESFR 136#1372910 PACIFIC COMMERCE DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2910 Pacific Commerce Drive Rancho Dominguez California Warehouse 150,000 7.67 acres 24' Side and Front Load Wet System 137#1383000 AM DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL 3000 Strictly Confidential & Trade Secret 300 AM Drive Quakertown Pennsylvania Distribution 935,540 76.8 acres 28-30' Cross Dock ESFR 138#1393003 REEVES ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 3003 Reeves Road Plainfield Indiana Distribution 741,092 41.16 acres 36' Rear Load E 139#140305 E MAHN COURT Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL CHOR Strictly Confidential & Trade Secret 900 305 E Mahn Court Oak Creek 000 Wisconsin Warehouse 103,132 6.06 acres 28' Rear Load Wet System 140#1413051 CREEKSIDE PARKWAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 3051 Creekside Parkway Obetz Ohio Warehouse 737,471 37.15 acres 32'-34' Rear Load ESFR 141#1423130 LEXINGTON AVENUE SOUTH Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: SHIFFING RECENING Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL 3M Seite Strictly Confidential & Trade Secret 3130 Lexington Ave South Eagan Minnesota Warehouse 206,384 13.6 acres 32' Rear Load ESFR 142#143320 E FULLERTON AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret BELUGU No 320 E Fullerton Avenue 620 Carol Steam Illinois Distribution 263,208 16.5 acres 32' Rear Load ESFR 143#144325 LARSON DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 325 Larson Drive Fond Du Lac Wisconsin Distribution 234,000 11.5 acres 42' Front Load Wet Sprinkler System World Class Marine Power 144#1453700 DISPLAY DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL HILDR International Paper Strictly Confidential & Trade Secret 3700 Display Drive Charlotte North Carolina Distribution 465,323 35.0 acres 30' Cross Dock Wet Pipe & ESFR 145#1463755 ATLANTA INDUSTRIAL PARKWAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL trial Pkwy W Pk tanta industrial Strictly Confidential & Trade Secret 3755 Atlanta Industrial Parkway Atlanta Georgia Distribution 403,285 17.6 acres 28 - 30' Rear Load Wet Pipe 146#1473928 WESTPOINT BOULEVARD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 3928 Westpoint Boulevard Winston-Salem North Carolina Distribution 244,478 14.2 acres 30' Front Load ESFR 47080234 147#14840 LOGISTICS BLVD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 40 Logistics blvd Walton Kentucky Distribution 543,512 33.86 acres 32' Cross Dock ESFR 148#1494205 WESTINGHOUSE COMMONS Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 4205 Westinghouse Commons Charlotte North Carolina Distribution 123,333 7.9 acres 22' Rear Load Wet Pipe 149#1504762 BORUSAN ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL KAIRMATION DIREN Strictly Confidential & Trade Secret Ikea Distribution Center L 4762 Borusan Road Baytown Texas Distribution 495,462 25.5 acres 32' Side Load Wet Pipe & ESFR 150#1514800 N. SYLVANIA AVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL 121 Strictly Confidential & Trade Secret 4800 N Sylvania Avenue Fort Worth Texas Dsitribution 657,043 33.3 acres 36' Cross Dock Wet pipe & ESFR 151#1524380 BORUSAN ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL KAIRMATION DIREN Strictly Confidential & Trade Secret Ikea Distribution Center L 4380 Borusan Road Baytown Texas Distribution 501,020 26.2 acres 32' Side Load Wet Pipe & ESFR 152#1535 COMMERCE DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5 Commerce Drive Barrington New Jersey Distribution 251,989 25.5 acres 30' Rear load Dry Pipe 153#1545201 INTERNATIONAL DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5201 International Drive Cudahy Wisconsin Warehouse 153,300 7.39 acres 28' Rear Load ESFR 154#1555235 INTERNATIONAL DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5235 International Drive Cudahy Wisconsin Warehouse 147,213 7.43 acres 28' Rear Load ESFR 155#1565301 WEST 5TH STREET Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5301 W 5th Street Jacksonville Florida Distribution 121,345 6.22 acres 27' Front Load Wet Sprinkler System he 156#157535 SHINGLE OAK DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 535 Shingle Oak Drive West Chicago Illinois Warehouse 150,000 11.68 acres 30' Rear load ESFR 157#1585540 BROADWAY AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5540 Broadway Avenue Jacksonville Florida Distribution 106,000 6.89 acres 27' Front Load Wet Sprinkler System COSTAR 158#1595731 PREMIER PARK Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5731 Premier Park West Palm Beach Florida Distribution 119,165 10.6 acres 31' Front Load Wet pipe Fed 159#1606104 CORPORATE PARK DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Triad Automation Inc Strictly Confidential & Trade Secret 6104 Corporate Park Drive Greensboro North Carolina Distribution 504,000 42.0 acres 30' Cross Dock ESFR P&G 160#1616105 CORPORATE PARK DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL ont la Corporate Park Dr P&GO NCMWI Veterinary Supply Medical supply store Strictly Confidential & Trade Secret 6105 Corporate Park Drive 0039530096 NERE Greensboro North Carolina Distribution 582,037 32.9 acres 24' Front Load ESFR 161#1626766 PONTIUS ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret m 6766 Pontius Road Groveport Ohio Warehouse 754,000 41.6 acres 32-37' Cross - dock ESFR COSCO 162#1636870 FIRST PARK BOULEVARD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 6870 First park Boulevard Lakeland Florida Distribution 400,000 35.06 acres Happongon 30' Cross Dock ESFR Dongen Do BORADORA 163#1647420 S HOWELL AVENUE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL 00 Strictly Confidential & Trade Secret 22 DOO 000 7420 S Howell Avenue Oak Creek Wisconsin Warehouse 81,235 5.47 acres 24' Rear load Wet System 164#1657800 TURKEY HOLLOW ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Fed Fed FerEx FedEx FedEx Strictly Confidential & Trade Secret FedEx 7800 Turkey Hollow Road Rock Island Illinois Distribution 189,926 29.3 acres 31' Cross Dock Wet & Dry Pipe 165#1668770 TECHNOLOGY WAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 8770 Technology Way Reno Nevada Warehouse 98,270 4.56 acres 28' Rear Load 60% - 0.33 GPM/3,000 sf / 40% ESFR DIE CH 166#1679150 217TH STREET Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL www Strictly Confidential & Trade Secret 100 lifebles, 210077 - ET TETT MAMAYA 9150 217th street Lakeville Minnesota Dsitribution 282,100 22.52 acres 32' Rear Load ESFR 167#1689201 BELMONT AVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 9201 Belmont Ave Franklin Park Illinois Industrial 536,800 21.72 acres 24' Cross Dock Fully Sprinkled 168#1699929 & 9943 DOERR LANE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 9929 & 9943 Doerr Lane San Antonio Texas Distribution 202,763 42.0 acres 31' Cross Dock Wet Pipe and ESFR 169#170APEX DISTRIBUTION CENTER Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5750 Brittmore Road, 10618 - 1034 Tanner Road Houston Texas Distribution 410,600 24.76 acres 28' 32' Cross Dock ESFR 170#171BOGGS ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Bassett Strictly Confidential & Trade Secret 1685 Boggs Road NW Duluth Georgia Warehouse 164,008 10.43 acres 26' Rear Load ESFR 171#172BOULDER LAKES III Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 3000 Ames Crossing Dr Eagan Minnesota Flex 116,549 11.95 acres 18'6" Rear Load Wet Sprinkler System 172#173CAHILL ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL 7415 Strictly Confidential & Trade Secret DATA PRINT DISTRIBUT 7410-7415 Cahill Road Edina Minnesota Warehouse 45,672 3.2 acres 18' Rear Load Wet Sprinkler System 173#174CARLSON BUSINESS CENTER 111 - 181 Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL EXCE Strictly Confidential & Trade Secret 111 181 Cheshire Land Minnetonka Minnesota Warehouse 560,378 42.7 acres 18'-24' Rear load ESFR 174#175CHICKASAWA Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5950 Freeport Ave Memphis Tennessee Bulk Distribution 108,250 5.85 acres 24' Rear Load ESFR 175#176CHICKASAW H Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: BOR Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL A Strictly Confidential & Trade Secret 6190 Freeport Avenue Memphis Tennessee Bulk Distribution 283,756 15.4 acres 30' Rear Load ESFR 176#177DISCOVERY BOULEVARD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 6751 Discovery Blvd Mableton Georgia Distribution 115,000 8.95 acres 30' Rear load ESFR 177#178DISCOVERY COURT Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1370 Discovery Court Mableton Georgia Distribution 150,000 14.76 acres 32' Rear Load ESFR 178#179EASTPARK I Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5300 Hickory Hill Road Memphis Tennessee Bulk Distribution 888,262 45.5 32' Cross Dock ESFR MESE 179#180EASTPARK II Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL 770 Strictly Confidential & Trade Secret 5405 Hickory Hill Road Memphis Tennessee Bulk Distribution 338,000 25.93 acres 32' Cross Dock ESFR 290000 180#181FRANKLIN Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5200 5390 Ashland Way Franklin Wisconsin Warehouse 155,230 11.41 acres 24' Rear Load ESFR 181#182GATEWAY COMMERCE CENTER I Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL UTANTUOJA Strictly Confidential & Trade Secret 5620 Inner Park Drive Pontoon Beach Illinois Distribution 1,262,648 78.61 acres 32' Cross Dock ESFR r 182#183HARTMAN III Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL CEQUENT CEQUENE Strictly Confidential & Trade Secret 600 Hartman Industrial Ct SW Austell Georgia Distribution 525,627 50.9 acres 32' Cross Deck ESFR 183#184HARTMAN IV Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL K Strictly Confidential & Trade Secret 7515 Hartman Industrial Way Austell Georgia Distribution 113,748 7 acres 28' Front Load ESFR 184#185INTERSTATE CROSSROADS DISTRIBUTION CENTER Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1639316441 NE Cameron Blvd Portland Oregon Distribution 492,554 28.1 acres 32' Crossdock EESFR STATE OFON AVE YOPIS 185#186JORDAN RANCH DISTRIBUTION CENTER Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: F Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret TBD Katy Texas Distribution 494,550 30.7 acres 36' Cross Dock ESFR ROOMS TO GO 186#187LOGISTICS CENTER AT 440 INTERSTATE WEST Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 440 Interstate West Parkway Austell Georgia Distribution 780,575 68.5 acres 36' Cross Dock ESFR 187#188MIDPOINT CORPORATE CENTER I Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2401 Midpoint Drive Edwardsville Kansas Distribution 180,000 10.42 Acres 30' Front Load ESFR 188#189MIDPOINT CORPORATE CENTER II Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2440 Midpoint Drive Edwardsville Kansas Distribution 225,000 11.7 acres 26' Front Load ESFR 189#190MIDSOUTH LOGISTICS CENTER Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 7437 Polk Lane Olive Branch Mississippi Distribution 411,600 28.5 acres 36' Cross Dock ESFR 190#191MORIAH ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 8 Moriah Road Auburn Georgia Distribution 202,250 36.8 acres N/A Rear Load ESFR COSTAR 191#192MOUNT COMFORT Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 6579 W 350 North Greenfield Indiana Distribution 629,241 30.0 acres Rear load EMERSON 32' Distribution Services ESFR 192#193NORCROSS ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2940 Old Norcross Rd Duluth Georgia Warehouse 132,394 7.46 acres 24' Rear Load Non ESFR 193#194PERIMETER PARK Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL SPC Strictly Confidential & Trade Secret 8500 - 8950 Hedge Lane Terr Shawnee Kansas Distribution 111,000 8.7 acres 26 - 30' Rear Load ESFR MILU 194#195PRITCHARD ROAD Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 2000 6600 Pritchard Road Jacksonville Florida Distribution 126,056 23.3 acres 30' Rear Load ESFR 195#196QUEENLAND Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1962 Queensland Drive Mosinee Wisconsin Distribution 106,000 15.6 acres 32' Rear Load Wet Sprinkler System 196#197RICE CREEK I Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5910 Rice Creek Pkwy Shoreview Minnesota Flex 114,103 10.4 acres 20' Rear Load Wet Sprinkler System 197#198RICE CREEK II Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 1880 Parkview Dr Shoreview Minnesota Warehouse 71,481 5.9 acres 20' Rear Load Wet Sprinkler System 198#199RIDGEVIEW PARKWAY Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret N22W23977 Ridgeview Pkwy Pewaukee Wisconsin Warehouse 94,403 16.7 acres 24' Rear Load Wet Sprinkler System 199#200SALT RIVER Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 100 W Thomas P Echols Ln Shepherdsville Kentucky Distribution 936,000 51.74 acres 32' Cross Dock ESFR 200#201SHOREVIEW Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 707 West County Rd E Shoreview Minnesota Distribution 71,338 4.82 acres 14'-18' Rear Load Wet Sprinkler System 201#202SOUTHPOINT IV Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: SHK Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL F FedE: FedEx FedEx Strictly Confidential & Trade Secret 4800 Pleasant Hill Road Memphis Tennessee Bulk Distribution 648,750 41.8 acres 32' Cross Dock ESFR 202#203SOUTHPOINT XIX Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5166 Pleasant Hill Road Memphis Tennessee 4800 Bulk Distribution 60,000 5.67 acres 28' Side and Rear Load ESFR 203#204SOUTHWEST ONE Address: City: State: Property Type: Total Square Footage: Lot Size: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL SOUTHWEST BLVD. Strictly Confidential & Trade Secret SOUTHWEST ONE 3360 Southwest Blvd. Grove City Ohio Distribution 226,800 14 acres Rear-Load ESFR 204#205SYMMES RD Address: City: State: Property Type: Total Square Footage: Lot Size: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Jackson Lea Strictly Confidential & Trade Secret 3440 Symmes Road Hamilton Ohio 54,000 7.175 acres N/A Rear-Load ESFR 205#206WARREN Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 25295 Guenther Rd Warren Michigan Distribution 233,900 15.56 acres 32' Rear Load High Density brose 206#207WEST LAKE DRIVE Address: City: State: Property Type: Total Square Footage: Lot Size: Clear Height: Dock Package: Fire Sprinkler: Source: WPT Industrial REIT Company Website. BW BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 115 West Lake Drive Glendale Heights Illinois Warehouse 79,515 CONCE PAPER 4.94 acres 24' Rear Load Wet Sprinkler System PAPER 207