Blackwells Capital Activist Presentation Deck

U.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

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