Blackwells Capital Activist Presentation Deck
ACQUISITIONS & 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
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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
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