Blackwells Capital Activist Presentation Deck
IMPLIED 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%
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