Blackwells Capital Activist Presentation Deck
NAV & 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
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