Blackwells Capital Activist Presentation Deck
ASSESSING THE OPPORTUNITY
Business Highlights
Opportunities
BW
BLACKWELLS CAPITAL
Observations
WPT is currently undervalued and has significantly underperformed relative to its
industrial REIT peers
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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
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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
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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
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Strictly Confidential & Trade Secret
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