Blackwells Capital Activist Presentation Deck
EXECUTIVE SUMMARY (CONT.)
We Believe that WPT is a Highly Attractive Take Private Opportunity
BW
Strong Private Equity Returns
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Combining WPT with privately owned Monmouth would create significant value and could be used as a
large platform to continue acquiring and consolidate industrial real estate assets in North America
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36% IRR and 4.0x MOIC over a five-year hold period
The Company is materially undervalued by the market based on its asset base when compared to both public and
private peers
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The combination of the two portfolios would result in a highly diversified U.S. industrial REIT with over 60 million
square feet of GLA and over 200 properties
The resulting portfolio would be one of, if not the, youngest of its peers, with a strong WALT, best in class tenant
base and over 99% rent collection and occupancy
Has Significantly Re-Leasing Opportunity Given Existing Lease Expiration Schedule
Given the strength of the industrial market and the increased demand from ecommerce asking rents at industrial
facilities are increasing dramatically
WPT's high quality portfolio has a weighted average remaining lease term of 4.5 years and a strong history of tenant
retention allowing them to take advantage of the ever-increasing rents while also being protected from potential
vacancies
BLACKWELLS CAPITAL
Strictly Confidential & Trade Secret
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