Blackwells Capital Activist Presentation Deck

FFO & CAP RATES WPT Trades at a Larger Valuation Discount Than Any of Its Industrial REIT Peers 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x 36.4x Industrial REIT FY+1 P/FFO 34.9x 28.2x 26.1x BW BLACKWELLS CAPITAL 24.6x 24.5x 22.6x 14.3x TRNO REXR Average PLD EGP DRE FR WIR.U 7.0% Strictly Confidential & Trade Secret 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 5.7% 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. Industrial REIT FY+1 Cap Rates 4.8% 4.1% 4.1% 4.0% WIR.U FR EGP 3.7% 3.5% 3.5% ||||| DRE Average PLD TRNO REXR 24

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