Blackwells Capital Activist Presentation Deck
MONMOUTH + WPT
Combining the Companies for Long-Term Shareholder Value Creation
Present Day Monmouth
Present Day WPT
119 Property Industrial REIT
Portfolio
24.5 million square feet
-$100 million securities
Business:
Board Size &
Structure:
Management:
Equity Story:
Real Estate
Portfolio:
Valuation:
BW
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portfolio
Run Rate NOI of $172mm
13 Directors
UMH Directors
Undervalued industrial REIT
with poor capital allocation
strategies and stale Board with
poor governance
Landy Family
No COO
BLACKWELLS CAPITAL
Over-concentration to Fedex
Geographically focused in
Midwest and East coast
secondary markets
Trades at significant discount
to peers from securities
portfolio, poor capital
allocation, and customer
concentration
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108 Property Industrial
Portfolio
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35.6 million square feet
2021E NOI of $136mm
Scott Frederikson - CEO,
Matthew Cimino - COO
Judd Gilates - CFO
7 Directors
Canadian listed U.S.
industrial REIT
Focus on larger big box
distribution properties in
Tier 1 and Tier 2 U.S.
Markets
Trades at a significant
discount to U.S. traded
comps
Strictly Confidential & Trade Secret
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220+ Property Industrial REIT Portfolio
60+ million square feet
No securities portfolio
2021E NOI of ~$300mm
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Pro-Forma NewCo
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8 Directors
Independent, Non-Executive Chair
No Directors from UMH
World Class Management Team
Reinvigorated industrial REIT with
refreshed Board and new leadership,
robust acquisition pipeline, and
attractive acquisition candidate
Clear plan for diversified portfolio of
high quality tenants, improved pricing
power from in-demand geographies
Highly attractive to a strategic or private
equity
Exit ownership in 2025 at a 4.5% cap
rate or better through the sale of the
company to a larger Industrial REIT or
a financial buyer
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