Blackwells Capital Activist Presentation Deck
WHY NOW?
Blackwells Believes WPT is an Attractive Take Private Acquisition Target
Industrial real estate industry is a COVID-19 winner and WPT is beneficiary
There is significant arbitrage opportunity between Canadian and U.S. listed Industrial REIT companies
Underlying secular business drivers accelerated from COVID-19
Supply / demand conditions should tighten and rent growth should strengthen further over the next three years
Fundamentals should improve further coming out of recession
Industrial real estate industry is highly fragmented and ripe for continued consolidation
History of underperformance increases shareholder leverage
Strong downside protection
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BW
The industrial real estate space has shown resiliency and has relatively outperformed during recent
market turmoil
Attractive and favorable financing environment
Blackwells has a history of successfully creating value including:
-$3.8 billion offer from Blackwells to acquire Monmouth Real Estate (NYSE: MNR)
~$5.7 billion sale of industrial real estate business of Colony Capital to Blackstone
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-$3 billion sale of Supervalu to United Natural Foods
-$500 million sale of Amber Road to E2open LLC
BLACKWELLS CAPITAL
Strictly Confidential & Trade Secret
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