Q4 – 2019 Investor Presentation

This presentation contains "forward-looking information" as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of WPT Industrial Real Estate Investment Trust (the “REIT"), , including statements concerning the REIT anticipated acquisition of four investment properties from its private capital pipeline and the expected purchase price therefor and timing for completion thereof, as well as the immediately accretive impact on the REIT’s AFFO expected from this acquisition. The words “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “projects”, “believes”, or variations of such words and phrases (including negative variations) or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Forward looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such estimates, beliefs and assumptions include the various assumptions set forth herein, including, but are not limited to, the REIT’s ability to meet conditions on the acquisition of the Acquisition Portfolio will be met or waived in a timely manner and that the acquisition of the Acquisition Portfolio will be completed on the current agreed upon terms, the REIT’s and the property’s future growth potential, anticipated amounts of expenses (or whether such expenses will be non-recurring), results of operations, future prospects and opportunities, the demographic and industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital, the current economic conditions remaining unchanged, and continued positive net absorption and declining vacancy rates in the markets in which the REIT’s properties are located. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved, if achieved at all. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including but not limited to those factors discussed or referenced under the “Risk Factors” section of the REIT’s most recently filed MD&A and the REIT’s annual information form (the “AIF”), which are available on SEDAR at www.sedar.com and, in particular, include the risks that the REIT’s acquisition of four investment properties from its private capital pipeline may not occur on the timeline and for the purchase price as expected, may occur only in part if it is completed at all, and the properties’ financial performance could differ from the forecasted performance. These forward-looking statements have been approved by management to be made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. The information contained in this presentation concerning the REIT and its affiliates does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether or not to make an investment in the REIT. The information is qualified entirely by reference to the REIT’s MD&A and the AIF.

Certain terms includes in this presentation such as debt-to-gross book value (“GBV”), funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”), book value per Unit,same property net operating income (“Same property NOI”), capitalization rate, cash re-leasing spread, and straight-line rent re-leasing spread are used by management to measure, compare and explain the operatingresults and financial performance of the REIT and are not recognized terms under IFRS, and therefore should not be construed as alternatives to net income (loss) and comprehensive income (loss) or cash flow fromoperating activities calculated in accordance with IFRS. Management believes these terms are relevant measures in comparing the REIT’s performance to industry data, the REIT’s ability to earn and distribute cashreturns to holders of the REIT’s trust units, and the REIT’s ability to meet its ongoing obligations. These terms are defined and reconciled to the most directly comparable measure specified in the REIT’s MD&A. Suchterms do not have a standardized meaning prescribed by IFRS and may not be comparable to a similarly titled measure presented by other issuers.

Forward–Looking Statements

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Overview

WPT Industrial Real Estate Investment Trust is an internally managed and publicly traded REIT focused exclusively on the U.S. Industrial Sector

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U.S. Exposure Through Fully-Integrated Platform

Seasoned management team with extensive knowledge of the U.S. industrial sector

Access to high-barrier U.S. markets through off-market private capital acquisition pipeline

Unit price and annual distribution of $0.76/unit in U.S. Dollars

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Proven Growth Strategies

OFF-MARKET INVESTMENT

PIPELINE

FEE REVENUE FROM PRIVATE

CAPITAL

EXTERNAL GROWTH

EXTENSIVE INDUSTRY

RELATIONSHIPS

PARTNERSHIPS WITH PREMIER

GLOBAL INVESTORS

ENTRY INTO NEW U.S. MARKETS

STRATEGIC FINANCING

CONTRACTUAL RENT

INCREASES

MAINTAININGCONSISTENTLY

HIGH OCCUPANCY

INTERNAL GROWTH

ROLLING RENTS TO

MARKET AT RENEWAL

PROPERTY EXPANSION

AND DEVELOPMENT

WPT MANAGEMENT

PLATFORM

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Location

Basis

Building Functionality

We underwrite investments focusing on asset basis

relative to current replacement costs and

competitive future speculative development

We target Tier 1 and 2 distribution markets with

proximity to major population centers, significant

transportation infrastructure, access to cost-effective labor, and favorable long-term rent

growth prospects

We focus on acquisition of assets with in-place rents that compare favorably to market rents to drive long

term NOI growth

We analyze submarket and tenant-specific demand

drivers to determine desired building attributes

Investment Criteria

Rents Relative to Market

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AVG. CEILING HEIGHT2

31’………………………………

AVG. BLDG. SIZE (SQ. FT.)2

311,000…………………………………

AVG. TENANT SIZE (SQ. FT.)2

152,000……………………………………….

AVG. ASSET AGE (YEARS)2

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INVESTMENT PROPERTIES3

76………………………………

TOTAL SQUARE FEET OF GLA3

23,219,400…………………………………

FAIR VALUE OF INVESTMENT PROPERTIES

$1.6B

1. As at December 31, 20192. Industrial assets only3. Includes two assets held in joint venture

(all figures in ‘000s, except per Unit amounts and gross leasable area (“GLA”)) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018

Investment properties revenue $ 31,882 $ 29,335 $ 28,714 $ 25,198 $ 24,494

Management fee revenue 501 2,237 358 491 1,703

NOI 23,145 21,788 21,164 18,141 17,641

FFO 14,176 14,807 12,961 9,614 10,966

FFO per Unit (diluted) 0.216 0.243 0.213 0.176 0.216

AFFO 11,069 11,980 9,759 6,698 9,023

AFFO per Unit (diluted) 0.169 0.197 0.161 0.123 0.178

Book value per Unit 13.31 13.09 12.88 12.40 12.26

GLA 1 22,870,482 22,765,482 20,767,799 18,850,627 18,850,627

Occupancy 1 99.0% 99.5% 99.4% 99.1% 99.3%

Same property NOI %1 3.1% 4.5% 4.1% 3.4% 1.1%

Weighted average remaining lease term (years) 1 4.9 5.1 4.9 4.5 4.7

Quarterly Performance

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1. Excludes properties owned by the equity accounted joint venture2. Quarterly same property NOI vs. comparable period for the prior year

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Expanding U.S. Footprint1

1. As at December 31, 2019

Tenant Industry % of Total Annualized Base Rent1

GLA Occupied(‘000s sq. ft.)1

(%) of Total Portfolio GLA1

General Mills Operations, LLC Consumer Products 4.0% 1,512.6 6.6%

Continental Tire the Americas Consumer Products 3.8% 740.9 3.2%

Unilever Home & Personal Care Consumer Products 3.8% 1,262.6 5.5%

Amazon.com E-Commerce 3.5% 936.0 4.1%

Keystone Automotive2 Consumer Products 3.2% 754.7 3.3%

Zulily, LLC E-Commerce 2.8% 737.5 3.2%

Fullbeauty Brands, Inc. E-Commerce 2.3% 741.1 3.2%

Honeywell International Inc. Consumer Products 2.2% 754.0 3.3%

Radial, Inc. E-Commerce 2.1% 543.5 2.4%

CEVA Logistics U.S. Inc. Third Party Logistics 2.1% 648.8 2.8%

Total 29.8% 8,631.7 37.6%

High-Quality Tenant Base

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1. As at December 31, 20192. Comprised of two leases with Keystone Automotive Operations, Inc. and Keystone Automotive Industries, Inc.; both wholly-owned subsidiaries of LKQ Corporation.

Well-Positioned Balance Sheet1

2.3 years Weighted average mortgage term to maturity

24.7% Variable interest rate debt as a percent of total debt

3.8% Weighted average effective interest rate of total debt

2.7x Fixed charge coverage ratio

43.6% Total debt to GBV

$106.8mm Unsecured credit facility availability

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1. As at December 31, 2019

3.8 years Weighted average unsecured credit facility term to maturity

8.2x Debt to adjusted EBITDA

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Staggered Debt Maturity1

1. As at December 31, 2019

3.1% 4.6% 3.8% 3.8% 3.6% 3.5%Weighted average interest rate of maturities

3.8%Weighted average

interest rate

87.7 73.7

26.4

83.2

41.0 -- - -

225.0

80.0 70.0

0

50

100

150

200

250

300

350

2020 2021 2022 2023 2024 2025

Mat

uriti

es ($

in M

illio

ns)

Debt maturities by year

Mortgages Credit Facility

4.9 yearsWeighted average

remaining lease term

Staggered Lease Expiration Schedule

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1. As at December 31, 2019

8 32 29 17 18 9 40Number of Leases Expiring

2.6%

15.0%

19.3%

11.7%

7.0%

11.0%

33.4%

2020 2021 2022 2023 2024 2025 2026+

Lease Expiration (% of GLA) by Year ¹

Upcoming Lease Expirations

2020• 8 leases totaling 2.6% of the portfolio expire in 2020, including:

• 283,756 sq. ft. expiring on June 30, 2020 with one tenant at 6190 Freeport Avenue, which has been renewed subsequent to year-end with a new lease expiration of June 30, 2025 and had a cash re-leasing spread and straight-line rent re-leasing spread of 8.6% and 17.6%.

Leasing Update1

2018

As at 6/30/2017, the REIT had 4 leases totaling 2.1% of the portfolio remaining to be renewed.

141. As at December 31, 2019

Highlights

For the year ended December 31, 2019, the REIT entered into approximately 252,000 and 3,757,000 sq. ft. of new and renewal leases, respectively. Renewals commencing in 2019 had a weighted average cash re-leasing spread and straight-line rent re-leasing spread of 2.6% and 9.6%, respectively.

During 2019, the REIT renewed approximately 1,587,500 sq. ft. of leases beginning after December 31, 2019 and had a weighted average cash re-leasing spread and straight-line rent re-leasing spread of 10.5% and 15.7%, respectively

Occupancy stabilized at 99.0% with an weighted average remaining lease term of 4.9 years

Track Record of Growing Unitholder Value1

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1. Unit price growth from IPO – December 31, 2019

213.6

278.2

163.9

160.8

70

120

170

220

270

320

WIR (US$) WIR (CAD$) S&P/TSX Composite Index (CAD$) S&P/TSX Capped REIT Index (CAD$)

Investment Activity

Pending Acquisition Overview

The acquisition is expected to be immediately accretive to the REIT’s FFO and AFFO on a per unit basis

The acquisition significantly increases the size and scale of the REIT’s portfolio to approximately $2.3 billion, with a 39% increase in total GLA to approximately 32 million square feet, enhancing the REIT’s ability to leverage its fully internalized management platform

The acquisition portfolio consists of institutional quality assets with an average age of approximately 14 years, average clear height of 31 feet

Approximately 60% of base rent is derived from investment grade tenants, with limited overlap to the REIT’s existing tenant roster. The portfolio has a weighted average lease term of 4.6 years

Expands WPT’s presence and operating platform in the high-barrier coastal markets of New Jersey, California and Florida and strengthens the REIT’s presence in other key U.S. distribution markets

Portfolio NOI can be increased over time through vacancy lease up, future development of land parcels and building expansion potential at existing sites

Increased size and scale from the acquisition enhances the REIT’s ability to reassess portfolio composition and recycle capital over the near term

IMMEDIATELY ACCRETIVE

TRANSACTION

INCREASED PORTFOLIO SCALE AND LEVERAGE ON

FIXED COSTS

INSTITUTIONAL QUALITY ASSETS

STRONG AND DIVERSE IN-PLACE

TENANT ROSTER

INCREASED HIGH-BARRIER

MARKET EXPOSURE AND GEOGRAPHIC DIVERSIFICATION

FUTURE VALUE CREATION

OPPORTUNITIES

CAPITAL RECYCLING

OPTIONALITY

‣ WPT will acquire a portfolio of 26 industrial buildings and one land parcel‣ Approximately 9 million square feet of gross leasable area (“GLA”)‣ Purchase price of $730 million

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16%

--

12%

12%

9% 9% --8%

8%

24%

6% 5% 4%

3% 3% 3%

77%

FedEx General Mills Unilever IKEA AmazonExel Keystone Honeywell Other

7% 6% 4% 3%

3%

77%

Pending Acquisition - Pro Forma Portfolio Overview

Pro FormaCurrent

Pro FormaCurrent

1) As at March 1, 2020

Unit Current(1) AcquisitionPortfolio

ProForma

Owned IPP (#) 74 26 100

GLA (M Sq. Ft.) 22.8 9.0 31.8

Age (Years) 15.9 13.7 15.3

Occupancy (%) 98.7% 94.6% 97.6%

WALT (Years) 4.8 4.6 4.7

GLA Diversification by State

Tenant Diversification by GLA

Portfolio Overlap

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19

February 2020 Equity Raise

• Gross proceeds of approximately $271mm

• The REIT intends to use the proceeds to fund a portion of the portfolio acquisition, disclosed in the Prospectus Supplemental dated February 20, 2020, comprised of 26 industrial buildings and one land parcel for a purchase price of $730mm. The acquisition is expected to close on or about March 31, 2020.

• Participation from both existing and new investors

• Full exercise of over-allotment option

Closed Portland Acquisition

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Acquired: Jan 2020

Purchase Price: $16.2mm

Square Feet: 126,303

Capitalization Rate: 5.6%

Clear Height: 24’

Occupancy: 100.0%

Lease Term: 3 Years

Dock Doors: 18

Industrial Market Update

Strong DemandShift from traditional retail to E-commerce creating strong user demand that is expected to continue

Measured SupplyNew Supply levels are muted resulting in record high absorption and record low vacancy

Rising RentsOccurring in all markets but greatest increases in high barrier, coastal markets

Abundant CapitalDebt and equity are readily available putting pressure on pricing

Compressing Cap RatesDown 5 basis points in 1st half of 2019

Fragmented MarketVery few experienced operators relative to other asset classes

Small Deal SizesIncreasing opportunities with small capital requirements

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Current Market Trends

Compelling U.S. Industrial Market Fundamentals

Source: Cushman & Wakefield U.S. Industrial MarketBeat – Q4 2019

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U.S. Industrial New Construction Deliveries

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Market Indicators

“Net absorption this year may not reach 2018’s numbers but is on trackto match 2017. Rental rates are also strongly trending up, especially inmarkets with sub-5 percent vacancy. The third quarter saw a higherannualized growth rate over the second quarter, with the national averageasking rate now over $6 per square foot, up from around $5.75 lastquarter.”

Market Indicators

Source: Cushman & Wakefield Q4 2019 U.S. Industrial MarketBeat report

Overall Vacancy 4.8% 4.8%Net Absorption 66.1mm 68.8mmUnder Construction 275.9mm 321.1mmWeighted Asking Rent (NNN) $6.14 $6.51

Reverse Logistics Driving Demand

U.S. Research Report | Q3 2019 | Industrial Market Outlook | Colliers International

Tenant Demand Continues to Drive Rent Growth

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“Reverse logistics is one of the fastest growing demand drivers forindustrial real estate. According to consumer surveys, a whopping30% of online orders are returned. While retailers look foralternative options like free in-store returns… Online returns willbe a demand driver for industrial real estate going forward”

Source: JLL Q3 2019 Industrial Outlook Source: CBRE 2020 U.S. Real Estate Market Outlook

Q4 18 Q4 19

E-Commerce Growth Potential

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• For the entire region, eCommerce spending will continue to increase at multiple times the rate of overall spending: Statista’s Digital Market Outlook calls for nearly 30% growth in North American online sales from 2019 to 2021. There is no doubt that increasing space needs associated with online sales (including those that are “Business-to-Business” (B2B)) will continue to put pressure occupancy and rent growth levels across North America.

• E-commerce and logistics companies accounted for 52% of the 100 largest warehouse leases by square footage in 2019, totaling more than 45 million sq. ft. and ranging in size from 598,000 to 2.5 million sq. ft. While major players dominated most of the deals by e-commerce companies in 2019, growth also came from traditional retailers that implemented omnichannel strategies to satisfy the rise in U.S. online sales.

• Fourth quarter 2019 e-commerce sales increased ~16.4% from the same period in 2018 compared to a total retail sales increase of 4.0%.

(Source: Cushman & Wakefield – 2020 North American Industrial Outlook)

(Source: CBRE Research,, Q4 2019)

(Source: Q4 2019 US Census Bureau’s ‘Quarterly Retail E-Commerce Sales)

Research Analyst Coverage

Name Firm Email Phone

Troy MacLean, CFA BMO Capital Markets troy.maclean@bmo.com (416) 359-8366

Mark Rothschild Canaccord Genuity Corp mrothschild@canaccordgenuity.com (416) 869-7280

Chris Couprie, CFA CIBC chris.couprie@cibc.com (416) 594-7194

Michael Markidis, CFA Desjardins Capital Markets michael.markidis@desjardins.com (416) 607-3028

Brad Sturges, CFA iA Securities bsturges@iagto.ca (416) 203-5827

Matt Kornack National Bank Financial matt.kornack@nbc.ca (416) 507-8104

Neil Downey, CFA, CA, CPA RBC Capital Markets neil.downey@rbccm.com (416) 842-7835

Himanshu Gupta, CPA, CA, CFA Scotia Capital himanshu.gupta@scotiabank.com (416) 863-7218

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Trustee Real Estate/Board ExperienceIndependent

TrusteeAudit

CommitteeInvestment Committee

CG&N1

Committee

Milo Arkema • Independent Consultant• Former Accountant, Baker Tilly Virchow Krause, LLP

Louie DiNunzio • Senior Vice President of Investments, Cadillac Fairview• Chartered Accountant

Scott FrederiksenChair of the Board

• CEO • 30+ Years of industrial experience

Sarah Kavanagh • Former Commissioner, Ontario Securities Commission• Former Vice Chair, Co-Head, Diversified Industry Group, Scotia Capital

Stuart H.B. Smith • Former Chairman and Founder, EPIC Realty Partners Inc.• Former President and CEO of Oxford Properties Group

Pamela Spackman• Former President and CEO, Column Canada Financial Corp• Former Vice-President of Mortgage Investments, Ministry of Finance,

Province of British Columbia

Robert WolfLead Trustee

• Principal, RTW Capital Corporation• Former CFO, RioCan REIT

(CHAIR)

(CHAIR)

(CHAIR)

1. Compensation, Governance and Nominating

Board of Trustees

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Scott FrederiksenChief Executive OfficerP: 612-800-8501E: stf@wptreit.com