WPT Industrial REIT - Price Target Update
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The REIT owns and operates an portfolio of primarily industrial properties located in the U.S. focused on warehouse and distribution industrial real estate. As at Mar-31-2017 the portfolio consisted of 47 industrial and two office investment properties totaling 15.6M sq. ft. with an occupancy rate of 98.4%. Properties are located in the U.S., in the states of Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Ohio, South Carolina, Tennessee and Wisconsin and approximately 18% and 17% of net operating income is from properties located in Minnesota and Georgia, respectively.
The asset and property management agreement with WPT Capital was renewed for an additional 5 years. The agreements will be terminated once a market cap of $750M is reached compared to $530M as of Jul-11-2017.
The average age of properties is 13 years, leases are mainly triple net, maintenance capital costs are expected to remain low. The average ceiling clear height is approximately 31 feet. High ceiling clear heights are an important feature to many industrial tenants, as this provides tenants with additional vertical space that can house additional racking and equipment, allowing the tenant to maximize storage space.
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