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WPT Industrial REIT - Q2-2018 Earnings & Price Target Update

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WPT REIT (WIR.U) owns a portfolio of 54 industrial properties and one office property located in 15 states in the US comprising 18.1M sq. ft. of leasable area valued at $1.1B( as of Jun-30-2018). Properties are located in the U.S., in the states of Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Ohio, South Carolina, Tennessee, Wisconsin, Oregon and Texas. 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. As at Sept-30-2017 the portfolio consisted of 50 industrial and one office properties totaling 17.3M sq. ft. with an occupancy rate of 98.4% and a portfolio value of $1B. In addition to the ownership of existing properties, a new venture with CPPIB/AIMCo targeting up to US$1B of combined equity has been established. WPT REIT will have a 10% interest in the partnership. WPT REIT will have right of first acquisition on these properties.

The primary industries leading the demand for distribution space are food‐and‐beverage, e‐commerce and traditional retailers. Approximately one‐third of all demand for state‐of‐the‐art distribution space remains tied to multi‐channel e‐commerce retailers. E‐commerce supply chain design and distribution revolutionized the retail sector. Retailers utilizing multiple channels to sell their merchandise are finding it more cost‐effective to increase online operations rather than open more traditional stores, resulting in continued demand for distribution space. The fifth largest tenant is Amazon.

Industrial properties typically house such activities as warehousing, distribution, storage and a number of other similar uses. Leases entered into with industrial tenants are frequently ''triple net'', meaning that tenants are responsible for paying the majority of the costs associated with operating a property, including real estate taxes, insurance, common area maintenance and capital repairs.

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