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Blackwells is in the business of trading—buying and selling—securities. Blackwells may buy or sell or otherwise change the form or substance of any of its investments in any manner permitted by law and expressly disclaims any obligation to notify any recipient of the Presentation of any such changes. 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This Presentation is for informational purposes only, and it does not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person who may receive the Presentation, and should not be taken as advice on the merits of any investment decision. 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Certain statements and information included herein have been sourced from third parties. Blackwells has not sought or obtained consent from any third party to use any statements or information indicated in the Presentation as having been obtained or derived from a third party. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in the Presentation. Information contained in the Presentation has not been independently verified by Blackwells, and Blackwells disclaims any and all liability as to the completeness or accuracy of the information and for any omissions of material facts. Blackwells disclaims any obligation to correct, update or revise the Presentation or to otherwise provide any additional materials. 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From a geographic and building style perspective, WPT’s most similar comp is Duke Realty (NYSE:DRE). Both companies have their largest exposures in Georgia, Illinois, and Texas and have some of the largest facilities at over 300,000 square feet per building on average. 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Over the last two years, WPT has transformed itself by nearly doubling its square footage, diversifying its geographic distribution and tenant base, and by internalizing its management. This transformation of the Company has been underappreciated and we believe it is one of the main drivers behind WPT’s valuation discount. The recent announcement of a $150 million equity drip program has also weighed on shares and valuation. 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The downward trend in inventory-to-sales ratios since the early 1990s could reverse as manufacturers, wholesalers and retailers store materials and products closer to manufacturing centers and consumers. Additionally, businesses may create more domestic supply chains as they re-shore or near-shore production. According to CBRE Research, a 5% increase in business inventories requires an additional 400 million to 500 million sq. ft. of warehouse space. Markets with convenient access to seaports may offer very limited space options. 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"version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 574, "nDataPoints": 12, "notes": "The chart highlights WPT's 63.2% return against a peer group averaging significantly higher returns.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 13:10:54.431+00", "seconds": 2.924, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de071-f9d5-721a-9844-f230331b9ad5/59", "deck": "/decks/019de071-f9d5-721a-9844-f230331b9ad5", "deckAnchor": "/decks/019de071-f9d5-721a-9844-f230331b9ad5#slide-59", "deckJson": "/decks/019de071-f9d5-721a-9844-f230331b9ad5.json" }, "components": [ { "bbox": { "h": 0.38, "w": 0.58, "x": 0.21, "y": 0.44 }, "kind": "chart", "text": "Industrial REIT and S&P 500 Performance Over the Last 5 Years", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:10:54.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "303f4627-62c0-4f83-bfb1-b91ffb32d8ac", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.04, "y": 0.21 }, "kind": "list", "text": "WPT Industrial has suffered prolonged and substantial share price underperformance on a relative basis. Over the last three years, WPT's U.S. listed industrial real estate peers outperformed the S&P 500 with an average return of 71%. Over the last five years WPT's peers have returned on average 182% versus WPT's returns of 63%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:10:54.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d5aa5e4-592d-4624-b5e7-9692e67de7f0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.04, "y": 0.87 }, "kind": "source-note", "text": "Source: Capital IQ. Note: Calculated through 12/31/2020.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Graduate of Lehigh University.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:10:56.729+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0403242a-1d99-44c0-9152-167685bfa8b5", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.92, "x": 0.04, "y": 0.0025 }, "kind": "paragraph", "text": "Ryan Doyle, Head of Investments, East Region. 17-year veteran of WPT, previously industrial leasing and sales broker. Graduate of St. Cloud State University.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:10:56.729+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9472ceb9-7b8e-4058-b082-48ca75f38ec1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.92, "x": 0.04, "y": 0.004 }, "kind": "paragraph", "text": "Jennifer R. Widener, Head of Investments, West Region. Previously VP of Investments at IDI Gazeley. Graduate of University of Oklahoma and University of Iowa.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:10:56.729+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1fc17c5-d0c3-420e-a781-147894df1784", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.04, "y": 0.0089 }, "kind": "source-note", "text": "Source: WPT Industrial Company Filings, Company Reports, FactSet.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Mr. Haugen is Senior Vice President - Asset Management for WPT Industrial REIT. Prior to WPT, Mr. Haugen was most recently with Founders Properties, LLC... 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Mr. Qualley is Vice President – Construction and Development at WPT Industrial REIT. Prior to WPT, Mr. Qualley was with Opus Design Build, LLC... 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There are now 59 such projects that have either been completed, proposed or are underway since 2017—up from 24 in January 2019. These projects total approximately 13.8 million sq. ft. of retail space converted to 15.5 million sq. ft. of industrial space. Underperforming retail sites have become an ideal location for last-mile warehouse developers. They are often located within population centers, connected to utilities and have large parking lots with multiple points of ingress and egress. Many are also freestanding big-box stores with existing dock doors and clear heights compatible with industrial use. Those without compatible design formats are typically demolished and replaced with modern warehouse facilities. The top five markets for these conversion projects are Milwaukee, Cleveland, Chicago, Omaha and Dallas/Ft. Worth, accounting for one-third of the total number of projects nationally. This is primarily due to the number of “dead malls” in the Midwest. Looking ahead, the changing tide of retail, the growth of online shopping and the steadily increasing demand for industrial space could extend this development strategy to higher growth markets in the Southeast and West regions. The after-effects of COVID-19 will accelerate this trend. Stay-at-home orders across the U.S. have introduced an entirely new customer base to e-commerce. Adobe estimates that online sales in April and May were 7% higher than those of the 2019 holiday season and were $52 billion above normal online sales in April and May. 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