WPT Industrial REIT Announces Closing of US$85 Million Bought Deal Financing

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

TORONTO, Oct. 29, 2019 (GLOBE NEWSWIRE) — WPT Industrial Real Estate Investment Trust (TSX:WIR.U) (OTCQX: WPTIF) (the “REIT”) announced today that it has completed its previously announced public offering of 6,160,000 units (the “Units”) of the REIT at a price of US$13.80 per Unit (the “Offering”) for gross proceeds of approximately US$85,008,000.

The Offering was completed on a bought deal basis through a syndicate of underwriters co-led and joint bookrun by Desjardins Capital Markets and RBC Capital Markets, which also included BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Canaccord Genuity Corp. and Industrial Alliance Securities Inc. (collectively, the “Underwriters”). The REIT has also granted the Underwriters an option, exercisable for a period of up to 30 days following the closing of the Offering, to purchase up to an additional 924,000 Units of the REIT to cover the Underwriters’ over allocation position, if any (the “Over-Allotment Option”).

The REIT intends to use a portion of the net proceeds from the Offering to repay existing indebtedness, including in respect of amounts drawn from the REIT’s credit facility which were used to fund the closing of the previously announced acquisition of a portfolio of four 100% occupied investment properties for a purchase price of US$109.3 million and a 100% occupied investment property in Nashville, Tennessee for a purchase price of US$33.0 million.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About WPT Industrial Real Estate Investment Trust

WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT acquires, develops, manages and owns industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns a portfolio of properties across 18 states in the United States consisting of approximately 23.1 million square feet of gross leasable area, comprised of 75 industrial properties and one office property. The REIT pays monthly cash distributions, currently at US$0.0633 per Unit, or approximately US$0.76 per Unit on an annualized basis.

For further information, please contact:

Scott Frederiksen, Chief Executive Officer
WPT Industrial Real Estate Investment Trust
Tel: (612) 800-8501
Fax: (612) 800-8535
www.wptreit.com

Forward-Looking Statements

This press release contains “forward-looking information” as defined under applicable Canadian securities law (“forward-looking information” or “forward-looking statements”) which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. 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”, “occur”, “be achieved” or “continue” and similar expressions identify forward-looking statements. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the REIT’s intended use of proceeds of the Offering and the exercise of the Over-Allotment Option. 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 press release, 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 not limited to, the REIT’s and the property’s future growth potential, anticipated amounts of expenses, 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, 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, the factors discussed or referenced under “Risk Factors” in the REIT’s annual information form for the year ended December 31, 2018 and the short form prospectus in respect of the Offering dated October 22, 2019, which are each available under the REIT’s profile on SEDAR at www.sedar.com. 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.