WPT Industrial REIT Announces Closing of US$126.6 Million Bought Deal Financing Including Full Exercise of Over-Allotment Option

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WPT Industrial REIT Announces Closing of US$126.6 Million Bought Deal Financing Including Full Exercise of Over-Allotment Option

TORONTO, ONTARIO--(Marketwired - July 18, 2017) -


WPT Industrial Real Estate Investment Trust (TSX:WIR.U) (the "REIT") announced today that it has completed its previously announced public offering of trust units of the REIT. A total of 6,735,500 units (the "Units") of the REIT were issued at a price of US$12.85 per Unit for gross proceeds to the REIT of approximately US$86.6 million (the "Treasury Offering"). The 6,735,500 Units include 895,500 Units of the REIT which were issued and sold to the Underwriters upon the exercise in full of the over-allotment option that had been granted to the Underwriters by the REIT.

Concurrent with the Treasury Offering, Welsh Property Trust, LLC ("Welsh") also completed the previously announced secondary offering of 3,115,000 Units at a price of US$12.85 per Unit by Welsh for gross proceeds of approximately US$40.0 million (the "Secondary Offering"). The REIT did not receive any proceeds from the Secondary Offering.

The Treasury Offering and Secondary Offering were conducted on a bought deal basis by a syndicate of underwriters (the "Underwriters") co-led by Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets, with Desjardins Capital Markets and CIBC Capital Markets acting as bookrunners.

The REIT intends to use the net proceeds from the Treasury Offering to repay existing outstanding indebtedness under the REIT's revolving credit facility (currently US$79 million drawn), which can then be re-borrowed and used by the REIT to complete previously announced acquisitions, as well as for potential additional future acquisitions, development, working capital and general trust purposes.

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 has been formed to own and operate an institutional-quality portfolio of primarily 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 consisting of approximately 16.1 million square feet of gross leasable area, comprised of 48 industrial properties and two office properties located in 13 states within the United States.

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", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes" or variations of such words and phrases 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 Treasury Offering; and the REIT's pursuit of acquisition, development and investment opportunities. 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. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the REIT's and each property's future growth potential, 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, 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, including that there can be no assurance that announced acquisitions will be completed and if completed on the described terms, 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. 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 under "Risk Factors" in the REIT's annual information form for the year ended December 31, 2016, which is available under the REIT's profile on SEDAR at www.sedar.com. These forward-looking statements are 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.

Scott Frederiksen
Chief Executive Officer
WPT Industrial Real Estate Investment Trust
(612) 800-8535
(612) 800-8501

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