TORONTO, ON--(Marketwired - November 21, 2016) - WPT Industrial Real Estate Investment Trust (the "REIT") (TSX: WIR.U) (OTCQX: WPTIF) announced today that it has completed the previously announced acquisition of a 560,378 square foot distribution property located in Minneapolis-St. Paul, Minnesota. The REIT indirectly acquired the property from a third-party vendor for a purchase price of approximately US$46.2 million (exclusive of closing and transaction costs), representing a going-in capitalization rate of approximately 6.9%. The purchase price was satisfied with a combination of cash on hand, funds from the REIT's revolving credit facility and the assumption of a $26.0 million mortgage with a fixed interest rate of 3.62% maturing on October 1, 2021.

The property includes eight state-of-the-art, Class A industrial buildings featuring modern front-office, rear-load design, ESFR sprinkler systems and ample auto parking. The property is currently 86% leased to a variety of tenants with lease expirations ranging from June 30, 2017 to March 31, 2023.

"We were very pleased to source another off-market acquisition which adds a high-quality asset in one of the most sought after locations in the Minneapolis-St. Paul market. Moreover, we expect the property to be accretive to the REIT's AFFO and enhance unitholder value upon stabilization," commented Scott Frederiksen, Chief Executive Officer of the REIT.

The REIT also announced today that Matthew J. Cimino has been promoted to the position of Chief Operating Officer & General Counsel. Mr. Cimino will continue to report to the REIT's Chief Executive Officer, Scott Frederiksen.

"This is a well-deserved promotion recognizing Matt's key leadership role and his significant contribution to the success of the REIT," said Mr. Frederiksen.

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 was formed for the purpose of acquiring and owning primarily industrial investment 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 15.6 million square feet of gross leasable area, comprised of 47 industrial properties and two office properties located in 12 states in the United States. The REIT pays monthly cash distributions, currently at $0.0633 per Unit, or approximately $0.76 per Unit on an annualized basis, in US funds.

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: expectations regarding accretion to the REIT's AFFO per unit, enhancement of unitholder value and future growth. 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, 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. 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 period ended December 31, 2015, 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.

Non-IFRS Measures
"NOI" is used by industry analysts, investors and management to measure operating performance of real estate investment trusts. NOI represents investment properties revenue less investment properties operating expenses (adjusted for property taxes accounted for under IFRIC 21), as presented in the REIT's consolidated statements of net income and comprehensive income prepared in accordance with IFRS.

"capitalization rate" is defined as NOI divided by purchase price.