WPT INDUSTRIAL REIT ANNOUNCES CLOSING OF US$730 MILLION DISTRIBUTION AND LOGISTICS PORTFOLIO ACQUISITION AND US$600 MILLION EXPANSION TO CREDIT FACILITY

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, March 26, 2020 (GLOBE NEWSWIRE) — WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX:WIR.U, WIR.R, WIR.UN – OTCQX: WPTIF) announced today the closing of the previously announced acquisition of a portfolio of 26 U.S. distribution and logistics properties totaling approximately nine million square feet of gross leasable area (“GLA”) and one 85-acre land parcel for a purchase price of US$730 million (collectively, the “Acquisition”). The purchase price was partially satisfied from the proceeds of an offering of 18,850,900 subscription receipts of the REIT (the “Subscription Receipts”), for total gross proceeds of approximately US$271 million.The REIT’s portfolio now comprises total GLA of approximately 32 million square feet consisting of 100 properties located throughout key U.S. distribution and logistics markets. The REIT’s portfolio also benefits from a strong and diverse tenant base, with an average occupancy of 97.7% and weighted average lease term to maturity of 4.7 years.Credit Facility ExpansionThe REIT has amended, upsized, and extended its credit facility, increasing availability from US$575 million to US$1,175 million with an additional upsized US$500 million accordion feature. The increased unsecured facility has been arranged through a syndicate of 13 lenders with BMO Capital Markets and RBC Capital Markets as Co-lead Arrangers and Joint Bookrunners. The increased commitments were comprised of a US$130 million increase to the unsecured revolving credit facility (the “Revolving Facility”), a US$75 million increase to unsecured term loan A (“Term A Loan”), a US$170 million increase to unsecured term loan B (“Term B Loan”), and a US$225 million increase to unsecured term loan C (“Term C Loan” and collectively with the Term A Loan and the Term B Loan, the “Term Loans”).  The REIT previously entered into a forward swap arrangement, fixing the floating-rate component of the increases to the Term Loans. Based on the REIT’s current leverage level, the forward swap arrangement results in a blended average borrowing rate of 2.53%.The Revolving Facility, which previously matured in March 2023, now matures in March 2024, with the option for two six-month extensions. The Term Loans have maintained their respective maturities.After completion of the Acquisition and credit facility amendment, the REIT has liquidity of approximately US$159 million.“Completion of the Acquisition significantly enhances the REIT’s ability to navigate through the current period of economic uncertainty and market volatility with a more diversified portfolio and stronger tenant roster. Our balance sheet is well-positioned, with an unencumbered asset portfolio exceeding US$1.5 billion and less than 10% of our debt maturing in 2020.  With an upsized credit facility and expanded banking syndicate, including six new lenders, the REIT will also have improved financial flexibility going forward,” commented Scott Frederiksen, Chief Executive Officer of the REIT.Subscription ReceiptsAs a result of the completion of the Acquisition, each of the 18,850,900 outstanding Subscription Receipts will be automatically exchanged for one trust unit (“Unit”) of the REIT and a cash distribution equivalent payment of $0.0633 (being equal to the aggregate amount of distributions paid by the REIT per Unit for which record dates have occurred since the issuance of the Subscription Receipts), less any applicable withholding taxes. Trading in the Subscription Receipts will be halted on the Toronto Stock Exchange and the REIT expects that the Subscription Receipts will be delisted from the Toronto Stock Exchange after the close of markets today and that the Units issued in exchange for the Subscription Receipts will commence trading on the Toronto Stock Exchange under the symbol “WIR.U”.The Units issued in exchange for the Subscription Receipts will be eligible to receive the previously announced cash distribution of $0.0633 per Unit payable on April 15, 2020 to holders of record as of March 31, 2020.About WPT Industrial Real Estate Investment TrustWPT 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 20 states in the United States consisting of approximately 32 million square feet of gross leasable area, comprised of 100 properties.Caution Regarding Forward Looking InformationThis press release contains “forward-looking information” as defined under applicable Canadian securities law (“forward-looking information” or “forward-looking statements”), including with respect to the expected benefits and results of the Acquisition; expected leverage and liquidity levels; the timing of the exchange of Units for Subscription Receipts and the delivery of a cash distribution equivalent payment; the timing of the delisting of the Subscription Receipts from the Toronto Stock Exchange and the timing of trading of the Units issued in exchange for Subscription Receipts. Such statements 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. 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.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 most recently filed annual information form, which is 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.For More Information, please contact:Scott Frederiksen, Chief Executive Officer 
WPT Industrial Real Estate Investment Trust
Tel: (612) 800-8501