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INVESTOR PRESENTATIONFirst Quarter 2015

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Certain statements in this presentation may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of WPT Industrial Real Estate Investment Trust (“WPT REIT” or the “REIT"), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this presentation, such statements use such words as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate" and other similar terminology. These statements reflect the REIT's current expectations regarding future events and operating performance including the REIT’s future growth potential, results of operations, future prospects and opportunities, demographic and industry trends and future legislative and regulatory approaches with respect to matters affecting the REIT and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, which include, but are not limited to the factors discussed under “Forward-Looking Statements” and "Risk Factors" in the REIT’s annual information form for the year ended December 31, 2014, the “AIF” and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. Forward looking statements are necessarily broad on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies; therefore, the REIT cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the REIT assumes no obligation to update or revise them to reflect new events or circumstances.

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. The information contained in this presentation concerning the REIT and its affiliates does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether or not to make an investment in the REIT. The information is qualified entirely by reference to the AIF.

This presentation includes certain financial measures such as funds from operations (“FFO”), adjusted funds from operations (“AFFO”) and net operating income (“NOI”) that are not measures recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. FFO, AFFO and NOI are supplemental measures of a Canadian real estate investment trust’s performance and the REIT believes they are relevant measures of the ability of the REIT to earn and distribute cash returns to investors in the Units and to evaluate the REIT’s performance. The IFRS measurement most directly comparable to FFO, AFFO and NOI is net income. Tables reconciling such non-IFRS financial measures are available in this presentation and in the AIF.

Forward-Looking Statements

All currency in U.S. dollars

3Targeting Disciplined but Aggressive Growth

ONLY Canadian REIT focused exclusively on U.S. industrial real estate

48 institutional-quality properties benefiting from US economic recovery

Distributions in US funds• Current $0.70/Unit annualized• Strong yield as US$ strengthens

Listed on TSX (WIR.U) and OTCQX (WPTIF)• 18.5 million Units outstanding

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Focused on distribution sub-segment of U.S. industrial real estate market

High-quality, stabilized and geographically diverse portfolio in major distribution markets

Aligned and experienced management and majority-independent board of trustees

Platform for accretive growth in a fragmented market

Investment Highlights

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3003 Reeves RoadIndianapolis, Indiana

GLA: 741,100 sq. ft.Ceiling height: 36 feet

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5Proven Experienced Management Team

Well-Aligned Manager

Retained Interest

47.3 %

Path to internalization

§ Automatic at $750 million in equity market capitalization

1105 Northfield DriveIndianapolis, Indiana

GLA: 526,200 sq. ft.Ceiling height: 32 feet

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600 Hartman Industrial Crt.Atlanta, Georgia

GLA: 525,600 sq. ft.Ceiling height: 32 feet

Strong and StableUnited StatesIndustrial Market

7Increasing Demand for Warehouse and Distribution Space

Strong Market Fundamentals

Substantial E-commerce supply chain growth is driving significant demand for state-of-the-art distribution buildings

Non-discretionary household goods

Sector is benefiting from US economic recovery

Build-to-suit & speculative development activity is occurring

Significant tenant investment in properties

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5100 West

Thomas P Echols DriveLouisville, KY

GLA: 936,000 sq. ft.Ceiling height: 32 feet

8Strategically Located in Key Distribution Markets

Properties

15.1Msq. ft. of GLA

48Current Portfolio

9State-of-the-Art Warehouse and Distribution Properties

Institutional-Quality Portfolio1

1. As of March 31, 20152. Industrial assets only

Average Clear Ceiling Heights2

Average Asset Age

Average Tenant Size2

31 feet

13 Years

195,000 Sq. Ft.

Average Building Size2 321,000 Sq. Ft.

10Stable and Diversified Tenant Mix

High-Quality Tenant BaseTop 10 Industrial Tenants*

*As of March 31, 2015

Tenant GLA Occupied(%) of Total

Portfolio GLARemaining Lease

Term (Years) Sector

General Mills 1,512,552 10.02% 5.17 Consumer Products

Unilever 1,262,648 8.36% 8.25 Consumer Products

Honeywell 754,000 4.99% 3.76 Consumer Products

OSP Group 741,092 4.91% 1.42 Online Retailer

Zulily 737,471 4.88% 2.17 Online Retailer

United Stationers 654,080 4.33% 2.34 Consumer Products

CEVA Logistics 648,750 4.30% 1.17 Logistics

Amazon.com 572,000 3.79% 4.34 Online Retailer

Ebay 543,512 3.60% 2.08 Online Retailer

Life Science Logistics 394,200 2.61% 5.25 Healthcare

7,820,305 51.80% 4.05

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Financial Overview

6766 Pontius Rd.Cincinnati, Ohio

GLA: 754,000 sq. ft.Ceiling height: 35 feet

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Consistent Growth Since IPO

(US$,000 except per Unit amounts)Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Investment properties revenue

12,847 13,846 15,227 15,431 16,386

NOI 9,432 10,480 11,610 11,796 12,452

FFO 5,928 6,541 7,431 7,623 7,990

AFFO 4,816 5,155 6,234 6,363 6,697

AFFO per Unit $ 0.202 $ 0.188 $0.212 $0.216 $0.207

Property acquisitions make significant contribution

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Strong Balance Sheet & Liquidity Position

As of March 31, 2015

Total Debt to GBV 50.8%

Weighted Average Effective Interest Rate 3.8%

Weighted Average Mortgage Term-to-Maturity 5.7 yrs

Interest Coverage Ratio 3.3 times

Fixed Charge Coverage Ratio 2.9 times

AFFO Payout Ratio – Q1 2015* 88.1%

$46.6 Million bought deal equity offering in Q1 2015

* AFFO Payout Ratio would have been 81.3% if Memphis acquisition was included as of January 1, 2015

14Capitalizing on Low Interest Rate Environment

Well-Balanced Mortgage Portfolio

Mortgage Maturities by Year

Weighted Average Mortgage Term-to-Maturity

5.7 years1,590

23,161

1,913

33,295 31,481

87,111

50,011

25,762

52,498

8,863

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

100,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Mat

uri

ties

($

in t

hou

san

ds)

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Staggered Lease Maturity Profile

Limited Near-Term Tenant Turnover

Weighted Average Remaining Lease Term

4.2 years

Leases expiring 5 19 14 16 10 11 6 3 7

2.2%

16.3%

20.3%

17.2%

6.7%

17.8%

3.5%2.4%

13.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2015 2016 2017 2018 2019 2020 2021 2022 2023 +

Lease Expiration (% of GLA) by Year

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Growth Strategies

6579 West 350 NorthIndianapolis, Indiana

GLA: 629,200 sq. ft.Ceiling height: 32 feet

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Proven Growth Strategies

Internal Growth:

• Contractual rent increases

• Rolling rents to market upon renewals

• Increased occupancies

• Effective asset & property management

• Strategic debt placement & refinancing

External Growth:

• Strong acquisition pipeline

• Institutional relationships

• Proven track record of sourcing, completing and integrating acquisitions

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Focused on distribution sub-segment of U.S. industrial real estate market

High-quality, stabilized and geographically diverse portfolio in major distribution markets

Aligned and experienced management and majority-independent board of trustees

Platform for accretive growth in a fragmented market

Summary

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3003 Reeves RoadIndianapolis, Indiana

GLA: 741,100 sq. ft.Ceiling height: 36 feet

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APPENDIX

20Majority-Independent Board with Extensive Real Estate & Financial Experience

Board of Trustees

Trustee Real Estate/Board Experience Independent Trustee

Audit Committee

CG&N1

Committee

Robert WolfLead Trustee

§ Principal, RTW Capital Corporation§ Former CFO, RioCan REIT � �

Milo Arkema § Independent Consultant§ Former Accountant, Baker Tilly Virchow Krause, LLP � �

Sarah Kavanagh§ Commissioner, Ontario Securities Commission§ Former Vice Chair, Co-Head, Diversified Industry Group,

Scotia Capital� �

Charles Swanson § Former VP, Real Estate, bcIMC§ Former Director, SilverBirch Hotels & Resorts � �

Harry Rosenbaum § Founding Principal, Great Gulf Group of Companies§ Partner, Ashton Wood Homes � �

Andrew Silberstein § Partner, Almanac Realty Investors LLC§ Former CIO and COO of Stoltz Real Estate �

Scott FrederiksenChair of the Board

§ CEO, Welsh Property Trust LLC§ 26 years with Welsh organization

(CHAIR)

(CHAIR)

1.Compensation, Governance and Nominating

21Aligned Fee Structure

Asset Management § 0.25% of GBV

Acquisition§ 1.0% on first $100M§ 0.75% on next $100M § 0.5% over $200M

No Performance Incentives§ No AFFO hurdle

Property Management (% of revenue)

§ 2% on single-tenant industrial§ 3% on multi-tenant industrial§ 4% on office

Construction Management§ 5% on non-maintenance capital projects >$100,000

Term§ Initial term of 5 years plus 5 year renewal option§ Automatic internalization at $750 million equity

market capitalization

Asset and Property Management

No disposition, financing, leasing or development feesNo employees directly billed to REIT