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Warehousing, Transportation & Logistics Industry Insight www.peakstone.com Warehousing, Transportation & Logistics Industry Insight September 2020 Warehousing, Transportation & Logistics Industry Insight | September 2020 Warehousing, Transportation & Logistics – M&A Market Overview U.S. Transportation & Logistics Transactions by Buyer Type U.S. Transportation & Logistics Transaction Multiples 10.0x 9.4x 9.0x 27 8.3x 8.1x 19 7.7x 22 7.6x 7.5x 24 14 33 14 5.7x 14 11 155 171 164 152 155 139 143 124 120 0.8x 0.8x 1.0x 1.0x 0.6x 0.5x 0.7x 0.5x 0.5x 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2020 2020 Strategic Financial EV / EBITDA EV / Revenue Source: Capital IQ www.peakstone.com 1 Warehousing, Transportation & Logistics Industry Insight | September 2020 Peakstone Transportation Indices – Trading Statistics Warehousing, Transportation & Logistics indexes have been trading in-line with the S&P 500 Relative Stock Performance 250% LTL: 167% S&P 500: 76% 200% Asset-Light & Logistics: 57% 150% Truckload: 14% Warehousing & Storage REITs: -19% 100% 50% Peakstone Truckload Index CGI, PTSI, KNX, JBHT, WERN, MRTN, USAK, HTLD, 0% SWFT, CVTI, SNDR Peakstone Asset-Light & Logistics Index FWRD, RRTS, LSTR, CHRW, EXPD, XPO, HUBG, -50% ECHO Peakstone LTL Index ARCB, SAIA, YRCW, ODFL Peakstone Warehousing & Storage REIT Index COLD, AVB, CUBE, DCT, EXR, JBGS, LXP, LSI, PLD, PSA, VTR, VNO Source: Capital IQ www.peakstone.com 2 Warehousing, Transportation & Logistics Industry Insight | September 2020 Peakstone Transportation Indices – Trading Statistics Warehousing, Transportation & Logistics indexes have been trading in-line with the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA 30.0x Warehousing & Storage REITs: 20.0x S&P 500: 15.0x 25.0x Asset-Light & Logistics: 14.9x 20.0x LTL: 7.5x Truckload: 6.6x 15.0x 10.0x Peakstone Truckload Index CGI, PTSI, KNX, JBHT, WERN, MRTN, USAK, HTLD, 5.0x SWFT, CVTI, SNDR Peakstone Asset-Light & Logistics Index FWRD, RRTS, LSTR, CHRW, EXPD, XPO, HUBG, 0.0x ECHO Peakstone LTL Index ARCB, SAIA, YRCW, ODFL Peakstone Warehousing & Storage REIT Index COLD, AVB, CUBE, DCT, EXR, JBGS, LXP, LSI, PLD, PSA, VTR, VNO Source: Capital IQ www.peakstone.com 3 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Public Trading Comparables Selected Warehousing, Transportation & Logistics Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % LTL Old Dominion Freight Line, Inc. $21,204 $20,830 5.3x 19.9x 26.4x 31.3x 35% 27% Saia, Inc. $3,128 $3,383 1.9x 11.1x 23.3x 24.0x 21% 15% YRC Worldwide Inc. $210 $1,153 0.3x 3.4x NM NM 8% 3% ArcBest Corporation $745 $791 0.3x 3.9x 12.6x 12.9x 6% 6% LTL Median $1,936 $2,268 1.1x 7.5x 23.3x 24.0x 15% 11% 0 Warehousing & Storage REITs Prologis, Inc. $73,278 $93,457 22.0x 32.3x 59.2x 65.0x 75% 68% Public Storage $38,346 $44,183 15.0x 21.7x 29.4x 30.8x 72% 69% AvalonBay Communities, Inc. $20,956 $28,451 12.0x 18.6x 34.4x 38.5x 67% 64% Ventas, Inc. $15,554 $27,661 7.1x 16.1x 38.0x 198.4x 50% 43% Vornado Realty Trust $6,402 $15,189 8.5x 19.2x 37.8x 138.9x 52% 42% Extra Space Storage Inc. $13,919 $19,705 14.6x 21.8x 30.3x 33.5x 73% 65% Americold Realty Trust $7,180 $8,961 4.7x 23.0x 47.3x 65.4x 27% 19% CubeSmart $6,186 $8,235 12.3x 19.8x 33.4x 39.5x 69% 61% JBG SMITH Properties $3,509 $5,560 8.9x 26.6x NM NM 48% 33% Life Storage, Inc. $4,984 $7,068 11.9x 20.3x 30.1x 31.2x 66% 58% Lexington Realty Trust $2,906 $4,347 13.3x 16.7x 41.9x 51.3x 87% 78% DCT Industrial Trust Inc. $0 $0 0.0x 0.0x 0.0x 0.0x 76% 69% Warehousing & Storage REITs Median $6,791 $12,075 12.0x 20.0x 34.4x 39.5x 68% 63% Source: Capital IQ, data as of December 2019 www.peakstone.com 4 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Public Trading Comparables Selected Warehousing, Transportation & Logistics Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Truckload J.B. Hunt Transport Services, Inc. $13,607 $14,788 1.6x 10.9x 20.6x 24.9x 17% 13% Knight-Swift Transportation Holdings Inc. $6,955 $7,833 1.7x 7.8x 19.0x 17.6x 28% 20% Schneider National, Inc. $4,442 $4,019 0.9x 6.5x 12.3x 19.6x 19% 14% Werner Enterprises, Inc. $2,914 $3,034 1.3x 6.6x 15.4x 16.7x 28% 19% Heartland Express, Inc. $1,503 $1,420 2.2x 8.2x 22.1x 19.6x 36% 27% Marten Transport, Ltd. $1,325 $1,251 1.4x 7.2x 17.3x 20.4x 29% 20% Covenant Logistics Group, Inc. $263 $548 0.6x 5.1x 219.0x 12.8x 21% 9% P.A.M. Transportation Services, Inc. $229 $448 0.9x 2.0x NM 15.4x 21% 12% USA Truck, Inc. $81 $270 0.5x 6.0x NM 27.6x 16% 7% Celadon Group, Inc. $0 $0 0.0x 0.0x 0.0x 0.0x 16% 8% Truckload Median $1,414 $1,336 1.1x 6.6x 18.2x 18.6x 21% 14% 0 Asset-Light & Logistics XPO Logistics, Inc. $7,648 $14,933 1.0x 6.8x 28.9x 33.0x 16% 8% Expeditors International of Washington, Inc. $14,948 $14,201 1.7x 14.9x 17.9x 24.2x 12% 10% C.H. Robinson Worldwide, Inc. $13,827 $14,903 1.0x 18.4x 23.4x 26.6x 8% 5% Landstar System, Inc. $4,873 $4,728 1.3x 17.4x 21.1x 23.1x 21% 7% Forward Air Corporation $1,562 $1,743 1.2x 3.0x 18.5x 25.7x 22% 10% Hub Group, Inc. $1,664 $1,761 0.5x 7.0x 15.1x 18.6x 14% 7% Roadrunner Transportation Systems, Inc. $99 $509 0.3x NM NM 0.0x 16% -4% Echo Global Logistics, Inc. $680 $823 0.4x 18.0x 44.5x 21.9x 17% 2% Asset-Light & Logistics Median $3,269 $3,244 1.0x 14.9x 21.1x 23.6x 16% 7% 0 Total WT&L Median $3,976 $4,538 1.5x 11.1x 23.4x 24.5x 24% 17% Source: Capital IQ, data as of December 2019 www.peakstone.com 5 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Precedent M&A Transactions Selected Warehousing, Transportation & Logistics Transactions Transaction Date Target / Issuer Size ($mm) Buyers / Investors EV / EBITDA Transaction Comments TFI International Inc. (TSX:TFII) entered into an asset purchase agreement to DLS Worldwide Logistics TFI International Inc. 09/15/2020 $225 9.0x acquire DLS Worldwide logistics business from R. R. Donnelley & Sons Company Business (TSX:TFII) (NYSE:RRD) and RR Donnelley Logistics Services Worldwide, Inc. Certain Gulf Coast Marine BlackRock, Inc. (NYSE:BLK); Global Energy and Power Infrastructure Fund, a fund of BlackRock, Inc. (NYSE:BLK) 09/14/2020 and Terminal Operations and $620 Royal Vopak N.V. - and Royal Vopak N.V. (ENXTAM:VPK) entered into a definitive agreement to acquire Assets of Dow Inc. (ENXTAM:VPK) certain Gulf Coast marine and terminal operations and assets of Dow Inc. Las Vegas Convention and Visitors Authority agreed to acquire Assets of Las Vegas Assets of Las Vegas Monorail Las Vegas Convention and 09/01/2020 $24 - Monorail Company for $24.3 million on September 1, 2020. Las Vegas Convention Company Visitors Authority and Visitors would receive a 2% breakup fee and up to $0. M. J. Van Damme Trucking Eberhart Capital, LLC acquired M.J. Van Damme Trucking Inc. for $50 million on 08/11/2020 $50 Eberhart Capital, LLC - Inc. August 11, 2020. Substantially All the Assets of TFI International Inc. TFI International Inc. (TSX:TFII) acquired Substantially All the Assets of CT 06/29/2020 $15 - CT Transportation, LLC (TSX:TFII) Transportation, LLC for $15 million on June 26, 2020. Assets of Coastal Transport, Bulk Transport Company East, Bulk Transport Company East, Inc. agreed to acquire substantially all the assets of 06/19/2020 $15 - Inc. Inc. Coastal Transport, Inc. for $15 million on June 18, 2020. Costco Wholesale Costco Wholesale Corporation (NasdaqGS:COST) acquired Innovel Solutions, Inc. 03/17/2020 Innovel Solutions, Inc. $998 - Corporation (NasdaqGS:COST) from Transform Holdco LLC for approximately $1 billion on March 17, 2020. Source: Capital IQ www.peakstone.com 6 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Precedent M&A Transactions (continued) Selected Warehousing, Transportation & Logistics Transactions Transaction Date Target / Issuer Size ($mm) Buyers / Investors EV / EBITDA Transaction Comments A.P. Møller - Mærsk A/S (CPSE:MAERSK B) entered into an agreement to acquire A.P. Møller - Mærsk A/S 02/19/2020 Performance Team LLC $998 6.1x Performance Team LLC from the family in a transaction valued at approximately (CPSE:MAERSK B) $550 million on February 19, 2020. Lyft, Inc. (NasdaqGS:LYFT) acquired Flexdrive, LLC from Cox Automotive, Inc. and 02/11/2020 Flexdrive Services, LLC $545 Lyft, Inc. (NasdaqGS:LYFT) - Holman Enterprises, Inc. for approximately $20 million on February 7, 2020. Flexdrive became a wholly-owned subsidiary of Lyft. Rand Logistics, Inc. entered into an agreement to acquire American Steamship American Steamship 02/10/2020 $20 Rand Logistics, Inc.
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