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WPT INDUSTRIAL REAL ESTATE INVESTMENT TRUST Annual

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WPT INDUSTRIAL REAL ESTATE INVESTMENT TRUST Annual WPT INDUSTRIAL REAL ESTATE INVESTMENT TRUST Annual Information Form Year Ended December 31, 2016 March 21, 2017 TABLE OF CONTENTS GLOSSARY OF TERMS .............................................................................................................................................. 1 FORWARD-LOOKING STATEMENTS ..................................................................................................................... 9 NON-IFRS FINANCIAL MEASURES ...................................................................................................................... 10 GENERAL .................................................................................................................................................................. 12 STRUCTURE OF THE REIT ..................................................................................................................................... 12 GENERAL DEVELOPMENT OF THE BUSINESS .................................................................................................. 15 Acquisition and Disposition Activity ...................................................................................................................... 15 Kentucky Property Acquisition ........................................................................................................................... 15 Georgia Property Acquisition .............................................................................................................................. 15 Louisville Property Acquisition ........................................................................................................................... 15 OIA Property Acquisition .................................................................................................................................... 16 Tennessee Portfolio Acquisition .......................................................................................................................... 16 North Carolina Investment Property Disposition................................................................................................. 16 Ohio Distribution Property Acquisition ............................................................................................................... 16 Minnesota Distribution Property Acquisition ...................................................................................................... 17 Activity Other Than Acquisitions and Dispositions ................................................................................................ 17 Discussions Regarding Proposed Acquisitions and Financings ............................................................................... 19 DESCRIPTION OF THE BUSINESS ......................................................................................................................... 19 Overview ................................................................................................................................................................. 19 Growth Strategies of the REIT ................................................................................................................................ 20 Internal Growth.................................................................................................................................................... 20 External Growth .................................................................................................................................................. 20 Competitive Conditions ........................................................................................................................................... 21 Employees ............................................................................................................................................................... 21 THE REAL ESTATE PORTFOLIO ........................................................................................................................... 22 Overview of the Properties ...................................................................................................................................... 22 List of the REIT’s Properties ................................................................................................................................... 22 Description of Properties Held by the REIT ............................................................................................................ 23 Occupancy and Leasing ........................................................................................................................................... 31 Tenant Composition ............................................................................................................................................ 31 ASSESSMENT OF THE PROPERTIES .................................................................................................................... 34 Environmental Site Assessments ............................................................................................................................. 34 Building Condition Assessments ............................................................................................................................. 34 DEBT STRATEGY AND INDEBTEDNESS ............................................................................................................. 34 Debt Strategy ........................................................................................................................................................... 34 Debt Composition .................................................................................................................................................... 35 Revolving Facility ............................................................................................................................................... 35 Mortgages Payable .............................................................................................................................................. 36 - 2 - Debt Maturities .................................................................................................................................................... 36 Additional Financing ............................................................................................................................................... 36 RISK FACTORS ......................................................................................................................................................... 36 Risk Factors Related to the Real Estate Industry ..................................................................................................... 37 Risks Relating to the REIT and its Business ........................................................................................................... 40 Tax-Related Risks .................................................................................................................................................... 50 Risks Related to the REIT’s Relationship with WPT Capital.................................................................................. 57 Risk Factors Related to the Units ............................................................................................................................ 59 DISTRIBUTION POLICY .......................................................................................................................................... 63 INVESTMENT GUIDELINES AND OPERATING POLICIES ................................................................................ 63 Investment Guidelines ............................................................................................................................................. 63 Operating Policies .................................................................................................................................................... 65 Amendments to Investment Guidelines and Operating Policies .............................................................................. 66 DECLARATION OF TRUST AND DESCRIPTION OF UNITS .............................................................................. 67 General .................................................................................................................................................................... 67 Operations and Assets of the REIT .......................................................................................................................... 67 Units ........................................................................................................................................................................ 67 Issuance of Units ..................................................................................................................................................... 67 Restrictions on Ownership and Transfer.................................................................................................................. 68 REIT Qualification .............................................................................................................................................. 68 FIRPTA ............................................................................................................................................................... 70 Excess Units .......................................................................................................................................................
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