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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