WPT Industrial Real Estate Investment Trust Announces Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Unitholders Vote FOR the Proposed Transaction with Blackstone Real Estate Income Trust

TORONTO, Sept. 23, 2021 (GLOBE NEWSWIRE) -- WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U; WIR.UN - OTCQX: WPTIF) is pleased to announce that both Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis and Co., LLC (“Glass Lewis”) have recommended that unitholders of the REIT (the “Unitholders”) vote FOR the special resolution (the “Arrangement Resolution”) approving the previously announced plan of arrangement (the “Arrangement”) pursuant to which an affiliate of Blackstone Real Estate Income Trust, Inc. would acquire all of the outstanding trust units of the REIT (each, a “Unit”) through a series of transactions that would result in Unitholders receiving US$22.00 per Unit in cash, subject to applicable withholdings (the “Transaction”). ISS and Glass Lewis are leading independent proxy advisory firms that provide voting recommendations to institutional investors.

Special Meeting of Unitholders

The special meeting of Unitholders (the “Meeting”) is scheduled to be held via live audio webcast at on Thursday, October 7, 2021 at 10:00 a.m. (Toronto time).

YOUR VOTE IS IMPORTANT – PLEASE VOTE TODAY

The proxy voting deadline is 10:00 a.m. (Toronto Time) on Tuesday, October 5, 2021

The board of trustees of the REIT unanimously recommends that Unitholders vote FOR the Arrangement Resolution

Full details of the Arrangement and voting procedures are described in the REIT’s management information circular dated September 2, 2021 (the “Circular”) available on the REIT’s website at and under the REIT’s profile on SEDAR at .

How to Vote

Your vote is important, regardless of how many Units you own.

Voting for Beneficial Unitholders

• Internet: Go to . Enter the 16-digit control number printed on the voting instruction form and follow the instructions on screen.
• Fax: Complete, date, and sign the voting instruction form and fax it to the number listed on the voting instruction form.
• Mail: Enter your voting instructions, sign and date the voting instruction form, and return the completed voting instruction form in the postage paid envelope enclosed with the Circular.

Voting for Registered Unitholders

• Internet: Go to . Enter the 15-digit control number printed on the form of proxy and follow the instructions on screen.
• Telephone: Call 1-866-732-VOTE (8683) from a touch tone phone and follow the automatic voice recording instructions to vote. You will need your 15-digit control number to vote.
• Mail: Complete, sign and date the form of proxy and send it in the postage paid envelope enclosed with the Circular to: Computershare Investor Services Inc., Attention: Proxy Department, 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1.

Unitholder Questions and Assistance

Unitholders who have questions regarding the Transaction or require assistance with voting may contact the REIT’s proxy solicitation agent and unitholder communications advisor, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 (toll-free in North America) or 1-416-304-0211 (outside of North America) or by e-mail at .

About WPT Industrial Real Estate Investment Trust

WPT 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 distribution and logistics properties located in the United States. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns or manages a portfolio of properties across 19 U.S. states consisting of approximately 38.0 million square feet of GLA and 112 properties.

Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward looking information in this news release includes, but is not limited to, the following: statements relating to the Transaction including the approval process, background and reasons summarized or described in the statements noted by ISS and/or Glass Lewis; statements with respect to the anticipated benefits of the Transaction to the Unitholders; and statements with respect to the holding of the Meeting of Unitholders and the timing thereof.

The forward-looking information contained in this news release is based on certain expectations and assumptions made by the REIT, including expectations and assumptions concerning receipt of required approvals and the satisfaction of other conditions to the completion of the Transaction, and that the arrangement agreement will not be amended or terminated. There can be no assurance that the proposed Transaction will be completed, or that it will be completed on the terms and conditions contemplated in the arrangement agreement.

Although the REIT believes that the expectations and assumptions on which the forward-looking information contained in this news release is based are reasonable, undue reliance should not be placed on the forward-looking information because the REIT can give no assurance that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction as contained in the arrangement agreement; the occurrence of any event, change or other circumstance that could give rise to the termination of the arrangement agreement; material adverse changes in the business or affairs of the REIT; the parties’ ability to obtain requisite court approval; either party’s failure to consummate the Transaction when required or on the terms as originally negotiated; competitive factors in the industries in which the REIT operates; interest rates, currency exchange rates, prevailing economic conditions; and other factors, many of which are beyond the control of the REIT. Additional factors and risks which may affect the REIT, its business and the achievement of the forward-looking statements contained herein are described in the REIT’s annual information form and the REIT’s management’s and discussion and analysis for the year ended December 31, 2020 and in the other subsequent reports filed under the REIT’s profile on

The forward-looking information contained in this news release represents the REIT’s expectations as of the date hereof, and is subject to change after such date. The REIT disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable Canadian securities laws.

For more information, please contact:

Scott Frederiksen, Chief Executive Officer

Matt Cimino, Chief Operating Officer

Tel: (612) 800-8530