Industrial Property Trust

¹This calculator is provided to assist financial professionals and their customers in determining the approximate return to an investor following the completion of IPT’s sale of its interests in Build-To-Core Industrial Partnership I LP and Build-To-Core Industrial Partnership II LP (together, the "BTC Portfolio") on July 15, 2020 (the “Interest Sale”). IPT sold shares in a public offering between 2013 and 2017 and issued additional shares pursuant to its distribution reinvestment plan (“DRIP”) between 2013 and 2019. This calculator is not specific to any investor and further assumes a single investment on the last business day of any month, except investments in August 2015 and December 2016, which assume investment on August 21, 2015 and December 23, 2016, respectively, as the substantial majority of investors purchased prior to an offering price change effective in each of those months. Actual investor results will vary from those presented above depending on multiple factors, including without limitation, the actual day of investment, whether multiple purchases were made over time, whether any shares were redeemed over time, whether there was a partial transfer of shares, and whether there were any changes to the investor’s distribution election (cash or reinvestment). This table does not take into account the tax consequences to shareholders from their investment, including receipt of distribution proceeds from the Interest Sale. Shareholders are urged to consult with their own tax advisors concerning the tax consequences.

²Average Annual Return is calculated using the annualized internal rate of return (IRR). The returns account for all distributions paid in cash, the $12.54 per share special distribution paid to shareholders following IPT’s sale of substantially all of its assets to Prologis, Inc. on January 8, 2020 (the “Asset Sale”) (reduced by the applicable distribution fees payable with respect only to Class T shares) and the approximate $1.18 per share liquidating distribution to be paid to shareholders following the Interest Sale at the end of July 2020. Following the Interest Sale, IPT commenced a process to liquidate and terminate its existence. Cumulative Return includes the total amounts paid in cash (distributions in cash, the special distribution and the final liquidating distribution) in excess of the amount invested.

³Based on the number of shares owned multiplied by $1.18 per share final liquidating distribution expected to be paid at the end of July 2020. The amount and timing of the final liquidating distribution is subject to the approval of IPT’s board of trustees.

⁴Represents the total cash distributions paid resulting from regular quarterly distributions. Shareholders that elected to have their distributions reinvested pursuant to the DRIP received distributions in cash following the suspension of the DRIP in July 2019.

⁵Special Distribution paid to investors pursuant to the Asset Sale which closed on January 8, 2020 (less any applicable remaining distribution fees).

⁶Sum of historic cash distributions, Special Distribution, and final IPT Liquidating Distribution.