Industrial Property Trust

¹This calculator is provided to assist financial advisors and their customers in determining the approximate return to an investor following the completion of IPT’s sale of substantially all of its assets on January 8, 2020 (the “Asset Sale”). IPT sold shares in a public offering between 2013 and 2017 and issued additional shares pursuant to its distribution reinvestment plan (“DRIP”) between 2017 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 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 Asset Sale. Shareholders are urged to consult with their own tax advisors concerning the tax consequences.

²Average Annual Return represents the annualized total return for distributions reinvested and annualized internal rate of return (IRR) for distributions paid in cash. Cumulative Return represents the total return for distributions reinvested. The returns reflect an ending value as of 1/8/2020 of $13.79 per share, which includes (i) $12.54 per share special distribution to be paid to stockholders (which amount was reduced by the applicable distribution fees payable with respect to Class T shares only) and (ii) $1.25 per share, which is based on the most recent estimated net asset value of the Build-To-Core Industrial Partnership I LP and Build-To-Core Industrial Partnership II LP (together, the 'BTC Portfolio') as of 1/8/2020. As a result of the Asset Sale, IPT will continue to exist and its remaining assets will primarily consist of its interests in the BTC Portfolio. For the average annual return and cumulative return for distributions reinvested, the distributions paid in cash on 10/4/2019 and 1/8/2020 were included in the ending value.

³Based on the number of shares owned multiplied by IPT's estimated net asset value per share of $1.25 determined as of January 8, 2020.

⁴Represents the total cash distribution 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 IPT Asset Sale which closed on 1/8/20 (less any applicable remaining distribution fees).

⁶Sum of Historic Cash Distributions, Special Distribution paid, and IPT Remaining value.