Spencer Gerberding

WPT Capital Advisors LLC provides real estate investment management services. The firm focuses on industrial properties located in major distribution and supply-chain markets. It operates as an integrated platform with internal capabilities in all facets of investment management from transaction sourcing and execution to legal, accounting and financial reporting. The company was founded in 2016 and is headquartered in Minneapolis, MN.

Welsh Property Trust, Inc. is a vertically integrated, self-administered and self-managed real estate investment trust, or REIT, formed to continue and expand the 32-year-old business of the Welsh organization. They acquire, own, operate, and manage industrial and office properties primarily across the central United States and provide real estate services to commercial property owners in central U.S. markets. Upon completion of this offering and the formation transactions described herein, they will own and manage its existing portfolio of 64 income-producing properties, consisting of 56 industrial and eight office properties comprising in the aggregate approximately 9.3 million leasable square feet. Its existing portfolio also includes five parcels of vacant, developable land totaling approximately 44 acres in four markets. All of its land holdings are adjacent to real estate assets in its existing portfolio and they believe they will provide attractive development opportunities when market conditions improve. They will also own an economic interest in a portfolio consisting of 10 industrial and four office properties totaling approximately 3.2 million leasable square feet. They expect to maintain management and leasing responsibilities for this portfolio, which they refer to as its joint venture portfolio. Its existing portfolio and its joint venture portfolio are referred to together as its real estate portfolio