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Industrial Property Trust Adds Sixth Board Member

Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust that owns and operates distribution warehouses throughout the United States, reported that its board of directors expanded its size and elected John Hagestad as its sixth member. His term as a director began on September 2, 2015, and he will serve until the next annual meeting of stockholders or until his successor is elected.

Hagestad is senior managing director and co-founder of SARES●REGIS Group, a vertically integrated real estate development services company focusing on both commercial and residential real estate. He has served in this role since 1993 and is responsible for overseeing all of the company’s commercial activities including the development, investment and management divisions. Hagestad also serves on the company’s executive management committee, which approves all property acquisitions and investment decisions and provides strategic planning for the future. During his career, he has been responsible for the acquisition and development of more than 85 million square feet of commercial, office and industrial property totaling more than $6 billion.

Hagestad is a certified public accountant and holds a bachelor’s degree in business administration and a master’s degree in finance from the University of Southern California. He is a trustee of the Urban Land Institute, a member of the Marshall School of Business board of leaders at the University of Southern California, the UCI Center for Real Estate, The Fisher Center for Real Estate and Urban Economics at UC Berkeley and the Real Estate Roundtable. He is also on the board of trustees / directors for the Cystinosis Research Foundation and California Republic Bank.

He has been appointed to serve as a member of the board’s audit committee and investment committee and is entitled to the same compensation as the other independent members of the board. The company’s independent directors are paid a quarterly fee of $8,750, as well as $2,500 for each board or committee meeting attended in person or by telephone. On September 4, 2015, the company issued 5,000 Class A shares of common stock to Hagestad. The board also determined that each independent director will receive $35,000 in restricted Class A shares of the company’s stock each year at the annual stockholder meeting. Hagestad received a pro rata annual award of $10,000 in restricted Class A shares of common stock, based on the pro rata portion of the year for which he will serve as an independent director.

Industrial Property Trust is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers. The company’s core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs. As of June 30, 2015, Industrial Property Trust has acquired, either directly or its joint venture partnership, 68 industrial buildings totaling approximately 9.3 million rentable square feet in 14 major industrial markets for an aggregate purchase price of approximately $719.1 million.