WPT Industrial REIT will use the Milestone dual-REIT structure

The IPO of WPT Industrial REIT contemplates that it will be a Canadian REIT and a U.S. corporation under the Code s. 7874 anti-inversion rules.  However, it will elect to also be a U.S. REIT so as to avoid U.S. corporate income tax.  Although there are a few commercial differences (e.g., U.S. dollar distributions, and a U.S. manager) this is essentially the same dual-REIT structure as in the Milestone Apartments REIT offering.

Neal Armstrong.  Summary of WPT Industrial REIT offering under Cross-Border REITs.