Exhibit 10.3

THIRD AMENDED AND RESTATED WAIVER AND EXPENSE SUPPORT AGREEMENT

This THIRD AMENDED AND RESTATED WAIVER AND EXPENSE SUPPORT AGREEMENT (the “Agreement”) is dated as of August 14, 2015 (“Effective Date”) by and between Industrial Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”) and Industrial Property Advisors LLC, a Delaware limited liability company (the “Advisor”).

WITNESSETH

WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to the Third Amended and Restated Advisory Agreement, dated as of August 14, 2015 (the “Advisory Agreement”), which amended and restated that certain Second Amended and Restated Advisory Agreement, dated as of July 16, 2015, and capitalized terms not otherwise defined herein shall have the meanings given them in the Advisory Agreement;

WHEREAS, pursuant to the Advisory Agreement, the Advisor manages the day-to-day activities and implements the investment strategy of the Corporation and is paid certain fees for these services;

WHEREAS, the Corporation and the Operating Partnership have requested that the Advisor help reduce certain of the Corporation’s expenses in certain circumstances as noted in this Agreement;

WHEREAS, the Advisor, in its pursuit to carry on a viable trade or business, has agreed to help reduce certain of the Corporation’s expenses, in its ordinary course in certain circumstances as noted in this Agreement, which assistance is similar to assistance provided by other entities engaged in the Advisor’s business to affect the marketability of the corporate entity which they advise;

WHEREAS, the parties hereto are party to that certain Second Amended and Restated Expense Support and Conditional Reimbursement Agreement, effective as of October 1, 2014 (the “Second Amended and Restated Expense Support Agreement”), as amended by that certain Amendment to the Second Amended and Restated Expense Support and Conditional Reimbursement Agreement, effective as of June 8, 2015 by and between the parties hereto; and

WHEREAS, the Second Amended and Restated Expense Support Agreement amended and restated that certain Amended and Restated Expense Support and Conditional Reimbursement Agreement, effective as of July 1, 2014 (the “Amended and Restated Expense Support Agreement”), which amended and restated that certain Expense Support and Conditional Reimbursement Agreement, effective as of October 1, 2013 by and between the parties hereto (the “Initial Expense Support Agreement”);

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree that the Second Amended and Restated Expense Support Agreement shall be and hereby is amended and restated in its entirety as follows:

As used in this Agreement, the following terms have the definitions hereinafter indicated:

Baseline Distributions.  For the third quarter of 2015 through June 30, 2018, “Baseline Distributions” means the aggregate cash distributions that are declared on shares of the

Corporation’s common stock in accordance with the quarterly distribution rate as determined by the Board of Directors of the Corporation for such quarter; provided that for purposes of calculating the amount of payment by the Advisor pursuant to this Agreement such amount will not exceed the amount that would have been declared on shares of the Corporation’s common stock assuming a quarterly distribution rate of $0.13515 per share. For the period from October 1, 2014 through June 30, 2015, “Baseline Distributions” means the aggregate cash distributions that would have been declared on shares of the Corporation’s common stock assuming a quarterly distribution rate of $0.1250 per share. For the period from July 1, 2014 through September 30, 2014, “Baseline Distributions” means the aggregate cash distributions that would have been declared on shares of the Corporation’s common stock assuming a quarterly distribution rate of $0.11875 per share. For the period from October 1, 2013 through June 30, 2014, “Baseline Distributions” means the aggregate cash distributions that would have been declared on shares of the Corporation’s common stock assuming a quarterly distribution rate of $0.1125 per share.

CDFFO.  Company-Defined Funds from Operations, as reported in the Corporation’s periodic reports filed with the Securities and Exchange Commission.

CDFFO Excess.  CDFFO Excess shall have the meaning set forth in Section 2(c) of this Agreement.

CDFFO Shortfall.  CDFFO Shortfall shall have the meaning set forth in Section 2(a) of this Agreement.

Deferred Asset Management Fee.  Deferred Asset Management Fee shall have the meaning set forth in Section 2 of this Agreement.

Expense Support Payment.  Expense Support Payment shall have the meaning set forth in Section 3 of this Agreement.

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Any amount of Asset Management Fee waived pursuant to this Section 2 shall be referred to hereinafter as a “Waived Asset Management Fee.” Starting with the third quarter of 2015, the Advisor shall not be entitled to reimbursement of any Waived Asset Management Fee.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, on August 14, 2015.