WMC's asset acquisition process begins with the co-location ranking matrix. A candidate site must achieve a minimum tier classification before capital evaluation proceeds. The tier score is the entry filter — it removes subjective judgment from the initial screening stage and establishes a reproducible basis for comparing candidate sites across geographies. Sites that pass the screen subsequently enter the Direct-Hold framework under the interest coverage discipline.

Key takeaways

• The tier score is a binary entry filter: a site either meets the minimum classification and advances to capital evaluation, or it does not — no exceptions are made for other site characteristics.
• The ranking matrix evaluates three anchor layers (Primary Target, secondary operators, tertiary civic infrastructure) within defined catchment radii, producing a reproducible tier classification verifiable by independent GIS analysis.
• Passing the tier threshold is a necessary but not sufficient condition for acquisition; asset-specific analysis covering condition, lease structure, title, and debt service follows in the capital evaluation stage.

Tier score as entry criterion

A site that does not reach the minimum tier threshold is not considered for acquisition, regardless of other characteristics. The threshold is binary at the screening stage: a site either qualifies for capital evaluation or it does not. This discipline prevents the evaluation process from beginning with advocacy for a preferred site and working backward to justify it.

The tier score is a necessary but not sufficient condition for acquisition. A site that passes the threshold enters capital evaluation; it does not receive a commitment.

The ranking matrix

The matrix evaluates three layers of anchor presence within defined catchment radii:

Primary Target anchor. A Walmart Supercentre in North American markets, or IKEA in European markets, within the site's primary trade area. The Primary Target anchor is the single most significant weighting factor in the matrix. A site without a committed Primary Target anchor cannot reach a tier classification sufficient to enter capital evaluation.

Secondary anchors. Large-format home improvement and warehouse club operators within 3 km. Each confirmed secondary anchor within the radius adds to the tier score. The count and proximity of secondary anchors distinguish a tier-4 site from a tier-3 site within the same primary trade area.

Tertiary civic infrastructure. Hospitals and post-secondary institutions within 5 km. Civic anchors generate consistent, recession-resistant traffic that supplements retail-driven foot traffic. Their presence in the catchment radius contributes to the tier score but does not substitute for retail anchor presence.

The combined score across all three layers produces a tier classification from 1 to 5. WMC's current minimum threshold for capital evaluation is a tier-3 classification.

Independent verification

The matrix is reproducible by independent GIS analysis using publicly available retailer location data and civic facility coordinates. A site's tier score does not depend on WMC's internal assessment of market conditions; it depends on the presence or absence of specific operators and facilities within defined radii. An analyst applying the same matrix to the same data should reach the same classification for a given site.

This reproducibility is not incidental — it is a design requirement. If the entry criterion depended on a judgment call that only WMC could make, the filter would not function as an objective screen.

Capital evaluation

A site that passes the minimum tier threshold enters capital evaluation. Capital evaluation applies asset-specific analysis that the matrix does not capture:

• Property condition and deferred maintenance
• Lease structure, tenant covenant, and lease term remaining
• Title, encumbrances, and zoning
• Current market rental rates relative to in-place rents
• Debt service capacity and financing terms

Capital evaluation produces an investment recommendation; the tier score produced the candidate set. Neither step can substitute for the other. Approved acquisitions are placed under fiduciary data custody from the moment of closing.

The bottom line

The Asset Evaluation Protocol disciplines the acquisition funnel by enforcing an objective, reproducible entry screen before any capital analysis begins. The tier score eliminates advocacy-driven deal origination: if a site does not independently qualify under the co-location matrix, evaluation does not proceed. Once a site clears the threshold, conventional capital analysis applies — property condition, lease structure, title, and debt service capacity are assessed on their own terms. Neither the screening stage nor the capital evaluation stage can substitute for the other; both are required before WMC commits to an acquisition.

See also

• Co-location Investment Thesis — the underlying investment logic that the matrix operationalizes
• Direct-Hold Framework — the ownership structure applied to acquired assets
• Interest Coverage Ratio — the debt management constraint applied at the capital evaluation stage

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