Site selection terminology

Terms in Woodfine's site selection and development methodology carry specific technical meanings that can differ from their common use; this glossary states those definitions explicitly. The terms appear in co-location analyses, investor materials, and Transaction Summary Reports.

Qualified Investment

A Qualified Investment is a development site that satisfies all of Woodfine's site selection criteria. The criteria are: co-location on or immediately adjacent to an operating Power Centre anchor; sufficient land to accommodate the required Prototype combinations in a Campus Design configuration; and acceptable permitting and zoning status for the intended development within a feasible timeline. A site that does not meet all three criteria simultaneously does not constitute a Qualified Investment regardless of its other characteristics.

The co-location criterion is the gating condition: a site without a Power Centre anchor does not qualify for further analysis under Woodfine's methodology, regardless of its demographic profile or land availability. The Campus Design criterion eliminates sites that are too small or irregularly shaped to accommodate the Prototype. The permitting and zoning criterion sets a timeline tolerance — sites with rezoning requirements extending beyond approximately seven years are not counted against the required development totals, though they may remain in the site identification register for future reference.

Power Centre

A Power Centre is a large-format retail node anchored by one or more National Retailers operating at institutional scale. In the North American context, a Power Centre is typically characterized by large-footprint single-storey buildings with surface parking, anchored by at least one retailer of good reputation operating a store in excess of 60,000 square feet. The Power Centre format is purpose-built for the operational requirements of large-format retailers whose store Prototypes require extensive ground-level access for receiving, cart return, and large-item customer loading.

In the European and Latin American contexts, the equivalent format varies by jurisdiction. Spain's equivalent node typically involves a Hipermercado anchor with adjacent standalone retail units. Mexico's commercial park (Parque Comercial) format is comparable in function to the North American Power Centre. In all jurisdictions, the relevant criterion is whether a National Retailer anchor is operating at institutional scale on or adjacent to the Development Site — the physical format is secondary to the anchor covenant.

Campus Design

A Campus Design is a unified site-wide configuration in which all buildings on a single Development Site conform to a common organizational plan governing building footprint placement, parking fields, utility connections, pedestrian circulation, and site access. A Campus Design integrates multiple Woodfine Building Prototypes into a single coherent development rather than treating each building as a standalone project.

The Campus Design requirement has a direct bearing on site selection: a Development Site that cannot physically accommodate the required Prototype combination in a Campus Design does not qualify for acquisition. Woodfine's building Prototypes are not modified to fit non-conforming site shapes or dimensions. Where local zoning or building codes require modifications to Prototype dimensions, the allowable configuration must still produce a viable Campus Design to qualify.

Primary Target, Secondary Target, Tertiary Target

In the geographic co-location dataset:

A Primary Target is a Walmart Supercentre. It is the anchor from which all cluster scoring originates. Every scored node in the dataset begins with a confirmed Primary Target entry.

A Secondary Target is either a Home Depot or a Costco Wholesale operating near a Primary Target. Secondary Target presence — specifically, which of Hardware or Warehouse anchor classes are present — feeds the composition gate of the current tier system, which classifies each cluster as Regional, District, Local, or Fringe. See the cluster scoring glossary for the gate definitions.

A Tertiary Target is a post-secondary educational institution or a major medical centre operating near a Primary Target or Primary-Secondary cluster. Tertiary Target presence — specifically, a classified hospital within the civic ring — is one of the civic gates the current tier system applies at Regional, District, and Local.

Required Development Count and Site Shortlist

The required development count is the number of Development Sites that each Direct-Hold Solution must identify and execute within its planned equity and debt financing timeline. For Canada, the required count is 26 sites across equity and three debt financings over years one through eight. For the United States, 52 sites. For Mexico, 26 sites.

The site shortlist is the number of candidate sites the geographic co-location methodology must identify to produce the required development count. Because a portion of top-ranked Primary Target sites will have no available land adjacent to the retail node, and some available sites will carry permitting or rezoning timelines that push development more than seven years out, the shortlist must contain at least twice the required development count. A required count of 26 sites for Canada demands a shortlist of at least 52 candidates.

Three separate datasets — one for Canada, one for the United States, and one for Mexico — are maintained to support the site shortlist requirements of each jurisdiction, reflecting the distinct national retail landscapes and regulatory environments that apply to site identification and development in each country.

Transaction Summary Report

A Transaction Summary Report is a site-specific document prepared for each Development Site candidate that passes the co-location scoring threshold and has confirmed land availability. The report presents the demographic profile of the Primary Target location, the secondary trade pattern at that location, and a comparison with the Optimum Mosaic demographic benchmark.

Transaction Summary Reports are prepared in a standardized template format to support review by the Independent Directors of the General Partner. The template includes an introduction to demographic profiling, an outline of the Optimum Mosaic, the local demographic data, and the site-to-Optimum Mosaic comparison. The template format enables the Board to evaluate multiple candidates on consistent terms rather than site-by-site in isolation.