Global Definitions Database

Warehouse (industrial)

50,000 square feet or more with up to 15% office space, the balance being 18-30 foot ceiling height. All loading is dock height.

Waste by disposal route

The method by which waste is treated or disposed, including composting, re-use, recycling, recovery, incineration, landfill, deep well injection, and on-site storage.

Waterfall

With reference to a debt obligation:  the priority of payment of amounts received from or on account of the borrower among creditors to the borrower; With reference to a fund:  the economic agreement between the investors and the general partner as to the priority of payment of distributions of fund assets as between the investors and the general partner;  also known as “distributions waterfall”.

Waterfall Analysis

Hypothetical sale methodology is typically employed in valuing real estate partnership interests for fair value financial reporting purposes. This methodology assumes a sale of the real estate (gross asset value) as of the measurement date and allocates that value to the various partnership interests per the terms in the partnership agreement. This is commonly referred to as the "waterfall" analysis or equity reconciliation.

Waterfall calculation

When returns are paid to more than one party in a vehicle, the order of priority for cash flows of these is set out in the waterfall calculation.

Wealth taxes

Represents a type of annual tax on “tax haven” indirect ownership of property.

Weighted average cost of debt

The interest rate on each external debt instrument in the vehicle weighted by the size of such instruments.

Weighted average cost of debt excluding shareholder loans

The interest rate (base rate and margin) on each external debt instrument in the vehicle weighted by the size of such instruments.

Weighted Average interest rate of Fund T1 leverage

The average interest rate of both fixed and floating rate debt at period end weighted by the outstanding principal balances at period end.

Weighted average lease expiry

Weighted average duration of lease contracts based on rent to the shorter of the first tenant break or lease expiry.

Weighted average maturity of debt excluding shareholder loans (Years)

The maturity on each external debt instrument in the vehicle weighted by the size of such instruments

Weighted Average Remaining term of Fixed Rate Fund T1 leverage

Generally, the classification of a loan as fixed rate debt depends upon what is stipulated in the loan documents without regard to triggers associated with the breach of loan covenants. The measure is calculated as the average remaining term until the maturity date weighted by the outstanding principal balances. The remaining term is defined as the period between the period end and the maturity date measured in years and fractional months. Extension periods that have not been formally exercised should not be included in the remaining term measure. Fund T1 leverage is used for the calculation.

Weighted Average Remaining term of Floating Rate Fund T1 leverage

Generally, the classification of a loan as floating rate debt depends upon what is stipulated in the loan documents without regard to triggers associated with the breach of loan covenants. The measure is calculated as the average remaining term until the maturity date weighted by the outstanding principal balances. The remaining term is defined as the period between the period end and the maturity date measured in years and fractional months. Extension periods that have not been formally exercised should not be included in the remaining term measure. Fund T1 leverage is used for the calculation.

What-If Analysis

The examination of how different values of an independent variable impact a particular dependent variable under a given set of assumptions; also known as “sensitivity analysis”.

Whistleblower

An individual who has and reports insider knowledge of illegal activities occurring in an organization; can be employees, suppliers, contractors, clients, or any individual who becomes aware of illegal business activities; protected from retaliation under various programs created by the Occupational Safety and Health Administration (OSHA), Whistleblower Protection Act of 1989, Sarbanes Oxley Act, and the Securities and Exchange Commission (SEC).

Whole Loan

A single loan that a lender has issued to a borrower.

Wholly Owned Subsidiary

A company whose stock is entirely owned by another company (the parent company).

Wind-up fee

Also known as liquidation fee, it is typically found in liquidating trusts, upon termination and dissolution of the vehicle. The sponsor is responsible for liquidating the partnership in an orderly manner.