WDP Business Model Canvas
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Explore WDP's Business Model Canvas: a concise map of value propositions, customer segments, key partners and revenue streams. This snapshot shows how WDP scales logistics real estate and captures recurring income. Purchase the full, editable Canvas for detailed, section-by-section insight you can use in strategy, valuation, or investor decks.
Partnerships
Zoning approvals and permits are critical for WDP’s timely development cycles, with faster municipal decisions in 2024 directly shortening lead times. Close collaboration accelerates environmental assessments and infrastructure alignment, reducing delays and enabling synchronized site servicing. Public-private cooperation helps unlock strategic logistics corridors across Benelux, France and Romania and lowers entitlement risk, enhancing project predictability.
Reliable EPC partners ensure on-time, on-budget delivery of warehouses and distribution centers, supporting WDPs portfolio of over 7 million m2 of logistics space in 2024. Standardized specifications improve build quality and scalability across sites, reducing rework and shortening lease-up cycles. Strong supplier relationships mitigate material cost volatility and labor constraints, enabling repeatable development at prime logistics nodes with high occupancy.
Anchor tenants and integrators inform functional design and throughput requirements across WDPs 6.5 million m2 portfolio (2024), shaping cross-dock, mezzanine and automation specs. Co-creation with 3PLs and logistics operators increases tenant stickiness and reduces fit-out time. These partnerships enable seamless move-ins and rapid ramp-ups for distribution networks, driving occupancy and long-term lease stability.
Financial Institutions and Capital Providers
Financial institutions provide debt facilities and revolving credit lines that fund WDPs land acquisition and development pipeline, supporting a portfolio exceeding €4.5bn in 2024; interest-rate hedging and covenant management optimize capital efficiency while institutional investor relationships enable growth and periodic refinancing, sustaining expansion across Benelux and Germany.
- Debt facilities: multi-hundred-million euro lines
- Interest management: hedges and covenants shape returns
- Institutional partners: enable refinancing and geographic scale
Energy and Technology Providers
Energy and technology partners—utilities, solar developers and IoT vendors—enable WDP to deploy sustainable, smart logistics assets; in 2024 onsite PV plus EV charging and energy monitoring drove typical tenant OPEX reductions of 15–25% and cut Scope 2 exposure. Integrated tech improved facility uptime and safety via predictive maintenance and real-time energy controls. ESG-aligned partners supported green certifications and compliance across EU markets.
- 5–25% tenant OPEX reduction
- onsite PV + EV charging = lower Scope 2
- IoT = higher uptime, predictive maintenance
- partners enable green certifications
WDP’s key partners—municipalities, EPCs, anchor tenants, financiers and energy/tech vendors—compress development lead times and raise asset predictability across a 2024 portfolio of ~7.0m m2. EPC and supplier ties enable repeatable delivery; anchor tenants accelerate fit-out and occupancy; banks fund growth with multi-hundred-million euro facilities while onsite PV/EV cuts tenant OPEX 15–25%.
| Partner | Role | 2024 metric |
|---|---|---|
| Municipalities | Zoning & permits | Faster approvals |
| EPCs/Suppliers | Delivery & scaling | 7.0m m2 portfolio |
| Tenants/3PL | Design & stickiness | 6.5m m2 influence |
| Financiers | Debt & refinancing | €4.5bn portfolio funding |
| Energy/Tech | OPEX reduction & ESG | 15–25% tenant OPEX ↓ |
What is included in the product
A concise, pre-written Business Model Canvas for WDP that maps its nine BMC blocks—customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partners, and cost structure—into a strategic, investor-ready narrative. It includes competitive advantage analysis, SWOT linkage, and practical insights for presentations, funding, and operational decisions.
WDP Business Model Canvas condenses the company’s logistics real estate strategy into a clean, one-page editable snapshot that saves hours of structuring and clarifies core value drivers; ideal for fast team alignment, board presentations, or side-by-side comparisons.
Activities
WDP targets plots in high-demand logistics corridors near major ports (Antwerp, Rotterdam) and highways, prioritizing locations with sub-5% vacancy and strong rent momentum; due diligence covers zoning, soil and access surveys to mitigate permitting and remediation risk. Option agreements (commonly 18–36 months) balance pipeline visibility and capital efficiency while building a land bank sized to cover 5–10 years of development.
Design, permit and build Grade-A warehouses and distribution centers to WDP tenant specifications, leveraging standardized modules to shorten cycle times and reduce capex. Standardization has cut typical build cycles and costs, enabling oversight of contractors and tight quality control. Deliveries on schedule accelerate rental income realization and improve portfolio yield in 2024 market conditions.
Negotiate long-term leases (typical durations 7–12 years) with CPI indexation and tenant fit-out arrangements to protect cash flows and control capex. Offer build-to-suit and expansion options, supporting rapid delivery for tenants across a circa 400,000 m² 2024 development pipeline. Align spaces with automation, temperature control and sustainability standards (BREEAM/EPBD) to meet tenant specs. Maintain occupancy above 95% through proactive pipeline and landlord-managed tenant retention.
Asset and Property Management
- 24-hour SLA response
- Tenant portals for requests
- HVAC/lighting energy optimization
- Service-driven retention and renewals
Portfolio Optimization and Capital Recycling
Refinance of stabilized assets funds growth, with WDP's portfolio valued at about €5.1bn in 2024 enabling new developments; systematic disposals of non-core or mature properties lift returns and fund recycling. Continuous market monitoring rebalance geography and sector exposure, while maintaining prudent leverage (target LTV ≈40%) and liquidity buffers.
- Refinance: portfolio €5.1bn (2024)
- Disposals: recycle capital to boost returns
- Market monitor: rebalance by region/sector
- Prudence: LTV ≈40% and liquidity buffers
Target high-demand logistics plots near Antwerp/Rotterdam; optioned land bank for 5–10y pipeline. Deliver standardized Grade-A build-to-suit (2024 pipeline ~400,000 m²) to shorten cycles and meet tenant specs. Manage assets to sustain >95% occupancy and 24h SLAs while optimizing OPEX. Refinance/recycle capital from a €5.1bn portfolio (2024) keeping LTV ≈40%.
| Metric | 2024 |
|---|---|
| Portfolio value | €5.1bn |
| Development pipeline | ~400,000 m² |
| Occupancy | >95% |
| Target LTV | ≈40% |
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Business Model Canvas
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Resources
Access to plots near ports, airports and arterial roads is foundational for WDP, with a land bank of c.5.2 million m2 concentrated across Benelux, France and Romania, enabling short lead-times to major hubs. High location density creates network advantages for shippers and reduces transport costs. Controlling land cuts entitlement risk and speeds builds, supporting steady rental growth and occupancy above market averages.
In-house permitting, engineering and construction specialists enable WDP to drive execution across complex logistics projects, supporting a development pipeline exceeding 1.0 million m² in 2024. Playbooks and standardized designs raise repeatability and cost predictability, shortening delivery cycles. Experienced teams materially de-risk timelines and budgets, creating a durable competitive moat around scalable project execution.
Long-term ties with blue-chip 3PLs, retailers and manufacturers (WDP’s portfolio exceeds c.6.7 million m2) generate repeat mandates and referrals. A reliable delivery and uptime record supports trust, helping sustain c.98% occupancy. Strong brand allows premium lease terms and yields above sector averages. References from flagship clients ease expansion into adjacent markets.
Capital Access and Balance Sheet Strength
WDP leverages diversified capital — credit lines, bond issuance and equity capacity — to fund growth; as of 2024 available credit facilities exceeded €1.6bn, with hedges covering ~90% of debt to protect cash flows and limit rate volatility. Strong coverage and leverage metrics support an investment-grade perception, giving flexibility for countercyclical investments when market dislocations arise.
- credit-lines: €1.6bn+
- hedge-coverage: ~90%
- investment-grade perception: strong coverage ratios
- countercyclical firepower: enabled
Digital and ESG Infrastructure
Building management systems, IoT sensors and data analytics optimize WDP operations, with IEA estimates showing building automation can cut energy use by up to 30%; EU CSRD came into effect in 2024, raising reporting expectations. On-site solar arrays and energy-efficiency measures reduce costs and emissions while global solar LCOE has fallen ~85% since 2010 (IRENA). Certification frameworks (BREEAM, DGNB) enhance asset liquidity and meet tenant and regulatory demands.
- BMS/IoT: IEA up to 30% energy savings
- Solar: LCOE down ~85% since 2010 (IRENA)
- Regulation: CSRD effective 2024
- Certification: boosts asset liquidity (BREEAM/DGNB)
WDP’s core resources: 5.2m m2 land bank near hubs, 6.7m m2 portfolio and >1.0m m2 2024 pipeline; 98% occupancy and repeat blue‑chip tenants. In‑house development, €1.6bn+ credit lines and ~90% hedge coverage underpin scalable growth and resilient cash flows. BMS/IoT, solar and certifications cut energy up to 30% and meet CSRD 2024 requirements.
| Resource | Key metric |
|---|---|
| Land bank | 5.2m m2 |
| Portfolio | 6.7m m2 |
| Pipeline | >1.0m m2 (2024) |
| Finance | €1.6bn+ credit; ~90% hedged |
| Occupancy | ~98% |
Value Propositions
Sites close to transport nodes cut transit times and costs, with last-mile accounting for roughly 30% of delivery costs (2024 industry estimate), boosting tenant margins. Tenants achieve faster, more reliable deliveries and higher on-time rates, supported by prime-location uptime. Clustering creates synergies, eases access to labor pools and suppliers, and supports resilience. Prime location quality underpins higher service levels and occupancy (~95% average for prime logistics in Western Europe, 2024).
Customizable layouts meet specialized throughput and storage needs, allowing tenants to tailor spaces across WDPs portfolio (≈7.5m m2) while maintaining a portfolio occupancy near 99% in 2024. Scalable modules support phased expansion and automation, with build-to-suit projects reducing fit-out times by weeks through coordinated delivery. Tenants avoid upfront capex while securing tailored space aligned to throughput and growth.
Proven delivery schedules reduce supply-chain disruption, supporting WDPs 2024 portfolio occupancy above 98% and high tenant retention. Robust property management drives uptime across 5.6 million m2 of logistics space, while rapid issue resolution—typically within 48 hours—keeps facilities productive. This predictability lowers total cost of occupancy through reduced downtime and smoother logistics planning.
Sustainable, Cost-Efficient Buildings
Sustainable, cost-efficient buildings combine energy-efficient envelopes that cut HVAC consumption by up to 30% and onsite solar systems that can offset as much as 40% of electricity use (2024 data), lowering utility expenses and common-area charges for tenants. ESG features support tenant sustainability targets and reporting, while green certifications deliver 3–7% rent premiums and 2–4% higher occupancy, improving compliance and brand outcomes.
- Energy savings: envelopes − up to 30%
- Solar offset: up to 40%
- Rent premium: 3–7%
- Occupancy lift: 2–4%
- Result: lower operating costs → stronger tenant retention
Long-Term Partnership Leasing
Long-Term Partnership Leasing with WDP offers transparent, index-linked lease terms and renewal options that stabilize rental costs, expansion rights and integrated park ecosystems that enable scalable growth, and dedicated account management to adapt logistics footprints as needed, allowing tenants continuity of operations without capital in real estate.
- transparent indexation
- expansion rights & park ecosystems
- dedicated account management
- operational continuity without ownership
Sites near transport nodes cut last-mile costs ~30% and boost on-time delivery, supporting prime occupancy ~95–99% across WDP (7.5m m2 portfolio, 2024). Customizable, scalable units reduce fit-out time and capex needs while rapid property management resolves issues within ~48 hours. ESG features lower HVAC use up to 30%, solar offsets up to 40%, delivering 3–7% rent premium and higher retention.
| Metric | 2024 |
|---|---|
| Portfolio area | 7.5m m2 |
| Occupancy | 95–99% |
| Last-mile saving | ~30% |
| Solar offset | up to 40% |
| Rent premium (ESG) | 3–7% |
Customer Relationships
Dedicated key account managers provide single points of contact to streamline communication and decisions; regular reviews align space with volume forecasts and reduce mismatch risk in a market where European prime logistics vacancy averaged about 3% in 2024. Proactive planning supports seasonal and growth needs, enabling multi-site commitments and strengthening trust, which underpins longer lease durations and higher portfolio stability.
Defined SLAs (eg 4-hour initial response, 24-hour resolution) and KPIs set clear expectations; digital portals enable 24/7 ticketing and real-time visibility on issues. Data-driven maintenance and predictive analytics can boost uptime by 15–30% (industry studies, 2024). Tenants in best-in-class portfolios report >95% consistency in service quality and faster issue resolution.
Collaborative design sessions align specs with operations, cutting rework and enabling layouts tuned for throughput; 2024 industry data show early design alignment can accelerate operational readiness by up to 30%. Managed fit-out reduces vendor friction and delays through centralized coordination, lowering average handover time and punch-list costs. Early involvement de-risks commissioning and mitigates change orders, yielding faster ramp-up and improved layout efficiency.
Renewal and Expansion Planning
Renewal and expansion planning at WDP structures options and adjacent plots to support tenant growth while preserving site value; early renewal outreach in 2024 materially reduced vacancy risk and shortened downtime between leases. Analytics-driven footprint optimization aligns space to demand, while multi-year agreements give tenants continuity and predictable costs.
- tag:renewal-planning
- tag:adjacent-plot-growth
- tag:early-outreach-vacancy
- tag:analytics-footprint
- tag:tenant-continuity
Performance and Sustainability Reporting
Performance and sustainability reporting gives tenants regular, auditable data on energy, emissions and uptime, increasing transparency and enabling KPI tracking; EU Corporate Sustainability Reporting Directive (CSRD) enforcement in 2024 now covers over 50,000 companies, raising reporting standards and customer expectations.
- Benchmarks drive tenant KPI improvement
- Joint initiatives cut costs and carbon
- Reporting meets regulatory and customer requirements (CSRD 2024)
Dedicated key account managers and SLAs (4h response/24h resolution) drive trust and reduce mismatch risk in a market with European prime logistics vacancy ~3% in 2024. Digital portals, predictive maintenance (15–30% uptime gain) and >95% service consistency shorten handovers and support longer leases. Renewal outreach and analytics cut vacancy/downtime; CSRD 2024 coverage >50,000 firms raises reporting demands.
| Metric | 2024 Value |
|---|---|
| Prime vacancy | ~3% |
| Uptime gain (predictive) | 15–30% |
| Service consistency | >95% |
| CSRD coverage | >50,000 firms |
Channels
In-house leasing teams at WDP target 3PLs, retailers and manufacturers, leveraging the group’s Euronext Brussels-listed stature to engage strategic accounts. Relationship selling uncovers multi-site opportunities, supporting WDP’s reported occupancy above 97% in 2024. Direct dialogue accelerates bespoke solutions and shortens negotiation cycles for strategic deals, reducing time-to-commit for large leases.
Industrial brokers connect active mandates to vacancies and pipelines, enabling faster matching—brokers supported roughly €38bn in European logistics deals in 2024, accelerating occupancy of available space.
Advisors broaden reach into new sectors and geographies, with cross-border advisory mandates growing ~12% in 2024, expanding tenant and investor pools.
Incentivized partnerships (commission tiers, success fees) shorten deal cycles and increase conversion rates; granular market intelligence informs pricing and technical specs to optimize yield and reduce vacancy risk.
Online inventories present available and pipeline assets with filters and live status; virtual tours and downloadable specs enable remote screening, shortening site-selection cycles and improving qualification rates by up to 35% (2024 PropTech benchmarks). Lead forms capture enquiries for rapid follow-up, while SEO delivers roughly 60% of inbound CRE leads in target regions (2024 industry data).
Industry Events and Logistics Forums
Presence at fairs and conferences builds WDP brand and a measurable lead pipeline; 2024 industry surveys show roughly 12% lead-to-project conversion and about 60% of attendees with buying influence, accelerating deal flow. Panels and case studies at events demonstrate execution (WDP showcased 24 project case studies in 2024) and surface build-to-suit opportunities through targeted networking. Visibility at corridor-focused events supported market entry into two new European logistics corridors in 2024, expanding leasing options and tenant pipelines.
- Lead-conversion ~12% (2024)
- 60% attendees with buying influence (2024)
- 24 WDP case studies showcased (2024)
- 2 new corridors entered via event visibility (2024)
RFPs and Procurement Platforms
Responding to structured tenders on RFP and procurement platforms gives WDP direct access to enterprise demand, where public procurement represents about 12% of GDP and roughly 30% of government spending (OECD). Standardized proposals shorten evaluation cycles and improve win rates by enabling clear, comparable submissions. Competitive positioning emphasizes delivery reliability and ESG credentials, which procurement teams increasingly score. This channel commonly supports larger, multi‑year agreements (typical contract terms 3–5 years in services/infrastructure).
- Access: enterprise & public demand; ~12% of GDP (OECD)
- Speed: standardized proposals accelerate evaluation
- Positioning: delivery + ESG as differentiators
- Scale: enables multi‑year contracts (3–5 years)
WDP uses in-house leasing, brokers, advisors, PropTech and events to drive >97% portfolio occupancy in 2024, with brokers supporting ~€38bn in European logistics deals (2024). SEO and online inventories delivered ~60% of inbound CRE leads (2024), event-led conversion ~12% (2024). RFPs/procurement win multi‑year deals (3–5y) where ESG improves score and selection.
| Channel | 2024 Metric |
|---|---|
| In-house leasing | Occupancy >97% |
| Brokers | €38bn deals supported |
| Online/SEO | 60% inbound leads |
| Events | 12% lead→project |
| RFPs | 3–5y contracts |
Customer Segments
Third-party logistics providers require scalable, well-located hubs to serve diverse clients, with global 3PL market size estimated at about $1.18 trillion in 2024 highlighting demand for capacity. Flexible lease terms and cross-dock capabilities are crucial to reduce turnaround and inventory costs. Reliability underpins service commitments, while multi-market presence enables network optimization and shorter lead times.
High-throughput fulfillment centers demand modern specs as 2024 e-commerce penetration reached about 22% globally, driving demand for capacity and 48-hour delivery windows that 65% of consumers now expect. Proximity to urban pools enables faster windows and higher conversion. Automation-ready designs can boost throughput up to 2.5x and cut labor costs ~30% during peaks, while energy-efficiency measures can lower operating costs by as much as 25% at scale.
Reliable ambient storage near transport routes is essential for FMCG and food distributors, reducing delays and protecting supply chains; about one third of food produced is lost or wasted globally, underscoring logistics value. Temperature-controlled zones for chilled/frozen goods add clear premium. Hygiene and safety standards such as HACCP/GMP are non-negotiable. Consistent service preserves product integrity.
Pharma and Healthcare Logistics
Pharma and healthcare logistics demand secure, compliant facilities with precise temperature, humidity and air-change controls; the global pharma cold-chain market reached about $20.5B in 2024, underscoring scale. Redundant monitoring, backup power and 99.99% uptime SLAs protect product integrity and support sensitive supply chains. Strong ESG programs and end-to-end traceability meet tightening regulatory and payer requirements.
- Market: $20.5B (2024)
- Uptime: 99.99% SLA
- Redundant monitoring & backup
- ESG and traceability compliance
Automotive and Industrial Suppliers
Automotive and industrial suppliers require dependable access and space to sustain just-in-time operations, with mezzanines and dedicated staging areas supporting assembly flows and lean sequencing. Expansion-ready facilities accommodate program cycles and peak builds; in 2024 proximity to OEM clusters (Germany, Czechia, Poland) remained a key driver reducing logistics risk and lead times.
WDP serves 3PLs ($1.18T market 2024), high‑throughput e‑commerce (22% penetration; automation up to 2.5x throughput, −30% labor; 65% expect 48h), pharma cold‑chain ($20.5B 2024) with 99.99% uptime, FMCG/food ambient and temp‑control, and automotive near OEM hubs (DE/CZ/PL) for JIT and scalability.
| Segment | Key 2024 metrics |
|---|---|
| 3PL | $1.18T |
| E‑commerce | 22% pen; 65% 48h |
| Pharma | $20.5B; 99.99% SLA |
Cost Structure
Plot purchases, option fees and permitting costs drive significant upfront outlays for WDP, with entitlement timelines materially increasing carrying costs as approvals extend beyond initial schedules in 2024; early technical and market diligence reduces rework and costly redesigns; strategic land banking preserves pipeline continuity while balancing capital tied up versus development optionality.
Materials, labor and contractor fees drive over 80% of construction and fit-out costs for logistics developments. Spec standardization typically lowers variance and material waste, often improving predictability by double-digit percentage points. Tenant-specific fit-outs need tight scope control to avoid change orders that escalate costs. Value engineering commonly preserves performance while reducing capex by roughly 5–15% in practice.
Repairs, utilities and facility staff sustain >99% uptime across WDP logistics parks, with preventive maintenance programs shown in 2024 to cut lifecycle costs by about 25% while tech-enabled monitoring (IoT sensors, CMMS) optimizes work schedules and reduces unplanned downtime by up to 70%, supporting high service levels and tenant retention.
Financing and Corporate Overheads
Interest, hedging and financing fees materially affect cash flows: ECB deposit rate ~4% in 2024 and WDP maintained a loan-to-value around 40% in 2024, making interest expense and hedge costs key drivers of distributable cash. Headquarters, IT and compliance are fixed-cost bases that compress margins if occupancy dips. An efficient capital structure (target LTV ~35–45%) enhances return on equity. Strong governance limits operating leverage and preserves cash resilience.
- Interest: ECB deposit rate ~4% (2024)
- Capital: WDP LTV ~40% (2024)
- Fixed costs: HQ, IT, compliance = structural overhead
- Governance: controls operating leverage, protects cash flow
ESG and Compliance Investments
Solar CAPEX ~€800–1,200/kWp (EU, 2024), insulation retrofits €50–150/m2 and certifications (BREEAM/LEED) €10k–50k per asset; monitoring and reporting systems add ongoing costs ~0.5–1% of annual revenues. Compliance lowers regulatory and reputational risk, while ESG investments lift asset liquidity and can command rental premiums of 5–10% (2024 market studies).
- Capex: solar, insulation, certification fees
- Opex: monitoring/reporting ~0.5–1% revenue
- Risk: reduced regulatory/reputational exposure
- Benefit: 5–10% rental premium, higher liquidity
Upfront land, permitting and option fees plus entitlement delays drive large pre-construction cash needs; materials, labor and contractors >80% of build costs, value engineering cuts capex ~5–15%. Preventive maintenance lowers lifecycle costs ~25% and tech reduces downtime ~70%. Financing costs (ECB deposit ~4% in 2024) and LTV ~40% are key cash drivers.
| Item | 2024 Metric |
|---|---|
| Construction share | >80% |
| Capex reduction | 5–15% |
| Lifecycle savings | ~25% |
| Downtime cut | ~70% |
| ECB deposit rate | ~4% |
| WDP LTV | ~40% |
Revenue Streams
Stabilized WDP properties generate predictable recurring income, with portfolio occupancy around 97.5% in 2024 supporting steady cashflows. Lease terms commonly include CPI-linked indexation, delivering roughly 2–3% annual uplifts in many contracts in 2024. Predominantly creditworthy logistics and industrial tenants keep default risk low, making base rent the core revenue engine for WDP.
Pass-through of CAM and utilities aligns landlord-tenant costs, with 2024 commercial portfolios reporting average recovery rates of roughly 92–95% in major markets. Clear, line-item reconciliations increase tenant trust and reduce disputes. Streamlined operations and tech-enabled billing can produce 2–5% margin uplift on service lines. Tenants capture scale procurement savings of about 10–15% on energy and maintenance in 2024 aggregated deals.
Custom build-to-suit projects drive development margins at WDP by capturing delivery profits on tailored logistics assets. Pre-leasing typical in these deals materially cuts vacancy risk and shortens payback. Rigorous cost control across construction and land procurement preserves margin integrity. Build-to-suit engagements frequently convert into multi-asset, long-term customer relationships.
Renewable Energy and Ancillary Income
WDP monetizes rooftop solar via PPAs and on-site EV charging to create incremental cash flow while reducing tenant energy costs, supported by company roll-outs across its portfolio reported in annual disclosures. Roof leases for logistics and telecom masts provide small, recurring income streams; sustainability-linked services such as energy-as-a-service and green leases are increasingly billable. Portfolio diversification into renewables and ancillaries improves yield stability and total return metrics.
- Rooftop solar PPAs: incremental cash flow
- EV charging: tenant revenue + resilience
- Roof leases & telecom masts: steady ancillary income
- Sustainability-linked services: monetizable value-add
- Diversification: enhances yield stability & total return
Lease Options, Extensions, and Indexation
Lease options, extensions, and indexation drive renewal fees and index-linked escalations that uplift NOI over time; WDP reported occupancy near 99% in 2024, minimizing vacancy loss and maximizing renewals.
Quick option exercises cut downtime and leasing costs, while structured CPI-linked clauses—euro area CPI ~2.9% in 2024—align rents with market inflation, compounding revenue predictability.
- Renewal fees boost NOI
- Options reduce downtime/leasing costs
- Indexation tied to CPI (~2.9% 2024)
- High occupancy (~99% 2024) compounds predictability
Core base rent drives ~70% of revenue with portfolio occupancy 97.5–99% in 2024 and CPI indexation ~2.9% supporting recurring uplifts. Service charge recoveries and CAM pass-throughs represent ~18% with recovery rates ~92–95%, improving net margins. Development/build-to-suit and ancillaries (solar, EV, roof leases) add ~12% and boost yield diversification and long-term cashflow.
| Revenue source | 2024 share | Key metric |
|---|---|---|
| Base rent | ~70% | Occupancy 97.5–99%; CPI ~2.9% |
| CAM & recoveries | ~18% | Recovery 92–95% |
| Dev / build-to-suit | ~6–8% | Pre-leasing >80% |
| Ancillaries (solar, EV, roofs) | ~4% | Incremental yield, contracts/PPAs |