Common use of Net Offering Proceeds Clause in Contracts

Net Offering Proceeds. The gross cash proceeds received by REIT or any of its Subsidiaries as a result of an Equity Offering less the customary and reasonable costs, expenses and discounts paid by REIT or such Subsidiary in connection therewith. Net Operating Income. For any Real Estate and for any period, an amount equal (but not less than zero) to the sum of (a) the rents, common area reimbursements, actual cost recoveries and other revenue for such Real Estate determined in accordance with GAAP for such period received in the ordinary course of business from tenants in occupancy minus (b) all expenses paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such period determined in accordance with GAAP, including taxes, assessments and other governmental charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses (but without duplication of any amounts deducted pursuant to clause (c)) and minus (c) the greater of (i) the actual property management fee (including expenses for company personnel and security at the Real Estate) paid during such period with respect to such Real Estate and (ii) an imputed management fee in the amount of three percent (3.0%) of the gross revenues (less metered power reimbursements) for such Real Estate for such period. Net Operating Income shall exclude (i) all losses and expenses to the extent covered by third-party insurance that has actually been reimbursed or otherwise paid in the applicable period or that the REIT reasonably determines will be reimbursed or paid by the applicable insurance carrier and so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied coverage therefor and (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event or temporary shutdown, in whole or in part, of any Real Estate. Net Operating Income of any Person shall include such Person’s pro rata share of Net Operating Income of its Unconsolidated Affiliates. Net Operating Income shall be adjusted to remove any impact from straight-line rent leveling adjustments (in excess of ten percent (10%) of aggregate gross revenue as reported on the REIT’s GAAP operating statement) required under GAAP. With respect to any Unencumbered Controlled Joint Venture Property, only the Controlled Joint Venture Allocable Net Operating Income shall be included in Net Operating Income.

Net Offering Proceeds. The gross All cash proceeds received after the Effective Date by REIT the Borrower or any of its Subsidiaries the Company as a result of an Equity Offering the sale of common, preferred or other classes of stock of the Company or the issuance of limited partnership interests in the Borrower less the customary and reasonable costs, expenses costs and discounts of issuance paid by REIT Company or such Subsidiary Borrower in connection therewith. Net Operating Income. For With respect to any Real Estate and Asset, for any periodthe period of determination, an amount equal (but not less than zero) to the sum of (a) Rents derived from the rents, common area reimbursements, actual cost recoveries and other revenue for such Real Estate determined in accordance with GAAP for such period received in the ordinary course of business from tenants in occupancy minus (b) all expenses paid or accrued and related to the ownership, customary operation or maintenance of such Real Estate for Asset, less operating expenses attributable to such period determined in accordance with GAAPReal Estate Asset, including taxes, assessments and other governmental charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses (but without duplication of any amounts deducted pursuant to clause (c)) and minus (c) shall include only the greater sum of (i) the actual property management fee Rents received or expected to be received, and earned in accordance with Generally Accepted Accounting Principles, pursuant to Leases in place, plus (including expenses for company personnel ii) other income actually received and security at the Real Estate) paid during such period earned in accordance with Generally Accepted Accounting Principles with respect to such Real Estate and Asset, plus (iiiii) rent loss or business interruption insurance proceeds received or expected to be received during or relating to such period due to a casualty that has occurred prior to the date of calculation plus (iv) parking or other income, less operating expenses actually paid or payable on an imputed management fee accrual basis in the amount of three percent (3.0%) of the gross revenues (less metered power reimbursements) for accordance with Generally Accepted Accounting Principles attributable to such Real Estate for Asset during such period. Net Operating Income shall exclude (i) all losses , as set forth on operating statements and expenses schedules reasonably satisfactory to the extent covered by third-party insurance that has actually been reimbursed or otherwise paid in the applicable period or that the REIT reasonably determines will be reimbursed or paid by the applicable insurance carrier and so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied coverage therefor and (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event or temporary shutdown, in whole or in part, of any Real Estate. Net Operating Income of any Person shall include such Person’s pro rata share of Net Operating Income of its Unconsolidated AffiliatesAgent. Net Operating Income shall be adjusted calculated in accordance with customary accounting principles applicable to remove any impact from straight-line rent leveling adjustments (in excess of ten percent (10%) of aggregate gross revenue as reported on real estate. Notwithstanding the REIT’s GAAP operating statement) required under GAAP. With respect to any Unencumbered Controlled Joint Venture Propertyforegoing, only the Controlled Joint Venture Allocable Net Operating Income shall not include (i) any condemnation or insurance proceeds (excluding rent loss or business interruption insurance proceeds as described above), (ii) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any portion of the Real Estate Asset for which it is to be determined, (iii) amounts received from tenants as security deposits unless actually applied toward the payment of rent or additional rent in accordance with the terms of such tenant’s lease, (iv) interest income and (v) any type of income otherwise included in Net Operating IncomeIncome but paid directly by any tenant to a Person other than Borrower or a Guarantor or other Related Company or their respective agents or representatives.

Net Offering Proceeds. The gross All cash proceeds received after the Effective Date by REIT Borrower or any of its Subsidiaries the Company as a result of an Equity Offering the sale of common, preferred or other classes of stock of the Company or the issuance of limited partnership interests in Borrower less the customary and reasonable costs, expenses costs and discounts of issuance paid by REIT Company or such Subsidiary Borrower in connection therewith. Net Operating Income. For With respect to any Real Estate and Asset, for any periodthe period of determination, an amount equal (but not less than zero) to the sum of (a) Rents derived from the rents, common area reimbursements, actual cost recoveries and other revenue for such Real Estate determined in accordance with GAAP for such period received in the ordinary course of business from tenants in occupancy minus (b) all expenses paid or accrued and related to the ownership, customary operation or maintenance of such Real Estate for Asset, less operating expenses attributable to such period determined in accordance with GAAPReal Estate Asset, including taxes, assessments and other governmental charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses shall include (but without duplication of any amounts deducted pursuant to clause (c)duplication) and minus (c) only the greater sum of (i) the actual property management fee Rents received or expected to be received, and earned in accordance with Generally Accepted Accounting Principles, pursuant to Leases in place, plus (including expenses for company personnel ii) other income actually received and security at the Real Estate) paid during such period earned in accordance with Generally Accepted Accounting Principles with respect to such Real Estate and Asset, plus (iiiii) rent loss or business interruption insurance proceeds received or expected to be received during or relating to such period due to a casualty that has occurred prior to the date of calculation plus (iv) parking or other income, less operating expenses actually paid or payable on an imputed management fee accrual basis in the amount of three percent (3.0%) of the gross revenues (less metered power reimbursements) for accordance with Generally Accepted Accounting Principles attributable to such Real Estate for Asset during such period. Net Operating Income shall exclude (i) all losses , as set forth on operating statements and expenses schedules reasonably satisfactory to the extent covered by third-party insurance that has actually been reimbursed or otherwise paid in the applicable period or that the REIT reasonably determines will be reimbursed or paid by the applicable insurance carrier and so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied coverage therefor and (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event or temporary shutdown, in whole or in part, of any Real Estate. Net Operating Income of any Person shall include such Person’s pro rata share of Net Operating Income of its Unconsolidated AffiliatesAgent. Net Operating Income shall be adjusted calculated in accordance with customary accounting principles applicable to remove any impact from straight-line rent leveling adjustments (in excess of ten percent (10%) of aggregate gross revenue as reported on real estate. Notwithstanding the REIT’s GAAP operating statement) required under GAAP. With respect to any Unencumbered Controlled Joint Venture Propertyforegoing, only the Controlled Joint Venture Allocable Net Operating Income shall not include (i) any condemnation or insurance proceeds (excluding rent loss or business interruption insurance proceeds as described above), (ii) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any portion of the Real Estate Asset for which it is to be determined, (iii) amounts received from tenants as security deposits unless actually applied toward the payment of rent or additional rent in accordance with the terms of such tenant’s lease, (iv) interest income and (v) any type of income otherwise included in Net Operating IncomeIncome but paid directly by any tenant to a Person other than Borrower or a Guarantor or other Related Company or their respective agents or representatives.

Net Offering Proceeds. The gross All cash proceeds received after the Effective Date by REIT the Borrower or any of its Subsidiaries the Company as a result of an Equity Offering the sale of common, preferred or other classes of stock of the Company or the issuance of limited partnership interests in the Borrower less the customary and reasonable costs, expenses costs and discounts of issuance paid by REIT Company or such Subsidiary Borrower in connection therewith. Net Operating Income. For With respect to any Real Estate and Asset, for any periodthe period of determination, an amount equal (but not less than zero) to the sum of (a) Rents derived from the rents, common area reimbursements, actual cost recoveries and other revenue for such Real Estate determined in accordance with GAAP for such period received in the ordinary course of business from tenants in occupancy minus (b) all expenses paid or accrued and related to the ownership, customary operation or maintenance of such Real Estate for Asset, less operating expenses attributable to such period determined in accordance with GAAPReal Estate Asset, including taxes, assessments and other governmental charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses (but without duplication of any amounts deducted pursuant to clause (c)) and minus (c) shall include only the greater sum of (i) the actual property management fee Rents received or expected to be received, and earned in accordance with Generally Accepted Accounting Principles, pursuant to Leases in place, plus (including expenses for company personnel ii) other income actually received and security at the Real Estate) paid during such period earned in accordance with Generally Accepted Accounting Principles with respect to such Real Estate and Asset, plus (iiiii) rent loss or business interruption insurance proceeds received or expected to be received during or relating to such period due to a casualty that has occurred prior to the date of calculation plus (iv) parking or other income, less operating expenses actually paid or payable on an imputed management fee accrual basis in the amount of three percent (3.0%) of the gross revenues (less metered power reimbursements) for accordance with Generally Accepted Accounting Principles attributable to such Real Estate for Asset during such period. Net Operating Income shall exclude (i) all losses , as set forth on operating statements and expenses schedules reasonably satisfactory to the extent covered by third-party insurance that has actually been reimbursed or otherwise paid in the applicable period or that the REIT reasonably determines will be reimbursed or paid by the applicable insurance carrier and so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied coverage therefor and (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event or temporary shutdown, in whole or in part, of any Real Estate. Net Operating Income of any Person shall include such Person’s pro rata share of Net Operating Income of its Unconsolidated AffiliatesAgent. Net Operating Income shall be adjusted calculated in accordance with customary accounting principles applicable to remove any impact from straight-line rent leveling adjustments (in excess of ten percent (10%) of aggregate gross revenue as reported on real estate. Notwithstanding the REIT’s GAAP operating statement) required under GAAP. With respect to any Unencumbered Controlled Joint Venture Propertyforegoing, only the Controlled Joint Venture Allocable Net Operating Income shall not include (i) any condemnation or insurance proceeds (excluding rent loss or business interruption insurance proceeds as described above), (ii) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any portion of the Real Estate Asset for which it is to be determined, (iii) amounts received from tenants as security deposits unless actually applied toward the payment of rent or additional rent in accordance with the terms of such tenant’s lease, (iv) interest income and (v) any type of income otherwise included in Net Operating IncomeIncome but paid directly by any tenant to a Person other than Borrower or a Guarantor or other Related Company or their respective agents or representatives. Notes. See §2.3.

Net Offering Proceeds. The gross All cash proceeds received after the Effective Date by REIT Borrower or any of its Subsidiaries the Company as a result of an Equity Offering the sale of common, preferred or other classes of stock of the Company or the issuance of limited partnership interests in Borrower less the customary and reasonable costs, expenses costs and discounts of issuance paid by REIT Company or such Subsidiary Borrower in connection therewith. Net Operating Income. For With respect to any Real Estate and Asset, for any periodthe period of determination, an amount equal (but not less than zero) to the sum of (a) Rents derived from the rents, common area reimbursements, actual cost recoveries and other revenue for such Real Estate determined in accordance with GAAP for such period received in the ordinary course of business from tenants in occupancy minus (b) all expenses paid or accrued and related to the ownership, customary operation or maintenance of such Real Estate for Asset, less operating expenses attributable to such period determined in accordance with GAAPReal Estate Asset, including taxes, assessments and other governmental charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses shall include (but without duplication of any amounts deducted pursuant to clause (c)duplication) and minus (c) only the greater sum of (i) the actual property management fee Rents received or expected to be received, and earned in accordance with Generally Accepted Accounting Principles, pursuant to Leases in place, plus (including expenses for company personnel ii) other income actually received and security at the Real Estate) paid during such period earned in accordance with Generally Accepted Accounting Principles with respect to such Real Estate and Asset, plus (iiiii) rent loss or business interruption insurance proceeds received or expected to be received during or relating to such period due to a casualty that has occurred prior to the date of calculation plus (iv) parking or other income, less operating expenses actually paid or payable on an imputed management fee accrual basis in the amount of three percent (3.0%) of the gross revenues (less metered power reimbursements) for accordance with Generally Accepted Accounting Principles attributable to such Real Estate for Asset during such period. Net Operating Income shall exclude (i) all losses , as set forth on operating statements and expenses schedules reasonably satisfactory to the extent covered by third-party insurance that has actually been reimbursed or otherwise paid in the applicable period or that the REIT reasonably determines will be reimbursed or paid by the applicable insurance carrier and so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied coverage therefor and (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event or temporary shutdown, in whole or in part, of any Real Estate. Net Operating Income of any Person shall include such Person’s pro rata share of Net Operating Income of its Unconsolidated AffiliatesAgent. Net Operating Income shall be adjusted calculated in accordance with customary accounting principles applicable to remove any impact from straight-line rent leveling adjustments (in excess of ten percent (10%) of aggregate gross revenue as reported on real estate. Notwithstanding the REIT’s GAAP operating statement) required under GAAP. With respect to any Unencumbered Controlled Joint Venture Propertyforegoing, only the Controlled Joint Venture Allocable Net Operating Income shall not include (i) any condemnation or insurance proceeds (excluding rent loss or business interruption insurance proceeds as described above), (ii) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any portion of the Real Estate Asset for which it is to be determined, (iii) amounts received from tenants as security deposits unless actually applied toward the payment of rent or additional rent in accordance with the terms of such tenant's lease, (iv) interest income and (v) any type of income otherwise included in Net Operating IncomeIncome but paid directly by any tenant to a Person other than Borrower or a Guarantor or other Related Company or their respective agents or representatives.