Adjusted Property EBITDA definition

Adjusted Property EBITDA means, for any Property, the product of (a) the difference between (i) the EBITDA of such Property, minus (ii) the EBITDA Adjustments for such Property, in each case for the three (3) month period ending on the last day of the fiscal quarter immediately preceding such determination date, times (b) four (4). For Properties owned for less than three (3) months as of the date of determination, EBITDA of all such Properties shall be equal to the lesser of (I) the product of (x) the Approved Costs of such Properties, times (y) eight percent (8%), and (II) Borrower’s most-recent asset manager’s forecasts for the EBITDA of such Properties for the first (1st) calendar quarter following acquisition thereof; provided that if Administrative Agent shall reasonably determine that such amount is not an appropriate computation of EBITDA of any such Property, then EBITDA for all such Properties shall be based upon the most recent three (3) month period available.

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Adjusted Property EBITDA means, for any period, an amount equal to:

Adjusted Property EBITDA means with respect to each Property owned by the Borrower or any Subsidiary (other than a Development Property or Unimproved Land) for any period (without duplication): (a) net income (loss) of such Property for such period determined in accordance with GAAP, exclusive of the following (but only to the extent included in determination of such net income (loss)): (i) depreciation and amortization expense; (ii) total interest expense of such Property, including capitalized interest not funded under a construction loan interest reserve account, determined in accordance with GAAP for such period; (iii) income tax expense; and (iv) extraordinary or non-recurring gains and losses; less (b) Capital Reserves.

Examples of Adjusted Property EBITDA in a sentence

• We are the leading developer, owner and operator of large-scale integrated resorts in Macao, as measured by Adjusted Property EBITDA for the year ended December 31, 2019.

• For a quantitative reconciliation of Adjusted Property EBITDA to its most directly comparable IFRS measurement, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Reconciliation of Non-IFRS Financial Measures.” As of June 30, 2020, the Group had total liquidity of US$3.63 billion, consisting of US$1.61 billion of total cash and cash equivalents and US$2.02 billion of available borrowing capacity under the 2018 SCL Revolving Facility.

• This prospectus contains non-IFRS financial measures and ratios that are not required by, or presented in accordance with, IFRS, including Adjusted Property EBITDA.

• In order to view the operations of their properties on a more stand-alone basis, integrated resort companies, including the Company, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre- opening expense and corporate expense, from their Adjusted Property EBITDA calculations.

• The following table presents a reconciliation of Adjusted Property EBITDA to profit or loss attributable to equity holders of the Company for the years/periods presented: Company $ 1,875 $ 2,033 $ (1,523) $ (716) $ (381) Income tax (benefit)/expense ...............................

• We are the leading developer, owner and operator of large-scale integrated resorts in Macao as measured by Adjusted Property EBITDA for the year ended December 31, 2019.

• We generated a market-leading US$3,193 million of Adjusted Property EBITDA during the year ended December 31, 2019 from gaming and non-gaming sources, including retail, hotel, food and beverage, entertainment and MICE business.

• Management utilizes Adjusted Property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.

• As a result, Adjusted Property EBITDA as presented by the Company may not be directly comparable to other similarly titled measures presented by other companies.

• Adjusted Property EBITDA should not be interpreted as an alternative to profit or operating profit (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with IFRS.

More Definitions of Adjusted Property EBITDA

Adjusted Property EBITDA means, for any period, without duplication, the REIT’s pro rata share of Consolidated EBITDA for such period derived from real properties owned by one or more Subsidiaries or by one or more Unconsolidated Affiliates, as applicable, for more than two full fiscal quarters for which financial statements have been provided to the Administrative Agent and the Lenders, plus, to the extent deducted in calculating Consolidated Net Income for such period but not included as an addback in the calculation of Consolidated EBITDA for such period, (i) the Consolidated Group’s pro rata share of Total G&A Expense incurred in respect of such real properties for such period, plus (ii) any management, advisory or similar fees in respect of such real properties paid in Equity Interests of the REIT during such period, minus (iii) an amount equal to (x) three percent (3.00%) of the aggregate amount of rent paid in respect of such real properties during such period, minus (y) to the extent the aggregate amount of actual cash management, advisory or similar fees (if any) paid in respect of such real properties and dividends and distributions paid to the Special Membership Interest Holder in respect of the Special Membership Interest, in each case during such period, is less than the amount set forth in subclause (x) of this clause (iii), the aggregate amount of such cash management, advisory or similar fees and dividends and distributions.

Adjusted Property EBITDA means earnings before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, corporate expenses, stock-based compensation, contract termination fee, and other non-operating income and expenses calculated in the same manner as Employer calculated the Adjusted Property EBITDA for the calendar year ended December 31, 2007.

Adjusted Property EBITDA means the Adjusted EBITDA for each operating segment before corporate costs; and (y) “Adjusted EBITDA” means EBITDA plus (i) share-based compensation (ii) (gain)/loss on sale of property and equipment, (iii) restructuring, acquisition, transaction, financing and other costs, (iv) write-down of non-financial assets, (v) changes in fair value of the embedded derivatives, (vi) change in fair value of cross currency interest rate swaps, (vii) foreign exchange (gain)/loss, (viii) loss on debt extinguishment, (ix) non-cash deferred rent, and (x) tax adjustments for prior periods.

Adjusted Property EBITDA has the meaning ascribed thereto in Section 13.18.

Adjusted Property EBITDA means, for any period, the sum, without duplication, of:

Adjusted Property EBITDA means for the applicable Property, the Property EBITDA for such Property for the prior four fiscal quarters less the greater of (a) the sum of $.50 per square foot for such Property plus the then market rate for management fees in connection with such Property (unless previously deducted in calculating Property EBITDA for such Property) or (b) the sum of actual Capital Expenditures incurred plus actual management fees incurred (unless previously deducted in calculating Property EBITDA for such Property) plus actual tenant improvements incurred plus actual leasing commissions incurred, in each case during the prior four fiscal quarters (it being understood that expenditures associated with Properties under construction or development do not constitute Capital Expenditures or tenant improvements for the purpose of this definition).