Adjusted Property NOI means for any Rolling Period for any Property, an amount equal to (i) the Property NOI for such Property minus (ii) the sum of (a) the greater of a management fee that is 3% of the aggregate net revenues from the operations of such Property during such period and the actual management fee and (b) an annual capital expenditures reserve of $0.20 per square foot for such Property.
Adjusted Property NOI means, at any date of its determination, with respect to any Real Property, (a) with respect to Real Property owned or leased for less than one full Fiscal Quarter as of such date of calculation, the projected Property NOI for the following Fiscal Quarter computed by the Borrower in good faith and multiplied by four, (b) with respect to Real Property owned or leased for at least one full Fiscal Quarter but less than four full Fiscal Quarters, the Property NOI for such completed Fiscal Quarter(s) computed by the Borrower in good faith on an annualized basis, and (c) otherwise, the Property NOI for the most recently completed Rolling Period computed by the Borrower in good faith, in each case, minus (i) the Capital Reserve and (ii) the greater of (x) a management fee of 3% of Property Income for the most recently completed Fiscal Quarter computed on an annualized basis and (y) actual management fees paid in cash to third party managers for the most recently completed Fiscal Quarter computed on an annualized basis.
Adjusted Property NOI means, at any date of its determination, with respect to any Real Property, the Property NOI for the most recently completed Fiscal Quarter computed on an annualized basis minus (i) the Capital Reserve, and (ii) the greater of (a) 3% of Property Income for the most recently completed Fiscal Quarter computed on an annualized basis and (b) actual management fees paid in cash to third party managers for the most recently completed Fiscal Quarter computed on an annualized basis.
Examples of Adjusted Property NOI in a sentence
The Borrower’s Ownership Share of management fees received by, Property Income from and Capital Reserves held by Unconsolidated Affiliates shall be included in the calculation of Adjusted Property NOI consistent with the above described treatment for assets owned by AF REIT or a Subsidiary.
More Definitions of Adjusted Property NOI
Adjusted Property NOI means, for any Rolling Period, (i) with respect to any Real Property owned for more than twelve (12) months, the Property NOI minus the Annual Capital Expenditure Reserve for such Real Property, and (ii) with respect to any Real Property owned for twelve (12) months or less, the Pro Forma Property NOI for such Real Property computed on an annualized basis minus the Annual Capital Expenditure Reserve for such Real Property.
Adjusted Property NOI means, as of any date of determination, with respect to any Real Property, the Property NOI for the most recently completed Fiscal Quarter computed on an annualized basis minus (i) the Capital Reserve, and (ii) the greater of (a) 3% of Property Income for the most recently completed Fiscal Quarter computed on an annualized basis and (b) actual management fees paid in cash to third party managers for the most recently completed Fiscal Quarter computed on an annualized basis. The Borrower’s Ownership Share of management fees received by, Property Income from and Capital Reserves held by Unconsolidated Affiliates shall be included in the calculation of Adjusted Property NOI consistent with the above described treatment for assets owned by AF REIT or a Subsidiary.
Adjusted Property NOI means, with respect to any period, NOI adjusted for a capital expenditure reserve equal to 4% of gross revenue and a management fee equal to 4% of gross revenue.
Adjusted Property NOI means, for any Retail Property on any date of determination, (i) Adjusted Property Income as determined on such date of determination minus (ii) Adjusted Property Expenses for the last twelve-month period ended prior to such date of determination for which the information required under Section 5.1.7.2 has been delivered to the Lender.
Adjusted Property NOI means, at any date of its determination, with respect to any Real Property, (a) with respect to Real Property owned or leased for less than one full Fiscal Quarter as of such date of calculation, the projected Property NOI for the following Fiscal Quarter computed by the Borrower in good faith and multiplied by four, (b) with respect to Real Property owned or leased for at least one full Fiscal Quarter but less than four full Fiscal Quarters, the Property NOI for such completed Fiscal Quarter(s) computed by the Borrower in good faith on an Annualized basis, and (c) otherwise, the Property NOI for the most recently completed Rolling Period computed by the Borrower in good faith, in each case, minus (i) the Capital Reserve and (ii) the greater of (x) a management fee of 3% of Property Income for the most recently completed Fiscal Quarter computed on an annualized basis and (y) actual management fees paid in cash to third party managers for the most recently completed Fiscal Quarter computed on an annualized basis.
Adjusted Property NOI means, at any date of its determination, with respect to any Real Property, (a) with respect to Real Property owned or leased for less than one full Fiscal Quarter as of such date of calculation, the projected Property NOI for the following Fiscal Quarter computed by the Borrower in good faith and multiplied by four,
Adjusted Property NOI means, for any Student Housing Project, the product of (a) the NOI from such Student Housing Project for the three (3)- month period ending on the last day of the fiscal quarter ending on the date of determination times (b) four (4).