Annualized NOI definition
Annualized NOI means the annualized net operating income for the Property, calculated as follows: the sum of (i) the net operating income for the Property for the month immediately prior to the month in which the Exercise Notice is delivered plus (ii) the net
Annualized NOI means, with respect to an Income Property or a -------------- Property subject to a Direct Financing Lease, as of any given date, the annual net operating income from the collection of rents and reimbursements according to leases in good standing, including income from property accounted for as Direct Financing Leases, after deducting all Operating Expenses, calculated by annualizing the income received and Operating Expenses incurred during the quarterly period ending most recently prior to such date, reported in accordance with GAAP. "ANNUALIZED NOI" for properties acquired by the owner thereof during -------------- any Measurement Period may be adjusted to reflect the actual performance of such property for the entire quarterly period irrespective of the date such property was acquired.
Annualized NOI means the annualized net operating income for the Property, calculated as follows: the sum of (i) the net operating income for the Property for the month immediately prior to the month in which the Exercise Notice is delivered plus (ii) the net operating income for the Property for the month in which the Exercise Notice is delivered plus (iii) the net operating income for the Property for the month immediately following the month in which the Exercise Notice is delivered, annualized. “Project Indebtedness” shall mean any outstanding financing or other arrangements entered into by or on behalf of the LLC which relate to the Property, including, without limitation, any mezzanine or bridge financing, or amendments or extensions thereof. The transfer of the LLC Interest as contemplated by this Agreement shall be subject to any Project Indebtedness.
Examples of Annualized NOI in a sentence
At any Measurement Date, Total Annualized NOI ------------------ shall not be less than 13% of Total Interest Bearing Debt.
Notwithstanding anything contained in this Agreement to the contrary, the General Partner, acting as a fiduciary, shall use its reasonable best efforts and act in good faith to acquire, develop, lease and operate the Designated Properties (as defined in the Contribution Agreement) in a manner to maximize the Annualized NOI (as defined in the Contribution Agreement) for the Designated Properties.
Annualized NOI for the period beginning January 1, 2002 and ending on the last day of the month immediately prior to the month in which the Closing occurs shall be no less than the remainder of (i) Annualized NOI for the four-month period ended April 30, 2002, minus (ii) $300,000.
As an example only, if the net operating income of Seller for the four-month period ended April 30, 2002 were to be $1,000,000, then Annualized NOI would be $3,000,000 (calculated as $1,000,000 x (12/4)).
At any Measurement Date, Total Annualized NOI shall ------------------ not be less than 13% of Total Interest Bearing Debt.
More Definitions of Annualized NOI
Annualized NOI means, for the period of the immediately preceding calendar month and the succeeding eleven (11) calendar months thereafter, the anticipated gross income from operations of the Real Estate (excluding the proceeds of any loans, contributions to capital, the proceeds from any sale, exchange or other disposition of all or any portion of the Real Estate, and the proceeds from any casualty insurance or condemnation), including base rental and expense reimbursement revenue (based on a lease-in-place analysis which reflects the then current leases in place and not in monetary default in an amount in excess of two (2) months of rent under any such lease), health club income, antennae income, storage income, service fees, charges, and other income earned by the Real Estate, less the anticipated operating expenses of the Real Estate (such as cleaning, utilities, administrative, landscaping, security, maintenance, repair, and management, health club, marketing, and reserves for replacements of $0.15 per square foot) for such period (but not less than the amount of such expenses for the most recently ended 12 calendar month period), and less the anticipated fixed expenses (such as insurance premiums and real estate taxes or assessments) for such period (but not less than the amount of such expenses for the most recently ended 12 calendar month period, provided that if Prime provides reasonable evidence to Indemnitee that real estate taxes or assessments will decrease, lower estimates may be used for such expenses), but excluding all anticipated capital expenditures in excess of $40,000 per month, leasing commissions in excess of $200,000 per year, debt service under the Junior Loan and Senior Loan, depreciation and amortization, amortization of above/below market leases, bad debt expenses for prior periods, bad debt expenses related to leases no longer in place, and other similar non-cash items. Such gross income and expenses for any period shall be determined on a cash basis.
Annualized NOI means the projected annualized net operating income of a property determined as of the applicable Calculation Date on an accrual basis by calculating the excess of:
Annualized NOI means the NOI for the twelve (12) full calendar months immediately preceding the date in question.
Annualized NOI means, at any date of determination and with respect to the Collateral Facilities, the amount equal to the sum of (a) Adjusted Net Cash Flow, calculated for the twelve months ended on the last day of the preceding calendar quarter and based on the financial statements delivered to the Lender for such quarter and (b) if written approval is received from the Lender by the Borrower, which approval is in the Lender's sole discretion and may be conditioned on, among other things, satisfactory security arrangements, 50% of the annualized management fees of the Borrower from the Collateral Facilities.
Annualized NOI means the product of (i) four, multiplied by (ii) NOI for the Relevant Period.
Annualized NOI means the projected annualized net operating income of a property determined as of the applicable Calculation Date on an accrual basis by calculating the excess of:
(a) for executed leases for occupied space in effect as of the end of the calendar month (the "Measurement Month") ending on the Calculation Date that meet the Leasing Criteria (including any leases that expire during the following twelve months), the sum of each of the following accrued during the Measurement Month, times twelve (as if all such leases were in effect at the beginning of the month): all rents (including Abated Rent, but excluding other free or reduced rent that does not meet the criteria set forth on Schedule 1.1.1) at the rates in effect on the last day of the Measurement Month, charges, reimbursements, revenues, percentage rent, expense recoveries and common area maintenance, and all other amounts payable in each case pursuant to such leases, assuming a vacancy rate for GLA leased to Non-Credit Tenants equal to the greater of the actual vacancy rate of all such space or 7.5%, over
(b) the following accrued during the Measurement Month, times twelve: the operating expenses for such property (such as ad valorem Taxes, insurance, and maintenance and repair costs), assuming a management fee equal to $1,000 per month for each tenant which is Kroger or King Soopers and equal to 4% of monthly base rentals for all other tenants, but excluding (A) capital replacements and improvements (including tenant improvements), (B) leasing commissions, (C) depreciation, and (D) debt service; and
(c) subtracting a structural reserve of $0.15 per square foot of GLA except as set forth on Schedule 1.1.8.
Annualized NOI means, with respect to an Income Property or a -------------- Property subject to a Direct Financing Lease, as of any given date, the annual net operating income from the collection of rents and reimbursements according to leases in good standing, including income from property accounted for as Direct Financing Leases, after deducting all expenses incurred to operate the property, including, without limitation, an allocation of hypothetical management fees of three percent (3%) of rent, administration, insurance, repairs, maintenance, utilities, property taxes and a reasonable reserve for structural replacements and repairs, but exclusive of any debt service payments under any indebtedness secured by the subject property, if any, calculated by annualizing the income received and expenses incurred during the quarterly period ending most recently prior to such date, reported in accordance with GAAP. "Annualized NOI" for properties acquired by the owner -------------- thereof during any Measurement Period may be adjusted to reflect the actual performance of such property for the entire quarterly period irrespective of the date such property was acquired.