Economic Occupancy definition

Economic Occupancy means the percentage occupancy of a self-storage and/or mini-warehouse facility determined by dividing (i) the aggregate amount of rent and any rent-related charges paid by tenants occupying space at such facility during the relevant period by (ii) the product obtained by multiplying (x) the then prevailing market annual rental rate for such facility on a per square foot basis by (y) the aggregate number of rentable square feet at such facility.
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Economic Occupancy. The square footage generating rental income expressed as a percentage of its total rentable square feet. LEASES SIGNED - COMPARABLE: Represents leases signed on spaces for which there was a former tenant. LEASES SIGNED - NONCOMPARABLE: Represents leases signed on spaces for which there was no previous tenant, i.e. expansion space or space that was previously non-leasable. LEASES SIGNED - PRIOR RENT: Total rent paid by the previous tenant; includes minimum and percentage rent.
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Economic Occupancy means the gross rental income which would be received if the Housing Development were fully occupied.
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Examples of Economic Occupancy in a sentence

  • If the Operating Partnership determines that the applicable Controlled Properties have both Economic Occupancy and Physical Occupancy consistent with or exceeding local market levels for self-storage and/or mini-warehouse facilities for such periods, then the Operating Partnership shall so notify the applicable Manager Parties pursuant to a written notice in accordance with the provisions of Section 8.4(b) below.

  • Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.

  • Average Economic Occupancy — The Company uses average economic occupancy as a statistical measure of operating performance.

  • Economic Occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupation by that tenant of the area being leased.

  • For per home rent projections and Economic Occupancy for Development communities currently under construction, see Attachment 9 - Development Communities.

  • Economic Occupancy represents the percentage of a property’s square footage where rental revenue is being recognized.

  • The Break-even Economic Occupancy Ratio includes all debt; however, the SAIL Loan interest payment is based on available cash flow.

  • Document average Economic Occupancy Rate for the last 12 months (rental revenue per the financial statements divided by gross potential revenue).

  • Typically, people are more driven by mixture of both an emotional and rational response (Porter, 2009).

  • Washoe County Health District (WCHD) The WCHD has statutory responsibility for developing and implementing air quality plans and programs in Washoe County.


More Definitions of Economic Occupancy

Economic Occupancy means, with respect to any Property and for any given period, the ratio (expressed as a percentage) of (i) the square footage of such Property that is subject to commenced leases to tenants that are not subject to free rent or other rent abatement during such period, to (ii) the total square footage of such building, in each case, as reasonably determined by the Borrower and approved by Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed.
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Economic Occupancy means, for a given period of time, the actual gross rental revenues received from the Project less rent concessions, rebates and credit loss divided by contracted rents under written leases.
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Economic Occupancy means, (a) with respect to any commercial Tenant, that such Tenant (i) is bound by a valid written Lease for the demised premises and has accepted the space demised to it pursuant to the related Lease, and acknowledged that Borrower has completed all fit-out, work and other conditions required under such Lease, (ii) has taken occupancy of its space, and is using substantially all of such space for the purposes contemplated by such Lease, and (iii) has made the first full unabated monthly payment of base rent under such Lease, provided, however, that a commercial Tenant shall not be deemed to be in “Economic Occupancy” to the extent that any of the following conditions exist with respect to such Tenant or its Lease: (A) a Tenant that is the subject of a proceeding under any Creditors’ Rights Law and has not affirmed its Lease in the applicable proceeding under the Bankruptcy Code pursuant to a final, non-appealable order of a court of competent jurisdiction; (B) the Tenant is in default under its Lease in the payment of rent for a period of more than thirty (30) days or with respect to any other material default for a period beyond any applicable notice and cure periods; (C) a Tenant that has expressed its intention (directly, constructively or otherwise) to not renew, terminate, cancel and/or reject its applicable Lease, (D) a Tenant whose tenancy at the Property is month-to-month, or (E) a Lease which expires within 90 days or less of the applicable date of calculation hereunder and (b) with respect to any residential Tenant, that such Tenant (i) is bound by a valid written Lease for the demised premises, and (ii) has made the first full unabated monthly payment of base rent under such Lease (or the payment of a security deposit in the amount of the first month’s rent under such Lease), provided, however, that a residential Tenant shall not be deemed to be in “Economic Occupancy” to the extent that the Tenant is in default under its Lease in the payment of rent for a period of more than thirty (30) days, provided further, that Lender shall agree to consider residential Tenants to be in “Economic Occupancy” for purposes of this definition that are in default under its Lease in the payment of a rent for a period of not more than forty-five (45) days so long as the portion of Tenants in monetary default for in excess of thirty (30) days does not exceed ten percent (10%) of the aggregate potential rent from the then-current Rent Roll.
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Economic Occupancy of a Replacement Tenant shall mean that: (i) the Replacement Tenant is in actual physical possession of the premises, and open for business therefrom; (ii) the Replacement Tenant is paying rent and all other sums due under the corresponding Lease on a current basis without rental concession, credit, offset, holdback or defense, or the assertion of an unexercised right of that nature; (iii) the Replacement Tenant is occupying the premises which have been completed in accordance with the plans and specifications that have been finally approved by Borrower, that Replacement Tenant and Lender, and under a final certificate of occupancy and with all other permits and approvals necessary for the occupancy and use thereof issued in final form; (iv) Lender shall have received an estoppel letter from that Replacement Tenant, in form and substance satisfactory to Lender, which shall (among other things) acknowledge each of the foregoing and the completion of all work and the payment of all sums required from Borrower in connection with those premises and the obligation to pay rent thereunder on a current basis without offset or reduction for any reason; and, if those premises have been subject to any construction or other lienable work in connection with the Replacement Tenant's occupancy thereof, (v) Lender shall have received, at Borrower's expense, those endorsements to Lender's policy of title insurance with respect to the applicable Individual Property, in form and substance satisfactory to Lender, containing those assurances acceptable to Lender and its counsel with respect to mechanics liens, pending disbursements, completed work and all other issues that have potential impact upon Lender's first lien position as a result of the work performed in connection with readying those premises for Economic Occupancy.
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Economic Occupancy. The square footage generating rental income expressed as a percentage of its total rentable square feet.
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Economic Occupancy is added to Section 1.1 of the Credit Agreement after the defined term “EBITDA” and is defined as follows:
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Related to Economic Occupancy

  • Single Room Occupancy or “SRO” means housing consisting of single room dwelling units that is the primary residence of its occupant or occupants. An SRO does not include facilities for students.

  • Transient occupancy means occupancy in transient lodging that has all of the following

  • Prior Occupancy means Owner’s use of all or parts of the Project before Substantial Completion, as more fully set forth in Section 6.08 A.

  • Child-occupied facility means a building or portion of a building constructed prior to 1978, visited regularly by the same child, age six years or younger on at least two different days within any week (Sunday through Saturday period), provided that each day’s visit lasts at least three hours and the combined weekly visit lasts at least six hours, and the combined annual visits last at least 60 hours. Child-occupied facilities may include, but are not limited to, day-care centers, preschools and kindergarten classrooms.

  • Occupancy means the use or intended use of a building or part thereof for the shelter or support of persons, animals or property.

  • Permitted Occupier means if used in the Agreement, any person who is licensed or permitted by the Landlord to reside at the Property together with the Tenant and who does so as a rent free licensee of the Tenant.

  • Owner-occupied means property that is the principal

  • Certificate of Occupancy means a certificate of occupancy, governmental sign-off or other document, permit or approval (whether conditional, unconditional, temporary or permanent) which must be obtained by Landlord from the appropriate governmental authority as a condition to the lawful initial occupancy by Tenant of the Expansion Space that is the subject of the Work.

  • Regulated occupation means an occupation in which a person is licensed, certified, or registered by one (1) of the following:

  • Occupancy Rate means, for any Property, the percentage of the rentable area of such Property occupied by bona fide tenants of such Property or leased by tenants pursuant to bona fide tenant Leases, in each case, which tenants are not more than 60 days past due in the payment of all rent or other similar payments due under such Leases and paying rent.

  • bicycle parking space – occupant means an area that is equipped with a bicycle rack or locker for the purpose of parking and securing bicycles, and:

  • Own Occupation means your occupation that you were performing when your Disability or Partial Disability began. For the purposes of determining Disability under this plan, Liberty will consider your occupation as it is normally performed in the national economy.

  • Building Square Footage or "BSF" means the square footage of assessable internal living space of a Unit, exclusive of any carports, walkways, garages, overhangs, patios, enclosed patios, detached accessory structure, other structures not used as living space, or any other square footage excluded under Government Code Section 65995 as determined by reference to the Building Permit for such Unit.

  • Authorized occupant means a person entitled to occupy a dwelling unit with the consent of the

  • Home occupation means an occupation permitted in a dwelling unit and which:

  • Rentable Area of the Premises The amount of square footage set forth in Section 1.01(10).

  • public open space means the securing of an area of a site at grade or street level which is acceptable to the City and is appropriately landscaped for the use and enjoyment of the public during reasonable hours.

  • Ready for Occupancy means the date upon which (i) the Leased Premises are available for Tenant's occupancy in a broom clean condition and (ii) the improvements, if any, to be made to the Leased Premises by Landlord as a condition to Tenant's obligation to accept possession of the Leased Premises have been substantially completed and the appropriate governmental building department (i.e., the City building department, if the Property is located within a City, or otherwise the County building department) shall have approved the construction of such improvements as substantially complete or is willing to so approve the construction of the improvements as substantially complete subject only to compliance with specified conditions which are the responsibility of Tenant to satisfy or is willing to allow Tenant to occupy subject to its receiving assurances that specified work will be completed.

  • Any Occupation means any occupation that you are or become reasonably fitted by training, education, experience, age, physical and mental capacity.

  • Occupancy Date means the date on which occupancy of all Units in a Project is permitted;

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Elevated Building means a non-basement building which has its lowest elevated floor raised above ground level by foundation walls, shear walls, posts, piers, pilings, or columns.

  • mixed-use building means a building or structure containing a residential and non- residential use other than a home occupation;

  • Square Footage means the total gross horizontal areas of all floors, including usable basement and cellars, below the roof and within the outer surface of the main walls of buildings (or the center lines of party walls separating such buildings or portions thereof) or within lines drawn parallel to and two feet within the roof line of any building or portion thereof without walls (which includes, notwithstanding paragraph 3 below, the square footage of all porches), and including pedestrian access walkways or corridors, but excluding the following:

  • Building Operating Expenses means the portion of "Operating Expenses," as that term is defined in Section 4.2.7 below, allocated to the tenants of the Building pursuant to the terms of Section 4.3.1 below.

  • domestic premises means any premises used wholly or partly as a dwelling or intended for such use;