Operating Property Value means, at any date of determination,
Operating Property Value means, at any date of determination, (a) for each Seasoned Property, (i) the Adjusted NOI for such Real Property divided by (ii) the applicable Capitalization Rate, and (b) for each New Property, the GAAP book value for such New Property (until the Seasoned Date or such earlier date as elected by the Borrower by written notice to the Administrative Agent).
Operating Property Value means, with respect to any Property, the undepreciated book value of such Property, after any impairments and determined in accordance with GAAP.
Examples of Operating Property Value in a sentence
On the Effective Date, the Initial Borrowing Base Properties shall be the sole Borrowing Base Properties, and the Operating Property Value initially attributable to such Property shall be as approved by the Lenders and set forth on Schedule 4.1.
Any increase in the Operating Property Value of a Borrowing Base Property shall become effective as of the next determination of the Unencumbered Borrowing Base Asset Value as provided in this Section.
Notwithstanding the foregoing, to the extent any Real Property is an Operating Property as a result of being held by a non-Subsidiary Joint Venture of the Borrower (whether directly or indirectly), the Operating Property Value derived from such Real Property shall be Borrower’s pro rata share (based on its beneficial ownership of the applicable Joint Venture) of the otherwise calculated Operating Property Value of such Operating Property.
The ratio (expressed as a percentage) of Unsecured Debt to the Operating Property Value of all Pool Properties in the aggregate shall not at any time exceed 55%.
If such casualty or condemnation impairs, or can reasonably be expected to impair, the value of the Affected Pool Property by an amount that exceeds 10% of its Operating Property Value, then Administrative Agent may elect, by notice to Borrower, to remove such Affected Pool Property from the Unencumbered Pool, which election shall constitute a Removal Event under Section 4.3(a).
More Definitions of Operating Property Value
Operating Property Value as of any date the quotient of (i) an amount equal to the Adjusted Net Operating Income for all Operating Properties in the aggregate for the four fiscal quarters of the Borrower most recently ending as of such date, divided by (ii) 9.0%. For purposes of any determination of Operating Property Value, the following limitations and methodology shall apply: (A) the Adjusted Net Operating Income of any Operating Property owned by a DownREIT Partnership or a Subsidiary of a DownREIT Partnership shall be based on the Borrower’s Interest in the Adjusted Net Operating Income for each such Operating Property for the four fiscal quarters having most recently ended as of such date; (B) in the event more than 15% of the gross base rents payable under all leases for Properties of the Borrower, its Subsidiaries, DownREIT Partnerships and Subsidiaries of DownREIT Partnerships (including the Borrower’s Interest in any Properties) shall be payable by one tenant and its Subsidiaries, then Operating Property Value shall be reduced by the percentage amount of such excess multiplied by the Operating Property Value attributable to the Properties leased or controlled by such tenant and its Subsidiaries; and (C) in the event that the Borrower or a Subsidiary of the Borrower shall not have owned an Operating Property for the entire previous four fiscal quarters, then for the purposes of determining the Operating Property Value with respect to such Operating Property, the Adjusted Net Operating Income for such Operating Property shall be annualized in a manner reasonably satisfactory to the Administrative Agent, provided, however, that to the extent that a New Construction Asset or Redevelopment Asset becomes an Operating Property during the relevant period, the Adjusted Net Operating Income of such Operating Property during such period and the following periods shall be annualized in a manner reasonably satisfactory to the Administrative Agent until such time as such Operating Property has performed as an Operating Property for four (4) full fiscal quarters. “Organization Documents” (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of ...
Operating Property Value means, on any date of determination, the sum of (a) the aggregate Property NOI from all Stabilized Properties of NSA REIT and its Subsidiaries for the Reference Period most recently ended (excluding Property NOI from such Stabilized Properties acquired by either purchase or contribution during such Reference Period and included under clause (b) below), divided by the Capitalization Rate, plus (b) the aggregate Acquisition Price for all Stabilized Properties of NSA REIT and its Subsidiaries acquired by either purchase or contribution during such Reference Period.
Operating Property Value means, as of a given date, (a) Capitalized EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis as of such date plus (b) for any Property that was acquired by the Borrower or a Subsidiary during the immediately preceding fiscal quarter that is not Construction in Process, an amount equal to the purchase price paid by the Borrower or such Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price reduction).
Operating Property Value means, as of a given date and with respect to any Person, such Person’s Net Operating Income for the fiscal quarter most recently ended multiplied by 4 and divided by (i) seven and one-half percent (7.50%).
Operating Property Value means, at any date of determination, for each Real Property other than a Borrowing Base Property, the undepreciated cost (after any impairments) in accordance with GAAP for such Real Property.
Operating Property Value means, at any date of determination, (a) for each New Property (until the Seasoned Date), or Development Property (that is not a Seasoned Property), the purchase price of the Property less any amounts paid to the Issuer (or such Subsidiary) as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements; or (b) for each Seasoned Property, (1) the Adjusted NOI of such Property for the period of four consecutive fiscal quarters most recently ended for which financial statements are required to have been delivered pursuant to Section 7.1(a) or Section 7.1(b) divided by (2) the applicable Capitalization Rate.
Operating Property Value as of any date of determination the quotient of (a) an amount equal to the Adjusted Net Operating Income for all Operating Properties in the aggregate for the four fiscal quarters of the Borrower most recently ending as of such date, divided by (b) 8.25