Property Net Operating Income or “Property NOI” means, with respect to any Property for any Rolling Period (without duplication), the aggregate amount of (i) Property Income for such period minus (ii) Property Expenses for such period. Pro forma adjustments shall be made for any Property acquired or sold during any period as if the acquisition or disposition occurred on the first day of the applicable period.
Property Net Operating Income or “Property NOI” means, with respect to any property for any Rolling Period (without duplication) the aggregate amount of (i) Property Income for such period minus (ii) Property Expenses for such period.
Property Net Operating Income or “Property NOI” means, with respect to a Property and for the four most recently ended Fiscal Quarters, the sum of the following (without duplication): (a) all revenues received in the ordinary course of operating such Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses (whether paid or accrued) directly related to the operation or maintenance of such Property, including but not limited to payroll expenses, taxes, assessments and other similar charges, insurance, utilities, maintenance, repair and landscaping expenses but not including any management fees (in accordance with the computation of EBITDA plus rent and management fees). All amounts due to the Borrower or Guarantor, whether as rent or mortgage payments for the property, will be excluded from the calculation of (b) above.
Examples of Property Net Operating Income in a sentence
Property Net Operating Income — The Company uses property NOI, including same store NOI and same store NOI by market, as an operating measure.
Same Property Net Operating Income or Cash-Basis Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.
Same Property Net Operating Income or Cash-Basis Same Property Net Operating Income allows analysts, investors, and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.
Borrowing Base Property Net Operating Income (or Borrowing Base Property NOI).
To arrive at AIR’s proportionate share of Property Net Operating Income, one must subtract the third-party share of consolidated amounts and add AIR’s share of unconsolidated joint ventures.
More Definitions of Property Net Operating Income
Property Net Operating Income means, with respect to the Secured Property, determined for any period on an aggregate basis means, for any period, actual total revenue generated by the Secured Property, (but excluding asset management fees and straight-line rent accruals) during such period less operating expenses incurred for the Secured Property, (for greater certainty excluding depreciation and capital expenditures) for the same period.
Property Net Operating Income means, for each Property, for any period of time, the portion of the net income of Borrower (or, in the case of (w) Woodlands, CEI LP, (x) Washington Harbour, CWH, (y) Spectrum Centre, SMA or (z) Tramxxxx Xxxx Xxxter, CCRH) attributable to such Property, determined in accordance with GAAP, before adjustment for gains or losses from extraordinary items, plus (1) interest expense and (2) depreciation and amortization, and adjusted for non-cash revenue attributable to the straight-line treatment of rent or other GAAP adjustments for free rent and by the deduction of (a) any accrued rent with respect to tenants that are more than sixty (60) days in arrears in the payment of rent, (b) interest income, (c) a management fee equal to the greater of actual management fees or 3.0% of gross revenues and (d) capital expenditures in a deemed amount equal to $.75 per square foot of space in the Improvements in the case of Office Properties and 3.5% of gross revenues in the case of Hotel Properties. For purposes of the foregoing, income attributable to third-party leasing commissions or management fees shall be excluded.
Property Net Operating Income means, with respect to any Unencumbered Lease Property of the Loan Parties for any applicable period, (a) Property Income for such period minus (b) Property Expenses for such period.
Property Net Operating Income or “Property NOI” means, as of any date of determination and with respect to any Unencumbered Asset, the aggregate amount of (i) Property Income for the Rolling Period (without duplication) minus (ii) Property Expenses for the Rolling Period (without duplication).
Property Net Operating Income with respect to any Property, for any period, an amount equal to the excess, if any, of (a) Property Gross Revenues in respect of such Property for such period over (b) Property Operating Expenses in respect of such Property for such period; provided that, in the case of Unconsolidated Subsidiaries and Joint Ventures, the foregoing will be excluded to the extent not Distributable, and to the extent Distributable will be included only to the extent of the Borrower's Pro Rata Interest therein.
Property Net Operating Income means gross revenues less property operating expenses and realty taxes;
Property Net Operating Income in Section 5.1 of the Credit Agreement are each hereby amended and restated in their entirety to read as follows: