Adjusted Annual EBITDA means, with respect to the Consolidated Group for any period, an amount equal to the Consolidated Net Income for the most recently ended Measurement Period, as adjusted by (a) adding or deducting for, as appropriate, any adjustment made under GAAP during such Measurement Period for straight lining of rents, gains or losses from sales of assets, extraordinary items, impairment of real estate assets, taxes, depreciation, amortization, interest expenses, other non-cash items, fees and expenses associated with the transactions contemplated by this Agreement and real estate acquisition costs and expenses, and the Consolidated Group Pro Rata Share of any adjustment made under GAAP during such Measurement Period for straight lining of rents, gains or losses from sales of assets, interest, taxes, depreciation, amortization, other non-cash items, extraordinary items, impairment of real estate assets and real estate acquisition costs and expenses for the Investment Affiliates; (b) deducting an annual amount for capital expenditures for such Measurement Period equal to (i) $0.25 per square foot for office Projects, and (ii) $0.10 per square foot for industrial, distribution and warehouse Projects, in each case, multiplied by the weighted average gross leasable area for such Projects (including only the square footage, FF&E, or units in (i) — (ii) above which is owned by the Consolidated Group during such Measurement Period and excluding the square footage, FF&E, or units of the buildings on the ground leased portion of any Project for which one of the members of the Consolidated Group is the lessor); and (c) adding the Advisor Fee Adjustment for such Measurement Period; provided, however, Adjusted Annual EBITDA attributable to Excluded Tenants shall be excluded for purposes of the definition of Adjusted Annual EBITDA. To the extent previously adjusted, all of the above described modifiers to such Consolidated Net Income are as derived from CCIT II’s books and records, which books and records are to be maintained in accordance with GAAP.
Adjusted Annual EBITDA means, as of any date, an annualized amount determined by multiplying four (4) times the Consolidated Net Income for the most recent fiscal quarter of Borrower for which financial results have been reported, as adjusted by (i) adding or deducting for, as appropriate, any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, extraordinary items, depreciation, amortization, interest expenses, the Consolidated Group Pro Rata Share of interest, depreciation and amortization in Investment Affiliates; and (ii) deducting from such annualized amount an annual amount for capital expenditures equal to $0.15 per square foot times the weighted daily average gross leaseable area of Projects owned by the Consolidated Group or any Investment Affiliate (but only deducting the applicable Consolidated Group Pro Rata Share of such amount with respect to such Investment Affiliate) during such fiscal quarter.
Adjusted Annual EBITDA means, for any period, Annual EBITDA for such period, minus the sum of (a) interest income other than interest income from mortgage notes not in excess of $5,000,000 per annum, and (b) a management fee reserve in an amount equal to 3% of consolidated total revenue (after deduction of interest income of Borrower and its subsidiaries for such period), plus the sum of (a) general and administrative expenses for such period to the extent included in Annual EBITDA and (b) actual management fees relating to Real Property for such period.
Examples of Adjusted Annual EBITDA in a sentence
At all times and calculated as of the last day of each calendar quarter, the ratio of (i) Adjusted Annual EBITDA to (ii) the product of (x) interest (whether accrued, paid or capitalized) payable on the Debt of the Consolidated Entities for such calendar quarter and (y) four (4), shall not be less than 2:1.
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At all times and ------------------------------ calculated as of the last day of each calendar quarter, the ratio of (i) Adjusted Annual EBITDA to (ii) the product of (x) interest (whether accrued, paid or capitalized) payable on the Debt of the Consolidated Entities for such calendar quarter and (y) four (4), shall not be less than 2:1.
Adjusted Annual EBITDA Contributions (2013-2016) ($MM) (1)Total (2013-2015)$500 to $550 mm2013 (Actual)~$100 mm 2014 (Est.)$270 to $300 mm2015 (Est.)$130 to $150 mmTotal (2013-2016)$190-$215 mm Total Estimated Growth CAPEX (2013-2015) Total Est.
More Definitions of Adjusted Annual EBITDA
Adjusted Annual EBITDA shall have, as of any date, the meaning then given to such term under the GPLP Revolver.
Adjusted Annual EBITDA means, as of the date of calculation, Consolidated Net Income for the twelve (12) most recent months for which financial results have been reported, as adjusted by (a) adding or deducting for, as appropriate, any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, impairment and other non-cash charges, accrued distributions to owners of minority interests, other extraordinary items, interest, income taxes, real estate related depreciation expense and real estate amortization expense (including the Glimcher Percentage of any such deductions and such adjustments made under GAAP which are attributable to Joint Ventures) and (b) deducting the sum of (i) the Capital Expenditure Reserve Deduction attributable to Projects owned by the Glimcher Group at the end of such period, plus (ii) the applicable Glimcher Percentage of the Capital Expenditure Reserve Deduction attributable to those Projects owned by Joint Ventures at the end of such period.
Adjusted Annual EBITDA means, as of the date of calculation, an annualized amount determined by taking the Consolidated Net Income for the twelve (12) most recent months for which financial results have been reported, as adjusted by (a) adding or deducting for, as appropriate, any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, impairment and other non-cash charges, accrued distributions to owners of minority interests, other extraordinary items, interest, income taxes, real estate related depreciation expense and real estate amortization expense (including the Glimcher Percentage of such deductions and such adjustments made under GAAP); (b) deducting an annual capital reserve amount equal to the aggregate of (i) $0.15 per square foot times the gross leaseable area of Projects (excluding New Developments) owned by the Glimcher Group at the end of such period, (ii) $0.10 per square foot times the gross leaseable area of New Developments owned by the Glimcher Group at the end of such period, (iii) the product of (A) the Glimcher Percentage multiplied by (B) $0.15 per square foot times the gross leaseable area of Projects (excluding New Developments) owned by Joint Ventures at the end of such period, and (iv) the product of (A) the applicable Glimcher Percentage multiplied by (B) $0.10 per square foot times the gross leaseable area of New Developments owned by Joint Ventures at the end of such period.
Adjusted Annual EBITDA means Annual EBITDA, less CapEx.
Adjusted Annual EBITDA means, for any period, Annual EBITDA for such period, minus the sum of (a) interest income other than interest income from mortgage notes not in excess of $10,000,000 per annum (provided, that if at any time such threshold under the Primary Credit Facility at such time is greater or less than $10,000,000, the threshold under this definition shall be such greater or lesser amount, as the case may be, for so long as such greater or lesser amount shall remain in effect under such Primary Credit Facility), and (b) a management fee reserve in an amount equal to 3% of consolidated total revenue (after deduction of interest income of the Company and its subsidiaries for such period), plus the sum of (a) general and administrative expenses for such period to the extent included in Annual EBITDA and (b) actual management fees relating to Real Property for such period.
Adjusted Annual EBITDA means, as of the date of calculation, an annualized amount determined by taking the Consolidated Net Income for the twelve (12) most recent months for which financial results have been reported, as adjusted by (a) deducting lease termination fees and adding or deducting for, as appropriate, any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, accrued distributions to owners of minority interests, other extraordinary items, real estate related depreciation, amortization and interest expense (including the Consolidated Group Pro Rata Share of such deductions and such adjustments made under GAAP); (b) deducting an annual capital reserve amount equal to the aggregate of (i) $0.15 per square foot times the gross leaseable area of Community Centers owned by the Consolidated Group at the end of such period, (ii) $0.25 per square foot times the gross leaseable area of Regional Malls owned by the Consolidated Group at the end of such period, (iii) the product of (A) the Consolidated Group Pro Rata Share multiplied by (B) $0.15 per square foot times the gross leaseable area of Community Centers owned by Investment Affiliates at the end of such period, and (iv) the product of (A) the applicable Consolidated Group Pro Rata Share multiplied by (B) $0.25 per square foot times the gross leaseable area of Regional Malls owned by Investment Affiliates at the end of such period.
Adjusted Annual EBITDA means, as for any date, an annualized amount determined by multiplying four (4) times the Consolidated Net Income for the most recent fiscal quarter of Borrowers for which financial results have been reported, as adjusted by (i) deducting therefrom any income attributable to Excluded Tenants; (ii) adding or deducting for, as appropriate, any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, extraordinary items, depreciation, amortization, interest expenses, the Consolidated Group Pro Rata Share of interest, depreciation and amortization in Investment Affiliates; (iii) deducting an annual amount for capital expenditures equal to $0.25 per square foot times the weighted quarterly average gross leaseable area of Projects owned by the Consolidated Group during such fiscal quarter excluding the square footage of the buildings on the ground leased portion of any Property for which one of the members of the Consolidated Group is the lessor; (iv) adding back all master-lease income (not to exceed 5% of Consolidated Net Income); and (v) adding back the actual advisory fee paid to the Advisor that was deducted in determining Consolidated Net Income and deducting an assumed asset management fee and REIT level expenses equal to 4.5% of aggregate Net Operating Income from all Projects, provided that the Advisor has agreed in documentation approved by the Administrative Agent to subordinate payment of its advisory fees in excess of 4.5% of such aggregate Net Operating Income to payment of the Obligations.