Core FFO definition
Core FFO means FFO with certain adjustments which are either not likely to occur on a regular basis or are otherwise not representative of the ongoing operating performance of NHT’s portfolio. Core FFO adjusts FFO to remove items such as losses on extinguishment of debt and modification costs (includes prepayment penalties incurred and the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the retirement of debt and costs incurred in connection with a debt modification that are expensed), distributions to redeemable Class B Units (the “Class B Units”) of NHT Operating Partnership, LLC (the “OP”) and casualty-related expenses.
Core FFO means core funds from operations of the Trust for the Performance Period, as adjusted and calculated in accordance with the Trust’s accounting principles.
Core FFO a non - Generally Accepted Accounting Principles in the United States (“GAAP”) measure, shall be defined as GAAP net income (loss) available to common stockholders, computed in accordance with GAAP, excluding the Incentive Fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP.
Examples of Core FFO in a sentence
The Core FFO Test shall apply to each full Fiscal Quarter following completion of the Initial Public Offering and shall terminate upon the earlier of (i) the second (2nd) anniversary of the Initial Public Offering and (2) the Core FFO equaling or exceeding the Core FFO Test for a full Fiscal Quarter.
If the Core FFO does not equal or exceed the Core FFO Test prior to the second (2nd) anniversary of the Initial Public Offering, none of the Deferral Amounts shall be paid.
Notwithstanding anything contained herein, all determinations, interpretations and assumptions relating to the vesting of the Award (including, without limitation, determinations, interpretations and assumptions with respect to Company Core FFO Growth Percentage, Company TSR Percentage and/or Peer Group TSR Percentage and the vesting and earning of OPP Units) shall be made by the Administrator.
The Performance Factor shall be determined in accordance with the matrix set forth below, based on (i) Actual Revenue, measured as of the AMB Measurement Date, and (ii) the percentile ranking of the Company’s Core FFO Per Share Growth for the Performance Period relative to the Core FFO Per Share Growth of the Peer Group for the Performance Period; provided that, in no event shall the Performance Factor exceed 100%.
On the applicable Determination Date for each Performance Period, the Committee shall determine the Achievement Percentage attained for such Performance Period, in accordance with the following table: If the Core FFO per share for a Performance Period is between two achievement levels, the Achievement Percentage for such Performance Period will be determined by linear interpolation between the applicable achievement levels.
More Definitions of Core FFO
Core FFO for any period, FFO, as adjusted to (A) exclude, without duplication, each of the following items to the extent any such item was included in the calculation of FFO: (i) stock compensation expense; (ii) effects of straight-line rent revenue and straight-line rent expense on ground leases; (iii) amortization of acquired above- and below-market lease values; (iv) amortization of deferred financing costs and debt premiums and discounts; (v) unrealized gains or losses from fair value adjustments; (vi) acquisition-related expenses, merger and integration costs; (vii) amortization and impairment of investment management intangibles; (viii) deferred tax benefits related to Core FFO adjustments described herein, (ix) gain on remeasurement of consolidated investment entities, net of deferred tax liability, and the effect of amortization thereof; (x) non-real estate depreciation and amortization; (xi) change in fair value of contingent consideration; (xii) any net gain or loss from discontinued operations; and (xiii) effects of certain non-cash CDO accounting adjustments and (B) include, to the extent excluded in the calculation of FFO, gains and losses from sales of real estate debt and depreciable real estate that are Investment Assets, not included in a single asset-class reporting segment of the Parent Borrower (such gains or losses to be determined on a cost basis without giving effect to any previous depreciation and amortization on such Investment Asset) (provided that Core FFO shall, solely with respect to the Core FFO attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount).
Core FFO means core funds from operations, which is a non-GAAP measure that has the meaning set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures;”
Core FFO for any period means the consolidated net income (loss) of the Company and its Subsidiaries for such period in conformity with GAAP and without reduction for minority interests, excluding (a) the write-off of unamortized deferred financing fees, (b) prepayment fees, premiums and penalties to extinguish any debt, (c) gains or losses from sales of property (other than from sales of properties acquired with the initial intent to hold for sale), (d) non-cash asset impairment charges and (e) extraordinary items in accordance with and as defined by GAAP, plus depreciation and amortization of real property assets, the value of any stock based compensation distributed by the Company and its Subsidiaries and any costs incurred by the Company and its Subsidiaries in connection with the acquisition of property and after adjustments for unconsolidated partnerships and joint ventures (it being understood that the accounts of the Subsidiaries shall be consolidated only to the extent of the Company’s proportionate interest therein).
Core FFO means, for any applicable period, with respect to the Borrower and its Subsidiaries, Consolidated funds from operations for such period, calculated without regard to acquisition costs, gains or losses on early retirement of debt, debt modification charges, prepayment premiums, contingent consideration or impairment charges, SEC investigation costs, personnel separation costs, development or redevelopment costs written-off, and any other non-recurring, infrequent or unusual charges for such period deemed to be non-Core FFO provided that, solely with respect to such other non-recurring, infrequent or unusual charges, such charges are approved by the Agent for exclusion in such calculation, all adjusted to include the Borrower’s or any Subsidiary’s Pro Rata Share of the foregoing items of any Partially Owned Entity for such period. For purposes of this Agreement, “funds from operations” shall be calculated consistent with the White Paper on Funds from Operations dated April 2002 issued by National Association of Real Estate Investment Trusts, Inc. (the “White Paper”), but without giving effect to any supplements, amendments or other modifications promulgated after the Agreement Date; provided, however, to the extent that the White Paper is inconsistent with the first sentence of this definition, the first sentence of this definition shall control.
Core FFO a non - Generally Accepted Accounting Principles in the United States (“GAAP”) measure, shall be defined as GAAP net income (loss) available to common stockholders, computed in accordance with GAAP, excluding the Incentive Fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. “Total Equity” shall equal total stockholders’ equity plus total mezzanine equity (“Reported Equity”), as reported on the Company’s balance sheet for the quarter, before the Base Management Fee and Incentive Fee have been recorded, adjusted to exclude (i) any unrealized gains and losses that have impacted Reported Equity, and also adjusted to exclude (ii) any one-time events and certain non-cash items; provided that, with respect to subsection (ii) each item shall be approved by the Company’s Compensation Committee. For the avoidance of doubt, the Total Equity may be greater or less than the Reported Equity. Furthermore, for the avoidance of doubt, Total Equity shall include equity interests in the Company’s operating partnership that are not owned by the Company.
Core FFO means core funds from operations of the Company or member of the Peer Group, as applicable, for each year in the Performance Period determined by reference to the consolidated financial statements of the Company or member of the Peer Group for such year. The Company’s Core FFO shall be subject to adjustment at the discretion of the Committee to take into account unusual or infrequently occurring events.
Core FFO means BRE’s core funds from operations as reported by BRE for the year ended December 31, «xxYear_of_Grant_Numeric» as adjusted for the timing of the sale of Summerwind (or a replacement sale), other non-budgeted capital events, and any other adjustments as determined by the Committee necessary to make Core FFO as determined for the year ended December 31, «xxYear_of_Grant_Numeric» comparable to core funds from operations per the original budget for such year.