Development Asset Value definition
Development Asset Value means, as of the end of any fiscal quarter, without duplication, the sum of (i) 100% of the cost incurred to date by Borrower or its Consolidated Subsidiaries on all Development Property, plus (ii) Borrower’s Share of costs incurred with respect to Development Property held by Unconsolidated Subsidiaries, each as determined as of the end of such fiscal quarter, plus (iii) 100% of the cost incurred to date on all Controlled Development Property by the owner thereof, except that
Development Asset Value means, with respect to any fiscal quarter, 100% of the cost incurred to date of all Properties that were Development Properties as of the end of such fiscal quarter.
Development Asset Value means, with respect to any fiscal quarter, the Borrower's Pro Rata Share of 80% of the cost of all Properties that were Development Properties as of the end of such fiscal quarter. For purposes of this definition, during any time period when generally accepted accounting principles require that 100% of the liabilities of the Joint Venture and the Second Joint Venture be included as liabilities on Borrower's balance sheet, "Borrower's Pro Rata Share" shall equal 100% in the case of any Development Properties owned by the Joint Venture or the Second Joint Venture so that, during any such time period, the full 80% of the cost of such Properties shall be included in "Development Asset Value."
More Definitions of Development Asset Value
Development Asset Value means, with respect to any fiscal quarter, Borrower's Pro Rata Share of 80% of the cost of all Properties that were Development Properties as of the end of such fiscal quarter. "DEVELOPMENT PROPERTY" means a mini-storage facility located in the United States or Canada (a) that is majority owned (or leased under a Qualifying Lease) and effectively controlled by Borrower or any Majority Subsidiary, (b) with respect to which a certificate of occupancy has been issued by the applicable Governmental Authority, and (c) that has been open for business for less than 12 months; except that "Development Property" shall not include any such facility that has been designated by Borrower as a Stabilized Property.
Development Asset Value means, with respect to any fiscal quarter, Borrower's Pro Rata Share of 80% of the cost of all Properties that were Development Properties as of the end of such fiscal quarter.