Modified Funds From Operations means the National Association of Real Estate Investment Trusts (“NAREIT”) definition of funds from operations with adjustments which include, but are not limited to, (i) acquisition fees and expenses; (ii) non-cash amounts related to straight line rent and the amortization of above or below market intangible lease assets and liabilities; (iii) accretion of discounts and amortization of premiums on debt investments; (iv) amortization of xxxx-to-market adjustments of above/below market debt assumed in connection with property acquisitions; (v) amortization of deferred financing costs; (vi) impairments of real-estate related investments (including properties, loans receivable, and equity and debt securities investments); (vii) gains (losses) from the early extinguishment of debt; (viii) gains (losses) on the extinguishment or sales of xxxxxx, foreign exchange, securities and other derivatives holdings except where the trading of such instruments is a fundamental attribute of our business plan; (ix) unrealized gains (losses) from xxxx-to-market adjustments on (a) interest rate swaps and derivatives not deemed xxxxxx; (b) foreign exchange holdings; (c) other securities; and (d) consolidation from, or deconsolidation to, equity accounting; and elimination of adjustments relating to contingent purchase price obligations where such adjustments have been included in the derivation of GAAP net income.
Modified Funds From Operations means the Company’s modified funds from operations, a non-GAAP financial measure, which is calculated based on Funds From Operations adjusted for the following items, as applicable, included in the determination of net income computed in accordance with GAAP: Acquisition Fees and Acquisition Expenses; amounts relating to deferred rent receivables and amortization of above and below market leases and liabilities; accretion of discounts and amortization of premiums on debt investments; xxxx-to-market adjustments included in net income; nonrecurring gains or losses included in net income from the extinguishment or sale of debt, xxxxxx, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting; and after adjustments for consolidated and unconsolidated partnerships and joint ventures.
Modified Funds From Operations shall have the meaning determined, as of the Closing Date (or, if acceptable to the Borrower and the Administrative Agent, as it may be updated from time to time), by the National Association of Real Estate Investment Trusts to be the meaning most commonly used by its members, as adjusted by (a) real estate acquisition costs and expenses for acquisitions that were consummated for the Consolidated Group and (b) the Consolidated Group’s Pro Rata Share of real estate acquisition costs and expenses for acquisitions that were consummated for the Investment Affiliates.
Examples of Modified Funds From Operations in a sentence
The Company will include in each report on Form 10-K or Form 10-Q filed with the Commission Funds From Operations using the definition and protocols established by the National Association of Real Estate Investment Trusts, and Modified Funds From Operations using the definition found in the Institute for Portfolio Alternatives Practice Guideline 2010-01, each as amended from time-to-time.
The Company will include in its Annual Report sent to investors and in its SEC Disclosure Documents filed with the SEC the following performance measures: (i) Funds From Operations using the definition and protocols established by the National Association of Real Estate Investment Trusts, and Modified Funds From Operations using the definition found in the Investment Program Association Practice Guideline 2010-01.
Notwithstanding the foregoing, the Advisor shall elect on a quarterly basis, to waive a portion of the Asset Management Fee payable for any applicable period if (i) as of the date of payment, the Company’s Modified Funds From Operations (“MFFO”) for the immediately preceding fiscal quarter was less than the amount of distributions declared with respect to all record dates during such quarter and (ii) the distribution rate during such quarter was no more than $0.65 per share on an annualized basis.
However, if a trade or industry group promulgates a different definition of Modified Funds From Operations applicable to listed or non-listed REITs that the Company adopts in its periodic reports filed with the Securities and Exchange Commission, Modified Funds From Operations shall have the meaning of such different definition.
For Managed Assets exceeding $500 million, the Company will reduce the amount paid to only one-twelfth of 0.75% per month on the Managed Assets exceeding $500 million unless the Company’s Modified Funds From Operations, including payment of the fee, is greater than 100% of the Company’s distributions in any month.
More Definitions of Modified Funds From Operations
Modified Funds From Operations means, with respect to any fiscal quarter, the REIT’s Funds From Operations for such quarter, adjusted for the following items, as applicable, included in the determination of GAAP net income for such quarter (without duplication of any adjustments included in Funds From Operations for such quarter): acquisition fees and expenses; amounts relating to amortization of above and below market leases and liabilities (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; xxxx-to-market adjustments included in net income; gains or losses included in net income from the extinguishment or sale of debt, xxxxxx, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, determined in a manner consistent with the Investment Program Association’s Guideline 2010-01 (it being understood that Modified Funds From Operations shall not include an adjustment for amounts relating to deferred rent receivables), Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations, or the Practice Guideline, issued in November 2010.
Modified Funds From Operations means, with respect to any period, the sum of (a) Borrower’s Funds from Operations and (b) acquisition costs and expenses related to all acquisitions.
Modified Funds From Operations means, with respect to any fiscal quarter, the Company’s modified funds from operations, or MFFO (as defined by the Investment Program Association), during such fiscal quarter.
Modified Funds From Operations means, with respect to the Consolidated Group for any period, consolidated net income of the Consolidated Group as determined in accordance with GAAP plus, to the extent previously deducted, depreciation of real estate assets, amortization of lease related costs, real estate acquisition costs and expenses, impairment of real estate assets and gains or losses from sales of assets and the Consolidated Group’s Pro Rata Share of depreciation of real estate assets, amortization of lease related costs, real estate acquisition costs and expenses, impairment of real estate assets and gains or losses from sales of assets for the Investment Affiliates.
Modified Funds From Operations means, with respect to any fiscal quarter, the FFO of the REIT and its Subsidiaries for such fiscal quarter, adjusted for the following items, as applicable, included in the determination of GAAP net income for such fiscal quarter (without duplication of any adjustments included in FFO for such quarter): acquisition fees and expenses; amounts relating to amortization of above and below market leases and liabilities (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; mxxx-to-market adjustments included in net income; non-recurring expenses; gains or losses included in net income from the extinguishment or sale of debt, hxxxxx, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, determined in a manner consistent with the Investment Program Association’s Guideline 2010-01 (it being understood that Modified Funds From Operations shall not include an adjustment for amounts relating to deferred rent receivables), Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations, or the Practice Guideline, issued in November 2010; and other non-cash charges. Modified Funds from Operations for any period in excess of one fiscal quarter shall be calculated by aggregating the Modified Funds from Operations for all fiscal quarters included in such period.”
Modified Funds From Operations is hereby added to Section 1.01 of the Credit Agreement:
Modified Funds From Operations shall have the meaning as defined in the Investment Program Association Practice Guideline 2010-01 Supplemental Performance Measure for Publicly Registered, Non-Listed REITS: Modified Funds from Operations as issued by the Investment Program Association on November 2, 2010, and as amended from time to time.