Operating FFO definition
Operating FFO or “OFFO” as calculated by the Company in a manner consistent with the annual and quarterly reports it files with the Securities and Exchange Commission, subject to adjustment to exclude lease termination fees received from tenants.
Operating FFO means FFO adjusted for purposes of the bonus calculation in order to remove certain non-recurring items from published FFO as follows: (i) losses and/or impairment charges on the sale of real estate will be excluded; (ii) prepayment penalties incurred in connection with the sale of real estate will be considered a reduction to the gain (loss) incurred and not a separate financing transaction; (iii) issuance costs associated with preferred share redemptions will be excluded; and (iv) such additional adjustments as deemed necessary and approved by the Committee.