Pre-Stabilized Property definition
Pre-Stabilized Property means, as of any date of determination, any income-producing Project in which construction has been completed for more than 18 months but which has not yet achieved an occupancy rate of 85%. Any such Project shall be treated as a Pre-Stabilized Property until it achieves an occupancy rate of 85%, unless the Borrower has made a one-time election to treat such Project as a Stabilized Property (and no longer treat such Project as a Pre-Stabilized Property).
Pre-Stabilized Property means, as of any date of determination, any income-producing Project, or the Borrower’s pro rata share of any income-producing real estate asset owned or operated by an Investment Affiliate and operated or intended to be operated as an office, medical office, industrial or retail property, in which construction has been completed for more than 18 months but which has not yet achieved an occupancy rate of eighty-five percent (85%). Any such Project or income-producing real estate asset shall be treated as a Pre-Stabilized Property until it achieves an occupancy rate of eighty-five percent (85%), unless the Borrower has made a one-time election to treat such Project or income-producing real estate asset as a Stabilized Property or income-producing real estate asset (and no longer treat such Project or income-producing real estate asset as a Pre-Stabilized Property).
Pre-Stabilized Property means, as of any date of determination, any income-producing Project, or the Borrower’s pro rata share of any income- producing real estate asset owned or operated by an Investment Affiliate and operated or intended to be operated as an office, medical office, industrial or retail property, in which construction has been completed for more than 18 months but which has not yet achieved an occupancy rate of eighty-five percent (85%). Any such Project or income-producing real estate asset shall be treated as a Pre-Stabilized Property until it achieves an occupancy rate of eighty-five percent (85%), unless the Borrower has made a one-time election to treat such Project or income-producing real estate asset as a Stabilized Property or income-producing real estate asset (and no longer treat such Project or income-producing real estate asset as a Pre-Stabilized Property).
Examples of Pre-Stabilized Property in a sentence
As of the date of this Agreement, the Administrative Agent and the Lenders have approved for inclusion in the calculation of the Borrowing Base Availability the Properties identified on Schedule 4.1., each such Property being either a Stabilized Property or a Pre-Stabilized Property as specified on Schedule 4.1.
More Definitions of Pre-Stabilized Property
Pre-Stabilized Property means a property that has been completed for less than 12 months and has not yet reached 90% occupancy, provided, after 12 months of completion, a property previously deemed as a Pre-Stabilized Property shall be considered a Stabilized Property even if the property has not yet reached 90% occupancy.
Pre-Stabilized Property means, as of any date of determination, a Borrowing Base Property that (a) at the time it is included as a Borrowing Base Property, has an Occupancy Rate of less than 90.0% and when calculating an Implied Debt Yield with respect thereto at such time of inclusion will provide an Implied Debt Yield of not less than 5.0% and (b) continues to have an Occupancy Rate of less than 90.0% at all times after it is included as a Borrowing Base Property. Upon achieving an Occupancy Rate of 90.0%, such Borrowing Base Property shall cease to be a Pre-Stabilized Property.