Pro-Forma Net Operating Income means Pro-Forma Operating Income less Pro-Forma Operating Expenses.
Pro-Forma Net Operating Income means the excess, if any, of Pro Forma Operating Income over Pro Forma Operating Expenses.
Pro-Forma Net Operating Income means (a) the sum of (i) all rental revenue from the Project during the applicable period (with any applicable percentage rental income being based upon the most recently ended 12-month period, as allocated to the applicable period), determined in accordance with GAAP but without taking into account straight-lining of rents and extraordinary revenues (including, but not limited to, lease termination payments) plus (ii) pro forma net rental income from tenants who have executed leases, but have yet to commence paying rent, minus (b) the sum of all Operating Expenses during the applicable period, including, without duplication, (i) annualized insurance premiums allocable to the applicable period, (ii) annualized real estate taxes allocable to the applicable period, (iii) capital expenses at an imputed annual rate of $0.15 per rentable square foot allocable to the applicable period, (iv) management fees allocable to the applicable period (in the amount equal to the greater of (1) management fees actually paid, and (2) an imputed rate of three percent (3.00%) (except with respect to the parking management fee, an imputed rate of two and one-half percent (2.50%)) of annualized Operating Revenues), (v) rental from tenants in bankruptcy, (vi) rental from tenants in default for sixty (60) days or more under their Leases, (vii) rental from tenants with Leases expiring within twelve (12) months of the applicable test date, unless tenant has duly exercised an express option to renew set forth in its lease, and (viii) a deemed vacancy rate of five percent (5%). Pro Forma Net Operating Income shall in no event include extraordinary non-recurring expenses or any debt service payable with respect to the Loans.
Examples of Pro-Forma Net Operating Income in a sentence
Pro Forma Net Operating Income, and (5) the Gross Revenue Conversion Factor, with items (3) through (5) in the general presentation of the municipal and investor-owned utility strawman schedules for content and interrelationship purposes and that are posted on the Commission’s website at https://www.in.gov/iurc/3156.htm.
Schedule 4 is the Pro Forma Net Operating Income Statement reflecting 4 a summary of all pro forma revenue and expense adjustments proposed by the 5 OUCC.
Operating Cash Flow Pro Forma, Net Operating Income (NOI) and Property Capitalization Rate2.
Revenue Requirement Calculation Pro Forma Rate Base $833,292 Authorized Rate of Return 10.45% Net Operating Income Requirement 87,057 Pro Forma Net Operating Income 49,022 Net Operating Income Deficiency $38,035 Conversion Factor* 0.80475 Revenue Requirement Deficiency $47,263 *Conversion Factor Calculation: Revenue 1.00000 Expenses: WUTC Fee 0.00200 Uncollectibles 0.00100 Public Utility Tax @5.029% of Rev.
The term "Pro Forma Net Operating Income" shall mean, with respect to any period, Net Operating Income for such period; provided, however, that if an acquisition or disposition of assets, another Person or a business occurred during the period for which Pro Forma Net Operating Income is to be determined, such determination shall be made on a pro forma basis, on the assumption that such acquisition or disposition occurred on the day immediately preceding the first day of such period.
More Definitions of Pro-Forma Net Operating Income
Pro-Forma Net Operating Income means, for the period in question, the amount by which Projected Gross Receipts exceed Projected Operating Expenses.
Pro-Forma Net Operating Income means with respect to a Property, Net Operating Income for any period for such Property adjusted as follows: (i) if the actual occupancy percentage of such Property is greater than ninety-five percent (95%), Operating Income for such Property shall be reduced by the product of (1) the difference between the actual occupancy percentage of such Property and ninety-five percent (95%) times (2) the Operating Income for such Property, (ii) Operating Income for such Property shall be reduced by (x) a bad debt expense for such Property equal to the greater of (A) the actual bad debt expense and (B) six-tenths of one percent (0.6%) of Operating Income for such Property for such period (after deducting the vacancy factor as calculated above, if any); (y) a management fee for such Property equal to the greater of (A) the actual management fee and (B) five percent (5%) of Operating Income for such Property for such period (after deducting any vacancy factor and for bad debt expenses as calculated above, as applicable); (z) a reserve for Capital Expenditures (as defined herein and in the Mortgage Loan Agreement) equal to $300 per annum per licensed bed at each Property consisting of a Nursing Facility or Assisted Living Facility and for each Property which does not constitute a Nursing Facility or Assisted Living Facility such per bed per annum amount as reasonably determined by the Lender; provided, however, that Lender may further adjust Pro Forma Net Operating Income as Lender deems reasonably necessary based upon the occurrence of tangible events that Lender reasonably determines may have a material effect on any Borrower or Property.
Pro-Forma Net Operating Income means Net Operating Income for any ------------------------------ period adjusted as follows: (i) if the actual occupancy percentage of a Property is greater than 95%, Gross Revenues for such Property shall be reduced by the product of (1) the difference between the actual occupancy percentage of such Property and 95% (combined occupancy and bad debt adjustment) and (2) the Gross Revenues for such Property, (ii) if the actual occupancy percentage of a Property is equal to or less than 95%, Gross Revenues for such Property shall be reduced by the product of (1) six-tenths of one percent (0.6%) (representing a reduction for bad debt expenses) and (2) Gross Revenues for such Property; (iii) a management fee for each Property equal to 5% of Gross Revenues for such Property for such period (after deducting any vacancy factor and for bad debt expenses as calculated in (i) or (ii) above, as applicable); (iv) a reserve for Capital Expenditures equal to $400 per licensed bed at each of the Properties per annum; and provided that Pro Forma Net Operating Income may further be adjusted by Lender based upon Lender's sole good faith determination of the underwriting criteria used in connection with its original underwriting of the Loan prior to Closing (which shall be disclosed by Lender to Borrower) and shall be final absent manifest error. An example of the calculation of Pro Forma Net Operating Income and underwriting criteria used in connection therewith is attached hereto as Exhibit D. ---------
Pro-Forma Net Operating Income means Gross Operating Income expected to be generated from the Property and Improvements for the immediately following 18-month period (without giving credit for rents due from tenants in material default under their respective leases) minus Permitted Operating Expenses expected to be incurred by Borrower for such period, each as determined by Lender, in its discretion.
Pro-Forma Net Operating Income means, with respect to any period, Net Operating Income for such period; provided, however, that if an acquisition or disposition of assets, another Person or a business occurred during the period for which Pro Forma Net Operating Income is to be determined, such determination shall be made on a pro forma basis, on the assumption that such acquisition or disposition occurred on the day immediately preceding the first day of such period.
Pro-Forma Net Operating Income means, for any prospective twelve (12)-month period, an amount, reasonably determined by Administrative Agent, equal to:
Pro-Forma Net Operating Income means on a trailing basis for the period in question the sum of (i) Adjusted Operating Income of the Property for such period minus (ii) Operating Expenses of the Property for such period.