Property Net Operating Income definition

Property Net Operating Income or “Property NOI” means, with respect to any Property for any Rolling Period (without duplication), the aggregate amount of (i) Property Income for such period minus (ii) Property Expenses for such period. Pro forma adjustments shall be made for any Property acquired or sold during any period as if the acquisition or disposition occurred on the first day of the applicable period.
Property Net Operating Income or “Property NOI” means, with respect to a Property and for the four most recently ended Fiscal Quarters, the sum of the following (without duplication): (a) all revenues received in the ordinary course of operating such Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses (whether paid or accrued) directly related to the operation or maintenance of such Property, including but not limited to payroll expenses, taxes, assessments and other similar charges, insurance, utilities, maintenance, repair and landscaping expenses but not including any management fees (in accordance with the computation of EBITDA plus rent and management fees). All amounts due to the Borrower or Guarantor, whether as rent or mortgage payments for the property, will be excluded from the calculation of (b) above.
Property Net Operating Income means, with respect to the Secured Property, determined for any period on an aggregate basis means, for any period, actual total revenue generated by the Secured Property, (but excluding asset management fees and straight-line rent accruals) during such period less operating expenses incurred for the Secured Property, (for greater certainty excluding depreciation and capital expenditures) for the same period.

Examples of Property Net Operating Income in a sentence

  • Property Net Operating Income (“NOI”) – NOI is defined as rent from income producing properties less property operating costs.

  • Property Net Operating Income — The Company uses property NOI, including same store NOI and same store NOI by market, as an operating measure.

  • Industrial Logistics Properties TrustCalculation and Reconciliation of Property Net Operating Income and Cash Basis Net Operating Income (1) (dollars in thousands)(unaudited) (1)The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to ILPT’s property level results of operations.

  • Industrial Logistics Properties TrustCalculation and Reconciliation of Property Net Operating Income and Cash Basis Net Operating Income (1)(dollars in thousands)(unaudited) (1) The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to ILPT’s property level results of operations.

  • For our definition of NOI and Core NOI, as well as an important discussion of their uses and inherent limitations, see "Real Estate Property Net Operating Income and Core Net Operating Income" below.


More Definitions of Property Net Operating Income

Property Net Operating Income means, for each Property, for any period of time, the portion of the net income of Borrower (or, in the case of (w) Woodlands, CEI LP, (x) Washington Harbour, CWH, (y) Spectrum Centre, SMA or (z) Tramxxxx Xxxx Xxxter, CCRH) attributable to such Property, determined in accordance with GAAP, before adjustment for gains or losses from extraordinary items, plus (1) interest expense and (2) depreciation and amortization, and adjusted for non-cash revenue attributable to the straight-line treatment of rent or other GAAP adjustments for free rent and by the deduction of (a) any accrued rent with respect to tenants that are more than sixty (60) days in arrears in the payment of rent, (b) interest income, (c) a management fee equal to the greater of actual management fees or 3.0% of gross revenues and (d) capital expenditures in a deemed amount equal to $.75 per square foot of space in the Improvements in the case of Office Properties and 3.5% of gross revenues in the case of Hotel Properties. For purposes of the foregoing, income attributable to third-party leasing commissions or management fees shall be excluded.
Property Net Operating Income means, with respect to any Unencumbered Lease Property of the Loan Parties for any applicable period, (a) Property Income for such period minus (b) Property Expenses for such period.
Property Net Operating Income or “Property NOI” means, with respect to any Property for any Rolling Period (without duplication), the aggregate amount of (i) Property Income for such
Property Net Operating Income means, for any trailing three month period, all in place rents annualized from all tenants in occupancy and paying rent with respect to Property (with full credit given to other recurring income generated by the Property), minus the total of all normalized operating expenses, including normalized replacement reserves, and taking into account actual yearly real estate taxes, insurance, the greater of the actual contractual or a 5% management fee, which is the greatest of (i) the actual vacancy rate, (ii) the last appraised stability vacancy, or (iii) 5%.
Property Net Operating Income means gross rental receipts less property operating expenses and realty taxes;
Property Net Operating Income in Section 5.1 of the Credit Agreement are each hereby amended and restated in their entirety to read as follows: