Stabilized Property Value definition

Stabilized Property Value means the EBITDA generated by a Stabilized Property divided by the FMV Cap Rate (or Borrower’s Share thereof with respect to any Stabilized Property owned by a Consolidated Subsidiary or an Investment Affiliate). Any Stabilized Property which generates negative EBITDA will have a Stabilized Property Value of zero.
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Stabilized Property Value means, with respect to the Stabilized Properties, as of any date, (i) Enclosed Retail Property EBITDA divided by the applicable Capitalization Rate plus (ii) Community Center EBITDA divided by the applicable Capitalization Rate.
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Stabilized Property Value means, as of any date, the aggregate sum of all Property EBITDA for each property of the Issuer or any Subsidiary for the prior four quarters and capitalized at the applicable Capitalization Rate; provided, however, that if the value of a particular property calculated pursuant to this clause is less than the undepreciated book value of such property determined in accordance with GAAP, such undepreciated book value shall be used in lieu thereof with respect to such property.
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Examples of Stabilized Property Value in a sentence

  • No Property described in the definition of “Borrowing Base Property” that is to be excluded from determinations of the Aggregate Borrowing Base Properties Value, Adjusted Stabilized Property Value, Pre-Stabilized Properties Borrowing Base Availability, Stabilized Properties Borrowing Base Availability, or Borrowing Base Availability, as applicable, has been included in the calculation thereof.


More Definitions of Stabilized Property Value

Stabilized Property Value set forth in Section 1.1 of the Indenture is hereby amended and restated in its entirety solely with respect to the Affected Securities as follows:
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Stabilized Property Value means, with respect to the Stabilized Properties, as of any date, (i) Mall EBITDA divided by the applicable Capitalization Rate plus (ii) Strip Center EBITDA divided by the applicable Capitalization Rate.
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Stabilized Property Value means, as of any date of determination (a) with respect to each Stabilized Property listed on Schedule 4.1., during the period from the Agreement Date up to but excluding June 30, 2015, the Appraised Value of such Property, and on June 30, 2015 and thereafter, (i) the Adjusted Net Operating Income for such Stabilized Property for the period of two consecutive fiscal quarters most recently ended multiplied by 2, divided by (ii) the Capitalization Rate; (b) with respect to each Stabilized Property included as a Borrowing Base Property after the Agreement Date that has been owned by the Borrower or any of its Subsidiaries for less than 5 full fiscal quarters as of the date of determination, the lesser of (i) the Appraised Value of such Stabilized Property and (ii) the GAAP book value of such Stabilized Property (plus any allowance for accumulated depreciation with respect to such Stabilized Property); and (c) with respect to each Stabilized Property included as a Borrowing Base Property after the Agreement Date owned by the Borrower or any of its Subsidiaries for 5 full fiscal quarters or more as of the date of determination, (i) the Adjusted Net Operating Income for such Stabilized Property for the period of two consecutive fiscal quarters most recently ended multiplied by 2, divided by (ii) the Capitalization Rate.
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Related to Stabilized Property Value

  • Stabilized Property means, any Property that is not a Development Property.

  • Unencumbered Asset Value means, at any time for the Consolidated Group, without duplication, the sum of the following: (a) an amount equal to (i) Unencumbered NOI from all Unencumbered Properties (other than Non-Stabilized Properties and acquisition properties described in clause (b) below) that have been owned by the Consolidated Group for four full fiscal quarter periods or longer (which amount for each individual Unencumbered Property as well as the aggregate amount for all Unencumbered Properties shall not be less than zero) divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Properties acquired during the then most recently ended four fiscal quarter period, plus (c) the undepreciated book value of Unencumbered Properties that are Non-Stabilized Properties; provided that if the Unencumbered Asset Value attributable to Non-Stabilized Properties accounts for more than 15% of Unencumbered Asset Value, the amount of undepreciated book value of such Non-Stabilized Properties that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (d) cash from like-kind exchanges on deposit with a qualified intermediary (“1031 proceeds”), plus (e) the value of Mezzanine Debt Investments and Mortgage Receivables owned by the Consolidated Group that are not more than ninety (90) days past due determined in accordance with GAAP, in each case that are not subject to a Lien or Negative Pledge; provided that if the Unencumbered Asset Value attributable to Mezzanine Debt Investments and Mortgage Receivables accounts for more than 10% of Unencumbered Asset Value, the amount of Mezzanine Debt Investments and Mortgage Receivables that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (f) the undepreciated book value of all Unimproved Land and Construction in Progress owned by the Consolidated Group to the extent any such assets are not subject to a Lien or Negative Pledge, plus (g) Balance Sheet Cash; provided that, to the extent that Unencumbered Asset Value attributable to investments in Mezzanine Debt Investments, Mortgage Receivables, 1031 proceeds, Unimproved Land, and Construction in Progress account for more than 25% of Unencumbered Asset Value, in the aggregate, the amount that exceeds such limit shall be deducted from Unencumbered Asset Value. For clarification purposes, in determining whether clause (a) or clause (b) above applies, the date a Property will be deemed to have been acquired is the date it was acquired by the Consolidated Group or any prior Affiliate of the Consolidated Group.