Unencumbered Asset Value definition
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...
Unencumbered Asset Value means an amount equal to the sum of the Asset Values of all Unencumbered Assets.
Unencumbered Asset Value means without duplication, the sum of for each Unencumbered Property owned or ground leased for the Current Reporting Quarter, (i) an amount equal to (x) the Unencumbered Adjusted NOI attributable to such Unencumbered Property for such Current Reporting Quarter, annualized, divided by (ii) the Capitalization Rate.
Examples of Unencumbered Asset Value in a sentence
Maintain as of the last day of each fiscal quarter of the Parent Guarantor a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value (the “Unsecured Leverage Ratio”) less than or equal to 60%.
As of the last day of each Fiscal Quarter of the Borrower, the Borrower shall not permit the ratio of Unsecured Debt to Unencumbered Asset Value to be greater than 0.60 to 1.00.
More Definitions of Unencumbered Asset Value
Unencumbered Asset Value means, as of any date of determination, the sum of
Unencumbered Asset Value means, at any time, without duplication, the sum of the following:
Unencumbered Asset Value means (a) the Unencumbered NOI (excluding NOI attributable to Development Properties) for the period of two consecutive fiscal quarters most recently ended times 2 divided by the Capitalization Rate, plus (b) the GAAP book value of all Properties acquired during the period of two consecutive fiscal quarters most recently ended which Properties are not subject to any Lien (other than Permitted Liens of the types referred to in clauses (a) through (e) of the definition of Permitted Liens) or any Negative Pledge, plus (c) the GAAP book value of Development Properties not subject to any Lien (other than Permitted Liens of the types referred to in clauses (a) through (e) of the definition of Permitted Liens) or any Negative Pledge, until the earlier of (i) the one year anniversary date of project completion or (ii) the second quarter after the project achieves an Occupancy Rate of 80%. For purposes of this definition, to the extent the Unencumbered Asset Value attributable to (a) Construction-In-Process would exceed 10% of the Unencumbered Asset Value, such excess shall be excluded, and (b) Properties owned by Subsidiaries that are not Wholly Owned Subsidiaries (other than the ▇▇▇▇▇▇▇ OP (and Wholly Owned Subsidiaries of the ▇▇▇▇▇▇▇ OP) so long as the Borrower owns at least 66-2/3% of the Equity Interests issued by the ▇▇▇▇▇▇▇ OP) would exceed 10% of the Unencumbered Asset Value, such excess shall be excluded.
Unencumbered Asset Value means without duplication, the sum of the following:
Unencumbered Asset Value means, as of any date of determination, the Operating Property Value of all Unencumbered Borrowing Base Properties (other than Development/Redevelopment Properties).
Unencumbered Asset Value means, with respect to any Unencumbered Asset, at any date of determination,
Unencumbered Asset Value means at any time the Operating Property Value of the Unencumbered Pool at such time.