Core Funds from Operations Clause Samples

The 'Core Funds from Operations' clause defines a specific financial metric used to assess the recurring, core profitability of a real estate investment trust (REIT) or similar entity. It typically adjusts net income by excluding gains or losses from property sales, depreciation, amortization, and other non-core or non-cash items, focusing on the cash-generating activities of the business. This clause ensures that stakeholders have a clear and consistent measure of the entity's ongoing operating performance, facilitating more accurate comparisons and informed decision-making.
Core Funds from Operations. For a given period, the REIT’s net income (or loss) after any Preferred Dividends computed in accordance with GAAP (unless otherwise indicated herein) determined on a consolidated basis for such period, excluding gains or losses from extraordinary items (including from debt restructuring, ▇▇▇▇-to-market adjustments on interest rate swaps, and sales of property), impairment and other non-cash charges and related expenses, plus real estate depreciation and amortization (other than amortization of deferred financing costs). Core Funds from Operations will be adjusted for (i) unconsolidated entities to reflect funds from operations on the same basis, (ii) the impact of straight-lining of rents, and (iii) the amortization of intangibles associated with the amortization of above or below market rents, pursuant to ASC 805 (formerly FASB 141) and calculation of interest expense in accordance with FBS APB 14-1. Credit Party(ies). Individually and collectively, the Borrower, the REIT Guarantor, and each Subsidiary Guarantor.
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Core Funds from Operations. As of any date of determination means, with respect to a Person and for a given period, (a) net income (loss) computed in accordance with GAAP of such person determined on a consolidated basis for such period minus (or plus) (b) gains (or losses) from debt restructuring, ▇▇▇▇-to-market adjustments on interest rate swaps, and sales of property during such period, plus (c) depreciation with respect to such person’s real estate assets and amortization (other than amortization of deferred financing costs) of such person for such period, all after adjustment for unconsolidated partnerships and joint ventures, plus (d) all acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn out and the amortization of stock based compensation. Credit Party(ies). Individually and collectively, the Borrower and the Pledgor. Default. See §12.1.
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Core Funds from Operations. For a given period, the REIT’sREIT Guarantor’s net income (or loss) after any Preferred Dividends computed in accordance with GAAP (unless otherwise indicated herein) determined on a consolidated basis for such period, excluding gains or losses from extraordinary items (including from debt restructuring, mark-to-market adjustments on interest rate swaps, and sales of property), impairment and other non-cash charges and related expenses, plus real estate depreciation and amortization (other than amortization of deferred financing costs). Core Funds from Operations will be adjusted for (i) unconsolidated entities to reflect funds from operations on the same basis, (ii) the impact of straight-lining of rents, and (iii) the amortization of intangibles associated with the amortization of above or below market rents, pursuant to ASC 805 (formerly FASB 141) and calculation of interest expense in accordance with FBS APB 14-1. Credit Party(ies). Individually and collectively, the Borrower, the REIT Guarantor, and each Subsidiary Guarantor.
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Core Funds from Operations. For a given period, the Guarantor’s net income (or loss) after giving effect to any preferred dividends or distributions computed in accordance with GAAP (unless otherwise indicated herein) determined on a consolidated basis for such period, excluding gains or losses from extraordinary items (including from unrealized foreign currency gain or loss, debt restructuring, m▇▇▇-to-market adjustments on interest rate swaps, and sales of property), impairment and other non-cash charges, acquisition fees and related expenses, real estate depreciation and amortization (other than amortization of deferred financing costs). Core Funds from Operations will be adjusted for (i) Unconsolidated Affiliates to reflect funds from operations on the same basis, (ii) the impact of straight-lining of rents, and (iii) the amortization of intangibles associated with the amortization of above or below market rents, pursuant to ASC 805 (formerly FASB 141).
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Related to Core Funds from Operations

  • Net Operating Income For any Real Estate and for a given period, an amount equal to the sum of (a) the rents, common area reimbursements, and service and other income for such Real Estate for such period received in the ordinary course of business from tenants or licensees in occupancy paying rent (excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ or licensees’ obligations for rent and any non-recurring fees, charges or amounts including, without limitation, set-up fees and termination fees) minus (b) all expenses paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such period, including, but not limited to, taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Real Estate, but specifically excluding general overhead expenses of REIT and its Subsidiaries, any property management fees and non recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to three percent (3.0%) of the gross revenues from such Real Estate excluding straight line leveling adjustments required under GAAP and amortization of intangibles pursuant to FAS 141R, minus (d) all rents, common area reimbursements and other income for such Real Estate received from tenants or licensees in default of payment or other material obligations under their lease, or with respect to leases as to which the tenant or licensee or any guarantor thereunder is subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding.