Net Operating Income

Net Operating Income. Shall mean the "Gross Income" generated by the Project less Adjusted Operating Expenses, adjusted to reflect a ninety-five (95%) percent occupancy on a per Mortgaged Property basis for of the Project

Net Operating Income. Shall mean, with respect to any Property, as calculated as of the last day of each fiscal quarter of the Company, the sum of (i) the net income (or loss) before extraordinary items derived from such Property for the period of four (4) consecutive fiscal quarters of the Company ending on such date, as determined in accordance with GAAP, plus (ii) to the extent deducted in the determination of net income (or loss) for such Property for such period, (A) Interest Expense, (B) federal, state and... local income taxes, (C) depreciation and (D) amortization View More

Net Operating Income. The actual net operating income of the Project for the three-month period immediately preceding the date of calculation and adjusted to include, as necessary, a prorated three (3) months of annual taxes, annual insurance premiums and other property expenses not payable on a monthly basis, a repair and maintenance reserve of $200/unit/annum and a management fee equal to the greater of 2 3⁄4% or the actual management fee, with the three-month calculation then multiplied by four to provide an... annualized amount View More

Net Operating Income. Equal to (i) revenues from Properties, less deferred rents receivable, calculated, in each case, in accordance with GAAP, plus (ii) payments received pursuant to master lease agreements with sellers of Properties, less (iii) the costs of maintaining the Properties, including, without limitation, taxes, insurance, repairs and maintenance, but excluding depreciation, amortization, principal and interest payments, and capital expenditures, calculated, in each case, in accordance with GAAP.