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 rental income less property operating expenses.

Net Operating Income. Shall mean, with respect to any Fiscal Year, the consolidated net income of Group 1 and its Affiliates for such Fiscal Year (including, without limitation, gains or losses resulting from any Sale) to the extent (but only to the extent) attributable to the Existing Businesses, determined in accordance with generally accepted accounting principles, consistently applied, as set forth on the annual financial statements certified by Group 1's independent certified public accountants, adjusted,... however, to delete the following items to the extent they were taken into account in determining such consolidated net income: (1) any extraordinary items; (2) any provision for taxes; (3) any bonus payable to Bowen as determined in Section 5 hereof; 2 (4) any interest income from Group 1's and Group 1's Affiliates' cash investments relating to the Existing Businesses (including interest from loans, bank accounts, certificates of deposit, commercial paper and similar items), to the extent that such interest income exceeds interest expense of Group 1 and its Affiliates arising from borrowing or financing activities relating to the Existing Businesses; and (5) any charge to income arising from the grant or exercise of stock options, stock appreciation rights or any other form of compensatory stock rights. View More

Net Operating Income. Shall mean for any relevant period, the excess of the Borrower's revenues over the Borrower's operating expenses, in each case as determined in accordance with GAAP. For purposes of this definition, Net Operating Income (i) shall not include any gains or losses from the sale of income producing real properties, other than gains or losses obtained from the sale of net outlot parcels to a maximum aggregate amount of Fifteen Million Dollars ($15,000,000) for the immediately preceding four... consecutive quarters and (ii) shall include adjustments for cash flow of properties pursuant to which the Borrower is receiving a preferred return over and above its ownership percentage in such properties. View More

Net Operating Income. Shall mean, with respect to a Property, (i) the rental payments actually received by the applicable Borrower ("Gross Rents"); plus (ii) the expense reimbursements actually received by the applicable Borrower ("Expense Reimbursements"); minus the sum of (w) an adjustment for vacancy/collection losses equal to the greater of actual, market or five percent (5%) of the Gross Rents and Expense Reimbursements; and (x) the actual Operating Expenses (as defined... below); and (y) an amount for reasonable management expenses equal to the greater of (A) four percent (4%) of Gross Rents or (B) actual management expenses; and (z) a capital improvement reserve equal to $61,300.00 for the Mid-Florida Lakes Property, $11,400.00 for the Bay Lake Estates Property, $48,550.00 for the Buccaneer Estates Property, $40,950.00 for the Colonies of Margate Property, $51,824.00 for the Willow Lake Estates Property, $12,650.00 for the DeAnza Santa Cruz Property, $26,900.00 for the Date Palm Country Club Property, and such amount as shall be reasonably determined by Lender for any Replacement Property (as hereinafter defined). View More

Net Operating Income. Means House Profit less the Base Management Fee, the Fixed Charges and Other Cash Flow Expenditures.

Net Operating Income. Shall mean total revenues less expenses adding back interest expense and adding back depreciation expense.

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.