OP Hurdle Amount

OP Hurdle Amount. For any period during a calendar year means that amount that results in a 5% annualized internal rate of return on the OP NAV of the Performance Units outstanding at the beginning of the then-current calendar year and all Performance Units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all Distributions accrued or paid (without duplication) on all such Performance Units and all issuances of Performance Units over the period and... calculated in accordance with recognized industry practices. The ending OP NAV of the Performance Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the OP Performance Fee, provided that the calculation of the OP Hurdle Amount for any period will exclude any Performance Units repurchased during such period, which Performance Units will be subject to the OP Performance Fee upon such repurchase as described in Section 10(b). View More