Maryland
(State or other jurisdiction
of incorporation)
|
001-35030
(Commission
File No.)
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27-3338708
(I.R.S. Employer
Identification No.)
|
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11455 El Camino Real, Suite 200
San Diego, California 92130
(Address of principal executive offices)
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92130
(Zip Code) |
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(858) 350-2600
Registrant’s telephone number, including area code: |
|||||
Not Applicable
(Former name or former address, if changed since last report.) |
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement.
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Item 2.03
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Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit
Number
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Exhibit Description
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10.1**
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First Amendment to Amended and Restated Credit Agreement dated as of October 16, 2014, by and among the Company, the Operating Partnership, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and other entities named therein.
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American Assets Trust, Inc.
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By:
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/s/ Adam Wyll
|
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Adam Wyll
Senior Vice President, General Counsel and Secretary |
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October 16, 2014
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Exhibit Number
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Exhibit Description
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10.1
|
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First Amendment to Amended and Restated Credit Agreement dated as of October 16, 2014, by and among the Company, the Operating Partnership, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and other entities named therein.
|
IN WITNESS WHEREOF
, the Loan Parties, the Administrative Agent, the Swing Line Lender, the L/C Issuer and the Lenders have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
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AMERICAN ASSETS TRUST, L.P.
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
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By:
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/s/ ROBERT F. BARTON
|
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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|
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Name: Adam Wyll
|
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Title: Senior Vice President
|
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By:
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/s/ ROBERT F. BARTON
|
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
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Name: Adam Wyll
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Title: Senior Vice President
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PACIFIC TORREY RESERVE WEST HOLDINGS, L.P.
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By:
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PACIFIC TORREY RESERVE WEST
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ASSETS LLC, its General Partner
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
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By:
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/s/ ROBERT F. BARTON
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Name: Robert F. Barton
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Title: Chief Financial Officer
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By:
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/s/ ADAM WYLL
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Name: Adam Wyll
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Title: Senior Vice President
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CARMEL COUNTRY PLAZA, L.P.
|
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By:
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PACIFIC DEL MAR ASSETS LLC, its General Partner
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
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By:
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/s/ ROBERT F. BARTON
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
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By:
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/s/ ADAM WYLL
|
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Name: Adam Wyll
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Title: Senior Vice President
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PACIFIC CARMEL MOUNTAIN HOLDINGS, L.P.
|
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By:
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PACIFIC CARMEL MOUNTAIN
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ASSETS LLC, its General Partner
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
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By:
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/s/ ROBERT F. BARTON
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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Name: Adam Wyll
|
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Title: Senior Vice President
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PACIFIC SOLANA BEACH HOLDINGS, L.P.
|
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By:
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PACIFIC SOLANA BEACH
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ASSETS LLC, its General Partner
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
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By:
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/s/ ROBERT F. BARTON
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Name: Robert F. Barton
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Title: Chief Financial Officer
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By:
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/s/ ADAM WYLL
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Name: Adam Wyll
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Title: Senior Vice President
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RANCHO CARMEL HOLDINGS, LLC
|
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By:
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RANCHO CARMEL PLAZA LLC, its Sole Member
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
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By:
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/s/ ROBERT F. BARTON
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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Name: Adam Wyll
|
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Title: Senior Vice President
|
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ABW LEWERS LLC
|
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By:
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BEACH WALK HOLDINGS LLC, its Managing Member
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
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By:
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/s/ ROBERT F. BARTON
|
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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Name: Adam Wyll
|
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Title: Senior Vice President
|
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By:
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/s/ ROBERT F. BARTON
|
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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Name: Adam Wyll
|
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Title: Senior Vice President
|
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ICW PLAZA HOLDINGS, LLC
|
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By:
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ICW PLAZA MERGER SUB LLC, its Sole Member
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
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By:
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/s/ ROBERT F. BARTON
|
||
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Name: Robert F. Barton
|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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Name: Adam Wyll
|
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Title: Senior Vice President
|
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AAT SOLANA 101, LLC
|
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
|
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
||
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||
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By:
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/s/ ROBERT F. BARTON
|
||
|
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Name: Robert F. Barton
|
||
|
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Title: Chief Financial Officer
|
||
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By:
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/s/ ADAM WYLL
|
||
|
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Name: Adam Wyll
|
||
|
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Title: Senior Vice President
|
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AAT GEARY MARKETPLACE, LLC
|
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
|
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
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By:
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/s/ ROBERT F. BARTON
|
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Name: Robert F. Barton
|
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|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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|
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Name: Adam Wyll
|
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Title: Senior Vice President
|
||
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AAT TORREY RESERVE 6, LLC
|
|||
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
|
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By:
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AMERICAN ASSETS TRUST, INC., its General Partner
|
||
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|
||
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By:
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/s/ ROBERT F. BARTON
|
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|
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Name: Robert F. Barton
|
||
|
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Title: Chief Financial Officer
|
||
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By:
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/s/ ADAM WYLL
|
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|
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Name: Adam Wyll
|
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|
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Title: Senior Vice President
|
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AAT LLOYD DISTRICT, LLC
|
|||
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
|
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||
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By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
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|
||
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By:
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/s/ ROBERT F. BARTON
|
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|
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Name: Robert F. Barton
|
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|
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Title: Chief Financial Officer
|
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By:
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/s/ ADAM WYLL
|
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|
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Name: Adam Wyll
|
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|
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Title: Senior Vice President
|
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AAT SORRENTO POINTE, LLC
|
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By:
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AMERICAN ASSETS TRUST, L.P., its Sole Member
|
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|
||
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By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
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|
||
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By:
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/s/ ROBERT F. BARTON
|
||
|
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Name: Robert F. Barton
|
||
|
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Title: Chief Financial Officer
|
||
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By:
|
/s/ ADAM WYLL
|
||
|
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Name: Adam Wyll
|
||
|
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Title: Senior Vice President
|
||
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|
PACIFIC SOUTH COURT HOLDINGS, L.P.
|
|||
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By:
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PACIFIC SOUTH COURT ASSETS LLC,
|
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|
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its General Partner
|
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By:
|
AMERICAN ASSETS TRUST, L.P., its Sole Member
|
||
|
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|
||
|
By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
|
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|
||
|
By:
|
/s/ ROBERT F. BARTON
|
||
|
|
Name: Robert F. Barton
|
||
|
|
Title: Chief Financial Officer
|
||
|
|
|
|
|
|
By:
|
/s/ ADAM WYLL
|
||
|
|
Name: Adam Wyll
|
||
|
|
Title: Senior Vice President
|
||
|
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|
|
PACIFIC TORREY DAYCARE HOLDINGS, L.P.
|
|||
|
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By:
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PACIFIC TORREY DAYCARE ASSETS LLC,
|
||
|
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its General Partner
|
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By:
|
AMERICAN ASSETS TRUST, L.P., its Sole Member
|
||
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|
||
|
By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
|
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|
||
|
By:
|
/s/ ROBERT F. BARTON
|
||
|
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Name: Robert F. Barton
|
||
|
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Title: Chief Financial Officer
|
||
|
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|
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By:
|
/s/ ADAM WYLL
|
||
|
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Name: Adam Wyll
|
||
|
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Title: Senior Vice President
|
||
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|
|
AAT TORREY RESERVE 5, LLC
|
|||
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By:
|
AMERICAN ASSETS TRUST, L.P., its Sole Member
|
||
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|
||
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By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
|
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|
||
|
By:
|
/s/ ROBERT F. BARTON
|
||
|
|
Name: Robert F. Barton
|
||
|
|
Title: Chief Financial Officer
|
||
|
|
|
|
|
|
By:
|
/s/ ADAM WYLL
|
||
|
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Name: Adam Wyll
|
||
|
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Title: Senior Vice President
|
||
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|
|
CARMEL MOUNTAIN PAD, LLC
|
|||
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By:
|
AMERICAN ASSETS TRUST, L.P., its Sole Member
|
||
|
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|
||
|
By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
|
|
|
||
|
By:
|
/s/ ROBERT F. BARTON
|
||
|
|
Name: Robert F. Barton
|
||
|
|
Title: Chief Financial Officer
|
||
|
|
|
|
|
|
By:
|
/s/ ADAM WYLL
|
||
|
|
Name: Adam Wyll
|
||
|
|
Title: Senior Vice President
|
|
PACIFIC SANTA FE HOLDINGS, L.P.
|
|||
|
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|
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By:
|
PACIFIC SANTA FE ASSETS LLC,
|
||
|
|
its General Partner
|
||
|
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|
|
By:
|
AMERICAN ASSETS TRUST, L.P., its Sole Member
|
||
|
|
|
||
|
By:
|
AMERICAN ASSETS TRUST, INC., its General Partner
|
||
|
|
|
||
|
By:
|
/s/ ROBERT F. BARTON
|
||
|
|
Name: Robert F. Barton
|
||
|
|
Title: Chief Financial Officer
|
||
|
|
|
|
|
|
By:
|
/s/ ADAM WYLL
|
||
|
|
Name: Adam Wyll
|
||
|
|
Title: Senior Vice President
|
||
|
|
|
|
|
BANK OF AMERICA, N.A.
, as Administrative Agent
|
||
|
|
|
By:
|
/s/ BANK OF AMERICA, N.A.
|
BANK OF AMERICA, N.A.
, as a Lender, L/C Issuer and Swing Line Lender
|
||
|
|
|
By:
|
/s/ BANK OF AMERICA, N.A.
|
WELLS FARGO BANK, N.A.
, as a Lender
|
||
|
|
|
By:
|
/s/ WELLS FARGO BANK, N.A.
|
KEYBANK NATIONAL ASSOCIATION
, a national banking association, as a Lender
|
||
|
|
|
By:
|
/s/ KEYBANK NATIONAL ASSOCIATION
|
|
ROYAL BANK OF CANADA
, as a Lender
|
||
|
|
|
By:
|
/s/ ROYAL BANK OF CANADA
|
U.S. BANK NATIONAL ASSOCIATION
, as a Lender
|
||
|
|
|
By:
|
/s/ U.S. BANK NATIONAL ASSOCIATION
|
|
MORGAN STANLEY BANK, N.A.
, as a Lender
|
||
|
|
|
By:
|
/s/ MORGAN STANLEY BANK, N.A.
|
|
PNC BANK, NATIONAL ASSOCIATION
, as a Lender
|
||
|
|
|
By:
|
/s/ PNC BANK, NATIONAL ASSOCIATION
|
|
To:
|
Bank of America, N.A., as Administrative Agent
|
AMERICAN ASSETS TRUST, INC.
|
|
By:
|
|
Name:
|
|
Title:
|
|
|
|
I.
|
Section 7.11(a) – Consolidated Tangible Net Worth
|
|||
|
A.
|
Consolidated Tangible Net Worth at Statement Date:
|
||
|
|
1.
|
Shareholders’ Equity of the Consolidated Group as of the Statement Date:
|
$
|
|
|
2.
|
Intangible Assets of the Consolidated Group as of the Statement Date:
|
$
|
|
|
3.
|
Accumulated depreciation expense on the assets of the Consolidated Group as of Statement Date in accordance with GAAP:
|
$
|
|
|
4.
|
Consolidated Tangible Net Worth (Line I.A1. – Line I.A.2. + Line I.A.3.):
|
$
|
|
|
|
|
|
|
B.
|
75% of Net Cash Proceeds received by the REIT from issuances and sales of Equity Interests of the REIT occurring after the Restatement Effective Date (other than any such Net Cash Proceeds received in connection with any dividend reinvestment program):
|
$
|
|
|
|
|
|
|
|
C.
|
Minimum Required Consolidated Tangible Net Worth
|
|
|
|
|
($721,160,000 + Line I.B.):
|
$
|
|
|
|
|
|
|
|
Excess (Deficiency) for Covenant Compliance (Line I.A.4. – I.C.):
|
$
|
II.
|
Section 7.11(b) – Consolidated Secured Leverage Ratio
|
|||
|
A.
|
Consolidated Total Secured Indebtedness at Statement Date:
|
||
|
1.
|
Aggregate amount of all Secured Indebtedness
1
of the Consolidated Group that would be reflected on a consolidated balance sheet of the Consolidated Group as of the Statement Date:
|
$
|
|
|
2.
|
Consolidated Group Pro Rata Share of the aggregate amount of all Secured Indebtedness of each Unconsolidated Affiliate that would be reflected on a balance sheet of such Unconsolidated Affiliate as of the Statement Date:
|
$
|
|
|
3.
|
Consolidated Total Secured Indebtedness (Line II.A.1. + Line II.A.2.):
|
$
|
|
|
|
|
|
|
|
B.
|
Secured Total Asset Value at Statement Date:connection with any dividend reinvestment program):
|
|
|
|
|
|
|
|
|
Total Asset Value
|
|
||
|
1.
|
Amount equal to (i) the sum of the Portfolio Property Net Operating Income of each Portfolio Property (excluding each Disposed Portfolio Property, each Newly-Acquired Portfolio Property and each Non-Stabilized Portfolio Property) owned, or ground leased pursuant to an Eligible Ground Lease, by the Consolidated Group for the fiscal quarter ending on above date (“
Subject Period
”)
divided by
the Applicable Capitalization Rate for each such Portfolio Property (see Annex I attached hereto for calculation),
multiplied by
(ii) 4:
|
$
|
|
|
2.
|
Aggregate acquisition cost paid by Consolidated Group for Newly-Acquired Portfolio Properties:
|
$
|
|
|
3.
|
Aggregate book value of all Permitted Investments owned by Consolidated Group at Statement Date:
|
$
|
|
|
4.
|
Aggregate undepreciated book value of all Qualified Development Properties and all Non-Stabilized Portfolio Properties at Statement Date:
|
$
|
|
|
5.
|
Line II.B.1. + Line II.B.2. + Line II.B.3. + Line II.B.4:
|
$
|
|
|
6.
|
Consolidated Group Pro Rata Share of items referenced in Lines II.B.1. through II.B.4. (and the components thereof) to the extent relating to Portfolio Properties, Permitted Investments, Qualified Development Properties or Non-Stabilized Portfolio Properties, as applicable, owned by Unconsolidated Affiliates:
|
$
|
|
|
|
|
|
|
|
1
“Secured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is secured by a mortgage, deed of trust, lien, pledge, encumbrance, security interest or other Lien.
|
|
7.
|
Total Asset Value
: Line II.B.5. + Line II.B.6.:
|
$
|
|
|
8.
|
Cash and Cash Equivalents owned by the Consolidated Group on the Statement Date:
|
$
|
|
|
9.
|
Consolidated Group Pro Rata Share of cash and Cash Equivalents owned by Unconsolidated Affiliates on the Statement Date:
|
$
|
|
|
10.
|
Secured Total Asset Value
: Line II.B.7. + Line II.B.8. + Line II.B.9.:
|
$
|
|
|
|
|
|
|
|
Consolidated Secured Leverage Ratio (Line II.A.3. as a percentage of Line II.B.10):
|
%
|
||
|
|
|
|
|
|
Maximum Permitted Consolidated Secured Leverage Ratio:
|
|
||
|
|
Prior to December 31, 2015
|
45%
|
|
|
|
On or after December 31, 2015
|
40%
|
|
2
Applicable only prior to Investment Grade Pricing Effective Date
|
IV.
|
Section 7.11(d) – Consolidated Fixed Charge Coverage Ratio
|
|||
|
A.
|
Consolidated EBITDA for the four consecutive fiscal quarters of the REIT ending on Statement Date (“4 Quarter Subject Period”):
|
|
|
|
1.
|
Consolidated Net Income for 4 Quarter Subject Period:
|
|
|
|
|
a. The net income (or loss) of the Consolidated Group (including the Consolidated Group Pro Rata Share of the net income (or loss) of each Unconsolidated Affiliate), computed in accordance with GAAP for 4 Quarter Subject Period:
|
$
|
|
|
|
b. Any extraordinary or non-recurring gain realized during 4 Quarter Subject Period by any member of Consolidated Group (including Consolidated Group Pro Rata Share of any extraordinary or non-recurring gain realized during 4 Quarter Subject Period by any Unconsolidated Affiliate):
|
$
|
|
|
|
c. Any extraordinary or non-recurring loss realized during 4 Quarter Subject Period by any member of Consolidated Group (including Consolidated Group Pro Rata Share of any extraordinary or non-recurring loss realized during 4 Quarter Subject Period by any Unconsolidated Affiliate):
|
$
|
|
|
|
d. Consolidated Net Income (Line IV.A.1.a. - Line IV.A.1.b. + Line IV.A.1.c.):
|
$
|
|
|
2.
|
Total cash interest expense (including, for the avoidance of doubt, capitalized interest) of the Consolidated Group for 4 Quarter Subject Period determined on a consolidated basis in accordance with GAAP (including the Consolidated Group Pro Rata Share of total cash interest expense (including, for the avoidance of doubt, capitalized interest) of each Unconsolidated Affiliated for 4 Quarter Subject Period determined in accordance with GAAP) (plus, to the extent not already included in such total cash interest expense, amortization of deferred financing costs):
|
$
|
|
|
3.
|
Provision for federal, state, local and foreign income taxes of the Consolidated Group (including the Consolidated Group Pro Rata Share of the provision for federal, state, local and foreign income taxes of each Unconsolidated Affiliate) for 4 Quarter Subject Period:
|
$
|
|
|
4.
|
Non-cash charges of the Consolidated Group for 4 Quarter Subject Period (excluding any non-cash charge that results in an accrual of a reserve for a cash charge in any future period):
|
$
|
|
|
5.
|
Consolidated Group Pro Rata Share of non-cash charges of Unconsolidated Affiliates for 4 Quarter Subject Period (excluding any non-cash charge that results in an accrual of a reserve for a cash charge in any future period):
|
|
|
6.
|
Acquisition closing costs of the Consolidated Group that were capitalized prior to FAS 141-R reducing Consolidated Net Income (including the Consolidated Group Pro Rata Share of acquisition closing costs of Unconsolidated Affiliates that were capitalized prior to FAS 141-R reducing Consolidated Net Income):
|
$
|
|
|
7.
|
Depreciation and amortization expense of the Consolidated Group (including the Consolidated Group Pro Rata Share of depreciation and amortization expense of each Unconsolidated Affiliate) for 4 Quarter Subject Period:
|
$
|
|
|
8.
|
One-time costs and expenses relating to the effectiveness of the credit facilities evidenced by the Agreement and the transactions relating thereto, to the extent such fees and expenses are incurred on or prior to the date that is ninety-days following the Restatement Effective Date:
|
$
|
|
|
9.
|
Non-cash items of the Consolidated Group for 4 Quarter Subject Period increasing Consolidated Net Income (other than the reversal of any accrual of a reserve referred to in the parenthetical in Line IV.A.4. above, except to the extent such reversal results from a cash payment):
|
$
|
|
|
10.
|
Consolidated Group Pro Rata Share of non-cash items of Unconsolidated Affiliates for 4 Quarter Subject Period increasing Consolidated Net Income (other than the reversal of any accrual of a reserve referred to in the parenthetical in Line IV.A.5. above, except to the extent such reversal results from a cash payment):
|
$
|
|
|
11.
|
Consolidated EBITDA
(Lines IV.A.1.d. + Line IV.A.2. + Line IV.A.3. + Line IV.A.4. + Line IV.A.5. + Line IV.A.6. + Line IV.A.7. + Line IV.A.8. - Line IV.A.9. – Line IV.A.10.):
|
$
|
|
|
|
|
|
|
|
B.
|
Consolidated Fixed Charges for 4 Quarter Subject Period:
|
|
|
|
1.
|
Total cash interest expense (including, for the avoidance of doubt, capitalized interest) of the Consolidated Group for 4 Quarter Subject Period determined on a consolidated basis in accordance with GAAP (including the Consolidated Group Pro Rata Share of total cash interest expense (including, for the avoidance of doubt, capitalized interest) of each Unconsolidated Affiliated for 4 Quarter Subject Period determined in accordance with GAAP):
|
$
|
|
|
2.
|
Scheduled payments of principal on Consolidated Total Debt for 4 Quarter Subject Period (excluding balloon payments payable on maturity):
|
$
|
|
|
3.
|
The amount of dividends or distributions paid or required to be paid by any member of the Consolidated Group (other than to another member of the Consolidated Group) during 4 Quarter Subject Period in respect of its preferred Equity Interests (excluding any balloon payments payable on maturity or redemption in whole of such Equity Interests) :
|
$
|
|
4.
|
The Consolidated Group Pro Rata Share of the amount of dividends or distributions paid or required to be paid by any Unconsolidated Affiliate (to Persons other than (x) a member of the Consolidated Group or (y) an Unconsolidated Affiliate in which the percentage of Equity Interests of such Unconsolidated Affiliate owned by the Consolidated Group is greater than or equal to the percentage of Equity Interests owned by the Consolidated Group in the Unconsolidated Affiliate paying the dividend or distribution) during 4 Quarter Subject Period in respect of its preferred Equity Interests:
|
$
|
|
|
5.
|
Consolidated Fixed Charges (Line IV.B.1. + Line IV.B.2. + Line IV.B.3. + Line IV.B.4.):
|
$
|
|
|
|
|
|
|
|
Consolidated Fixed Charges (Line IV.B.1. + Line IV.B.2. + Line IV.B.3. + Line IV.B.4.):
|
___ to 1.00
|
||
|
|
|
|
|
|
Minimum Required Fixed Charge Coverage Ratio:
|
1.50 to 1.00
|
V.
|
Section 7.11(e) – Consolidated Unsecured Interest Coverage Ratio
|
|||
|
A.
|
Sum of Unencumbered Property NOI of each Unencumbered Eligible Property for the fiscal quarter ending on Statement Date (“Subject Period”)(see Annex II attached hereto for calculation):
|
$
|
|
|
B.
|
Consolidated Unsecured Interest Expense for Subject Period (the portion of Consolidated Interest Expense for Subject Period that is incurred in respect of Unsecured Indebtedness of any member of the Consolidated Group or an Unconsolidated Affiliate):
|
$
|
|
|
|
|
|
|
|
Consolidated Unsecured Interest Coverage Ratio (Line V.A. ÷ Line V.B.):
|
___ to 1.00
|
||
|
|
|
|
|
|
Minimum Required Consolidated Unsecured Interest Coverage:
|
1.75 to 1.00
|
|
6.
|
Percentage of Line VI.C.4. derived from Unencumbered Eligible Properties that are owned by a Controlled Joint Venture or ground leased under an Eligible Ground Lease
5
:
|
%
|
|
|
7.
|
Percentage of Line VI.C.4. derived from Unencumbered Eligible Properties that constitute Qualified Development Properties
6
:
|
%
|
|
|
8.
|
Percentage of Line VI.C.4. derived from Unencumbered Eligible Properties that are owned by a Controlled Joint Venture or ground leased under an Eligible Ground Lease or that constitute Qualified Development Properties
7
:
|
%
|
|
9.
|
Adjustment (if any) to reflect limitations referenced in Lines VI.C.5., Line VI.C.6., Line VI.C.7. and Line VI.C.8.:
|
$( )
|
|
|
10.
|
Unencumbered Asset Value
: Line VI.C.4. - Line VI.C.9:
|
$
|
|
|
|
|
|
|
|
D.
|
Consolidated Total Unsecured Indebtedness minus Unrestricted Cash Amount (Line VI.A.3. – Line VI.B.):
|
$
|
|
|
|
|
|
|
|
Consolidated Unsecured Leverage Ratio (Line VI.D. as a percentage of Line VI.C.10):
|
%
|
||
|
|
|
|
|
|
Maximum Permitted Consolidated Unsecured Leverage Ratio:
|
60%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
Not more than 20% of the UAV may be in respect of Unencumbered Eligible Properties that are either owned by a Controlled Joint Venture or ground leased under an Eligible Ground Lease
|
|||
|
6
Not more than 10% of the UAV may be in respect of Unencumbered Eligible Properties that constitute Qualified Development Properties
|
|||
|
7
Not more than 20% of the UAV may be in respect of Unencumbered Eligible Properties that are owned by a Controlled Joint Venture or ground leased under an Eligible Ground Lease or that constitute Qualified Development Properties
|
|||
|
|
|
|
|
VII.
|
Permitted Investments
|
Type of Permitted Investment
|
Limitation under Section 7.3
|
Actual Percentage of TAV
|
Actual Aggregate Amount of such Permitted Investments
|
The Aggregate Unconsolidated Affiliate Investment Amount
|
Not in excess of 20% of the Total Asset Value
[7.03(b)(iii)]
|
________% of Total Asset Value
|
$____________
|
The Aggregate Non-Loan Party Investment Amount
8
|
Not in excess of 20% of the Total Asset Value [7.03(b)(iv)]
|
________% of Total Asset Value
|
$____________
|
Unimproved land holdings [Aggregate Unimproved Land Holdings Investment Amount]
|
Not in excess of 5% of the Total Asset Value
[7.03(c)(i)]
|
________% of Total Asset Value
|
$____________
|
Commercial mortgage loans and commercial real estate-related mezzanine loan
[Aggregate Real Estate Loan Investment Amount]
|
Not in excess of 10% of the Total Asset Value
[7.03(d)(i)]
|
________% of Total Asset Value
|
$____________
|
Investments in respect of costs to construct Portfolio Properties under development
[Aggregate Construction Costs Investment Amount]
|
Not in excess of 25% of the Total Asset Value
[7.03(e)]
|
________% of Total Asset Value
|
$____________
|
The sum of the Aggregate Construction Costs Investment Amount, the Aggregate Real Estate Loan Investment Amount, the Aggregate Unimproved Land Holdings Investment Amount, the Aggregate Unconsolidated Affiliate Investment Amount and the Aggregate Non-Loan Party Investment Amount
9
|
Not in excess of 25% of the Total Asset Value
[7.03]
|
________% of Total Asset Value
|
$____________
|
Property
|
Property Type
[i.e., Hotel, Office, Retail]
|
Qualified Development Property or Non-Stabilized Portfolio Property?
[Y/N]
|
Owned or Ground Leased
[O/GL]
|
Owner/Ground Lessee
(Controlled Joint Venture or
Wholly Owned
Subsidiary)
[CJV/WO Sub]
|
Applicable Capitalization Rate
|
Occupancy Rate
|
Annual
Capital Expenditure Adjustment
|
Unencumbered Property NOI
|
Acquisition
Cost
(only for
Newly-Acquired Portfolio
Properties that are Unencumbered Eligible Properties)
|
Undepreciated
Book Value
(only for
Qualified Development
Properties and Non-Stabilized Portfolio Properties that are Unencumbered Eligible Properties)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|