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Dream Office incentive AFFO definition before/after "reorganization" August 2007 Asset Management Agreement (p.6): Back then, it was defined to include an adjustment for recurring Capital Expenditures. April 2015 Master Services Agreement (Schedule A, p.3,4): and Today, no adjustment for recurring Capital Expenditures in AFFO incentive fee. What's the potential difference? About $25 million/year described as recurring for 2013-14, or ~ $0.25/unit based on ~100 million outstanding. The Dream Office determined AFFOPU for 2013/14 was $2.52 and $2.47, so this is a material change ( >10% in favour of the manager) to the incentive. Small potatoes for sure relative to the size of the reorg cost, but worth a look-see IMO. |
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Msg # | Subject | Author | Recs | Date Posted |
4621 | Re: Dream Office incentive AFFO definition before/after "reorganization" | samsung | 0 | 4/29/2015 7:57:48 PM |