Adjusted NOI shall exclude the amount of any revenues and expenses from any Dark Property. Adjusted NOI means, with respect to any Property for the Current Reporting Quarter, annualized, an amount equal to (a) the aggregate gross revenues (excluding non- cash revenues) from the operations of such Property during such period, minus (b) the sum of (i) all expenses and other proper charges incurred in connection with the operation of such Property during such period ( including real estate taxes, but excluding any property and asset management fees, debt service charges, income taxes, depreciation, amortization and other non- cash expenses and excluding capital expenditures), (ii) a management fee equal to the greater of (A) two percent (2%) of the aggregate gross base rental revenues (excluding non-cash revenues) from the operations of such Property during such period and (B) actual property management fees paid, and ( iii) a replacement reserve of $0.10 per square foot (excluding any Property acquired during the Current Reporting Quarter).
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