Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate EBITDAre is calculated as follows:

GAAP net income, plus:

• Interest expense.
• Income tax expense.
• Depreciation and amortization.

Plus, or minus losses and gains on the disposition of depreciable property, including losses/gains on change of control

Plus, impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate

Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates and consolidated affiliates with non-controlling interests