Annualized Rent

The projected total rent income for a property over a year, accounting for any lease terms that may be less or more than 12 months.

For commercial assets, or the retail component of a mixed-use asset, the in- place monthly base rent before free rent, plus tenant reimbursements as of December 31, 2020, multiplied by 12 and (ii) for multifamily assets, or the multifamily component of a mixed-use asset, the in-place monthly base rent before free rent as of December 31, 2020, multiplied by 12.

It excludes rent from signed but not yet commenced leases. The in-place monthly base rent does not take into consideration temporary rent relief arrangements.