EBITDAre
EBITDAre is a non-GAAP measure for real estate companies defined by Nareit guidance and often disclosed in SEC filings. A Nareit definition cited in SEC-filed materials describes EBITDAre as net income (loss) computed under GAAP plus interest, taxes, depreciation and amortization, with adjustments for gains/losses on dispositions of depreciated property and certain impairments, among other adjustments.
- Where it applies
- Federal
- When it comes up
- Public reporting; credit analysis; leverage metrics
- Property types
- REITs; real estate operating companies
In practice
EBITDAre is often used as a denominator in leverage covenants and credit metrics; definitional consistency is essential for covenant modeling.
Related terms
Investment Metrics
- Adjusted Funds From Operations (AFFO)
- Cost of Capital
- Funds From Operations (FFO)
- Internal Rate of Return (IRR)
- Net Present Value (NPV)
- Total Return
General information, not legal, tax or financial advice.