AHT » Topics » OUR FINANCING STRATEGY

These excerpts taken from the AHT 10-K filed Feb 29, 2008.
OUR FINANCING STRATEGY
 
We utilize our borrowing power to leverage future investments. When evaluating our future level of indebtedness and making decisions regarding the incurrence of indebtedness, our Board of Directors considers a number of factors, including:
 
  •  the purchase price of our investments to be acquired with debt financing;
 
  •  the estimated market value of our investments upon refinancing; and
 
  •  the ability of particular investments, and our Company as a whole, to generate cash flow to cover expected debt service.
 
We may incur debt in the form of purchase money obligations to the sellers of properties, publicly or privately placed debt instruments, or financing from banks, institutional investors, or other lenders. Any such indebtedness may be secured or unsecured by mortgages or other interests in our properties or mortgage loans. This indebtedness may be recourse, non-recourse, or cross-collateralized. If recourse, such recourse may include our general assets or be limited to the particular investment to which the indebtedness relates. In addition, we may invest in properties or


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loans subject to existing loans secured by mortgages or similar liens on the properties, or we may refinance properties acquired on a leveraged basis. We may use the proceeds from any borrowings for working capital to:
 
  •  purchase interests in partnerships or joint ventures;
 
  •  refinance existing indebtedness;
 
  •  finance the origination or purchase of mortgage investments; or
 
  •  finance acquisitions, expand, redevelop or improve existing properties, or develop new properties.
 
In addition, if we do not have sufficient cash available, we may need to borrow to meet taxable income distribution requirements under the Internal Revenue Code. No assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy. In addition, we may selectively pursue mortgage financing on our individual properties and mortgage investments.
 
OUR
FINANCING STRATEGY



 



We utilize our borrowing power to leverage future investments.
When evaluating our future level of indebtedness and making
decisions regarding the incurrence of indebtedness, our Board of
Directors considers a number of factors, including:


 




































  • 

the purchase price of our investments to be acquired with debt
financing;
 
  • 

the estimated market value of our investments upon
refinancing; and
 
  • 

the ability of particular investments, and our Company as a
whole, to generate cash flow to cover expected debt service.


 



We may incur debt in the form of purchase money obligations to
the sellers of properties, publicly or privately placed debt
instruments, or financing from banks, institutional investors,
or other lenders. Any such indebtedness may be secured or
unsecured by mortgages or other interests in our properties or
mortgage loans. This indebtedness may be recourse, non-recourse,
or cross-collateralized. If recourse, such recourse may include
our general assets or be limited to the particular investment to
which the indebtedness relates. In addition, we may invest in
properties or





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loans subject to existing loans secured by mortgages or similar
liens on the properties, or we may refinance properties acquired
on a leveraged basis. We may use the proceeds from any
borrowings for working capital to:


 














































  • 

purchase interests in partnerships or joint ventures;
 
  • 

refinance existing indebtedness;
 
  • 

finance the origination or purchase of mortgage
investments; or
 
  • 

finance acquisitions, expand, redevelop or improve existing
properties, or develop new properties.


 



In addition, if we do not have sufficient cash available, we may
need to borrow to meet taxable income distribution requirements
under the Internal Revenue Code. No assurances can be given that
we will obtain additional financings or, if we do, what the
amount and terms will be. Our failure to obtain future financing
under favorable terms could adversely impact our ability to
execute our business strategy. In addition, we may selectively
pursue mortgage financing on our individual properties and
mortgage investments.


 




This excerpt taken from the AHT 10-K filed Mar 9, 2007.
OUR FINANCING STRATEGY
 
We utilize our borrowing power to leverage future investments. When evaluating our future level of indebtedness and making decisions regarding the incurrence of indebtedness, our Board of Directors considers a number of factors, including:
 
  •  the purchase price of our investments to be acquired with debt financing;
 
  •  the estimated market value of our investments upon refinancing; and
 
  •  the ability of particular investments, and our Company as a whole, to generate cash flow to cover expected debt service.
 
We may incur debt in the form of purchase money obligations to the sellers of properties, publicly or privately placed debt instruments, or financing from banks, institutional investors, or other lenders. Any such indebtedness may be unsecured or secured by mortgages or other interests in our properties or mortgage loans. This indebtedness may be recourse, non-recourse, or cross-collateralized. If recourse, that recourse may include our general assets or be limited to the particular investment to which the indebtedness relates. In addition, we may invest in properties or loans subject to existing loans secured by mortgages or similar liens on the properties, or we may refinance properties acquired on a leveraged basis. We may use the proceeds from any borrowings for working capital to:
 
  •  purchase interests in partnerships or joint ventures;
 
  •  refinance existing indebtedness;
 
  •  finance the origination or purchase of mortgage investments; or
 
  •  finance acquisitions, expand or redevelop existing properties, or develop new properties.
 
In addition, we may need to borrow to meet the taxable income distribution requirements under the Internal Revenue Code if we do not have sufficient cash available to meet those distribution requirements. No assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy. In addition, we may selectively pursue mortgage financing on our individual properties and mortgage investments.
 
This excerpt taken from the AHT 10-K filed Mar 14, 2006.
OUR FINANCING STRATEGY
 
We utilize our borrowing power to leverage future investments. When evaluating our future level of indebtedness and when making decisions regarding the incurrence of indebtedness, our Board of Directors considers a number of factors, including:
 
  •  the purchase price of our investments to be acquired with debt financing;
 
  •  the estimated market value of our investments upon refinancing; and
 
  •  the ability of particular investments, and our Company as a whole, to generate cash flow to cover expected debt service.
 
We may incur debt in the form of purchase money obligations to the sellers of properties, or in the form of publicly or privately placed debt instruments or financing from banks, institutional investors, or other lenders. Any such indebtedness may be unsecured or secured by mortgages or other interests in our properties or mortgage loans. This indebtedness may be recourse, non-recourse, or cross-collateralized. If recourse, that recourse may include our general assets or be limited to the particular investment to which the indebtedness relates. In addition, we may invest in properties or loans subject to existing loans secured by mortgages or similar liens on the properties, or may refinance properties acquired on a leveraged basis. We may use the proceeds from any borrowings for working capital to:
 
  •  purchase interests in partnerships or joint ventures;
 
  •  refinance existing indebtedness;
 
  •  finance the origination or purchase of mortgage investments; or
 
  •  finance acquisitions, expansion, or redevelopment of existing properties or development of new properties.
 
In addition, we may need to borrow to meet the taxable income distribution requirements under the Internal Revenue Code if we do not have sufficient cash available to meet those distribution requirements. No assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute on our business strategy. In addition, we may selectively pursue mortgage financing on individual properties and our mortgage investments.


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