Net Operating Income (NOI)
A property’s income before financing, capital expenditure and income tax: gross rent, less vacancy and credit loss, plus other income and recoveries, less operating expenses. Built lease by lease from the rent roll, it is the single figure that the cap rate values, the lender sizes against and the return analysis reads. It resembles EBITDA and is not EBITDA: it is one asset, excludes capex, and has no second metric to triangulate against.
Where Net Operating Income (NOI) comes up
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