Net Operating Income or “NOI” is the income the property generates, typically on an annual basis, after property expenses such as utilities, taxes, insurance, maintenance, property management, etc. NOI does not however include loan payments, depreciation expense, capital expenditures or amortization and is calculated before taxes. This calculation is similar to EBITDA which would be used in evaluating a business. NOI = (Total Income – Vacancy and Credit Losses) – Operating Expenses. We have more answers if you have more questions about commercial real estate.