Effective gross income less operating expenses, before debt and capex.
Investment · Global
Effective gross income less operating expenses, before debt and capex.
The fundamental cash-flow metric for income-producing real estate. NOI / asset price = cap rate. Tenant rent reductions, opex inflation, and concessions all flow through NOI.
Net operating income (NOI) is part of the investment vocabulary that institutional Class A occupiers, landlords, and advisers use across Global markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks regional variation alongside the global standard so cross-border occupiers can translate quickly.