---
title: "Net operating income (NOI) — Class A Atlas glossary"
description: "Effective gross income less operating expenses, before debt and capex."
canonical: https://classa.info/glossary/noi
pageType: glossary
lastUpdated: 2026-04-01T00:00:00.000Z
license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)."
---

> Effective gross income less operating expenses, before debt and capex.

## TL;DR

- Effective gross income less operating expenses, before debt and capex.
- The fundamental cash-flow metric for income-producing real estate.

# Net operating income (NOI)

*Investment · Global*

## Short definition

Effective gross income less operating expenses, before debt and capex.

## Full definition

The fundamental cash-flow metric for income-producing real estate. NOI / asset price = [cap rate](/glossary/cap-rate). Tenant rent reductions, opex inflation, and concessions all flow through NOI.

## Why this matters for Class A leasing

Net operating income (NOI) is part of the investment vocabulary that institutional [Class A](/glossary/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](/topics/cross-border-expansion) occupiers can translate quickly.

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Citation: Source: Class A Atlas (https://classa.info/glossary/noi), updated 2026-04-01T00:00:00.000Z.