Net operating income

Gross rental revenue minus operating costs, but before deducting depreciation, corporate overhead, and interest expense. In the context of real estate, a measure of the income from the property after deducting operating expenses for such items as property taxes, insurance, maintenance, utilities, repairs, and insurance but before deducting any costs associated with financing and before deducting federal income taxes. It is similar to earnings before interest, taxes, depreciation, and amortization (EBITDA) in a financial reporting context.