NOI is the abbreviation for "Net Operating Income," and is the amount obtained by deducting "real estate leasing business expenses," such as property taxes and management fees, from "real estate leasing business income. Depreciation and interest paid to financial institutions are not included in "real estate leasing business expenses”.
It is important to calculate the yield of real estate investment in terms of the real yield (NOI yield), which takes into account the purchase cost at the time of real estate investment, various expenses after investment, and tax expenditures.