> For the complete documentation index, see [llms.txt](https://lofty-2.gitbook.io/faqs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://lofty-2.gitbook.io/faqs/glossary/net-operating-income-noi.md).

# Net Operating Income (NOI)

Net Operating Income (NOI) is the gross profit of a rental property. It’s calculated as gross rents – all expenses other than interest.