What's exclluded from NOI?

Just financing costs? Is that it?

Depreciation…

depreciation

interest, depreciation, tax (not property tax)

For real estate valuation? Its depreciation and interest expense.

and income tax…under the income method

Is it correct to think EBITDA?

i highly doubt you will see it like that…EBIDA…no T (at least property tax)

i think i phrased it wrong. by excluded i meant, if youre given a whole list of expenses, like maintenance and financing costs and insurance, interest, depreciation, etc., which of those should you NOT subtract from gross revenues to calculate NOI

NOI= Gross Rental Income - (Gross Rental Income * (1-vacancy rate)) - Maintenance Expenses - Expenses (excluding interest) - property tax Value of property = NOI/ Mkt Cap

insurance expense would also be subtracted, forgot that one