In Calculating the Net Operating Income (NOI) of a Property

Multiple Choice

In calculating the net operating income (NOI) of a property, the "above-line" treatment of capital expenditures implies:

A) capital expenditures are excluded from the calculation of NOI.
B) capital expenditures are included in the calculation of NOI.
C) capital expenditures are set equal to NOI.
D) capital expenditures are divided by NOI.