Analyzing apt complex - how 2 acct for depreciation expnese

[Carey Green]

I'm looking at the P&L for an apartment complex I'm considering as an opportunity to bring private money investors into - however, this is my first time doing a deal this size and I'm curious what I should do in my assessment to account for the depreciation expense shown on the P&L.

It's showing under "Other Expenses > Depreciation Expense" at $92,580.00

Should that be considered part of the NOI or not? If so, all of it, or just a fraction?

Or is there another way to account for it?

Thanks!