Quick Question

[John C]

Need some help analyzing a financial statement for an apartment complex. Just wondering if capital improvements should be part of the expenses (i.e. should they be deducted from gross income to arrive at NOI). In this particular financial report, things like HVAC contractors, plumbing contractors, and roofing contractors are included in capital improvements and not deducted from gross income. Just wondering if this is the norm. Thank you.