NOI Question

[Tom Chen]

Hello - this may be a newbie question but from reading the various articles on BP and Investopedia, my understanding is that Net Operating Income (NOI) is defined as operating expenses required to run and maintain the property but excludes Loan Payments, Capital Expenditures, Depreciation, and Amortization.

The IRS has recently raised the Tangible Property Expensing threshold to $2,500 (from $500 previously) per item so if you took advantage of this change, wouldn't it decrease your NOI since you can expense smaller capital items as repairs & maintenance instead of capitalizing and then depreciating them over time?

It would result in a better answer for tax purposes since you'll have lower taxable income but would investors prefer to have a higher NOI number instead?