Same-Store NOI

The year-over-year growth in Net Operating Income from properties a REIT has owned for at least a full comparable year -- the "organic" growth measure that strips out the effect of buying or building new properties, so it isolates how the existing portfolio is performing. NOI is property rental revenue minus direct operating expenses (before corporate overhead, interest, and depreciation). It is reported on a cash or a GAAP basis, which differ, so compare like with like. Consistently positive same-store NOI growth is the sign of a healthy landlord with real pricing power; negative growth means the existing portfolio is shrinking in profitability.

Related terms

Absorption Rate · AFFO per Share · Allowed Return on Equity · Alternative Investments · Anchor Tenant · Assets Under Management

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