Micholien

Cpk…land is never depreciated, but buildings and other properties most certainly depreciate.
NOI is calculated by not deducting depreciation, thus there is no need to add it back.
For example, NOI is equal to gross income minus vacancy costs minus insurance and property taxes minus utilities minus R&M. Depreciation is not deducted to derive NOI. Make sense?
However, depreciation is deducted in calculating the income tax payable.