NOI - To include or don't include Capital Improvements

[Daniel Yoo]

For all you veteran ComREI's, I've seen PNL's that have included Capital Improvements (although, they were not categorized under Expenses, they were a Sub-category of Other Costs)....so the question is, to include or not include Capital Improvements when calculating NOI?

Bonus: I've also seen Contractors as an Expense (sometimes individually listed like Paint Contractors, Roof Contractors and sometimes just all lumped together into one). How can you know which Contractor Expenses are related to operational expenses and which ones are related to Capital Improvements?