True or False: Net operating income is total income minus operating expenses before debt service.

Net operating income (NOI) is indeed calculated as total income from a property minus operating expenses, and this calculation is performed before any consideration of debt service. This means that NOI focuses solely on the income generated and the costs associated with running a property, excluding financing costs like mortgage payments.

This metric is essential in property management and real estate investment analysis because it provides a clear picture of a property's efficiency and profitability independent of how it is financed. It allows property managers and investors to assess the operational performance of a property without the influence of debt obligations, making NOI a valuable tool for decision-making and valuation.

The other options suggest conditions or variations that do not apply to the general definition of NOI, as it is a standard measure applicable across different types of real estate, not limited to specific property types or situations.