What is the result when both fixed and variable expenses are deducted from gross collectible income?

When both fixed and variable expenses are deducted from gross collectible income, the result is known as net operating income. This metric provides a clear view of the profitability of a property by showing how much income remains after all operational costs have been accounted for. Net operating income is crucial for property managers and investors as it serves as a key indicator of the property's financial performance, influencing decisions on pricing, expenses, and overall management strategies.

Gross income simply represents the total income generated before any expenses are factored in, while a cash flow statement summarizes cash inflows and outflows over a specific period, not just limited to operating income. An expense report, on the other hand, itemizes expenses but does not directly relate to the income generated from a property. Thus, none of these options effectively represent the income left after costs, which is precisely why net operating income is the correct answer.