Using the following information, compute net operating income (NOI) for the first year of operations (rounded to $Thousands).

Number of apartments: 15

Rent per month per apartment: $1,900

Expected vacancy and collection loss: 8 percent

Annual maintenance: $28,000

Income taxes: $58,000

Property insurance: $17,000

Management: $16,000

Property taxes: $19,000

Annual depreciation: $34,000

Capital expenditures: $0

Other operating expenses: $23,000

Annual mortgage debt payments: $35,000