A measure of a property's (or company's) financial health, so to say, calculated by taking the total income and subtracting all expenses (not including mortgage payments), adjustments, capital expenditures, tenant improvements and leasing commissions.

Cash Receipts - Cash Payments (over a given period of time) = Net Cash Flow

                                                     OR

Net Profit + Amounts Charged Off for Depreciation, Depletion, Amortization = Net Cash Flow