REAL ESTATE UNDERWRITING
⌕ Search dictionary
T-12
Also called: trailing 12 · trailing twelve months · T12
A trailing twelve-month operating statement showing recent property income and expenses.
What it means in practice.
A T-12 helps investors compare actual operating performance with the seller’s pro forma and underwritten NOI.
Why it matters.
It is one of the fastest ways to identify unusual expenses, concessions or income assumptions.
Additional notes.
A T-12 helps investors compare actual operating performance with the seller’s pro forma and underwritten NOI.
KEEP LEARNING
Build the vocabulary before the transaction clock starts.
Explore the federal framework, exchange structures, replacement-property intelligence and professional roles connected to this term.