Financials

What Is a T-12 (Trailing Twelve Months)?

A T-12 is a statement of a property's actual income and expenses over the most recent twelve months.

Because it reflects what really happened rather than what a seller projects, the T-12 is the single most useful financial document in a deal. It is far harder to dress up than a pro forma, and paired with the rent roll it verifies both income and occupancy against reality.

A partial-year statement (a stub period) can be annualized, but do it carefully and watch for seasonality. Learn what to ask for in requesting the right financials.

See it on a real deal

RVP Underwriter computes this from your documents automatically, with every figure shown and sourced. Underwrite a deal free.

Related terms

Underwriting a specific property?

Step by step, line by line: how to underwrite an RV park or campground, a mobile home park, or a self storage facility. Every one starts the same way: rebuild the seller's NOI.

Part of the RVP Underwriter glossary of income-property underwriting terms. Browse all definitions, or put them to work with the free calculators.