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