Glossary
T-12 (trailing twelve months)
A statement of a property's income and expenses over the trailing twelve months, used to establish normalized net operating income.
A T-12 — short for trailing twelve months — is an operating statement showing a property's income and expenses for the most recent twelve-month period. Underwriters use it to understand actual performance and to normalize net operating income (NOI).
T-12s arrive in varied formats with inconsistent expense categories, so normalizing them is a common manual chore. Automated extraction structures the line items and ties them back to the source statement.
Underwrite the future, instantly.
See how Framecast turns your next data room into an institutional-grade model in a 20-minute live walkthrough.