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T12 Template for Real Estate

Organize trailing 12-month income and expenses in a clean, underwriting-ready format. Built for CRE analysts who need accurate NOI calculations.

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.xlsx format
Works with Excel & Google Sheets
t12-template.xlsx
Jan
Feb
Mar
...
T12
Rental Inc
52,400
52,400
53,100
...
634,200
Other Inc
2,100
2,050
2,100
...
25,100
(Vacancy)
(2,620)
(2,620)
(2,655)
...
(31,700)
Taxes
8,500
8,500
8,500
...
102,000
Insurance
1,800
1,800
1,800
...
21,600
NOI
32,580
32,530
33,245
...
395,000
Annual NOI
$395K
Exp Ratio
37%
Vacancy
5%
NOI calculated
Understanding T12s

What is a T12 in real estate?

A T12 (or "trailing twelve") is a financial statement showing a property's income and expenses over the past 12 months. It's the most common document used to evaluate actual operating performance during real estate underwriting.

Unlike pro forma projections, a T12 shows what the property actually earned and spent. It's the foundation for calculating Net Operating Income (NOI) and validating broker assumptions.

T12 (Trailing Twelve)

Shows actual historical performance. What the property really earned and spent over the past year.

Pro Forma

Shows projected future performance. What the broker thinks the property will earn.

Smart underwriters use the T12 to ground-truth the broker's pro forma assumptions.

Template Contents

Everything you need for NOI analysis

A complete T12 structure designed by acquisitions analysts.

Income Categories

Gross rental income, other income (parking, laundry, fees), vacancy loss, and effective gross income.

Operating Expenses

Property taxes, insurance, utilities, repairs & maintenance, management fees, and more.

Monthly Breakdown

12 columns for month-over-month analysis. Spot trends, seasonality, and anomalies.

NOI Calculation

Auto-calculated Net Operating Income for each month and the trailing 12-month total.

Annualized Totals

Summary column with trailing 12-month totals for every line item. Ready for your model.

Expense Ratio

Pre-built formulas for expense ratio, vacancy rate, and other key performance metrics.

Quick Start

How to use this template

Four steps to organize your T12 financials.

01

Download and save

Download the Excel file and save a copy for each property. Works with Excel 2016+ or Google Sheets.

02

Enter monthly data

Input income and expense data from the seller's financials, property manager reports, or broker package.

03

Review NOI and ratios

Check the trailing 12-month NOI, expense ratio, and vacancy rate. Compare to broker projections.

04

Feed your model

Link or copy the organized data into your underwriting model. Use actual T12 data to validate pro forma assumptions.

FAQ

Common questions

Why do investors rely on T12s?

Investors use T12s to calculate Net Operating Income (NOI), validate broker projections, identify expense trends, and model realistic cash flows. A T12 is typically provided by the seller or property manager and is essential for accurate valuation. It shows what the property actually earned, not what someone hopes it will earn.

What expense categories are included?

Property taxes, insurance, utilities, repairs & maintenance, management fees, payroll, landscaping, pest control, and a catch-all "other" category. Customize as needed.

Can I add more line items?

Yes. The template is fully editable. Add or remove rows to match your expense categories. Just update the summary formulas to include new rows.

What about capital expenditures?

CapEx is typically tracked separately from the T12 (which shows operating expenses). This template focuses on operating income and expenses for NOI calculation.

Is it really free?

Yes, completely free. We built this to help CRE professionals. If you want to automate data entry entirely, check out Primer.

Automate it

Want to skip the manual data entry?

Primer extracts T12 data from any document format (PDFs, scans, Excel) and maps it directly to your underwriting model. No copying, no pasting.

  • Works with any T12 format
  • Maps to YOUR Excel template
  • 98%+ accuracy with source citations
Learn how Primer works
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