Glossary term
T12 (Trailing 12 Months)
A T12 is a property's actual income and expenses for the last twelve months, shown month by month. It is the main record of how a property really performed.
T12 stands for trailing twelve months. It is an operating statement that lists collected income and paid expenses for each of the past twelve months, with a total.
Buyers and lenders rely on it because it shows real results, not projections. Reviewing it month by month reveals trends, seasonality, one-time items and expense spikes that a single annual figure would hide.
Check the T12 against the rent roll and bank statements. If the numbers do not match, ask why before you rely on the NOI.
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