09/29/2026
The T12 is the most useful document in an apartment deal. Most investors never look at one. T12 means trailing twelve months. A line by line record of what the property actually collected and actually spent. Not projections. What happened. What I look at first: Collected rent versus scheduled rent. Scheduled is what the leases say. Collected is what came in. The gap is your real delinquency and concession story. The monthly pattern, not the annual total. A steady year is a different asset than one with three bad months hidden inside a decent total. Repairs and maintenance by month. A spike means something broke. A steady climb means the building is aging faster than the budget admits. Payroll. One full timer or three part timers? Did staffing change mid year? What gets capitalized versus expensed. Some owners move real operating costs into capital so expenses look lower. And the one most people miss. Put the T12 next to the pro forma. Every line where the projection beats the last twelve months is a line somebody has to explain. The T12 is what is true. The pro forma is what somebody hopes. Free OKC multifamily market report → https://forms.gle/ZkJzjvF76p4GKH7H9
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