In one sentence
A financial statement showing a property's actual income and expenses over the most recent twelve months.
The longer version
The T-12 is the workhorse operating statement in commercial real estate diligence: twelve months of actual performance, month by month. It grounds underwriting in reality rather than projection.
Lenders compare the T-12 to the rent roll and the pro forma, looking for consistency and for the trend the recent months reveal.
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