Free T12 Template for Excel
Download a professional trailing 12-month operating statement template with all standard income and expense categories used by CRE investors, lenders, and brokers. Works with Excel, Google Sheets, and Numbers. Customizable for any property type.
No signup required. Downloads as .xlsx file.
What's Included in the Template
Our T12 template includes a 12-month layout with standard income categories (GPR, vacancy, other income) and expense categories (taxes, insurance, utilities, repairs, management, and more). NOI calculates automatically, and expense ratios are built-in.
Income Categories
Track all revenue sources and adjustments to arrive at Effective Gross Income:
| Category | Description | Example | Type |
|---|---|---|---|
| Gross Potential Rent (GPR) | Total rent if 100% occupied at market rates | $500,000 | Required |
| Vacancy Loss | Lost rent from unoccupied units | ($25,000) | Required |
| Concessions | Free rent, move-in specials, and discounts | ($5,000) | Optional |
| Bad Debt / Credit Loss | Uncollected rent from non-paying tenants | ($3,000) | Optional |
| Other Income | Parking, laundry, late fees, pet rent, storage | $18,000 | Optional |
| Effective Gross Income (EGI) | Total actual income collected | $485,000 | Auto |
Operating Expense Categories
Standard expense line items to arrive at Net Operating Income:
| Category | Description | Example | Type |
|---|---|---|---|
| Property Taxes | Real estate taxes paid to local government | $48,000 | Required |
| Insurance | Property, liability, and umbrella coverage | $12,000 | Required |
| Utilities | Electric, gas, water, sewer, trash (landlord-paid) | $24,000 | Required |
| Repairs & Maintenance | Day-to-day repairs, HVAC service, plumbing, electrical | $18,000 | Required |
| Property Management | Management fees (typically 3-6% of collected rent) | $19,400 | Required |
| Landscaping & Grounds | Lawn care, snow removal, parking lot maintenance | $6,000 | Optional |
| Administrative | Legal, accounting, marketing, office supplies | $4,800 | Optional |
| Reserves | Set aside for future capital expenditures | $12,000 | Optional |
| Total Operating Expenses | Sum of all operating expense line items | $144,200 | Auto |
| Net Operating Income (NOI) | EGI minus Total Operating Expenses | $340,800 | Auto |
What's NOT Included in NOI
These items are excluded from operating income so NOI can be compared across properties:
Debt Service
Mortgage principal and interest payments. Every buyer has different financing.
Capital Expenditures
Major improvements like roof replacement, new HVAC, or parking lot resurfacing.
Depreciation
Non-cash accounting entry that reduces taxable income but isn't actual cash spent.
Income Taxes
Owner's personal or corporate taxes depend on their situation, not property operations.
Works for All Property Types
Our T12 template is designed for any commercial real estate asset class:
Multifamily
Apartments, condos, townhomes
Office
Class A, B, C office buildings
Retail
Strip centers, malls, standalone
Industrial
Warehouses, flex, distribution
Self-Storage
Storage facilities
Mixed Use
Retail + residential combinations
Why Use a Standardized T12 Template?
A consistent format saves time and ensures accurate financial analysis:
Accurate NOI Calculation
Built-in formulas ensure your Net Operating Income is calculated correctly every time.
Month-by-Month Tracking
12-column layout lets you track income and expenses by month to spot trends and seasonality.
Lender-Ready Format
Standard categories that lenders and investors expect to see during due diligence.
Professional Presentation
Clean, organized format presents well to potential buyers, lenders, and partners.
Expense Ratio Analysis
Easily calculate expense ratios to benchmark against market comparables.
Analysis Ready
Upload to CleanRoll.ai for instant insights and reconciliation with your rent roll.
How to Use the T12 Template
Download
Download the T12 template as an Excel file that works with any spreadsheet software.
Enter Data
Fill in monthly income and expenses from your accounting records or bank statements.
Auto-Calculate
EGI, total expenses, and NOI calculate automatically using built-in formulas.
Analyze
Use NOI for valuations, loan applications, or upload to CleanRoll.ai for deeper analysis.
T12 vs. Rent Roll: What's the Difference?
T12 Statement
- 12-month history of financial performance
- Shows actual income collected
- Shows actual expenses paid
- Calculates NOI (Net Operating Income)
- Answers: "What did this property actually earn?"
Rent Roll
- Point-in-time snapshot of current tenants
- Shows contracted rent amounts
- Shows lease terms (start, end dates)
- Shows vacancy and tenant details
- Answers: "Who's there and what should they pay?"
Use Both Together
In due diligence, compare the rent roll to the T12. The rent roll shows potential income (contracted rent). The T12 shows actual income (what was collected). Differences reveal vacancy, bad debt, concessions, or other issues.
Already Have a T12? Clean It Up Instantly
Got a messy T12 from a broker or property manager? CleanRoll.ai uses AI to automatically standardize any T12 format into clean, analysis-ready data. Upload Excel, CSV, or PDF files and get results in seconds.
3 free documents, no credit card required
Frequently Asked Questions
Common questions about T12 templates