Investor Encyclopedia

T12

T12: a practical Canadian real estate investor guide to definition, deal math, underwriting use, common traps, and Realist.ca implementation.

Definition

A trailing twelve-month statement is the last 12 months of property income and expenses. It is the starting point for normalizing NOI.

Example

In underwriting, tag T12 beside the exact source input and rerun the model when that input changes. The point is not a pretty metric; it is a better buy, hold, refinance, or walk decision.

Why It Matters

T12 changes what a disciplined buyer can pay, how much debt the asset can safely carry, and whether the return is coming from operations or fragile assumptions.

Investor Interpretation

Start with what is contractual and collected, then normalize. A model should expose the lie, not decorate it.

Realist Tie-In

Realist.ca can make T12 searchable as an encyclopedia entry, link it to property underwriting, and show it beside listings, saved analyses, market pages, and investor lead magnets.