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The multifamily T-12 template, ready to download
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This is the T12 template multifamily owners, brokers, and lenders already expect: one line item per row, twelve monthly columns, and a Total column on the right. It is the same structure RTOM uses internally, free and ungated, no email required.
Multifamily T-12 template (CSV)
Opens directly in Excel or Google Sheets. The four computed rows, Net Rental Income, Effective Gross Income, Total Operating Expenses, and Net Operating Income, state their arithmetic in the row label instead of a live formula, since a plain CSV cannot carry formulas between programs; add your own SUM formulas once you open it.
Download the template (CSV)If you want a T-12 template excel workbook rather than the raw CSV, open the file in Excel and use Save As, Excel Workbook (.xlsx), then add SUM formulas for the Total column and for each computed row using the arithmetic already written in its label. Once built, those formulas save and reopen with the workbook like any other Excel file.
What is in the template
Every standard line item a buyer expects on a multifamily T-12 template runs down the left column, in the order shown below, starting with a short property details block. Four rows are computed rather than entered directly: Net Rental Income, Effective Gross Income, Total Operating Expenses, and Net Operating Income. Each one states its arithmetic in the row label instead of holding a live formula, since the CSV format itself cannot carry formulas between programs, so add the SUM formulas yourself once you open it in Excel or Google Sheets.
| Line item | Why it matters |
|---|---|
| PROPERTY DETAILS | |
| Property Name | Identifies the property; keep it consistent with your listing and diligence documents |
| Unit Count | Total units; lets a buyer sanity-check income and expenses on a per-unit basis |
| Twelve Months Ending | The stop date of the trailing twelve; confirms the period is current |
| Accounting Basis (cash or accrual) | Whether income and expenses are booked when billed or when cash moves; changes how every number below should be read |
| INCOME | |
| Gross Potential Rent (GPR) | The ceiling: what every unit would collect at full occupancy and full asking rent |
| Loss to Lease | Gap between GPR and what signed leases actually charge |
| Vacancy Loss | Rent lost to units sitting empty |
| Concessions | Free rent and discounts that reduce what a tenant actually pays |
| Bad Debt / Collection Loss | Rent billed but never collected |
| Net Rental Income (computed) | GPR minus the four loss lines above |
| Other Income (laundry, pet, parking, RUBS, fees) | Ancillary income; keep it itemized so a buyer never has to ask what is inside it |
| Effective Gross Income (computed) | Net Rental Income plus Other Income, the true top line a buyer capitalizes |
| OPERATING EXPENSES | |
| Property Taxes | Checkable against the assessor's actual bill |
| Insurance | Checkable against the declaration page |
| Utilities (owner-paid only) | Owner-paid utility cost only; RUBS recovery belongs in Other Income, not here |
| Repairs & Maintenance (excludes turnover and capital items) | Routine repairs only; turnover costs and capital work each get their own line |
| Turnover / Make-Ready | Cost to prep a unit between tenants |
| Contract Services (landscaping, pest, trash, elevator) | Recurring vendor contracts bundled into one line |
| Payroll | On-site staff, if any |
| Property Management Fee (enter a market fee even if self-managed) | A buyer will pay one regardless; entering it here keeps NOI comparable to what a new owner will actually net |
| Marketing & Leasing | Advertising and leasing spend |
| Administrative (office, legal, professional fees) | General office and professional overhead |
| Total Operating Expenses (computed) | Sum of the ten expense lines above |
| Net Operating Income (computed) | Effective Gross Income minus Total Operating Expenses |
| BELOW THE LINE (excluded from NOI) | |
| Capital Expenditures | One-time or infrequent capital work, kept out of NOI on purpose |
| Replacement Reserves | Excluded from historical NOI here, though some lenders underwrite a reserve deduction when computing net cash flow |
| Debt Service | The buyer's financing cost, not the property's operating performance |
Capital Expenditures, Replacement Reserves, and Debt Service all sit below the Net Operating Income line on purpose. Mixing any of them into operating expenses is the most common mistake in a seller's T-12: it understates the property's actual operating performance and throws off every value a cap rate produces from it. Reserves specifically are excluded from historical NOI here, though some lenders underwrite a reserve deduction of their own when they compute net cash flow. Keep all three below the line.
How to fill it out
Most property management software will export the numbers you need directly. AppFolio, Yardi, Buildium, and RentManager exports all map onto these lines with only minor renaming, so filling in the template is mostly a copy-and-paste exercise once you have the right export open next to it.
Fill in twelve complete calendar months. Use actuals only, never projections; a T-12 records what already happened, not what might happen next quarter. Enter negative adjustments, such as concessions or bad debt, as positive numbers in their own loss lines rather than netting them against rent elsewhere, so the arithmetic behind Net Rental Income stays visible instead of buried inside one blended number. And book each item in the month it actually hit the ledger, not the month it was invoiced or the month you happened to notice it, so the monthly pattern stays real.
If your books are cash-basis and only track collected rent, enter collected rent on the Gross Potential Rent line and leave the four loss lines at zero. Do not manufacture a loss-to-lease figure from the rent roll just to populate a line the template happens to have; an invented number is worse than an empty one.
The annotated sample: a filled 24-unit T-12
Here is the same 24-unit property used throughout RTOM's Learn library, with twelve months entered exactly as they would be in the template above.
| Month | Collected rent | Other income | Repairs & maintenance | All other OpEx | NOI |
|---|---|---|---|---|---|
| Jan | $28,600 | $1,625 | $2,800 | $13,250 | $14,175 |
| Feb | $28,700 | $1,625 | $3,100 | $13,250 | $13,975 |
| Mar | $28,900 | $13,625C | $21,000B | $13,250 | $8,275 |
| Apr | $29,000 | $1,625 | $2,900 | $13,250 | $14,475 |
| May | $29,100 | $1,625 | $3,000 | $13,250 | $14,475 |
| Jun | $28,800 | $1,625 | $3,200 | $13,250 | $13,975 |
| Jul | $29,200 | $1,625 | $2,700 | $13,250 | $14,875 |
| Aug | $29,300 | $1,625 | $3,000 | $13,250 | $14,675 |
| Sep | $29,400 | $1,625 | $3,100 | $13,250 | $14,675 |
| Oct | $32,200A | $1,625 | $2,900 | $13,250 | $17,675 |
| Nov | $32,500A | $1,625 | $3,000 | $13,250 | $17,875 |
| Dec | $32,800A | $1,625 | $3,300 | $13,250 | $17,875 |
| T-12 total | $358,500 | $31,500 | $54,000 | $159,000 | $177,000 |
A few of these numbers are worth a second look, the same look a buyer's underwriting or RTOM's automated detectors would give them:
- A · Oct-Dec rent step-up
- Trailing-three average of $32,500 against a prior-nine average of $29,000 is a 12.1 percent lift. RTOM's published rent-lift detector threshold flags anything over 10 percent as critical, a possible pre-listing rent push. A lift over that line is not automatically fake, but it warrants lease-level evidence and blocks publish until the seller attaches a written disclosure.
- B · Mar repairs, $21,000
- More than 3x the roughly $3,000 median of the other eleven months, which trips the expense-spike detector. Here it is a one-time building re-pipe: the normal $3,000 stays in Repairs & Maintenance, and the $18,000 above it is reclassified below the NOI line as a capital item.
- C · Mar other income, $13,625
- Includes a $12,000 one-time insurance claim payout. Other income runs 8.1 percent of reported total income here, above the 5 percent opacity threshold, so the detector asks for an itemized breakdown. The recurring run rate is $19,500 a year, not $31,500.
- D · No management fee row filled in
- The owner self-manages, so no fee is booked. A buyer underwrites a market-based management fee, commonly around 4 percent of EGI though small properties often pay a higher percentage, adding roughly $15,000 a year before valuing the property.
Reported NOI on this property is $177,000. Verified NOI, after the adjustments above, is $168,000. At a 6.00 percent cap rate that is $2,950,000 versus $2,800,000, a $150,000 gap from a $9,000 NOI adjustment. For the full step-by-step walkthrough of this same property, work through all five underwriting steps. For the complete list of the 15 detectors, see every check RTOM runs before a listing can publish.
Fill the template, then verify it free
Once the twelve months are in, upload the file to the free T-12 health check and get every flag a buyer would find, before a buyer finds it. Free, no login.
Run the free T-12 health checkFrequently asked questions
- Is there an Excel version of the T-12 template?
- The download is a single CSV file, which opens natively in both Excel and Google Sheets, so this is already a T-12 template excel users can work in immediately. The four computed rows, Net Rental Income, Effective Gross Income, Total Operating Expenses, and Net Operating Income, state their arithmetic in the row label rather than a live formula, since a CSV cannot carry formulas between programs. Add your own SUM formulas for those rows and the Total column once you open the file, or save it as a native .xlsx workbook and build them there.
- What line items should a multifamily T-12 template include?
- On the income side: Gross Potential Rent, Loss to Lease, Vacancy Loss, Concessions, Bad Debt, Net Rental Income, Other Income, and Effective Gross Income. On the expense side: Property Taxes, Insurance, Utilities, Repairs and Maintenance, Turnover, Contract Services, Payroll, Property Management Fee, Marketing, Administrative, and Total Operating Expenses. Then Net Operating Income, followed by Capital Expenditures, Replacement Reserves, and Debt Service listed separately below it.
- Should capital expenditures go in a T-12?
- Capital expenditures and debt service belong below the Net Operating Income line, not inside operating expenses. NOI measures how a property performs before financing and before large, infrequent capital work, so folding either one into operating expenses distorts NOI and, downstream, the value a cap rate produces from it.
- Can I use this template with projections?
- No. A T-12 template is for actual, completed months only, taken straight from the ledger after the fact. Forward-looking numbers belong in a separate document, a proforma, which carries its own assumptions and deserves its own scrutiny rather than being blended into historical actuals.
- Do buyers accept a T-12 in this format?
- Yes. Lenders and buyers care about complete calendar months and real ledger numbers, not a particular spreadsheet's formatting. A CSV with twelve actual months and standard line items is exactly the shape underwriters expect when they reconcile a T-12 against a rent roll and general ledger.
Reviewed by Scott Henderson, Senior Multifamily Advisor · Updated July 2026
Next: The full underwriting sequence · How to verify a T-12 · What is a T-12?