T12

Also called: Trailing Twelve, T-12

A T12 (trailing twelve months) is a financial statement showing a property's actual income and expenses for the twelve months immediately prior to the current date. Lenders and buyers use it to evaluate real recent performance rather than a projection.

Example

A T12 pulled in March 2026 covers March 2025 through February 2026. The window rolls forward every month, so a T12 from a deal you looked at last quarter is already stale.