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Tier 2 — Financial Analysis·Course 03
Reading CRE Financial Statements
Decode rent rolls, T-12s, and operating statements like a broker
Every CRE deal revolves around three documents: the rent roll, the T-12 (trailing 12-month operating statement), and the pro forma. This course teaches you to read all three, spot the numbers that matter, and identify the accounting tricks sellers use to make a property look better than it is.
⏱90 minutes
📚7 lessons
$Free forever
What you'll learn
- Read a rent roll and flag expiring leases, below-market rents, and tenant concentration risk
- Analyze a T-12 for seasonality, one-time expenses, and normalized NOI
- Compare actual operating statements against pro forma projections
- Categorize operating expenses and spot missing line items
- Identify common seller tricks: expense omissions, above-market rent assumptions, ghost tenants
Lessons
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