Rent roll analysis for multifamily underwriting
Physical occupancy is the number sellers quote. Economic occupancy is the number that pays the mortgage. The rent roll is where you find the difference.
INSIGHTS
Underwriting, read closely.
Field notes on reading a deal beneath the deal — T-12 analysis, rent roll extraction, NOI reconciliation, valuation, and screening. Written for buy-side investors who underwrite their own opportunities.
NOI reconciliation: closing the gap between reported and reconstructed
The seller's NOI and the NOI you rebuild from the documents almost never agree. The reconciliation between them is the most valuable number in the package.
How to read a T-12 the way an underwriter does
The T-12 is the first document you open and the easiest to misread. A field guide to the lines that move a deal — and the ones sellers lean on.