---
title: "Real Estate T12 Extraction AI Agent | Kolena"
url: "/agent-library/t12-extraction/"
description: "A pre-built AI agent from Kolena for real estate T12 financials. Turn twelve months of trailing financials into a clean, cited NOI spread."
updated: 2026-08-11T20:54:34+00:00
---

# T-12 Extraction

Pull a real estate T12's twelve months of trailing financials into a clean, cited NOI spread that is comparable across properties.

## Impact

Hours of manual keying per property spread eliminated, with T-12s normalized to a comparable format as fast as they arrive (per operating statement)

## What it extracts

- **Statement Overview** — The identifying facts of the statement - property, type, unit count, period, basis, and source system - so a reviewer can orient before reading the numbers.
- **Source Accounting System** — Which property-management or accounting system produced the export, since each labels the same line items differently and that guides normalization.
- **Reporting Basis** — Whether the statement is cash, accrual, or modified basis, which determines whether incurred-but-unpaid expenses are captured in NOI.
- **Rental Income and Effective Gross Income** — The income waterfall normalized to a standard chart - gross potential rent net of loss to lease, vacancy, concessions, and bad debt, plus other income, to effective gross income.
- **Operating Expenses** — Every operating cost mapped to a standard expense category with per-unit and percent-of-EGI figures, keeping capital and financing items out.
- **NOI Reconciliation** — The NOI waterfall - GPR to EGI to Total Operating Expenses to NOI - with a foots check that each subtotal ties back to its supporting detail.
- **Monthly Trend** — Month-by-month EGI, operating expenses, and NOI across the trailing twelve months, exposing seasonality, spikes, and missing periods for run-rate work.
- **Below-the-Line Items** — Capital expenditures, replacement reserves, debt service, depreciation, and taxes captured separately so they never leak into operating expenses or NOI.
- **Non-Recurring and Add-Back Items** — One-time or extraordinary items flagged with a recommended normalization treatment, mirroring the servicer NOI-adjustment step.
- **Operating Metrics** — The standard trailing twelve-month KPIs - NOI, NOI margin, expense ratio, physical and economic occupancy, per-unit figures, and ADR/RevPAR for lodging.
- **Period Coverage and Annualization** — Whether the statement is a true trailing twelve months or a shorter period, and how any annualized run rate was derived, so a partial year is not misread as full.
- **Data Quality and Validation Flags** — The footing, sign, classification, and reasonableness checks an analyst runs before trusting a spread, each marked Pass, Fail, or Review.
- **Normalization Notes** — A narrative of the mapping judgment calls, reclassifications, and assumptions made while building the spread, so a reviewer knows where to double-check.

## Where it fits

- **Process** — Acquisition and asset-management underwriting
- **This step** — T-12 extraction and normalization
- **Upstream** — Deal intake - trailing twelve-month operating statements arriving from the property, seller, or GP by email or Drive in each system's own export format
- **Downstream** — Deal Underwriting; Quarterly Budget Variance; IC Memo; Portfolio reporting and lender reporting

## What it needs

### Documents
- Trailing twelve-month operating statement (T-12)
- Monthly profit and loss statements
- Rent roll (for unit count and occupancy)
- Prior-year operating statements

### Systems
- Yardi
- RealPage
- AppFolio
- Entrata
- MRI
- Email
- Google Drive
- SharePoint

### Prerequisites
- Your standard chart of accounts or spread template
- The property unit count and rentable area for per-unit metrics
- The full twelve months of the statement, not a partial period

## What it produces

A standardized, cited T-12 spread with the NOI build, operating metrics, add-backs, and validation flags

### Destinations
- Deal folder
- Underwriting model
- Asset-management system
- Investment committee package

## Review model

An analyst reviews the normalized mapping, the NOI reconciliation, the non-recurring add-backs, and the validation flags before the spread feeds a model or an investment memo.

## Who uses it

- Acquisitions Analyst
- Asset Manager
- Underwriter
- Real Estate Accountant
- Portfolio Analyst

## Volume fit

- **Works best for** — teams spreading T-12s for every acquisition or across a portfolio, where formats differ property to property
- **Too small for** — a single property with an already-standardized spread template that needs no normalization

## Grounded in

- CREFC Investor Reporting Package (IRP) - Chart of Accounts, Operating Statement Analysis Report, and NOI Adjustment Worksheet _(verified 2026-07-22)_

## Provenance

based on a production deployment at a multifamily investment operator