Operating statement template (T12)
A trailing-twelve-month operating statement in Excel, plus the list of items that look like operating expenses and are not — which is what decides whether your NOI is right.
Excel workbook
- Operating statement
- What is and is not opex
No account. No email. No trial.
What is in it
Two tabs. A blank operating statement with line item, category, annual amount, cost per square foot and notes. And a reference tab listing what belongs above the NOI line and what does not.
The line that decides NOI
Net operating income is income less operating expenses, and almost every argument about a property's NOI is really an argument about that second word.
Four things are put on the wrong side of it more than the rest. Capital expenditure — a roof, HVAC units, a facade — buys the building more life than the year it was spent in, so it sits below NOI. Tenant improvements and leasing commissions are costs of getting a lease signed, not of operating space. Mortgage interest and principal are the buyer's financing, and a property's income does not depend on how somebody bought it. Depreciation never leaves the bank account at all.
Each one, moved to the wrong side, changes NOI — and because NOI is what a cap rate is applied to, it changes the value by a multiple of itself.
Why a seller's statement is a starting point
An operating statement is a reported document rather than a contractual one. It says what the owner recorded, which is not always what the next owner will pay: a management fee below market because the owner self-manages, a property tax line that has not been reassessed since the sale, an insurance premium from before the last renewal.
That is why DealWise fills operating-statement lines with their source attached rather than treating them as facts. The template leaves a notes column for the same reason.
Or skip the spreadsheet
Upload the documents and it fills itself in.
DealWise reads the leases, the amendments and the operating statement, and proposes every term with the clause it came from. The rent roll stays the system of record and NOI is derived from it, never typed beside it. Free plan, no credit card.