Every expense line, labelled with where it came from
The trailing twelve or the year-end statement, read line by line into income and operating expense — with capital items pulled out, partial periods annualised by the engine, and a source on every figure.
An expense you cannot trace is one you cannot defend
A lender asking where a number came from is a routine question with an expensive answer if the honest one is that somebody typed it. Reported figures arrive here with their provenance attached.
- Filled with their sourceEach line carries the statement it was read from and the period it covers, so the answer to “where did this come from” is already on screen.
- Capital items separatedA roof replacement is not an operating expense. It is pulled out and sits below the NOI line, where it does not depress the value the income supports.
- Partial periods annualised by the engineA nine-month statement is scaled on a stated basis rather than by whoever is reading it, which is a quiet and common source of error.
Operating statement — T12 to Jun 2026
Income
Operating expenses
Below the NOI line
A statement is a report. A lease is a contract.
These are not the same kind of fact and DealWise does not treat them as one. A lease says what was agreed and it is binding. A statement says what happened, according to whoever prepared it.
So income is derived from the rent roll, not from the statement. The statement gives you the expense side, which no lease contains, and it gives you a second view of the income that you can hold up against the first.
When those two disagree, that gap is often the most informative thing in the deal — usually a lease that was never provided, or something being collected that no lease supports. A model built entirely from the statement can never surface it, because it has nothing to compare against. It is the same logic as the stated versus derived check: two independent sources are worth more than one authoritative one.
Questions people ask
What does DealWise read off an operating statement?
Income lines and operating expense lines, each labelled with the statement and the period it came from, with capital items separated from operating ones. It reads a trailing twelve months or a year-end statement; both are normal and they are treated differently where it matters.
How is this different from the lease data?
A lease is a contract and an operating statement is a report. Contract terms are proposed and filled as facts. Reported figures are proposed and filled with their source attached, because they describe what happened rather than what was agreed — and the difference matters when something does not reconcile.
Does it scale partial-year figures?
Yes, and the engine does it rather than the reader. A statement covering nine months is annualised on a stated basis instead of being eyeballed into a twelve-month number, which is one of the quieter ways an underwriting picks up an error.
What happens to capital items?
They are separated out and sit below the NOI line. A roof replacement is not an operating expense, and booking it as one understates NOI and therefore the value that NOI supports.
What if the statement disagrees with the rent roll?
You see both. The rent roll is the system of record for income, so NOI is derived from it — but a gap between the two is one of the more informative things in a deal, and it usually means either a lease was not provided or something is being collected that no lease supports.
Where this goes next
Upload & auto-build
How a statement gets in, and how it is treated.
CapEx vs OpEx
Which side of the NOI line a cost belongs on.
Cash flow modeling
Where these expense lines end up.
What is NOI?
The figure these lines add up to.
CAM charges explained
The recovery lines on the income side.
All capabilities
Everything else the product does.
Upload the statement with everything else.
DealWise reads the income and expense lines, labels each with its source, separates the capital items and puts the operating ones where they belong. Free plan, no credit card.