You just got the OM on a new deal. The broker’s pro forma looks clean: tight expenses, growing revenue, a compelling NOI story. But you’ve been doing this long enough to know that “clean” sometimes means “curated.” The question isn’t whether the numbers add up. It’s whether they hold up against what the property actually did last year. So you pull up the T12 and start mapping line items to the broker’s chart of accounts, category by category, trying to figure out where the broker’s projections diverge from trailing actuals and whether those gaps have any justification behind them. It’s not hard work. It’s just slow, tedious, and easy to lose focus on when you have six other deals in motion. That’s exactly what this task is built to fix. underwriting 10 min Compare T12 vs. Broker Pro Forma This task maps the T12 to the broker's chart of accounts, lines up each expense and income category against the broker's underwritten numbers, and flags every line where the broker diverges from trailing actuals. Who It’s For Acquisitions professionals who need to pressure-test a broker's underwriting before going deeper on a deal. What You Get Back A formatted Excel workbook with every line item mapped, variances quantified, and analyst flags on every aggressive or unsupported assumption. Why It Matters Turns a 20-minute manual scrub into a 10-minute AI-assisted analysis, so you catch the gaps before they cost you. Task Inputs Trailing 12-Month Operating Statement (if not summarized in OM) Required If T12 is not summarized in the OM, upload the property's T12 operating statement (Excel or PDF) and the AI coworker will map the T12 to the broker's chart of accounts. Offering Memorandum (or Broker Pro Forma) Required The broker's OM (PDF). Contains the broker's proforma, underwriting assumptions, notes, and property details. Skills Used Operating Expense Ratio Analysis Excel Document Style Guide OER Analysis Attribution Tools Used T12 Mapping to Chart of Accounts What This Task Does You upload two things: the broker’s offering memorandum (or pro forma) and the property’s trailing 12-month operating statement. If the T12 is already summarized inside the OM, you only need the OM itself. From there, the Real Estate Analyst (with Memory) takes over. It reads the OM, extracts the broker’s pro forma and assumptions, maps the T12 to the broker’s chart of accounts, and builds a comparison worksheet in Excel. Every line item gets a variance calculation, a note on the broker’s stated justification, and an analyst flag: Reasonable, Aggressive, Conservative, or Unsupported. It also calculates opex ratios for both the T12 and the broker’s numbers and tells you how much of the compression is actually supported. The whole process takes roughly 10 minutes of your time. The AI does the rest. Who This Task Is For Every acquisition starts with a broker narrative. The numbers in the OM are the seller’s best case. Before you spend hours building your own underwriting model, you need to know where the broker’s story breaks down. This task gives you that answer fast. This task is built for: Acquisitions analysts who need to scrub a broker pro forma against actuals before presenting a deal to their IC Principals and portfolio managers who want a quick read on whether a deal’s underwriting is grounded or aspirational Underwriters at lending shops who need to validate sponsor-submitted financials against trailing performance Asset managers evaluating dispositions who want to see how a broker is positioning the property’s financials relative to what actually happened In short: if you already have an OM and a T12, this task gives you a line-by-line variance analysis with analyst-quality flags in minutes. Why It Matters Broker pro formas are marketing documents. They’re built to sell. That doesn’t make them wrong, but it means every line item deserves scrutiny, especially the ones where the broker projects savings or growth without explaining why. You already know this. Anyone who’s underwritten more than a handful of deals has found the inflated rent bumps, the magically compressed expense ratios, the management fee that quietly dropped two points with no operational change to support it. The problem isn’t that you can’t catch these things. It’s that doing it properly takes 20 minutes per deal, and when you’re screening ten OMs a week, that time adds up fast. Some deals slip through with less scrutiny than they deserve, not because you don’t care, but because the queue is relentless. This task cuts that 20-minute scrub down to about 10 minutes. You upload the documents, the AI maps every line, flags every divergence, and hands you a formatted workbook. You spend your time reviewing the flags and deciding what matters, not manuall