How do I check a broker's pro forma against the rent roll and T-12?

Build an independent lease-level model from the rent roll and operating statement, then compare it to the broker's Year 1 line by line. In Moraine, the vs Broker tab shows each line's delta in dollars and percent, a severity status, the OM page citation, and a plain-language explanation of the likely cause.

What are the most common places a broker pro forma overstates NOI?

Market rent applied to vacant space with no downtime, recoveries that assume more reimbursement than the leases support, below-trend expense lines, and a vacancy or credit loss factor lighter than history. Moraine's tie-outs and vs Broker view surface these as specific line-level deltas rather than one NOI gap.

Does Moraine just copy the broker's numbers?

No. An OM is the broker's story about the asset. Moraine extracts what the OM states, marks everything it had to default or infer, and shows how much of the model rests on the broker's numbers through trust states and the Model trust chip.

What happens when my number and the broker's differ for a good reason?

Click Reconcile on that line to accept the difference as intended. The line is marked Reconciled, so reviewers can see the divergence was a decision, not an oversight.

How much does it cost?

The free evaluation is 14 days of unlimited underwriting, with no card and no sales call. Individual is $300 per month for unlimited models, scenarios, Excel exports, the full report catalog, and the modeling agent.

Can I export the broker reconciliation?

The pro forma exports to XLSX, and the report catalog includes an In-Place vs. Pro Forma NOI bridge with per-line commentary and a Source Lineage & Warnings sheet. Underwriting exports are Excel, not PDF.

How to Check a Broker's Pro Forma Against the T-12

Short answer: to check a broker’s pro forma, build your own lease-level model from the rent roll and operating statement and compare it to the broker’s Year 1 line by line. Moraine builds that model from the OM in a few minutes, and its vs Broker view shows each line’s delta, severity, the OM page it read, and the likely cause. It covers office, retail, and industrial on the free 14-day evaluation or Individual at $300 per month. Honest limit: Moraine flags divergences; deciding whether the broker is right is still your call.

Why this is the check that matters

A broker’s pro forma is a sales document. It is rarely wrong in an obvious way; it is optimistic in several small ways that compound. Vacant suites leased at market on day one. Recoveries grossed up past what the leases allow. Repairs and maintenance trimmed below the trailing twelve. A 3% general vacancy on a center that has run at 8%.

On the buy side, the question at screening was always the same: how much of this NOI is in the leases, and how much is in the broker’s assumptions? Answering it by hand means rebuilding the rent roll, rebuilding recoveries, and lining your spreadsheet up against theirs. That is most of a day per deal, and it is the day you most want back.

Who this is for, and who it isn’t

This is for you if:

You are screening office, retail, or industrial OMs and need to know how much of the broker’s NOI is supported by the leases.
You are a lender or credit analyst checking a sponsor’s pro forma against the borrower’s rent roll.
You present to an IC that asks “what are we assuming improves?”

This isn’t for you if:

The asset is multifamily, hotel, self-storage, or single-family.
You need the software to decide whether a lease is executed or month-to-month when the documents don’t say. Moraine opens a review item instead.
You want a formatted PDF memo of the reconciliation. Exports are XLSX.

The workflow, step by step

1. Build from the OM. On the Acquisition pipeline, click Upload OM and pick the PDF. When the row reads Ready to build, click Build. Moraine reads the rent roll pages, the broker’s pro forma, the market leasing legend, and financing terms. If you have the actual rent roll and T-12 rather than just the OM, Rent roll + statement builds from those primary documents instead.

2. Check the census and tie-outs. The intake report opens first. Census tiles show what extraction produced: rent roll rows, MLAs, recovery pools, expense lines. Then three tie-outs against the document’s stated figures: extracted rent, reconstructed recoveries, and NOI. PASS is within tolerance (under $1,000 or 2%); FAIL means go look. A census that doesn’t match the document’s own suite count means pages were missed; fix that before anything else.

3. Work the vs Broker tab top to bottom. On Pro Forma, open vs Broker. Each line shows your modeled Year 1, the broker’s figure, the delta, a severity Status chip, and the OM page citation. Divergent lines explain themselves, for example: “We model +$129,993 more potential base rent than the broker — check market rents and occupancy.” Each offers three actions:

Jump → to the input driving the difference (a tenant’s rent step, an MLA, a recovery method).
Reconcile to accept the difference as intended, which marks the line Reconciled.
Fix with agent to hand the divergence to the modeling agent, which proposes a changeset you accept or reject.

4. Know what rests on the broker. Every value carries a trust state: Mapped (read from a document, with page and quote), Inferred, Defaulted, Missing, Reviewed, Overridden, Reconciled. The Model trust chip rolls this up. Click any number to open the Inspector and trace it to its formula and source page.

5. Bridge in-place to pro forma. In Export, the In-Place vs. Pro Forma NOI report bridges in-place income to Year-1 pro forma NOI with per-line commentary. Add Expiring Rent vs. Market to see how much upside the broker is counting on at rollover, and Source Lineage & Warnings for where each number came from.

6. Put your view in a scenario. Duplicate the Base case, type your haircuts (market rent, downtime, vacancy, expense growth) into the new column, and compare. Scenarios shows the cases side by side with the spread against Base on levered IRR, equity multiple, cash-on-cash, Year 1 NOI, and minimum DSCR.

Pricing, integrations, and limits that apply

Trial: 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.
Individual: $300 per month for unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
Due diligence suite: $3,000 one-time per deal, separate from Individual, when the deal moves past screening and you want findings with page-level citations across the full document set.
Integrations: XLSX exports drop into existing ARGUS, Excel, and IC templates. No native Yardi or MRI connectors.
Limits: office, retail, and industrial only. Underwriting exports are XLSX, not PDF. The vs Broker tab exists when a broker pro forma was among the sources. A qualified underwriter should still review open items, source conflicts, recoveries, and return assumptions before IC.

How this compares

Side-by-side in Excel. The standard method: re-key the rent roll, build recoveries, paste the broker’s column next to yours. It works, it takes hours, and the citation back to the OM page lives in your head. Moraine produces the same comparison with the page reference on every line.

Rebuilding in ARGUS. Gives you a trusted cash flow, but ARGUS doesn’t read the OM or produce a line-by-line reconciliation to the broker. You still build the comparison by hand.

Trusting the broker’s number and haircutting the cap rate. Common at screening, and it hides where the risk actually sits. A line-level delta tells you whether the gap is rent, recoveries, or expenses, which changes what you ask for in diligence.

Background reading: what a T-12 shows and hides, how to read an offering memorandum, and building a real estate pro forma.

Check the OM on your desk

Upload it, open vs Broker, and see which lines you’d push back on.

Start a free trial → 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.