Trailing twelve month is the 12-month period ending at a recent date — standard reporting period for multifamily financials during sale diligence. More current than calendar-year reporting.
TTM financials capture the most recent year of actual performance. Useful for buildings with seasonality or recent operational changes that wouldn't show in prior-year financials. Buyers typically request TTM plus 2-3 prior calendar years.
LA multifamily due diligence typically includes TTM financials alongside prior-year data. TTM shows the most recent operating picture — useful when the building is in transition or when calendar-year data is stale.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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