Expense Normalizer
Restate the seller's expenses for the operation you will actually run. Read the P&L like the other side wrote it, because a seller's P&L describes the seller's operation until you restate it.
variable inputs · about 15 minutes· runs in your browser
How to read this page
What you type starts as Broker-reported. Mark it Verified only when you can point to the source. What the tool computes is Calculated. Missing is named, never zeroed.
The operation you will run
Asset type
An Underwriting assumption, not a fact about this deal.
Expense register
Enter every expense line from the seller's P&L. Tick Add-back only for costs you judge will not continue under your operation, for example owner salary, personal vehicles, or one-time capital items. The suggestion is a guess, the call is yours.
Line 1
Management normalization
A seller's stated expenses may include unpaid or below-market labor. If your operation will pay for management, state the rate here. The prefilled rate is an illustrative default only; set your own. It is an assumption, not a market fact.
Seller's number
The headline number the variance is measured against.
The restated operation
Normalized expenses
Kept expense lines plus management normalization
Normalized NOI
T12 revenue minus normalized expenses
Seller NOI variance
Seller-stated NOI minus normalized NOI
Close the gaps
Revenue or expense lines are Missing evidence. Name who gets them and when.
Outputs are Calculated. Mark each input Verified only when you can point to the source.
Evidence-readiness posture
Pause
The record supports Pause: revenue is Missing or no kept expense line carries a value. There is no normalized NOI to read yet.
Calculated from your inputs. Nothing here is verified until you verify it. The human decides.
Advance, Retrade, Pause, and Walk are evidence-readiness labels. They are not recommendations, approvals, or advice.
Keep the record
The tool is free to use. Email is only asked when you save or export. Your numbers stay in your browser until you choose to move them.
Questions
The Acquisition Workspace
The normalized number belongs in the record.
Running a live deal? The Acquisition Workspace connects your evidence in one record.
One tool settles one question. The record is where the settled questions add up to a decision.
