What are 'Untrended Stabilized' revenues and expenses?

• A. Future projections
• B. Historical performance
• C. Revenues and expenses from a property if it were existing and stabilized today
• D. Renovation costs

Answer: (C)

Untrended stabilized revenues and expenses are the baseline cash flows you would expect if the property is already in its normal, long‑term operating state and you do not apply any growth or inflation to them. In other words, it’s the current-state view of the asset’s income and operating costs as if it were existing and operating at stabilized occupancy and expense levels today.

This baseline is used as the anchor in a real estate pro forma. You start from these stabilized numbers and then layer on future growth, rent escalations, expense inflation, and capital expenditures to forecast how the property will perform over time. It deliberately excludes future optimistic or pessimistic trends and excludes one-time renovation costs, focusing on steady-state operations.

So, the phrase describes the revenues and operating expenses under normal, stabilized conditions at the present moment, not evolving projections or historical results.