First off, if the year 1 income projections are different than the T12 (the trailing 12-month financials) it’s a sign something may be off. As the revenue assumptions are based on market rents, loss to lease, vacancy loss, bad debt, concessions, employee and model units, as well as other income, these line items shouldn’t differ from the T12. If they do, you should ask your sponsor what they based their assumptions on. However, if the sponsor is a value-add investor, then the T12 will always differ from the year 1 projections because the market rents are being raised.