A reconstructed operating statement would include income in the form of market rent for an owner-occupied unit in an apartment, whereas the owner's statement would not show any income for this item. On the other hand, the owner's statement would probably include an item for depreciation, which would not be found on the reconstructed operating statement. The second major difference between a reconstructed operating statement and an owner's statement is that the reconstructed statement is an attempt to determine future income for the property, while the owner's statement reflects past revenues and expenses. In the income approach, it is the expected future income that is converted into value, in accordance with the principle of anticipation