Federal Real Property Asset Management Reform Act of 2012

Federal Real Property Asset Management Reform Act of 2012 - Sets forth requirements for the expedited disposal of underutilized federal real property (defined as real property that is excess, surplus, underperforming, or otherwise not meeting the needs of the federal government).

Title I: Property Management Plans - (Sec. 101) Defines "real property" for purposes of this Act to mean federal buildings and occupied and improved grounds, leased space, or other physical structures under the custody and control of any federal agency. Excludes from such definition any military installation, a designated wilderness study area or other areas managed for wilderness characteristics, Indian and native Eskimo property held in trust, property operated and maintained by the Tennessee Valley Authority (TVA), postal property, or any property excluded for national security reasons.

Requires each federal agency to: (1) maintain adequate inventory controls and accountability systems for real property under its control, (2) define current and future workforce projections so as to have the capacity to assess the needs of the workforce regarding the use of real property, (3) continuously survey real property to identify underutilized property, (4) report underutilized property to the Administrator of the General Services Administration (GSA), (5) establish goals that lead the agency to reduce underutilized property in its inventory not later than December 31, 2016, (6) reassign or transfer underutilized property, (7) obtain underutilized property to meet mission needs before acquiring non-federal property, and (8) adopt practices to increase productivity and decrease the need for real property assets.

Establishes a Federal Real Property Council to develop guidance for the asset management program of each federal agency. Sets forth duties of the Council, including to: (1) establish an asset management plan to determine the effectiveness of real property management; (2) report annually over a five-year period to specified congressional committees on the existing inventory of real property, field offices that are suitable for co-location into another real property asset, the leasing process, a suggested strategy to reduce the reliance of federal agencies on leased space for long-term needs, an assessment of federally leased space, an analysis of all underutilized property, and asset disposal; and (3) submit, annually, to the Director of the Office of Management and Budget (OMB) and the Postmaster General, a list of field offices that are suitable for co-location with another real property asset.

Title II: Property Management Policy - (Sec. 201) Requires the Administrator to: (1) establish and maintain a single, comprehensive, and descriptive database of all real property under the custody and control of federal agencies, except when otherwise required for national security reasons; (2) collect from agencies descriptive information that best describes the nature, use, and extent of federal real property holdings; and (3) make such database accessible to the public at no cost through the GSA website.

Requires federal agencies with independent leasing authority to: (1) consult with the Administrator for all leases that exceed GSA thresholds, (2) acquire space at rates consistent with prevailing market rates, and (3) report annually to the Administrator on the use of their independent leasing authority.

Requires the Director of OMB to require agencies, on an annual basis, to dispose of, by sale, transfer, or other means of disposal, any real property determined by the Director to be underutilized property. Restricts the sale of underutilized properties to those properties that generate monetary proceeds exceeding the costs of disposal.

Dedicates proceeds from the disposal of underutilized real property for debt reduction and budget deficit reduction.

Directs the Secretary of Housing and Urban Development (HUD) to use funds from the disposal of underutilized property: (1) to make grants to private nonprofit organizations to purchase property to assist the homeless; and (2) in awarding such grants, to give preference to organizations that operate within areas in which federal real property is being sold under the disposal program authorized by this Act.

(Sec. 202) Requires the Federal Real Property Council to ensure that the life-cycle cost of a real property asset is considered in the construction or lease of such asset when: (1) the construction or lease begins after the date the Council is established, (2) estimated construction costs exceed $1 million, (3) the asset to be leased exceeds 25,000 square feet, and (4) federal funding comprises more than 50% of estimated construction or lease costs. Defines "life-cycle cost" as the sum of investment, capital, installation, energy, operating, maintenance, and replacement costs over the lifetime of a real property asset (i.e., the greater of the period during which such asset is projected to be used or 50 years).