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Release Notes ARGUS Enterprise 11.7 12/20/2017

ARGUS Enterprise Release Notes

Copyright 2017 ARGUS Software Inc | Altus Group

Release Notes ARGUS Enterprise 11.7 12/20/2017 Published by: ARGUS Software, Inc. 750 Town and Country Blvd Suite 800 Houston, TX 77024 Telephone (713) 621-4343 Facsimile (713) 621-2787 www.argussoftware.com Information in this document is subject to change without notice and represents no commitment on the part of ARGUS Software, Inc. This document is copyright 2017, ARGUS Software, Inc. All rights reserved. This document is confidential and proprietary information of ARGUS Software, made available only under a license agreement and or other agreements containing obligations of confidentiality. "ARGUS" and “ARGUS Enterprise” are trademarks of ARGUS Software, Inc. All other trademarks and registered trademarks are property of their respective companies.


Copyright 2017 ARGUS Software Inc | Altus Group 1

Contents Introduction ................................................................................................................................ 2

Purpose .................................................................................................................................. 2

In Place Updates .................................................................................................................... 2

Upgrading Databases prior to AE 10.5 ................................................................................... 2

Minimum System Requirements ............................................................................................. 2

AE Workstation & Client ......................................................................................................... 2

Enterprise Scale Requirements .............................................................................................. 3

Small Deployment ............................................................................................................... 3

Medium Deployment ........................................................................................................... 3

Large Deployment ............................................................................................................... 3

Workstation Deployment ..................................................................................................... 3

AE Compatibility with Prior Releases ......................................................................................... 4

Enhancements ........................................................................................................................... 5

Known Issues and Workarounds ...............................................................................................16

Fixed Issues ..............................................................................................................................19



Introduction

Purpose The purpose of this document is to communicate enhancements, modifications, and known issues, along with suggested workarounds or alternatives associated with these known issues, for the release of ARGUS Enterprise 11.7.0.

In Place Updates For AE 11.7 and subsequent versions, the system allows for the install of service packs over previous installs without first checking in the key and uninstalling. For example, installing 11.5.1 without first uninstalling or checking in the key for 11.5.0 is allowed. However, upgrading from 11.6.3 to 11.7 requires a full uninstall/reinstall and key check in/check out.

Upgrading Databases prior to AE 10.5 The upgrade of a pre-10.5 database will require a significantly longer time to accomplish than typical due to some underlying technical changes. Please expect upgrade times that may last several hours for very large databases. Ensure that you have a current backup before proceeding with an upgrade. Please refer to the appropriate Installation Guide for information about upgrading the database.

Minimum System Requirements The following represents the minimal supported system requirements for use of ARGUS Enterprise 11.7.0:

AE Workstation & Client Component Required Computer and Processor 2 gigahertz (GHz) processor or higher Memory 4 gigabyte (GB) RAM or higher Hard Disk 2 GB; a portion of this disk space may be freed up post-installation

by removing the original download package. Display 1024x768 or higher resolution Operating System Microsoft Windows 7 (32-bit or 64-bit), Microsoft Windows 8 (32bit

or 64bit); Microsoft Windows 10 Other Installation of the .NET framework 4.5.2 is a prerequisite for use

with the Enterprise platform. These minimum guidelines are subject to modification based on unique system specifications.

Additional Export to PDF requires an accompanying reader such as Adobe Acrobat Reader. Some functions, such as Export to Excel, require Microsoft Excel 2010 or 2013. ARGUS Add-In for Excel requires Excel 2010 or higher. Files exported to the .SF format require ARGUS Valuation ValDCF to open/modify. AE does not support the web version (Office 365) for XL4ADW.



Enterprise Scale Requirements The system requirements vary depending on the size of deployment. A set of Planning and Implementation documents has been prepared to outline requirements for a range of different sized organizations. Please review these documents on the ARGUS Enterprise Support Download site or contact ARGUS Customer Support for assistance. An overview of these appears below:

Small Deployment A small-scale implementation is appropriate for small enterprises with one to five users each running locally and connecting to a SQL database running locally on the user machine or on a server. The design allows for establishing a production environment in the case of smaller work groups, with only one or two property portfolios and a small number of models. The small-scale implementation is not recommended for our clients who use budgeting functionality.

Medium Deployment A medium-scale implementation is appropriate for production environments with five to ten users or for pilot or test environments for larger scale implementations. It represents a compromise between the lower performance of a small-scale design and the higher cost of a large-scale deployment and offers a reasonably fast start up time with options to provide some basic benefits in fault tolerance and capacity management.

Large Deployment A large-scale implementation is appropriate for a production environment in an organization with more than ten users or more than ten portfolios comprising more than 300 properties. Unless service uptime is a critical priority, the large-scale design is usually excessive for a pilot or test environment.

Workstation Deployment The workstation application is a standalone installation of ARGUS Enterprise that does not require any server components to operate. All processing is performed on the PC, and the workstation application can connect directly to a local SQL Express database or a shared, centralized database.

http://www.argussoftware.com/argus-enterprise-downloads/

http://www.argussoftware.com/argus-enterprise-downloads/



AE Compatibility with Prior Releases Compatibility Description Upgrade Versioning AE 11.7 versions existing properties to indicate which version calculated

results came from. Calculated results of upgraded properties are versioned as the calculation engine they were produced in. Archived properties are versioned as the version they were archived in.

Forwards from Prior Versions

You can import models into AE 11.7.0 that were created in prior releases. For example, you can import 10.0, 10.1, 10.5, 10.6, 11.0 and 11.5 models into 11.7 systems.

Backwards from Current Version

AE 11.7 also has the ability to export property data to a format that can be imported into 11.0, 11.5 or 11.7. However, this is not possible for releases prior to 11.0. For example, it is not possible to import property data created by 11.7 into 10.6 systems.

Calculate as Previous Versions

AE 11.7 has the ability to calculate a property or batch calculate multiple properties with the calculation engine from 11.0, 11.5 or 11.6.

Import/Export Among Service Packs

Models created within a particular release are freely interchangeable among the service packs produced for that release. For example, you can import 11.6.1 models into 11.7.0 systems.

Check Calculation Variances

You can review calculation differences between versions by accessing the Compatibility Review report in the Review Reports tab.

Note: For more information on compatibility, see the AE Help Compatibility topic.



Enhancements Release Area Description 11.7.0 Valuation Cash

Flow Save Size Adjustment to Popups: Valuation Cashflow users now can adjust the size of select popups, and the system remembers the adjusted size:

• Report Options popups • Monthly Editor Time Varies popups

11.7.0 Valuation Cash Flow

Collapse/Expand Cash Flow Reports: Valuation Cashflow users now can choose an option in the Level of Detail field above the report to view either Summary lines or Detailed lines for each category.

• Export the report to the same format as per the Level of Detail selection.

• Can update Level of Detail via XL4ADW. Impacted Reports

• Cash Flow Report • Cash Flow As Of Report


Free Rent – Specified Days: Valuation Cashflow users now can choose whether to calculate free rent based on fractional months or to define a specific day/month in order to round to the nearest day. Modeling Policy: Set a Free Rent Modeling Policy for Round to Nearest Day. Rent Roll: Define a day/month on the Rent Roll when Round to Nearest Day is selected in Modeling Policies. Detailed Rent Schedule: Define a day/month on the Detailed Rent Schedule when Round to Nearest Day is selected in Modeling Policies.


Partial Payment Enhancement: Valuation Cashflow users now can gain a clearer understanding of the line items within the partial payment adjustment.

• The Valuation Date column displays the breakdown of each component until the Tenant Revenue.

• Included in the Tenant Cash Flow report. • Compatibility with previous AE versions.


Rent Roll – Rent Reviews and Step Rent: Valuation Cashflow users now can set the Rent Review and Step Rent to begin from the Lease Start date.

• Lease Start is the default option in Step Rent and Rent Review.

• If Start is set to Lease Start in Step Rent or Rent Review, then the recurrence frequency begins from the Lease Start date.



Release Area Description 11.7.0 Valuation Cash

Flow Rent Schedule – Tenant Begin Date Report Option: Valuation Cashflow users now can access the report with the default Start Date as the Tenant Begin Date for properties set to Tenant Begin Date.


Report Options – Rate/Area: Valuation Cashflow users now can view results on the following property reports as Amounts or Rates Per Area.

• Tenant Rent Roll • Cash Flow • Cash Flow As Of • Budget Comparison • Sources and Uses • Present Value • Present Value As of • Tenant Cash Flow / LPV • Lease Audit • Percentage Rent Audit • Recovery Audit • Income by Rent Review

XL4ADW – Rate/Area: Users now can choose amount/rate/area in XL4ADW.


Market Rent Categories: Valuation Cashflow users now can select Market Rent Categories in Market Leasing Profiles and on the Rent Roll.

• Create New/Renew Market Rent Amounts. • Select Market Rent categories for use in Market Leasing

Profiles or in the Rental Value field on the Rent Roll. • Use with XL4ADW. • Market Rent Categories selections are updated in the

Input Assumptions Report. 11.7.0 Valuation Cash

Flow Expense Recovery Report: Valuation Cashflow users now can access an Expense Recovery Report that lists all fiscal year recoverable Operating and Capital Expenses and how much each expense is recovered, as a currency amount and as a percentage of the expense. Users can also work with this report in XL4ADW.


Configure Default Editing Mode: Valuation Cashflow users now can configure the default editing mode of the Property Editor popup to be either Single Value or Copy Across & Down/Copy Down.

• Can change the default in one editor popup to change the default option for all similar editor popups.

• Can change the default when upgrading a database. • Can change the default when creating a new database.




Flow Global Report Options – Global Reporting Dates: Valuation Cashflow users now can view/change global report dates from the Property Description input tab. These fields are interlinked with the Global Report options date fields, so changes made in one place reflect in the other.

• Begin Date/As of Date • End Date • Report Year End


Lease Audit Report Options – Area: Valuation Cashflow users now can add Occupied Area to this report and view a new column that displays areas for leases with respect to Report Begin Date. This report option is also available for XL4ADW.


Lease Break Triggers: Valuation Cashflow users now can set up a lease break cost as an operating expense, revenue or capital expense.

• Creates a new status On Lease Break. • Can map this status from a CVL file. • Displays the cost in the Cashflow under the category in

which it was originally setup. • Compatible with previous versions of ARGUS Enterprise. • Can use with XL4ADW.


.AVUX File Enhancements: Users now can access the following functionality related to .AVUX files.

• Can double click to open an .AVUX property file in an existing instance of the program if one is running.

• Can save the .AVUX property opened through double click.

• Can discard changes to the .AVUX file opened via double click.

• Can select multiple properties from the multi property .AVUX file launched via double click.

• Can save/discard changes to a file opened from a multi-property .AVUX file via double click.

• Can view 10 recent properties list (edited, saved and closed) in the Recent Properties tab in the Backstage.


Report Packages – Use Local Property Global Setting Option: Valuation Cashflow users now can select this option to generate reports based on the local property global options setting for dates. This functionality is available in XL4ADW.




Flow Property Units: Valuation Cashflow users now can create an inventory of the units (physical spaces) in a property. Units can be identified with a Description, Suite, Floor Number, and a Unit ID. They are defined to have start dates, end dates, and area figures that can change over time. Rental Value can be assigned at the unit level and then inherited by leases created on the Rent Roll. When the rentable area for the property is defined to be the sum of all units, any changes to the area of individual units automatically flow through the calculation of expenses and recoveries that depend on Net Rentable Area. Once created, these can be assigned to leases/assign property units to leases: Unit functionality includes the following:

• Track unit inventory. • Identify cost and price allocation per area. • Forecast unit level cash flows. • Model renewal and re-measurement scenarios. • Facilitate the creation of stacking plans, documentation,

and data exchange with external systems such as property management.

• Accurately import/export units through AEIX. • Create Area Measures that can Include/Exclude units. • Assign All Units to the entire Building Area.

Inputs

• Create units with specified area, begin and end dates and unit specific Rental Values.

• Create fully functional Area Schedules for units. • Assign Market Rent Categories to a unit's Rental Value. • Choose to assign one or more units to Tenants. • View any warning and error messages when units and

Tenants are in conflict. Reports

• View the occupancy levels for units in the Occupancy report.

• View units details in the Input Assumptions Report. AEIX

• Import property units in AEIX format. • Export property units in AEIX format.


ARGUS Voyanta - Selective Submissions: Application Server users now can select which data to submit to ARGUS Voyanta.

• Select Traditional, Midpoint, or Discounted Cash Flow valuation methods.

• Choose whether to submit Property Description data.




Flow Property Filters: Valuation Cashflow users now can create/edit/delete property filters to sort/view properties by Global Classifications and the following selected categories:

• % Owned • Asset Manager • Country • Currency • Fund • Property (individual properties) • Property Manager • Property Type • Region • User Classifications

Property Filter Application Areas: Valuation Cashflow users now can apply property filters on the following areas:

• Analysis Grid • Traditional Valuation • Sensitivity Assumption • Sensitivity Matrix

Create New Scenario Based on Tenant Filter: Create a new scenario via a tenant filter. Update Current Scenario Based on Tenant Filter: Update a tenant’s active/inactive status in Update Current Scenario.

• View and switch between active/inactive tenants. • Activate/deactivate tenants/leases in bulk. • Active tenants are included in analysis and calculations

and Inactive tenants are excluded from analysis and calculations.

Property Filter – DevEx: Valuation Cashflow users now can save DevEx filters in the Tenant Filter grid.

• Filter the tenant filter grid via DevEx filters. • Save/edit/delete these filters.

Tenant Filter Application Areas: Valuation Cashflow users now can create/edit/delete/apply tenant filters to the following fields:

• Vacant Period • Void (Expiration/Break) • Period to Break • Froth • Break Type




Flow Export to PISCES 1.6: Valuation Cashflow users now can export as PISCES by consolidating multiple properties into a single file.

• Consolidate multiple properties into a single file. • Export the Total Rent for the period including the Step

Rent via the PISCES format. 11.7.0 Valuation Cash

Flow Tenant Incentives – % of Base Rent: Valuation Cashflow users now can model tenant incentives as a percentage of the first year's base rent over the term of the lease. You can select this option in:

• Tenant Rent Roll • Market Leasing Assumption


Inflation Begin Date: Valuation Cashflow users now can type a market inflation rate and apply it prior the Analysis Begin date.

11.7.0 Traditional Valuation

Ground Lease Revenues: Users now can account for ground lease revenues in the Ground Lease tab:

• Setup Ground Leases as a revenue or expense. • Included in the Cash Flow and Traditional Valuation

Reports. • Ground Lease Revenue reversionary basis includes % of

Passing Rent, Fixed Value and Fixed Rent. • Compatible with CVL files. • Can set up in the Chart of Accounts as a separate line

item. • Can view in the portfolio reports. • Can view in the Analysis grid.

11.7.0 Sensitivity Analysis

Analysis – Returns Over Time: Sensitivity users now can access KPIs for the Returns Over Time report at the property and portfolio levels. This functionality is also available in XL4ADW. KPIs

• Yearly WALE per Income/Area • Income Yield • Occupancy and Vacancy % at Exit • LTV( Resale) • Leveraged IRR • Total Debt Service • Outstanding Loan Amount • ICR




Tenant/Lease Analysis Grid: Sensitivity users now can analyze the tenant/lease related data and information on the Analysis Grid.

• Toggle between the Property Level and Tenant/Lease level grids.

• Start with the default layout on the Tenant/Lease level Analysis Grid that displays all the fields currently available for the Tenant/Lease level Analysis Grid.

Added Traditional Valuation Fields: Sensitivity users now can view and analyze Traditional Valuation information for each Tenant/Lease for Traditional Valuation properties.

• Capitalization Group • Current Rent (Time Series) • % Froth • % Froth / ERV • Froth • Froth Yield • Gross Value • Ground Rent • Hardcore Yield • Reversion Yield • Valuation Method

Added ERV Fields: Sensitivity users now can view/perform analysis on the Effective Rental Value (ERV) for each Tenant/Lease and related data and metrics.

• %ERV Uplift/Rent • %ERV Uplift/Total Rent • %ERV Vac Loss • % of ERV • ERV Rate / SF • ERV Uplift • ERV Vac Loss • ERV Void Loss

Rent Fields: Sensitivity users now can view/perform analysis on the Tenant’s Rent related data and metrics for each Tenant/Lease.

• % Rent • Current Rent (Variable) • Free Rent (Months) • Rent Rate / SF • Rental Value (ERV) • Rental Value



Release Area Description Area Fields: Sensitivity users now can view/perform analysis on the building and tenant area on the Analysis Grid.

• % of Occupied Area • Average Area (SF) • Average Remaining Area (SF) • Building Area (SF) • Building Occupied Area (SF) • Building Share • Occupied Area (SF)

Lease Information Fields: Sensitivity users now can view Lease Details on the Analysis Grid.

• Auto Generated • Break Type • Earliest Termination • Effective Break • Lease Area (SF) • Lease Expiry • Lease Expiry by Date • Lease Start • Lease Status • Lease Type • Next Review • Period To Break • Period To Expire • Period To Termination • Property Name • Suite • Tenant Name • Tenure • Vacant Period • Void

Present Value, Cashflow and Income fields (Financial Metrics): Sensitivity users now can view Tenant/Lease related financial metrics on the Analysis Grid.

• Average Remaining Income • DCF Exit Value • Net Tenant Cashflow • PV by Tenant


Monthly in Advance: Sensitivity users now can choose Monthly in Advance as the Discount Interval in the Analysis Grid.



Release Area Description 11.7.0 Sensitivity

Analysis Analysis Grid – Discount Period for Valuation Dates: Sensitivity users now can select the PV/IRR Date and the PV/IRR Secondary Date in the Values and Categories menu to display on the Analysis Grid.

• Included in .AEIX files. • Included in XL4ADW.


Analysis Grid – Custom Discount Rate: Sensitivity users now can type and apply any discount rate on the Analysis Grid.


Analysis Grid – Discount Rates: Sensitivity users now can view various discount rates applied on the property on the Analysis Grid. Discount rates available on the Analysis Grid are:

• Discount Rate • Discount Rate - Leveraged Cash Flow Rate • Discount Rate - Leveraged Resale Rate • Discount Rate - Unleveraged Cash Flow Rate • Discount Rate - Unleveraged Resale Rate


Analysis Grid – Percentage Ownership: Sensitivity users now can access the following fields in the Analysis Grid that have been adjusted to take into account the percentage ownership of the property:

• Gross Rent • Gross Value • Current Rent • Rental Value (ERV) • Froth • ERV Uplift


Analysis Grid – Multicurrency: Sensitivity users now can access the following fields in the Analysis Grid that have been adjusted to convert the property level currency (if different from the scenario currency) to the scenario currency using the Currency Scenario applied:

• DCF Exit Value • ERV Uplift • %ERV Uplift/Rent • %ERV Uplift / Total Rent • ERV Vac Loss • Current Rent • Rental Value (ERV) • ERV Rate / SF • Rent Rate / SF • Froth • %Froth



Release Area Description 11.7.0 Sensitivity

Analysis Analysis Grid – Vendor Fees in Return Calculations: Sensitivity users now can project returns and KPIs on either the net or gross of vendor fees.

• Choose to display the vendor fees at portfolio level at the earliest of the Resale Date and Analysis Grid.

• Exclude vendor fees. • Apply vendor fees either in all periods or in the resale

period only. 11.7.0

Portfolio Reports Variance Calculation: Portfolio Reports users now can select how to display the results under the Variance column for specific Comparison reports.

• Current – Comparison: Current column minus the Comparison column.

• Comparison – Current: Comparison column minus the Current column.

• Hide: Hides the variance column. Reports

• Cash Flow Comparison • Cash Flow Detail Comparison • Average Daily Rate (ADR) • Revenue per Available Room (RevPAR) Comparison • Occupancy Comparison • Cash Flow Forecast Comparison • Cash Flow Comparison by Report Group • Present Value Comparison

11.7.0 Portfolio Reports Consolidate Portfolios by Account Code: Portfolio Reports users now can consolidate by account number to group revenues or expenses by account code without a Chart of Accounts attached to the portfolio.

11.7.0 General Set Screen Resolution for Ultra HD/4K Monitors: Users with 4K monitors now can view the following screens with an adaptive user interface that accommodates the higher resolution for the following areas of the application:

• Backstage Tabs • Control Panel Backstage Tab • Config Utility Tabs • AE Transitional Messages • Job Progress messages • All Input tabs • All Detail Windows • AE Splash Screen and Custom Dashboard • Portfolio Reports and Analysis Grid • All Direct Edit Windows



Release Area Description 11.7.0 Application

Server ARGUS Voyanta – Expanded Valuation Data: ARGUS Voyanta users now can submit additional valuation data to ARGUS Voyanta to ARGUS Enterprise. The additional fields include:

• Initial Yield (Contracted Rent) • True Equivalent Yield • Net Market Value • Net Value before Fees • Acquisition Fees

11.7.0 Administrator Copy Previous Connection Information when Installing Client Version: Administrators now can upgrade on a server without having to manually restore the previous database connection settings on each client machine. For upgrades, the previous connection settings appear in the Manage Connections window.

11.7.0 Administrator Modeling Policies Permissions: Administrators now can restrict/audit access to users from changing Modeling Policies:

• Assign View/Edit access. • Audit log shows changes to a Modeling Policy. • Audit log identifies the user who changed a Modeling

Policy.



Known Issues and Workarounds

Area Issue Workaround TFS Ref

Traditional Valuation

11.5 Compatibility – Gross Sale Price: Property model with a Traditional Valuation date after the Analysis End date did not match for Gross Sale price after it was imported into AE 11.6.

Switch the Calculate As option to 11.6.0.

Click Save Property.

Review and compare results.

162744

Valuation Cash Flow

Comments: File with square brackets in the Comments section generates an error message.

Remove square brackets prior to importing the CVL file.

93895

Valuation Cash Flow

Portfolio Cash Flow Report: Operating Expenses and Revenues expense lines that contain zero amounts are displayed as blank instead of as zeroes.

184710

Valuation Cash Flow

Expenses: Selecting $/Occupied Area cannot have a fixed/variable %: The Fixed Percentage field is not available in ARGUS Enterprise; therefore, files imported from ARGUS ValDCF will present a variance for expenses that use the input of $/Occupied Area and contain fixed and variable percentages for expenses.

Remodel the expense, avoiding $/Occupied Area.

69888

Valuation Cash Flow

Indexed Reviews: Do not automatically reset CPIs.

Turn on Modeling Policy Reset CPI on changes to Base Rent. Result: CPI resets on an Indexed Review.

75929

Valuation Cash Flow

Leasing Commissions: Imported DCF file was not matching leasing commissions when they included fixed steps based on a percentage of base rent.

Change Base Rent Steps Go to Market>Market

Leasing>Fixed Steps.

Change to None.

Go to Market Leasing>Rent Increases>Changing Base Rent>Ellipsis.

Add a step for each year of the analysis. For example, 5 steps for a five year analysis period.

91566




Select Units>% Increase.

Type a percentage for each step.

Click OK when finished.

Result: Leasing Commissions now match the imported DCF leasing commission values.

Note: If you have additional leases that use this same Leasing Commission profile and you do not want to include fixed steps, you must create a new leasing commission, select fixed steps, and apply the new leasing commissions profile to the MLA.

Add Fixed Steps to Leasing Commission Elements.

Go to Market>Lease Commissions.

Create a new LC.

Select the Step Rent checkbox.

Go to Market>Market Leasing>New LC Unit. Select the new leasing commission profile in the pick list.

Result: New Leasing Commission, with fixed steps, is applied to the MLA.

Valuation Cash Flow

Market Leases: Market leases and other revenue sheets do not retrieve data from a database upgraded from 10.5 or earlier.

Perform a batch calculation of all upgraded properties.

85724

Valuation Cash Flow

Prop 13: Calculating resale year as zero when Resale Method is set to Capitalization Valuation or Traditional Valuation.

Avoid using these options for Prop 13 tax in the resale year.

71405, 74390

Valuation Cash Flow

Prop 13: Cannot model a Prop 13 expense when using

Manually iterate the model by successively keying in the capitalized

74391




capitalization valuation for purchase price or resale.

valuation for the model in the purchase price field or resale method.

Administrator Arabic Language: System does not support an Arabic windows environment.

Select English as the System Locale language.

87277



Fixed Issues Release Area Description TFS Ref 11.7.0 XL4ADW Expense Group Items Sheet – Blank Records:

Fixed an issue in which the sheet inserted blank records into the database and generated an error message.

165405

11.7.0 XL4ADW Send Data – Error: Fixed an error that displayed when a duplicate No Inflation record was linked to expenses.

190155

11.7.0

XL4ADW Results Data – Yearly Loan Ending Balance: Fixed an issue in which the pulling the Loan End Balance resulted in monthly totals instead of the loan year end balance.

181923

11.7.0 Valuation Capitalisation Integration

Force EY – Capitalization Yields: Fixed an issue in which selecting Force EY unexpectedly changed the Capitalizations Yields.

185012


Goal Seek – Initial Yield: Fixed an issue in which goal seeking based on a method other than initial yield continued to display initial yield on the Detailed Valuation report.

192550


Rollover Rent Reviews: Fixed an issue in which an imported ValCAP file changed rent reviews to base rent changes.

185008


Outstanding Rent Reviews: Fixed an issue in which an imported ValCAP file changed the valuation.

193383

11.7.0 Valuation DCF Integration

Base Rent Increase: Fixed a variance in Changing Base Rent that displayed after import into 11.6.1.

172372


Free Rent – Calculate As: Fixed an issue in 11.6.2 that created variances in free rent when selecting Calculate As 11.5.2 or 11.0.6.

179619


Recovery Structure – Max Increase Cap: Fixed a variance in the maximum increase cap amount.

171431


Analysis Start Date – Error: Fixed an error that was generated after changing the analysis start date.

181459

11.7.0

Valuation DCF Integration

Calculate Archived Scenarios – Error Message: Changed the error message for attempting to calculate an archived scenario containing imported DCF models.

188563


DCF Import – Miscellaneous Rent: Fixed an issue in which Miscellaneous rent did not display properly for a tenant with Free Recoveries applied.

165026


Import .SF – NOI: Fixed a variance in the net operating income.

175721



Release Area Description TFS Ref 11.7.0


Leasing Commissions – Lease Term: Fixed an issue associated with LC amounts after the analysis period ends.

175481

11.7.0


Leasing Commissions – Lease Term: Fixed an issue in which the LCs were not using the entire lease term for an 11 year analysis period.

173333


Leasing Commissions – Varying Rates: Fixed a variance that occurred for rates that change on a calendar year basis when the analysis started in the middle of the year.

161189


Multi-family – DCF Variance Report: Fixed an issue in which the report did not display the expected Scheduled Base Rent.

169564

11.7.0


Percentage Rent – Sales %: Fixed an issue in which the sales percentage did not import when there was a breakpoint that started five years after the lease start date and prior to the analysis start date.

184729


Property Type – Mixed Use: Fixed an issue that prevented changing the property type from multifamily to mixed use generated in a select case.

162679


Tenant Cash Flow Report – Recoveries: Fixed an issue in which the recoveries did not change in select months.

180245


Analysis – LTV: Fixed an issue in which an Analysis grid LTV option did not include the adopted valuation property method assigned.

165384

11.7.0

Valuation Cash Flow

Analysis Term – Leveraged PV: Fixed an issue in which changing the analysis term locked the Leveraged PV from further changes.

180626


Annual Expense Inflation – Warning Message: Removed a warning message that displayed when adjusting the inflation to a different annual inflation amount.

191891


Auto Calculate: Fixed an issue in which changing a property while Auto Calculate was off generated a Warning message.

192950


AVUX File: Fixed an error message for a select file that displayed when importing to AE 11.6.3.

183937


Budget – Actuals: Fixed an issue in which actuals did not display in Budget View for a specific month and year.

164533

11.7.0

Valuation Cash Flow

Budget Grid – Copy/Paste: Fixed an issue in which selecting Amount 1 as the How Input prevented copying/pasting values from Excel into the Budget grid below the Expense grid.

194210




Valuation Cash Flow

Calculate as 11.6.1 – Error: Fixed an error associated with Amount Period List.

186421


Cash Flow Report – Multifamily Total Revenue: Fixed an issue in which the mapped account number did not display as expected.

173209


Cash Flow Report – Recoveries: Fixed an issue in which expenses entered as zero amounts did not display correctly.

170434

11.7.0

Valuation Cash Flow

Cash Flow Report – Tenant Cost Code: Fixed an issue in which selecting straight line rent adjustment did not display the account numbers.

170939

11.7.0

Valuation Cash Flow

Cashflow Report – Incentives: Fixed an issue in which incentives displayed in the Other Tenant Revenue section.

187557

11.7.0

Valuation Cash Flow

Cashflow Report – Total Expense Recoveries: Fixed an issue in which the Cashflow report did not sum the individual expense recoveries.

178057


Chart of Accounts – Validation Error: Fixed an issue that generated error messages for added Property Recoveries lines.

181766


Debt Reports – Loan Costs: Fixed an issue in which a select loan cost did not display when the Print Interval report option was set to monthly.

168839

11.7.0

Valuation Cash Flow

Detailed Base Rent: Fixed an issue in which copying a detailed base rent to a new tenant record did not update the base rent unit as expected.

185243


Detailed Miscellaneous Rent – Custom Rent Component Category: Fixed an issue in which the free rent associated with the custom rent component category excluded fixed steps from the Tenant Cash Flow/LPV report.

169530

11.7.0

Valuation Cash Flow

Detailed Rent – Dates: Fixed an issue in which copying detailed rent changes from one tenant to another tenant caused the dates not to line up.

182859

11.7.0

Valuation Cash Flow

Detailed Valuation Report – Lease Commission Timing: Fixed an issue that changed a single month to twelve months for lease commissions.

180476

11.7.0

Valuation Cash Flow

Executive Summary Report – Direct Capitalization Hyperlink: Fixed an issue in which clicking the direct capitalization link navigated to the Property Resale input tab instead of the Direct Capitalization input tab.

165894


Expense Group – Recoveries: Fixed an issue in which a recovery with a cap calculated a net value for recoveries that was different from expected.

169539



Release Area Description TFS Ref 11.7.0 Valuation Cash

Flow Expenses – Overall Multiplier: Fixed an issue in which the system ignored varying rates when the overall multiplier method was used to calculate the expense.

165331


Export 11.5.1 to DCF: Fixed a select case in which exporting an 11.5.1 file to DCF generated an Error message.

160958


Export as PISCES – Valuation Date: Fixed an issue in which exporting a file as PISCES excluded the valuation month.

181198

11.7.0

Valuation Cash Flow

Export Reports to Excel: Fixed an issue in which exporting select property reports prevented Excel formula functions from being applied.

173834

11.7.0

Valuation Cash Flow

Export Tenant Rent Roll: Fixed an issue that removed the leading zeroes for the Suite field because of standard Excel formatting.

174264

11.7.0

Valuation Cash Flow

Import – Changing Analysis Start Date: Fixed an error message that displayed when changing the Analysis Start Date for an imported file.

178089

11.7.0

Valuation Cash Flow

Import – Error: Fixed a select case that involved an error message that displayed when opening and imported property.

187565


Import – Error: Fixed an error that occurred when importing an .AVUX file.

178064

11.7.0

Valuation Cash Flow

Import Properties – Prop 13A: Fixed an issue in which an imported .AVUX file was missing select associated amounts.

180239


Input Assumptions Report – Export to PDF: Fixed an issue in which exporting/printing the report added blank pages.

167152


Lease Audit Report – Filter By Tenant/By Recovery Account: Fixed an issue in which only the first expense from the recovery structure displayed in the report.

187990

11.7.0

Valuation Cash Flow

Lease Audit – Sort: Fixed an issue in which the report did not sort the Space Absorption leases in Screen Order.

180489

11.7.0

Valuation Cash Flow

Leasing Activity Report – Report Options: Fixed an issue in which selecting Fiscal did not group the properties as expected.

184289

11.7.0

Valuation Cash Flow

Market Leasing Assumption – Renew Base Rent: Fixed an issue in which a file imported from a previous version ignored the Same as New option for New Base Rent.

173186



Release Area Description TFS Ref 11.7.0 Valuation Cash

Flow Max CPI – Compounding: Fixed an issue that caused the Max CPI to compound differently from expected.

162800

11.7.0

Valuation Cash Flow

MLA – Free Rent: Fixed an issue in which free rent generated for a rollover lease even though the free rent category included zero for free rent.

176570


Net Operating Income: Fixed a select case in which the monthly NOI displayed an amount different from the one expected.

166810


Operating Expenses – Recoveries: Fixed an issue in which operating expenses started being recovered on a different start date from the one set.

178076

11.7.0

Valuation Cash Flow

Operating Expenses – Start Date: Fixed an issue in which changing the expense start date to the valuation date generated an unexpected amount.

176693

11.7.0

Valuation Cash Flow

Portfolio Permissions – Set to No Access: Fixed an issue in which the No Access checkbox in Portfolio Permissions could not be selected.

181927

11.7.0

Valuation Cash Flow

Property Description – Override Scenario Settings: Fixed an issue in which clicking above the Actuals Values End field automatically selected the Override Scenarios checkbox.

189929


Rent Roll – Area: Fixed an issue that occurred when right clicking multiple times in the Area column.

163794

11.7.0

Valuation Cash Flow

Rent Roll – Free Rent: Fixed an issue in which Free Rent did not allow the last month of a lease to be assigned as free rent.

188254

11.7.0

Valuation Cash Flow

Rent Roll – Net Cash Flow: Removed the partial payment adjustment from the Net Cash Flow for the report.

186654


Rent Roll – Sort: Fixed an issue in which opening and closing the Direct Edit screen set the sort back to the default.

170967


Space Absorption – Global Lease Type: Fixed an issue in which a newly created global lease type did not appear as an option in Space Absorption>Actual Type of Lease.

165042


Summary Valuation Report: Fixed an issue in which changing the PV/IRR date did not reflect the new date.

170964

11.7.0

Valuation Cash Flow

Tenant Cash Flow Report – Export Error: Fixed an issue in which selecting All Tenants for export generated an error message.

176698


Tenant Cashflow/LPV – Report Options: Fixed an issue in which changing the Discount Interval to monthly/yearly did not update the report.

169937




Valuation Cash Flow

Tenant Improvement – Inflation Months: Fixed a variance for tenant improvements when the start month differed from the analysis start month.

180907

11.7.0

Valuation Cash Flow

Tenants Recoveries – Recovery Methods: Valuation Cashflow users now can view the Detailed Recoveries Amount field as Varies if the Detailed Amount popup contains non-zero inflation.

168740


Traditional Valuation – Calculation: Fixed an issue in which a lease term longer than 25 years generated an unexpected result for the Running Yield.

192383


Upgrade Versions – Total Recoveries: Fixed a select case in which upgrading from 10.5 to 11.6 changed the Total Recoveries line item amount.

169062


User Login – Permissions: Fixed a select case in which the user needed the “Can Manage Permissions” to log in successfully.

169151

11.7.0

Traditional Valuation

Valuation Summary Report: Fixed an issue that caused incorrect Initial Yield values to be displayed on the report when using the Goal Seek option.

174685


Analysis Grid – LTV: Fixed an issue in which the LTV value in the Analysis Grid did not match the Covenant Breach report.

173741


Assumption Timing: Fixed an issue in which changing inputs for a future period changed inputs for the Analysis period.

167716


Sensitivity Analysis – IRR: Fixed an issue in which generating an analysis did not match the IRR for the property level Dashboard report.

178235

11.7.0 Property Budget

Total Reforecast: Fixed an issue related to adjusting projected expenses in the middle of a budget year based on actual expenses to date.

171603

11.7.0 Portfolio Reports

Cashflow Report – Error: Fixed a select case in which the report, setup with a Custom Data Source in SQL, did not display.

193493


Present Value Report – IRR: Fixed a select case in which including short term loans resulted in an unexpected value for leveraged IRR on the report.

192664


Portfolio Present Value Report: Fixed an issue that added the proceeds when finding debt financing Year 0 on the report.

180498


Rent Roll Presentation – Retail Revenue and Sales: Fixed an issue in which sales amounts did not match between the property and portfolio level reports if inflation was applied and the lease rolled to Market.

162740



Release Area Description TFS Ref 11.7.0 Capitalisation

Valuation Integration

Market Rents – Double Counted: Fixed an issue in which selecting Market Leasing>Upon Expiration>Contract Renewal double counted market rents and inflated the valuation.

163130

11.7.0

Administrator Arrow Keys – Scrolling: Fixed an issue in which pushing the arrow keys in the Roles or User Groups popups did not continue to scroll.

174609

11.7.0 Administrator Database – Ownership %: Fixed an issue in which the OtherItemValues table for the Annualized Base + Step + CPI line item type stored incorrect data when ownership was set to a percentage other than 100%.

175016

11.7.0

Administrator Permissions – Portfolio Reporting: Fixed a mismatch between user and group access assignments to portfolio reporting.

178013

11.7.0

Administrator Recoveries – Calculation Performance: Fixed an issue in which a select model with a large number of custom recovery structures calculated slower than expected.

165703

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