Release Notes ARGUS Enterprise Release Notes ARGUS Enterprise Published 10/27/2017 Updated 10/27/2017 ARGUS Software An Altus Group Company

Transcription

1 Release Notes Published 10/27/2017 Updated 10/27/2017 ARGUS Software An Altus Group Company

2 Release Notes /27/2017 Published by: ARGUS Software, Inc. 750 Town and Country Blvd Suite 800 Houston, TX Telephone (713) Facsimile (713) 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 are trademarks of ARGUS Software, Inc. All other trademarks and registered trademarks are property of their respective companies.

3 Table of Contents Introduction... 1 Purpose... 1 In Place Updates... 1 Upgrading Databases prior to AE Minimum System Requirements... 1 AE Workstation & Client... 1 Enterprise Scale Requirements... 2 AE Compatibility with Prior Releases... 3 Enhancements... 4 Known Issues and Workarounds Fixed Issues... 17

4 Purpose Introduction 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 In Place Updates For AE 11.6 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 without first uninstalling or checking in the key for is allowed. However, upgrading from 11.5 to 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 : AE Workstation & Client Component Computer and Processor Memory Hard Disk Display Operating System Other Additional Required 2 gigahertz (GHz) processor or higher 4 gigabyte (GB) RAM or higher 2 GB; a portion of this disk space may be freed up post-installation by removing the original download package. 1024x768 or higher resolution Microsoft Windows 7 (32-bit or 64-bit), Microsoft Windows 8 (32bit or 64bit); Microsoft Windows 10 Installation of the.net framework is a prerequisite for use with the Enterprise platform. These minimum guidelines are subject to modification based on unique system specifications. Export to PDF requires an accompanying reader such as Adobe Acrobat Reader. Some functions, such as Export to Excel, require Microsoft Excel 2010 or 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 ARGUS Software, Inc.

5 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 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 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 ARGUS Software, Inc.

6 AE Compatibility with Prior Releases Compatibility Upgrade Versioning Forwards from Prior Versions Description AE 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. You can import models into AE 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 AE systems. Backwards from Current Version Calculate as Previous Versions Import/Export Among Service Packs Import/Export between 11.5 and 11.6 Check Calculation Variances Any custom views that were created in versions prior to 11.6 will not be available after upgrading. Custom views can be recreated using the Current View tool in the ribbon. AE also has the ability to export property data to a format that can be imported into AE 11.0 and However, this is not possible for releases prior to AE For example, it is not possible to import property data created by AE into AE 10.6 systems. AE has the ability to calculate a property or batch calculate multiple properties with the Calculation Engine. Models created within a particular release of AE are freely interchangeable among the service packs produced for that release. For example, you can import models into systems. AE has the ability to export a downgraded.avux file as 11.5, so that it can be imported into an 11.5 system. AE also has the ability to import 11.5 files and to retain the calculated results of an 11.5 property. Review calculation differences between versions. Export to Valuation DCF AE can also export property models to ARGUS Valuation DCF 15. There is a popup during export advising you that there can be significant differences in the models after export. Note: For more information on compatibility, see the AE Help Compatibility topic ARGUS Software, Inc.

7 Enhancements Release Area Description Valuation Capitalisation CVL Import Adopted Valuation: CVL files imported into ARGUS Enterprise now default to Traditional Valuation as the Adopted Valuation method Sensitivity Analysis Analysis Grid Banking Metrics: Sensitivity Analysis users now can view added banking metrics in the Analysis Grid: ICR CF: View the beginning period for the annualized Interest Coverage Ratio for Cash Before Debt. ICR NOI: View the beginning period for the annualized Interest Coverage Ratio for Net Operating Income. Total Interest Payments (annualized): View the annualized interest payments for a given period (month/quarter/halfyear/year). Loan Beginning Balance: View the Loan Balance at the beginning of the period (month/quarter/half-year/year). Analysis Grid Effective Gross Revenues: Sensitivity Analysis users now can view the Effective Gross Revenue per the Cash report for each period. This is in addition to effective gross revenue based on resale date. Hotel Effective Gross Revenue: View Hotel Effective Gross Revenue as Gross Operating Profit per the Cash report. Multifamily Effective Gross Revenue: View Multifamily Effective Gross Revenue as the Total Effective Revenue per the Cash report Valuation Cash Free Rent Calculation Round to Nearest Day: Valuation Cashflow users now can choose whether to calculate free rent in fractions of the monthly rent or by rounding the abatement to a whole number of days. By default, will calculate free rent with the Use Fractional Months option with the exception of the following: Models created using the UK Property template. Models imported from the CVL data format. Upgraded traditional valuation models Sensitivity Analysis Analysis Present Value Monthly in Advance Calculation: Sensitivity users now can use the Analysis grid to calculate present values and IRRs using a Monthly in Advance option ARGUS Software, Inc.

8 Release Area Description Valuation Cash Previously Opened List: Users now can easily track the properties most recently modified. Access the Recent Properties tab in the Backstage area. View a maximum of ten opened/saved properties. Directly open.avux file and/or database portfolio properties. Open Property.AVUX: Users now can directly load an.avux property from through the Open Property option. Access this option in Recent Properties in the Backstage area. Opens the property in the currently running instance of AE. Save Property for.avux Properties: Users now can quickly save a.avux property through the Save Property icon in the Ribbon. Discard Changes/Refresh for AVUX Properties: Users now can refresh an.avux property through the Refresh Property icon. Refresh Property option turns into Discard Changes after a change is made. Discard option deletes unwanted changes since the last save Valuation Cash Free Rent for Partial Periods: Users now can enter partial periods for free rent as decimal amounts, and the system calculates the actual number of days Valuation Capitalisation Free Rent for Partial Periods CVL Import: The CVL import maps free rent partial days as decimal amounts, and the system calculates the actual number of days ARGUS Software, Inc.

9 Release Area Description Repertoire Reports Variance Calculation Portfolio Comparison Reports: Repertoire users now can select how to display results under a Variance column for the following reports: Cash Comparison Cash Detail Comparison Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) Comparison Occupancy Comparison Cash Forecast Comparison Cash Comparison by Report Group Present Value Comparison Parameters Current Comparison: Select this option and the Current column subtracts the Comparison column. Comparison Current: Select the option and the Comparison column subtracts the Current column. Hide: Select this option and the variance column is hidden Administrator TLS Security Update: AE now supports TLS version XL4ADW Available on ARGUS on DEMAND: Starting with the 11.6 release, XL4ADW is available when running Argus Enterprise remotely on the Argus on Demand platform ARGUS Software, Inc.

10 Release Area Description Global Views: All users now can customize the Inputs and Reports tabs to accommodate user roles. Start from the default AE View that includes all input grids and report tabs. Select tabs and columns to hide/display. Remove/reorder Input and Report tabs. Drag/drop to reorder tabs and columns. Create personal and shared Global Views. Create multiple Global Views for different user roles. Preview the changes. Print the view details. Assigning Views to Roles: Administrators now can assign views to roles via Roles Management. Assign multiple views. Define start Global View for each role. Define available Global Views for each role. Set a default Global View for each role. Create an organization standard role and assign a Global View allowing the same type of users to share a view. Current View Audit Report: Valuation Cashflow users now can be alerted to any details not visible in a custom Global View that may impact calculations. Identifies all non-default values in a tenant column. Specifies impacts to Rent Roll only. Click a hyperlink to jump directly to the tenant line in the Rent Roll. Expand/collapse details by tenant. UK TradVal Views: Traditional Valuation users now can use standardized views to consistently share AE property models. Includes three default roles: UK TradVal Valuer, Acquisitions and UK Cash. Model UK Valuer Acquisitions Views faster. Assign users to Roles and Views. Share AE property models across organizations with the consistent details visible. Copy default views and create custom versions ARGUS Software, Inc.

11 Release Area Description Upward Only Rent Reviews: Valuation Cashflow users now can more accurately calculate Upward Only Rent Reviews with all rent history included. Reviews all rent history for Upward Only test, not just the previous entry. Accurately calculates rent based on highest historical rent for the tenant. Tenant Rent Roll Report: Valuation Cashflow users now can view individual tenant data in a Tenant Rent Roll report. Calculate annualized results. View optional columns. Tenant Name column is fixed on all pages when printing. Columns that extend beyond the width of a printed page wrap on subsequent pages. Tenant Cash Report Button: Valuation Cashflow users now can access the Tenant Cash /LPV report using a Tenant Cash button. Access the Tenant Cash report from the Rent Roll and Space Absorption tabs with the Tenant Cash button. Displays the Tenant Cash /LPV button for the selected tenant. Tenant Cash Tenant Details: Valuation Cashflow users now can access a new Tenant Details section on the report. View Lease Expiration Date. View Potential Market Rent per SF. View Scheduled Base Rent per SF. View Average Occupancy. Save Property to File: Valuation Cashflow users now can save a property to a file without saving it to the database and can also attach this file to an . Specify Days for Valuation Date: Valuation Cashflow users now can enter the valuation date in days format to prepare a more accurate cash flow forecast. Integrates with ValCAP Files. Expands the Cash reporting options to include valuation date and Resale Date. Displays the Property Purchase Finance details and Partial Period Rent adjustment in a separate column in the Cash report ARGUS Software, Inc.

12 Release Area Description Secondary Discount Period and Reports: Valuation Cashflow users now can enter secondary discount period details (PV/IRR Date and Length of Hold) on the Valuation > Present Value tab. View the results on the Present Value As Of report. View the results on the Cash As Of report. Rent Schedule Report: Valuation Cashflow users now can view all lease events for each tenant. View all lease events for a tenant. Get an overview of Tenant income stream. View changes to the report while entering a lease event. Scroll through list of tenant details. Access Report from anywhere in the system. Print/export the report. Property Templates: Valuation Cashflow users now can enjoy greater flexibility and faster modeling. Identify which template a property is linked to. Add/change a template for existing property models. Create Cost Templates. Select individual/multiple records from a template for Revenues, Expenses, or Tenants. Includes template identifier in XL4ADW and Input Assumptions Report. Property Resale Deductions Default Period: Users now can use a twelve month default period for property resale deductions. Market Rent Abatement Categories Free Rent: Valuation Cash flow users now can choose which input grid to use when creating Free Rent categories: Relative Date - Enter Free Rent months relative to the MLA or Lease Start Date. Monthly Entries - Enter Free Rent months beginning in a specific month. Market Leasing Summary Report: Valuation Cashflow users now can access the Market Leasing summary report. Displays all Market Leasing data. The first column with report labels remains fixed. Market Leasing Profiles data displays in columns to the right of the report labels. Upon printing, the first column of report labels remains fixed. Any columns that extend beyond the width of a printed page wrap onto subsequent pages ARGUS Software, Inc.

13 Release Area Description In Use Panel: Users now can open an In Use Panel on the input grid to show tenants, MLAs, and space absorption leases using the selected category. Access the panel via right click menu, hot key, or the show/hide section of the ribbon. Navigate to the Rent Roll or MLA input grid by clicking a hyperlink. Double Click.AVUX File: Users now can open an.avux file by double clicking on the file. Automatically start AE. View and/edit the property, opened temporarily in memory, without going through the input process. Close the property without saving. Save the property to a scenario. Direct Edit Panel: Users now can access the Direct Edit panel via new buttons located in various cells on numerous input grids. The button is displayed on all fields where direct edit is available. Direct edit is now available for multiple Input grids throughout the system. Drill down multiple layers within the direct edit screen. Direct Edit screen now has clickable breadcrumbs that navigate to previous screens Compatibility Calculate Properties: Users now can import, export, and calculate properties as 11.0, 11.5, or Updated databases retain previous version numbers. Circular Recoveries: Valuation Cashflow users now can create recoveries where specified tenants reimburse after each other. For example, Tenant 1 reimburses their pro rata share of an expense after deducting the recovery from Tenant 2, and Tenant 2 reimburses their pro rata share of an expense after deducting the recovery from Tenant 1. AE iterates to produce recovery results that satisfy these requirements ARGUS Software, Inc.

14 Release Area Description Base Rent Input Grid: Valuation Cashflow users now can enter rental income details on one screen. Enter multiple rent steps/adjustments that occur on the same day. Enter Basic Rent, Step Rent, Free Rent, CPI Increases and Market Leasing Details and Rental Value Enter Tenant specific details. Access default profiles. Create additional default profiles with the Rent Schedule open. View all Rental Income details entered on the Rent Roll. Add multiple detail lines that extend beyond the lease term. Removes extra lines when saving. Area Measures Start Date: Valuation Cashflow users now can select a specified start date for Area Measures. Enter building area dates that remain fixed regardless of changes to the Analysis period Valuation Capitalisation Valuation Capitalisation Valuation Capitalisation Valuation Capitalisation Valuation Capitalisation Upward Only Rent Review Import CVL: Valuation Cash flow users now can import a CVL file including tenants with Upward Only Rent reviews and will set the rental amount to be the higher of any rental amount during the lease or market rent. Single Line Tenancy Schedule Report Overrented Indicators: Traditional Valuation users now can identify expiries, future and overrented tenancies using visual indicators in the report. Match Valuation for Holding Over Tenants ValCAP: Ensures that when importing Holding Over Tenant records from ValCAP, ARGUS Enterprise creates a holding over event within the existing lease record to capture the holding over rent that is used in Traditional Valuations. Detailed Valuation Report Show Additional Deductions: Traditional Valuation users now can audit costs/revenues for each tenant. View the operational costs/income breakdown for each tenant per layer. View the operational costs/income breakdown per tenant at the valuation date. Select tenants for which operational cost/incomes are displayed. Use with the Day One Valuation/Resale Date options. CVL Modifications to Capital Expenses attached to Tenures: Ensures that Capital Expenses linked to tenures are assigned to individual tenants belonging to that tenure ARGUS Software, Inc.

15 Release Area Description Valuation Capitalisation Valuation Capitalisation Cost Valuation Schedule Report: Traditional Valuation users now can audit acquisition, capital and operational expenses/revenues at the tenant and property level. View the detailed acquisition, capital and operational items associated with a property. View the detailed acquisition, capital and operational items associated with the portfolio. View these items at the valuation or resale date. Export report to Excel, PDF and Report Packages. Print report. Base Rent Indexation option added to Rent Schedule: Users now can assign an indexed review event to a base rent, or a rent review event via the Base Rent schedule. For ValCAP imports, this ensures that indexation events are correctly triggered to be base rent changes, rather than review events Sensitivity Analysis Sensitivity Assumptions Lease Breaks: Sensitivity users now can sensitize lease breaks. Activate break on first option date operating after a specific date. Apply landlord, tenant or mutual breaks. Activate break on next formal rent review date. Remove all breaks Application Server Renaming the Database Connection Options: Administrator Workstation users now can easily differentiate and select between Workstation and Client-Server connections in the Connection popup Application Server Prompt user to check in License Key during Uninstall: Administrators now can check in their license key when uninstalling. Message displays: The License Key must be checked in before uninstalling. Would you like to check it in now?" If Yes is selected, the Configuration Utility opens to the Licensing tab to allow the user to check in the license. If No is selected, the uninstall continues Administrator Report Deployment Options: During installation, Administrator Workstation users now can directly enter the folder path or choose a location in their machine through the ellipsis button ARGUS Software, Inc.

16 Known Issues and Workarounds Area Issue Workaround TFS Ref Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation DCF File Conversion Free Rent Recoveries: ARGUS Enterprise separates Free Rent Recovery items from Total Expense Recoveries on the Cash report while Valuation DCF includes Free Rent Recovery items in the Expense Reimbursement line. The Total Tenant Revenue in equals the Expense Reimbursement Revenue in Valuation DCF. Comments: File with square brackets in the Comments section generates an error message. Expenses: Selecting $/Occupied Area cannot have a fixed/variable %: The Fixed Percentage field is not available in ; 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. Indexed Reviews: Do not automatically reset CPIs. Leasing Commissions: Imported DCF file was not matching leasing commissions when they included fixed steps based on a percentage of base rent. Remove square brackets prior to importing the CVL file. Remodel the expense, avoiding $/Occupied Area. Turn on Modeling Policy Reset CPI on changes to Base Rent. Result: CPI resets on an Indexed Review. 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. Select Units>% Increase ARGUS Software, Inc.

17 Area Issue Workaround TFS Ref 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. Valuation Cash Valuation Cash Valuation Cash Market Leases: Market leases and other revenue sheets do not retrieve data from a database upgraded from 10.5 or earlier. Occupancy Greater Than 100%: does not limit the calculation of variable expense to 100% occupancy. If the occupancy is greater than 100%, the variable portion of the expense can be greater than 100%. Prop 13: Calculating resale year as zero when Resale Method is set to Result: New Leasing Commission, with fixed steps, is applied to the MLA. Perform a batch calculation of all upgraded properties. Type values of 100% or less for occupancy. Avoid using these options for Prop 13 tax in the resale year N/A 71405, ARGUS Software, Inc.

18 Area Issue Workaround TFS Ref Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Investment Structures Administrator Capitalization Valuation or Traditional Valuation. Prop 13: Cannot model a Prop 13 expense when using capitalization valuation for purchase price or resale. Valuation Capitalisation - Assigning Fixed Values to Tenants: Argus Enterprise does not include functionality for assigning fixed values to tenants. Valuation DCF Debt Notes: Some inputs for debt notes in ARGUS ValDCF cannot be supported when imported to. Valuation DCF Differences in Loan to Value (LTV) Calculations: LTV method in ARGUS Valuation DCF is purchase or present value times LTV %. LTV method in ARGUS Enterprise is direct cap value times LTV %. This results in a discrepancy in the loan amounts upon importing. Valuation DCF Loan Funding Differences: Valuation DCF only allows loans that take-out another loan to show funding one month early. LTV allows all loans to support early funding. Valuation DCF Min./Max. Expenses: does allow for these, but ARGUS ValDCF does not. Present Value Report Print Preview: Print Preview popup does not display when clicking the Print option. Arabic Language: System does not support an Arabic windows environment. Manually iterate the model by successively keying in the capitalized valuation for the model in the purchase price field or resale method. Reported in the Import Review Details report. Limited support. Type the loan amount to match. Adjust loan start dates as desired. Import ValDCF files. Type minimum/maximum limits on expenses. Print via PDF or export to MS Excel and print. Select English as the System Locale language N/A N/A N/A N/A ARGUS Software, Inc.

19 Area Issue Workaround TFS Ref Administrator Administrator Administrator Japanese Operating Systems: Some monitor screens cut off text when using Japanese operating systems. Upgrade: Data corruption of tenant improvement input must be fixed after upgrading to Workstation Uninstall Connection Settings: After uninstall, the Connection Settings.xml file may persist and need to be removed manually. forms and controls have not been optimized for other languages. Perform a batch calculation, then adjust individual tenant TIs. Note: Exporting to AVUX will produce a corrected AVUX file but will not fix the source property unless you follow the steps above. Go to C:\ProgramData\ARGUS Software\ X.X\Settings\Argus.Model\Connecti onsettings.xml. Delete Connection Settings.xml file N/A ARGUS Software, Inc.

20 Fixed Issues Release Area Description TFS Ref XL4ADW Import Calculated Results for New Property: Fixed an issue in which importing a new property created in XL4ADW required re-calculating instead of automatically storing the results to the database. Analysis Term Leveraged PV: Fixed an issue in which changing the analysis term locked the Leveraged PV from further changes. AVUX File Import: Fixed a select case in which an.avux file failed to Save As after opening via double click or to import. Calculate As : Fixed a select case in which calculating as generated an error message. Cash Report Expenses: Fixed an issue in which entering expenses as zero and selecting Fixed Amount for Recoveries reported both the individual expense line items and their sum on the report. Cashflow Report Total Expense Recoveries: Fixed an issue in which the Cashflow report did not sum the individual expense recoveries. Chart of Accounts Validation Error: Fixed an issue that generated error messages for added Property Recoveries lines. Detailed Rent Copy/Paste: Fixed an issue in which the Detailed window displayed dates for the new tenant did not match the new lease start dates. Import Error: Fixed an error that occurred when importing an.avux file. Import Properties Prop 13A: Fixed an issue in which an imported.avux file was missing select associated amounts. Indexed Reviews -- % of Rental Revenues: Fixed a select case in which indexed reviews did not apply when a property included operating expenses based on percent of rental revenues. Leasing Commissions Lease Term: Fixed an issue in which the LCs were not using the entire lease term for an 11 year analysis period. Loan Cost Monthly: Fixed an issue in which a loan cost extension when viewed as monthly did not display. Market Leasing Assumption Renew Base Rent: Fixed an issue in which importing from a previous version resulted in the Same as New option not using the New Base Rent values as expected ARGUS Software, Inc.

21 Release Area Description TFS Ref Valuation DCF Valuation DCF 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. Net Operating Income: Fixed a select case in which the monthly NOI displayed an amount different from the one expected. Operating Expenses Start Date: Fixed an issue in which changing the expense start date to the valuation date generated an unexpected amount. Operating Expenses Recoveries: Fixed an issue in which operating expenses started being recovered on a different start date from the one set. Performance: Fixed a select case in which calculation time was longer than expected. Recoveries: Fixed an issue in which a variance displayed for recoveries after the first year of the Analysis period. 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. Recovery Structures Inflation: Fixed an issue in which the inflation field did not display Varies when there was inflation applied to the amount. Rent Review Indexation: Fixed an issue in which applying indexation after a rent review, with a an expense applied to a tenant, caused the rent to be zero. Summary Valuation Report: Fixed an issue in which changing the PV/IRR date did not reflect the new date. Tenant Cash /LPV Report Options: Fixed an issue in which changing the discount interval to monthly/yearly did not display on the report. Tenant Cash Report LPV Index: Fixed an issue in which selecting the All Tenants option generated an error for the LPV Index. Tenant Improvement Inflation Months: Fixed a variance for tenant improvements when the start month differed from the analysis start month. Cash Report Multifamily Total Revenue Account Number: Fixed an issue in which the mapped account number did not display on the report. Changing Base Rent: Fixed a variance for Changing Base Rent in an imported DCF file. Tenant Cash Report Recoveries: Fixed an issue in which the recoveries did not change in select months ARGUS Software, Inc.

22 Release Area Description TFS Ref Valuation DCF Valuation DCF Valuation DCF Valuation DCF Valuation DCF Valuation DCF Valuation DCF Traditional Valuation Sensitivity Analysis Sensitivity Analysis Repertoire Reports Repertoire Reports Repertoire Reports Repertoire Reports Repertoire Reports Repertoire Reports Market Leasing Assumption Detailed Miscellaneous Rent: Fixed an issue in which custom free rent excluded fixed steps. DCF Variance Report Multifamily: Fixed a variance for the Scheduled Base Rent line. Import. SF NOI: Fixed a variance in the net operating income. Calculate As Free Rent: Fixed a variance in an imported DCF file that displayed when selecting the Calculate As for a different AE version. 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. Analysis Start Date Error: Fixed an error that was generated after changing the analysis start date. Leasing Commissions Short Analysis Lengths: Fixed an issue in which an imported DCF model generated an unexpected amount for leasing commissions when the analysis period was shorter than eighteen months. Valuation Summary Report: Fixed an issue that caused incorrect Initial Yield values to be displayed on the report when using the Goal Seek option. Sensitivity Analysis IRR: Fixed an issue in which generating a sensitivity did not match the IRR for the property level Dashboard report. Sensitivity: Fixed an issue in which sensitivity adjustments were being made before the start of the assumptions timing. Portfolio Present Value Report: Fixed an issue in which the wrong result record was being used for initial debt financing in the report. Portfolio Present Value Report Leveraged IRR %: Fixed an issue in which the leveraged IRR % did not match the value on the property report. Portfolio Cash Report Sublines: Fixed an issue in which sub-lines did not display on the report. Portfolio Lease Expiration Report: Fixed an issue that duplicated inputs on the report. Portfolio Lease Expiration Report: Fixed an issue in which tenants were duplicated on the report. Lease Expiration Report Remaining Term: Fixed an issue in which the remaining term displayed a different number than expected ARGUS Software, Inc.

23 Release Area Description TFS Ref General Arrow Keys: Fixed an issue in which holding down the arrow key rapidly scrolled and calculated a list of portfolios before the keyboard regained control General HD Monitors: Fixed an issue specific to 4k monitors; the column header containing the month and year values did not display properly in the detailed window screen Administrator Deleting Users: Fixed an issue in which deleting a user caused the user list to automatically scroll down Administrator Data Tables OtherItemValues: Fixed an issue in which the wrong data was stored in this table Administrator RemoteApp Date Fields: Fixed an issue in which using RemoteApp to access the terminal server desktop environment resulted in limited accessibility for the Date fields Administrator Recoveries Calculation Performance: Fixed an issue in which a select model with a large number of custom Valuation Cash recovery structures calculated slower than expected. Analysis Grid Unleveraged/Leveraged PV As Of: Fixed an issue in which selecting Discount Method>Monthly in Advance displayed results that did not match the Dashboard report Valuation Cash Analysis Grid Icon: Changed the icon that displays for the Discount Method>Monthly in Advance Option Sensitivity Analysis Grid LTV: Fixed an issue in which the LTV value Analysis did not match the Covenant Breach report XL4ADW Import Error Message: Fixed an issue in which an XL4ADW import failed with the message "EXCEPTION: An entry with the same key already exists." Valuation DCF Valuation Cash Valuation Cash Valuation Cash Valuation Cash DCF Import Miscellaneous Rent: Fixed an issue in which Miscellaneous Rent did not display properly for a tenant with Free Recoveries applied. Covenant Breach Report DSCR: Fixed an issue in which the report displayed a different result from the one on the Analysis grid. Expense Groups Recoverable %: Fixed an issue in which a recoverable percentage could not be changed for an expense within the Expense Groups tab. Input Assumptions Report Export to PDF: Fixed an issue in which exporting/printing the report added blank pages. User Login Permissions: Fixed a select case in which the user needed the Can Manage Permissions to log in successfully ARGUS Software, Inc.

24 Release Area Description TFS Ref Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Cash Valuation Capitalisation Sensitivity Analysis Capitalisation Valuation Upgrade Version Market Rate Assumptions Report: Fixed an issue in which the Area details displayed incorrectly on the Market Rate Assumptions Report when the calculation engine was used. Max CPI Compounding: Fixed an issue that caused the Max CPI to compound differently from expected. Global Categories Lease Type: Fixed an issue in which a new global lease type category did not appear as a selection in Space Absorption>Actual Type of Lease. Analysis LTV: Fixed an issue in which an Analysis grid LTV option did not include the adopted valuation property method assigned. Budget Actuals: Fixed an issue in which Actuals did not display in Budget view for a specific month and year. Executive Summary Report: Fixed a hyperlink on the Executive Summary Report that incorrectly pointed to the Property Resale input tab from the Direct Capitalization Value line. Expenses Operating: Fixed an issue in which a Management Fee expense entry with a variation in the overall multiplier was not calculating properly when a Specified Date was entered. Chart of Accounts: Fixed an issue in which a duplicated COA displayed an error when overwritten and in portfolios created after the COA is overwritten. Reports Cash : In the full screen function for reports and inputs, the reports did not auto-refresh when the Calculation option is set to "Auto". Traditional Valuation Portfolio Reports LTV: Fixed an issue that resulted in LTV not using the Adopted Valuation as expected. Assumption Timing Inflation Rates: Fixed an issue in which the Assumption Timing applied the change to inflation to all years and ignored the selected number of years. Market Rents Double Counted: Fixed an issue in which selecting Market Leasing>Upon Expiration>Contract Renewal double counted market rents and inflated the valuation XL4ADW Export Reports Excel: Fixed an issue in which exporting select reports splits the last column into two columns for some rows ARGUS Software, Inc.

25 Release Area Description TFS Ref XL4ADW Input Sheet Get Data: Fixed an error: Conversion failed when converting date and/or time from character string that occurred when getting data for an input sheet. Import Compatibility: Fixed an issue in which importing an file into 11.5 then selecting Operating Expenses>How Input>Percent of Other>Ellipsis did not display the Total Effective Revenue percentage line for a multifamily property. $/Vacant Area: Fixed an issue in which the $/Vacant Area calculated differently from expected when the lease expired one day before the month end. Offline Usage: Fixed an issue in which the license failed to generate when the Licenses directory existed and required you to manually create a folder with a different spelling. Analysis Sorting Error: Fixed an error that generated when sorting by column. Base Rent Schedule Percent Increase: Made the Units>% Increase option selectable for the Type>Step option. Cash Total Recoveries: Fixed an issue in which the Total Recoveries line did not equal the sum of the expense recoveries. Cash After Debt Service Missing Accounts: Fixed an issue in which select Chart of Account lines were not visible on the report. Cash Report PGR in Year 1: Fixed an issue in which potential gross revenue in year one did not calculate when the lease started prior to the analysis. Cash Report Show Recoveries by Account Number: Fixed an issue in which the Show Recoveries by Account Number option did not appear after selecting it in the Portfolio Details screen. Cashflow Report Prop 13A Expense: Fixed an issue that changed the Prop 13A portion of the recoveries when upgrading from to Configuration Utility Upgrade Database: Fixed an issue in which upgrading a database generated error message Value cannot be null. Continue Prior Rent: Fixed an issue that excluded the last indexation event for rollover. Covenant Breach Report: Fixed a mismatch between DSCR and the report display for Year One ARGUS Software, Inc.

26 Release Area Description TFS Ref CPI Category Lease Profiles: Changed the mapping to accommodate a select case in which a CPI Index, used in a lease profile, changed upon import. Debt Financing Detail Loan Costs: Fixed an issue that prevented entering a loan cost less than one percent to the third decimal place. Export Error: Fixed an error message that stated that export failed in Set_OABreakpoints. Free Rent Mid Month Lease End: Fixed a mismatch for a lease that ends mid-month with an MLA containing.5 months free rent and 100% Renewal Probability. Import Error Message: Fixed a select case in which an.sf file import did not calculate. Lease Audit Report Report Options: Fixed an issue that generated an error when selecting Miscellaneous Rent Format>By Account/By Tenant. Lease Expiration Report Building Share % for Contract Tenants: Fixed an issue in which Building Share % did not display for contract tenants. Leveraged IRRs: Fixed an error that caused a mismatch between the Leveraged IRRs on the Property and Portfolio Matrix screens. Management Fee Effective Gross Revenue: Fixed a select case in which the management fee, as percentage of EGR, generated a result different from expected. Net Absorption Report Start/End Date: Fixed an issue that occurred with select Begin Dates. Net Operating Income: Fixed an issue in which NOI calculated differently from expected when a zero expense accounts exists. Non-reimbursable Operating Expenses Reference Only: Added an enhancement to calculate an expense that is linked to total non-recoverable expenses line. On Renewal Cost Trigger: Fixed an issue that caused a new lease to trigger an On Renewal cost. Opening/Saving Properties Performance: Fixed a select client database where process times were longer than expected. Operating and Capital Expenses: Fixed an issue in which importing the file changed amounts for operating and capital expenses ARGUS Software, Inc.

27 Release Area Description TFS Ref Operating Expense Minimums % of Scheduled Base Rent: Fixed a mis-match that occurred when an expense is expressed as a % of Scheduled Base Rent and there a lease not in the first year. Operating Expenses Cash Report: Fixed an issue in which operating expenses did not report as expected when space leased up to 100%. Percent of Other Total Multifamily Revenue: Fixed an issue in which Percent of Other, based on Total Multifamily Revenue along with other revenue, produced an unexpected result. Percent Rent Sales Percent Date Changes: Fixed an issue in which importing a file changed select dates tied to percentage rent changes. Percentage Rent Breakpoints: Fixed an issue in which importing the file changed the breakpoints for dates entered as month numbers. Potential Gross Rent: Fixed an issue in which the PGR in the Rent Roll lease period was calculating zero when CPI was zero in the lease period. Potential Gross Revenue: Fixed an issue in which PGR was not the sum of the Total Tenant Revenue and Other Revenue lines. Present Value Variance: Fixed a variance for present value that occurred when applying Occupancy Gross Up to the resale. Present Value Report Property Resale: Fixed an issue in which deductions excluded free rent, turnover and capital expenses from the Net Sale Price. Present Value Report Sale Price: Fixed an issue in which selecting Lease Hold Interest as the resale method caused the sale price to show the freehold sale price and not the leasehold adjusted sale price. Prop 13A Fixed an issue in which the tax rate expense changed to Include from Reference upon import. Property Management Fee Start Date: Fixed an issue in which importing the file changed the start date. Rent Roll Area Total: Fixed an issue in which the tenant area for a custom lease was being added to the Area Total at the bottom of the screen ARGUS Software, Inc.

28 Release Area Description TFS Ref Sensitivity Analysis Sensitivity Analysis Repertoire Reports Report Package Report Options: Fixed an issue in which running a report package then exporting to Excel displayed the full details of the Recovery Audit Report despite the fact that the report option was set to Show Recoverable Amount. Save File: Fixed an issue that generated an error in a select case when saving a file. Sources and Uses Annual Interval: Fixed an issue in which changing the Print Interval to Annually displayed the bottom three line items as monthly. Sources and Uses Report Debt Proceeds: Fixed an error in which debt proceeds did not show when debt started prior to analysis. Summary Valuation report Total Rental Value: Changed report line from Total Rental Rent to Total Rental Value. Sensitivity Assumptions Rental Value: Fixed an issue that excluded parking rental values from the overall rental value. Sensitivity Matrix Axes: Added a warning message that displays if one of the axes has no adjustments applied but has more than one step. Present Value Report Totals: Fixed an issue in which the Totals and PV of Totals in the Present Value and Present Value Comparison reports excluded the leveraged sale proceeds Property Budget Copy Forecast to Budget: Fixed an issue in which the button added an amount to the budget instead of overwriting the previous entry when copying Capitalisation Valuation CapVal Tenant/Property Tables Delete Properties: Fixed an error that generated in a select case when deleting properties due to erroneous data in CapVal Tenant/Property tables Administrator AE Workstation Connection Error: Fixed an issue in which a user name with an apostrophe generated an error Administrator Database Extra Lines: Fixed an issue that stored invalid entries in the database ARGUS Software, Inc.