Release Notes. ARGUS Enterprise /5/2014 ARGUS Software An Altus Group Company

Transcription

1 ARGUS Enterprise /5/2014 ARGUS Software An Altus Group Company

2 Release Notes for ARGUS Enterprise /5/2014 Published by: ARGUS Software, Inc Post Oak Boulevard Suite 900 Houston, Texas 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 2014, ARGUS Software, Inc. All rights reserved. This document is a confidential and proprietary trade secret of ARGUS Software, made available only under a license agreement and or other agreements containing obligations of confidentiality. "ARGUS" and ARGUS Enterprise are a trademarks of ARGUS Software, Inc. All other trademarks and registered trademarks are property of their respective companies ARGUS Software, Inc. 2

3 Contents Introduction... 4 Purpose... 4 System Requirements... 4 Small Deployment... 4 Medium Deployment... 4 Large Deployment... 4 Workstation Deployment... 4 Enhancements in ARGUS Enterprise Traditional Valuation... 5 Additional Enhancements... 6 Known Issues and Workarounds in ARGUS Enterprise Fixed Issues in ARGUS Enterprise ARGUS Software, Inc. 3

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 ARGUS Enterprise System 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 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 startup 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 ARGUS Software, Inc. 4

5 Traditional Valuation Enhancements in ARGUS Enterprise 10.0 The following are enhancements, features, and modifications added for the new Traditional Valuation features in ARGUS Enterprise Description Traditional Valuation: Added the ability to produce day-one valuation results for individual property models using the Traditional Valuation approach. Results for individual leases can be produced using any of the following methods: Valuation Type Hardcore Term & Reversion Initial Yield Top Slice Froth Rates can also be entered to adjust the value of over-rented space. Resale: Added ability to estimate proceeds from resale using traditional valuation methods. Valuation Yield Categories: Added yield categories and ability to link them to tenants. Permissions: Added ability to set permissions for viewing and editing traditional valuation tabs. Valuation Security Indexed Leases: Added ability to prepare traditional valuations of indexed leases Goal Seek: When performing a Traditional Valuation on a property or portfolio of properties, the user has the ability to enter a desired Gross Value or Net Value and produce the Equivalent Yield that would result in the entered value. Alternatively, users could enter a yield target and choose to calculate the associated property value. Valuation Valuation Costs on Events: Added the ability to link costs or revenue costs to events such as lease starts, renewals, or expirations. Expenses & Revenues Ground Leases: Added the ability to model ground rent, including ratcheting and gearing of ground leases to passing rent. Ground rent expense can be apportioned to the occupational tenants or capitalized when performing a Traditional Valuation. Rent Roll Acquisition Costs: Added the ability to model purchase and sales costs tied to gross or net value when performing a Traditional Valuation. Payment Schedules: Added the ability to specify that rents are paid on quarterly, half yearly, and annual rent payment frequencies. Valuation Reports 2014 ARGUS Software, Inc. 5

6 Description Area Schedule: Added a detailed grid to support a wide range of different areas under lease. This facilitates the calculation of rental value for retail properties using an area zoning measurement that can include multiple zones with different values. The available options include the following: Standard In Terms of Zone A (ITZA) Car Parking Site ITZA Adjustment Total Adjustment DCF with Traditional Valuation Exit: Added ability to perform a Discounted Cash Flow analysis valuation while using the Traditional Valuation method to project the proceeds from the resale of the property. Traditional Valuation : Produced the following reports to support Traditional Valuation: Property Valuation Area Analysis Detailed Valuation Single Line Tenancy Schedule Summary Valuation Traditional Valuation Sensitivity Analysis: Added Sensitivity Analysis functionality for Traditional Valuation methods, so user can quickly determine the impact to portfolio value when changing valuation method or yields. Continuous Inflation: Added the ability to model Inflation to occur continuously over the course of a year rather than all at once in a specified calendar month. Type s Resale Reports Sensitivity Analysis Inflation Additional Enhancements The following are enhancements, features, and modifications added for the DCF features in ARGUS Enterprise Description Web Forms: Added functionality to Web Forms Integration tab to allow viewing datasets, form, and reports from Symphony in AE. Custom Reports: Added ability to upload and view custom reports at both the property portfolio levels. Integration Reports Type Out of Date Properties: Prevented AE from calculating results for out of date properties. Only results for active properties are calculated. Reports Account Level Security: Added the ability for admin users to specify which users can access each account from the Chart of Accounts screen. Security 2014 ARGUS Software, Inc. 6

7 Description Percentage Rent: Added the ability to import percentage rent data into AE. Type Highlight Rows: Added functionality to property input grids to enable the user to quickly find the current row/record currently being worked on. User Interface Improved Budgeting: Modified the Budget screen to provide the following functions: Ability to search for an account by name of account number Ability to rapidly page through the reforecast entries for different accounts Ability to reforecast amounts at current occupancy rather than at 100% occupancy Reorganized the screen to display values in easy-to-read twelve-month segments Account-level rights assignment to minimize the number of account records displayed when reforecasting Configuration of budget grid to show or hide entries by type (Original budget or prioryear actuals) as well as by year Ability to add properties with different start dates to budget scenarios Ability to save multiple versions of report settings as different setups Ability to add comments to line items Custom Views: On large input grids, users can now hide unused fields to easily find and access important entries. Different layouts can be saved and shared to support different activities in the software. Term Licensing: Users can now purchase the right to use the software for finite periods at a lower price point compared to perpetual licensing. Recovery by Category: Added the ability to view and export recoveries aggregated by recovery method account number. Budgeting User Interface Licensing Recoveries Enhanced AEIX Integration: Added or extended support for import/export of the following data: Recoveries Option Leases Tenant Incentives Available Date Break Options and Unit Availability Market Leasing Profile Recovery Structures Expense Groups Tenant Groups Miscellaneous Rents Incentives Percentage Rent Capital Recoveries: Provided the ability to include a capital expense in a recovery structure with other recoverable operating expenses. The software is configurable to allow users to recover the cash amounts of the capital expenditures or their amortization. Recoveries 2014 ARGUS Software, Inc. 7

8 Description Variance Comments: Comments can now be saved to individual lines of certain portfolio reports using configurable report Setups. A Comments Editor will allow the user to enter and save comment for each report line item. Configurable General Vacancy & Credit Loss Timing: Enhanced integration with ARGUS Valuation DCF by allowing year-end timing to be based on the Year in the original model, if different from the Analysis Start Date. Streamlined Interface: Reorganized Ribbon Bar items and Options in the Backstage Area to align better with workflows. Single-Term Free Rent Override: Added a lease field on the rent roll to override market Free Rent entries for a single term. CPI Resets upon Rent Review: Created a Modeling Policy which will allow the user to configure whether or not CPI should be reset to zero whenever a base rent change occurs. Type Budgets Integration User Interface Free Rent CPI 2014 ARGUS Software, Inc. 8

9 Known Issues and Workarounds in ARGUS Enterprise The following are known issues and their workarounds for ARGUS : ID Issue Workaround Windows Font Scaling: When the Windows font scaling is set to Medium (125%) or larger (150%), some screens in AE are cut off Installing SQL Express for Windows XP: Windows XP produces an error message when trying to install SQL Server Express through the AE 10 Configuration Utility SSRS Cash Flow Reports Assured and Speculative Income: SSRS Cash Flow reports are utilizing whole monthly amounts for midmonth tenant rental value adjustments, which may produce mis-stated results. This is only occurring when the Assured Income option is selected for Speculative leases NET 4.0 Installer on Server 2003: When running the.net 4.0 Installer on Server 2003 through the AE installation process, you must download and install.net 4.0 manually before installing AE Importing Detailed CapEx Amounts from ValDCF: Due to an issue in Valuation DCF, Detailed CapEx Amounts are not all importing correctly into ARGUS Enterprise Creating a mapped network drive to a shared server while connecting through App Service: An error occurs when checking out a license to a mapped drive to support two application servers installed on the MS 2003 operating system. This issue occurs when the file path on one server doesn t match the file path stored in the license file. Set the Windows font scaling to less than 125% for optimal viewing. Install SQL Express independently of the Configuration Utility or upgrade from Windows XP, then install through the Configuration Utility. Model all leases to start and end at the first and last days of the month. Download and install.net 4.0 manually before installing AE or upgrade from Windows Server Go to the Detail screen in ValDCF and resave the data before importing the model. This will resolve the issue. The standard Windows (XP) folder selection dialog does not allow the user to freely enter a path. Instead, the user must select from a tree instead. The following two requirements must be met: The paths must be identical The entered path must be a network location ARGUS Software, Inc. 9

10 42978 Ceiling & Caps: In ARGUS Enterprise , recoveries can be modeled with a ceiling, ceiling inflation rate, and cap %. In ARGUS Valuation DCF, only the ceiling and max growth are modeled. Minimum and Maximum Expenses: ARGUS Enterprise allows for minimum and maximum limits on expense, but ARGUS Valuation DCF does not. Reimbursable Expenses: ARGUS Valuation DCF requires a reimbursable expense in order to calculate and report reimbursements, even when the reimbursement is a fixed amount per year or rate per area. ARGUS Enterprise 10.0 does not require this input. This can result in a reporting discrepancy when exporting models prior to When the Cash Flow model has all three inputs, the integration will map the ceiling and cap % to the reimbursement max and max growth fields and ignore the ceiling inflation rate. When the Cash Flow model just has a ceiling, the integration will map the ceiling and the ceiling inflation rates to the reimbursement max and max growth fields. Import DCF files, then enter minimum and maximum limits on expenses if desired. Manually adjust reimbursable expenses in versions prior to Negative values in Expense Groups: If an Expense Group has a line item that is set to include a negative percentage recoverable (e.g. -100%), the expense will be treated as zero during the recovery calculation. Consider entering the recoverable percentage as a positive value Fixed Expenses: ARGUS caps the fixed percent for expenses and revenues at 100%. ARGUS Valuation DCF does not, which could cause a calculation discrepancy. Variable Expenses: ARGUS Enterprise 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%. Differences in modeling multifamily properties from ARGUS Valuation DCF: Entries to the Alternate Property Size in ARGUS Valuation DCF are written to the Building Total area measurement in ARGUS Enterprise The number of units entered in the Property Size category in ARGUS Valuation DCF is not written to the resulting property model in ARGUS Enterprise Consider modeling the fixed percentage for expenses or revenues at 100% or less or adding a duplicate line for revenues/expenses to model any fixed percentages above 100%. Enter values of 100% or less for occupancy. Any required area measures can be manually created in imported multifamily models ARGUS Software, Inc. 10

11 37864 Differences in modeling Free Rent from ARGUS Valuation DCF: ARGUS Valuation DCF does not fully support Free Rent calculations for leases beginning mid-month. For example, if a lease begins mid-month and stipulates 2 months free rent, the model will abate rent for half the 1st month, all of the 2nd month, and half the 3rd month, for effectively 2 months of total free rent. This can result in a known calculation discrepancy for models exported to the older format Differences in modeling space absorption from ARGUS Valuation DCF: When importing a property into ARGUS Enterprise from ARGUS Valuation DCF, space absorption entries are mapped to the Rent Roll tab in the resulting model. For affected leases, model free rent using a rent abatement category with calculated free rent amounts in the appropriate lease months. These entries can be manually re-entered on the Space Absorption screen if desired Differences in modeling percentage rent from ARGUS Valuation DCF: ARGUS Enterprise calculates a Natural Breakpoint using Base Rent + Fixed Steps + CPI. ARGUS Valuation DCF allows the user to select the components to use. This could cause a discrepancy between the systems when calculating Percentage Rent. Limited support for the import of debt notes from ARGUS Valuation DCF: Some inputs available in ARGUS Valuation DCF cannot currently be supported when imported to ARGUS Enterprise Loan Funding: In ARGUS Valuation DCF, only loans that take-out another loan can show funding 1 month early, whereas in ARGUS Enterprise , all loans support early funding. Amortized Loans with Interest Only period: ARGUS Enterprise does not support amortizing loans with an initial interest only period. Differences in loan to value (LTV) s: The calculation of loan amounts using the LTV method in ARGUS Valuation DCF (purchase or present value times LTV %) is different from the LTV method in ARGUS Enterprise (direct cap value times LTV %), resulting in a discrepancy in the loan amounts between the two when data is imported from ARGUS Valuation DCF. To make Percentage Rent calculations match, the user may select a Natural Breakpoint using Base Rent + Fixed Steps + CPI. Limited support. Adjust loan start dates as desired. This type of loan will be imported from Valuation DCF as two loans, an interest only loan followed by an amortizing take out loan. The user may manually enter the loan amount to match the loan amount in Valuation DCF ARGUS Software, Inc. 11

12 49542 Differences in modeling resale from ARGUS Valuation DCF: In ARGUS Enterprise , the Gross Up Occupancy % calculates by multiplying the resale year NOI by the ratio of the target occupancy to the actual occupancy of for that year (i.e., 95% target/86.5% actual). In ARGUS Valuation DCF, the NOI will automatically be adjusted to stabilized occupancy prior to capitalization. Uninstall may leave a file to delete: After uninstalling ARGUS Enterprise from a workstation, the Connection Settings.xml file may need to be removed manually Rent Roll - Presentation report: The Rent Roll Presentation report does not display the proper conversion if the currency entered changes over time. Users may need to manually modify the following inputs after completing the import process. Space Absorption Closing costs on Purchase Price Apartment Unit Concessions Apartment Unit Credit Loss Market Rents that change on a monthly basis Custom inflation entries for simple recovery stops or fixed recovery amounts Lease Break Options and Activity Revenue associated with a lease that has a size equal to zero will not generate revenue in ARGUS Valuation DCF. Variable entries for Amount 2 when using % of Other x Amount 2 will not export to ARGUS Valuation DCF Market Review other than % of Market Minimum and Maximum Uplift Entries for Market Reviews User may need to remove Connection Settings.xml file may need to be removed manually. This file is located at C:\ProgramData\ARGUS Software\ARGUS Enterprise 10.0\Settings\Argus.Model\ConnectionSettings.xml if the install was pointed to the default path Access to Temporary Folder: ARGUS Enterprise (both client and server) require access to the Temporary folder at runtime. Only Admin users will have permission to access this folder , Market Pricing Report: The Market Pricing Report has been removed due the supporting data being unavailable at the present. This report may be reinstated in a future release ARGUS Software, Inc. 12

13 Fixed Issues in ARGUS Enterprise The following defects have been addressed in ARGUS Enterprise ID Area Release Description Type Platform CPI was miscalculating when the CPI profile was provided with Specified Interval Inputs for leases that started before the analysis start date Platform Leveraged Investment was not calculating correctly when Include in Loan was selected Reports When Payment Schedule was applied and a lease expired in the middle of a year, the Base Rent was incorrectly calculated in the Tenant Cash Flow Report , 60182, Platform When an AE property model was exported to DCF 15, CPI was being calculated starting from the analysis start date in AE and from the lease start date in DCF , Platform Tenant Cash Flow report displayed an unexpected amount for recoveries when there was a lease renewal. Reports Platform Importing a DCF file that has tenant improvements entered in the MLA and not set up as a tenant improvement category, the tenant improvements were not importing into the market leasing profile for AE Investment Structures Inconsistent XML error generated when adding a Promote in the Distribution grid. Modeling Platform In the Market Leasing input screen, using Continue Prior in the Recoveries Structures doesn't allow the user to query tenant recoveries by recovery method for speculative leases. Modeling The Aggregate All option removed the ability to drill down to the account level Platform When CPI Index Value Override option was used, the CPI Increase amounts were applied inconsistently with the market leasing assumption. Property Reports 2014 ARGUS Software, Inc. 13

14 ID Area Release Description Type Platform Variance in general vacancy values in some cases for Valuation DCF imported files Platform Variance in rounding ranges between ARGUS Enterprise and ValCap Platform CPI was being miscalculated if Continue Prior or Total Prior was selected for Renew Market rent Platform Upgraded files, with the Override Scenario option selected, were not matching values after the upgrade for cash flows and NPVs in Value & Summary reports Platform CPI calculation issues were generated in year two of the analysis period when %CPI was less than 100 percent Platform Straight Line Rent was using the tenants lease start date in reports, even though analysis start date was selected in the Modeling Policies when the acquisition date was before the analysis start date Platform When importing an SF file using a Detailed Reimbursement method that has Number of Terms to Apply set to something other than 1, a new Market Leasing profile was being created based on that DRM Platform If tenant has a relative start date, and it is outside of the analysis time frame (years to report + 2 years of reversion), DCF does not calculate absorption and turnover. But when this tenant is imported into AE, Available Date is set to Analysis Start and Lease Start is set to actual start date. This forces AE to calculate absorption and turnover, which results in variance between DCF and AE CF reports Platform Report year end dates not matching in all cases for imported SF files ARGUS Software, Inc. 14

15 ID Area Release Description Type Platform The Active option in the Manage Users window was not giving the Admin adequate control for managing user permissions. Manage Users Platform Process Service running calc and import jobs was limited when running high number of process services and threads. Performance Platform Multifamily current rent was truncating decimals when files were converted from version to or Upgrade Platform Error message was generated when a tenant group in the Reimburse After section of the recovery structure was entered. Data Modeling Reports Lease Summary Report was not displaying stop amount inputs Reports When Operating Expenses Format option was set to By Recoverable Amount, actuals for expenses were not matching in the Cash Flow report. Property Property Platform Margin fee was not being included in recovery calculations Platform KPI results were producing an error when Lag Vacancy was enabled. Data Modeling Platform Space Absorption screen was displaying incorrect number of months for absorbed leases. Data Modeling Platform Duplicating a tenant in the Rent Roll screen and changing the CPI Increases field to None was inappropriately affecting information in the CPI increases tab. Data Modeling Platform Sale date prior to PV date importing as sale date after PV date with error. Upgrading Platform Exporting properties with identical names was resulting in one property overwriting the other ARGUS Software, Inc. 15

16 ID Area Release Description Type Platform Importing select.avux file resulted in exception error message Platform Service Account as part of IIS_IUSR group failed when WebServer was not available. Service Account Platform CVL file generating error during import process Platform Screen order of leases changed after importing files from AE 9.5 to AE Platform Handling large amounts of data in the Input Sheets was generating an error. XL4ADW Platform For select files, actuals, budget, and forecast data was taking over 60 seconds to be calculated. Performance Platform Operating expenses for select periods, entered as varies in the AE file, were not being shown in the DCF 15 file Platform Workflow status was not correctly copying when user attempted to copy it to multiple properties. Workflow Status Reports Leasing Activity Report was not sorting by date when the user specified dates Platform DCF models with reporting start dates differing from the analysis start dates were displaying inconsistent inflation rates. Property Reports Assured Cashflow report was not correctly calculating certain line items Platform PV of assured and speculative income were not being calculated for select imported properties , Platform Input sheet using different time zone setting was gaining extra hour, thus producing incorrect date. XL4ADW Platform in Progress was taking longer than 30 seconds when initially opening a Property Asset. Performance 2014 ARGUS Software, Inc. 16

17 ID Area Release Description Type Sensitivity Rent steps were showing within the analysis when there were none entered for the property file. Data Modeling Property Assumptions Report was applying inflated rates in a year with no inflation amount to apply Platform Group by/subgroup by Region in some SSRS reports was incorrectly showing as not set even though it was set. Property Portfolio Platform Area Measure category names longer than 30 characters generated an error in DCF Platform Error was generated when creating a results sheet for capital expenses, operating expenses, and tenant improvements. XL4ADW Platform Error was generated when importing.sf file under specific registration issue Reports Cash Flow report was not accounting for specific capital expense item in the Total Capital Expenditures line. Property 63968, Reports Budget Comparison was not sorting by account number/name, when present. Property Platform Warning appeared when Lease Start date was prior to the Analysis Start date for the Available Start date Platform AE was not rounding market rent in market leasing assumptions to three decimal places for imported DCF files Reports Leasing Activity Report was not converting Area Measure for Net Effective Rent when choosing the Scenario option. Portfolio Platform Custom inflation rate in DCF file incorrectly importing as General rate in Expenses and Revenues ARGUS Software, Inc. 17

18 ID Area Release Description Type Platform Customer property file was calculating free rent for a model with no free rent assumption in the market leasing profile Platform AEIX files with zero inputs for tenant improvements and leasing commissions were defaulting to timings of 0% instead of 100% Charts Multiple child other debt accounts were restricted from being added to parent other debt account in the chart of accounts. Data Modeling Charts Some expense accounts were not loading from the Chart of Accounts when using the right-click function in the expenses tab. Data Modeling Platform An option lease with a 5 year term was calculating as 5 years and 9 days Platform Unhandled error was generated when creating input sheets and selecting CPIs before filling sheets with AE data. XL4ADW Platform Imported DCF ignored one month of rent abatements Platform Error message in AE Server Client: Property cannot be checked out by a username since it is currently locked by the username. Security Platform Deleting calculation results prior to saving property asset with large number of intelligent renewals was taking four minutes to save. Performance Platform Imported DCF file: When an expense amount in year two is zero, then the recovery in year 1 is not matching Platform Imported DCF file: Expense inflation rate was modifying lease commissions Platform Imported DCF file: Base rent changes not picked up in term two override ARGUS Software, Inc. 18

19 ID Area Release Description Type Platform Imported DCF file: Space absorption leases and rent roll leases not matching Platform Market rate assumption report displaying incorrect amount for amount per area. Property 62280, Platform Imported DCF file: AE not automatically detecting CPI Indexation in DCF15 files Platform Non-Operating Expenses were pulled into XL4ADW as a single Total Non-operating Expenses line instead of as individual accounts from the Chart of Accounts. XL4ADW Platform Sending budget and actuals data round trip from XL4ADW back to AE resulted in zeroing out prior year budget and actuals data. XL4ADW Platform Average Value of vacant space was inappropriately including re-absorbed tenants that had expired before the resale and PV dates Platform Conversion Issue from 9.1 to 9.5: Some lines in the Multifamily Revenue section of the Cash Flow report show variances. Property Platform Dyna to AE conversion: Specified breakpoints in base lease failing to roll to specified natural breakpoints on rollover Platform Extended analysis period in Property Asset Input sheet was not correctly extending in AE for market inflations on revenue and expense inputs. XL4ADW Platform PV Cash Flow and Net Sale Price not added in the Value Matrix report for the gross income multiplier calculation method Platform Export from AE to DCF 15: Cash Flow repot > Operating Expenses > Real Estate taxes were not calculating correctly Platform Client property model in SF format failed to successfully import ARGUS Software, Inc. 19

20 ID Area Release Description Type Platform Changed the Valuation & Return Summary to report unleveraged cash on cash return as a ratio of cash flow before debt divided by purchase price. Additionally, cash on cash return on Present Value report re-labeled as NOI to Book Value. Property Platform Monthly inflated market rent was being used for market reversion even though the modeling policy was switched to Annual Platform Cap Increase applying from Year+1 instead of Year1 for Net Recovery Platform Calculating properties for large back up database generated 'object not set' error. n/a Platform Capital Expenses within Expense Groups: Included capital expenses are ignored in the calculation of the group total. Data Modeling n/a Platform ARGUS Enterprise only supports changing base rents entered as 100% of Market followed by Fixed Step % increases. Data Modeling Repertoire Reports Error canceling report: When stopping an SSRS report, an error may appear stating, An error occurred during local report processing. Reports Platform Cap Rate on IRR Matrix and Value Matrix: The Going in Cap rate displayed on the IRR and Value Matrix report is using the entered sale amount for the cap rate when Inflate Purchase Price and Enter Sale Price resale methods are selected. s Platform Leasing Commissions modeled as 1st Mo + % remain in ARGUS Valuation DCF will import into ARGUS Enterprise as % by Lease Year 14 with a varying amount. s 2014 ARGUS Software, Inc. 20