argus enterprise user manual

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Product User Manual ARGUS Enterprise 11.0.0 Published: 12/22/2015 Updated: 3/22/2016 ARGUS Software  An Altus Group Company 

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  • ProductUserManualARGUSEnterprise11.0.0

    Published:12/22/2015

    Updated:3/22/2016

    ARGUSSoftwareAnAltusGroupCompany

  • ProductUserManual ARGUSEnterprise11.0

    1 2015ARGUSSoftware,Inc.

    ProductUserManualARGUSEnterprise11.012/22/2015

    Publishedby:ARGUSSoftware,Inc.750TownandCountryBlvdSuite800Houston,TX77024Telephone(713)6214343Facsimile(713)6212787www.argussoftware.com

    InformationinthisdocumentissubjecttochangewithoutnoticeandrepresentsnocommitmentonthepartofARGUSSoftware,Inc.

    Thisdocumentiscopyright2015,ARGUSSoftware,Inc.Allrightsreserved.ThisdocumentisaconfidentialandproprietarytradesecretofARGUSSoftware,madeavailableonlyunderalicenseagreementandorotheragreementscontainingobligationsofconfidentiality.

    "ARGUS"andARGUSEnterprisearetrademarksofARGUSSoftware,Inc.Allothertrademarksandregisteredtrademarksarepropertyoftheirrespectivecompanies.

  • ProductUserManual ARGUSEnterprise11.0

    2 2015ARGUSSoftware,Inc.

    TableofContents

    ARGUSEnterprise.......................................................................................................................................38

    Welcome.....................................................................................................................................................38

    QuestionsaboutARGUSEnterprise?..........................................................................................................39

    Howtogethelp:......................................................................................................................................39

    OnScreenHelp.......................................................................................................................................39

    ARGUSTechnicalSupport.......................................................................................................................39

    HoursofOperation.................................................................................................................................39

    ARGUSTraining.......................................................................................................................................40

    SystemRequirements.................................................................................................................................41

    ARGUSEnterpriseClient.........................................................................................................................41

    ARGUSEnterpriseApplicationServer(mediuminstallation)................................................................42

    ARGUSEnterpriseProcessingServer(mediuminstallation)..................................................................42

    ARGUSEnterpriseDatabaseServer(mediuminstallation)....................................................................43

    ControlPanel...............................................................................................................................................44

    ControlPanel...........................................................................................................................................44

    Security...............................................................................................................................................44

    SystemSettings...................................................................................................................................44

    UserSettings.......................................................................................................................................44

    GettingStarted............................................................................................................................................45

    ContextSensitiveHelp............................................................................................................................45

    HelpMenu..........................................................................................................................................45

    BackstageArea........................................................................................................................................45

    DynamicRibbon(s)..................................................................................................................................46

    HomeRibbon..........................................................................................................................................46

    Expand/MinimizeRibbon........................................................................................................................47

    CustomerFeedback................................................................................................................................47

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    3 2015ARGUSSoftware,Inc.

    HelpMenu..............................................................................................................................................47

    ViewRibbon............................................................................................................................................47

    AuditRibbon...........................................................................................................................................47

    ReportRibbon.........................................................................................................................................47

    PropertyEditor........................................................................................................................................48

    InvestmentStructuresRibbon................................................................................................................49

    ShortcutKeys..............................................................................................................................................50

    Inputs/RibbonShortcuts.........................................................................................................................50

    NavigationbetweenSubtabsandInputtabs........................................................................................51

    PropertyEditorInputTabs..................................................................................................................51

    PropertyInputSubtabs......................................................................................................................51

    MarketInputSubtabs........................................................................................................................52

    RevenuesInputSubtabs....................................................................................................................54

    ExpensesInputSubtabs.....................................................................................................................54

    TenantsInputSubtabs.......................................................................................................................54

    InvestmentInputSubtabs..................................................................................................................55

    ValuationInputSubtabs....................................................................................................................55

    TraditionalValuationInputSubtabs..................................................................................................56

    PropertyEditorGrids..........................................................................................................................56

    PortfolioGrid......................................................................................................................................58

    InvestmentStructures........................................................................................................................58

    Portfolio......................................................................................................................................................60

    AddingaProperty.......................................................................................................................................60

    PropertyAssetTemplate....................................................................................................................60

    ValidatingImportData........................................................................................................................62

    AddingPropertyInformation..............................................................................................................62

    DeletingaProperty.....................................................................................................................................65

    DeletePropertyAssetswindow..........................................................................................................65

    DeletePropertyAssetsJobProgresswindow.....................................................................................67

    QueuedJobDetailswindow...............................................................................................................67

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    4 2015ARGUSSoftware,Inc.

    PermissionsSecuritySetup.........................................................................................................................70

    PortfolioPermissions..............................................................................................................................70

    ScenarioPermissions..............................................................................................................................71

    PropertyAssetPermissions....................................................................................................................73

    Classifications..............................................................................................................................................74

    CopyForecasttoBudget.............................................................................................................................75

    PropertyGroups..........................................................................................................................................78

    TheManagePropertyGroupsPanel.......................................................................................................78

    TheEditPropertyGroupsPanel..............................................................................................................78

    AddNewPropertyGroup.......................................................................................................................79

    DeletePropertyGroups..........................................................................................................................80

    DuplicatePropertyGroups.....................................................................................................................80

    FilteraPropertyGroup...........................................................................................................................80

    PropertyGroupsandPortfolioReports..................................................................................................80

    ImportingaProperty...................................................................................................................................81

    ExportaProperty........................................................................................................................................84

    ExportingPropertyDataasARGUSEnterprisePropertyAssetfile.........................................................85

    ExportPropertyAssetswindow..........................................................................................................85

    ExportingPropertyDatain.aeexand.aeixformats...............................................................................86

    ExportPropertyDatawindow............................................................................................................86

    ExportingPropertyDatainPiscesandCVLFormats...............................................................................89

    RemovingOverrides....................................................................................................................................90

    CalcPropertyAssetswindow..............................................................................................................91

    WorkflowStatus..........................................................................................................................................92

    WorkflowAudits.................................................................................................................................93

    CalculatingPropertyAssets........................................................................................................................94

    CalcPropertyAssetswindow..............................................................................................................94

    CalcPropertyAssetsJobProgresswindow.........................................................................................96

    QueuedJobDetailswindow...............................................................................................................96

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    5 2015ARGUSSoftware,Inc.

    CheckingIn/CheckingOutProperties.........................................................................................................99

    CheckingPropertiesInandOut..........................................................................................................99

    ArchivingProperties..........................................................................................................................100

    RestoringProperties.........................................................................................................................101

    ArchivingaProperty.................................................................................................................................103

    ArchivingProperties..........................................................................................................................103

    RestoringProperties.........................................................................................................................104

    BatchUpdate............................................................................................................................................105

    BatchUpdateUpdateCurrentScenario.........................................................................................105

    BatchUpdateCreateNewScenario...............................................................................................105

    Parameterstab......................................................................................................................................107

    Choosewheretocopythesepropertyassetsto(thedestinationscenario)....................................107

    CopytoaNewScenario....................................................................................................................107

    PropertyAssets.....................................................................................................................................109

    Scenarios...................................................................................................................................................110

    CreatingaNewScenario.......................................................................................................................112

    Scenario.............................................................................................................................................113

    DuplicatingaScenario...........................................................................................................................115

    CopyOptions.....................................................................................................................................116

    Scenario.............................................................................................................................................117

    RecordSecurity.................................................................................................................................120

    Scenarios...........................................................................................................................................120

    RepertoireReporting................................................................................................................................122

    WorkingwithReportParameters.....................................................................................................122

    ModifyingReports............................................................................................................................123

    ExportingReports.............................................................................................................................123

    PrintNonOperatingExpensesinRepertoireReports......................................................................124

    Show/HideNonOperatingExpenses................................................................................................124

    Allocatea%ofNonOperatingExpensestoOperatingExpenses....................................................125

    UserDefinedDebt.............................................................................................................................125

    Reports..............................................................................................................................................125

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    6 2015ARGUSSoftware,Inc.

    Analysis.....................................................................................................................................................142

    AnalysisRibbon.....................................................................................................................................142

    Timing................................................................................................................................................142

    Term..................................................................................................................................................143

    Options..............................................................................................................................................143

    Layout................................................................................................................................................143

    AnalysisColumns..................................................................................................................................147

    AnalysisChart........................................................................................................................................147

    ReturnsOverTimeLayout....................................................................................................................148

    LeveragedIRRperStateLayout............................................................................................................153

    TopGrid............................................................................................................................................154

    Chart..................................................................................................................................................154

    BottomGrid......................................................................................................................................154

    PV&IRRLayout....................................................................................................................................155

    Grid....................................................................................................................................................155

    TraditionalValuationLayout.................................................................................................................156

    Chart..................................................................................................................................................156

    Grid....................................................................................................................................................157

    DefaultLayout.......................................................................................................................................158

    General..............................................................................................................................................158

    LeveragedIRR....................................................................................................................................158

    NetOperatingIncome......................................................................................................................158

    CashFlowAvailableforDistribution.................................................................................................159

    Occupied%........................................................................................................................................159

    AuditTrail..................................................................................................................................................160

    OverrideAuditTrailLevels................................................................................................................161

    AuditTriggerActions.........................................................................................................................161

    AuditTrailGrid..................................................................................................................................161

    AuditTrailOptions............................................................................................................................162

    PortfolioDetails........................................................................................................................................164

    PortfolioDetails................................................................................................................................164

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    CurrentScenarioDetails...................................................................................................................165

    OptionalCalculations........................................................................................................................167

    PortfolioProperties...................................................................................................................................169

    PropertyAssetTemplate..................................................................................................................169

    ValidatingImportData......................................................................................................................171

    AddingPropertyInformation............................................................................................................171

    ArchivingandCheckingPropertiesInandOut.................................................................................173

    RecordSecurity.................................................................................................................................176

    WorkflowStatus................................................................................................................................177

    RemovingOverrides..........................................................................................................................179

    ExportProperties..............................................................................................................................180

    ImportProperties..............................................................................................................................180

    ValuationCashflow...................................................................................................................................182

    Property................................................................................................................................................182

    PropertyDescription.................................................................................................................................182

    Purpose.................................................................................................................................................182

    GeneralInformation.........................................................................................................................182

    Analysis.............................................................................................................................................183

    Timing................................................................................................................................................183

    CurrencyandMeasurement.............................................................................................................184

    PropertyLocation......................................................................................................................................186

    Purpose.................................................................................................................................................186

    Address.............................................................................................................................................186

    AdditionalPropertyInformation..............................................................................................................187

    AdditionalPropertyInformation......................................................................................................187

    Comments.........................................................................................................................................187

    AreaMeasures..........................................................................................................................................188

    Purpose.................................................................................................................................................188

    General..............................................................................................................................................188

    RentableArea...................................................................................................................................189

    OccupiedArea...................................................................................................................................191

  • ProductUserManual ARGUSEnterprise11.0

    8 2015ARGUSSoftware,Inc.

    DetailedAreaMeasure.........................................................................................................................194

    AreaMeasure....................................................................................................................................194

    RentableArea...................................................................................................................................194

    OccupiedArea...................................................................................................................................195

    ChartsofAccounts....................................................................................................................................197

    ChartofAccountsStructure..................................................................................................................198

    OpeningaChartofAccounts................................................................................................................198

    CreatingaChartofAccounts................................................................................................................200

    ImportingaChartofAccounts..............................................................................................................201

    ExportingChartsofAccounts................................................................................................................207

    AddingAccounts...................................................................................................................................209

    DeletingAccountsfromaChartofAccounts........................................................................................210

    LinkingaChartofAccountstoaPortfolio............................................................................................210

    BudgetingandActuals..............................................................................................................................211

    Purpose.................................................................................................................................................211

    HighlightRows/Cells.........................................................................................................................211

    Actuals...................................................................................................................................................211

    Budget...................................................................................................................................................212

    CurrentBudget/Reforecasting........................................................................................................213

    BudgetView..........................................................................................................................................214

    BudgetTools.........................................................................................................................................214

    TopGrid............................................................................................................................................214

    Timeframe.........................................................................................................................................214

    EntryFunctions.................................................................................................................................215

    BudgetGrid...........................................................................................................................................215

    DetailsView..........................................................................................................................................216

    Classifications............................................................................................................................................218

    Market...................................................................................................................................................219

    MarketInflation........................................................................................................................................219

  • ProductUserManual ARGUSEnterprise11.0

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    Purpose.................................................................................................................................................219

    InflationIndices.........................................................................................................................................222

    Purpose.................................................................................................................................................222

    GeneralVacancy.......................................................................................................................................224

    Purpose.................................................................................................................................................224

    Tenantstooverride...........................................................................................................................227

    CreditLoss.................................................................................................................................................229

    Purpose.................................................................................................................................................229

    TenantstoOverrideGrid..................................................................................................................231

    MarketLeasingProfiles.............................................................................................................................233

    Purpose.................................................................................................................................................233

    Name.................................................................................................................................................233

    General..............................................................................................................................................234

    BaseRent(/Area)..............................................................................................................................234

    IntelligentRenewals..........................................................................................................................235

    RentIncreases...................................................................................................................................236

    RentalValue......................................................................................................................................238

    FreeRent(Mo)..................................................................................................................................238

    Recoveries.........................................................................................................................................239

    MiscellaneousItems.........................................................................................................................240

    Improvements...................................................................................................................................245

    LeasingCommissions........................................................................................................................246

    SecurityDeposit................................................................................................................................248

    PercentageRent(New&Renew).....................................................................................................249

    Volume..............................................................................................................................................249

    Breakpoint.........................................................................................................................................250

    Layer1Layer6................................................................................................................................250

    General..............................................................................................................................................251

    UponExpiration................................................................................................................................251

    ImportingMarketLeasingProfiles....................................................................................................251

    FreeRentProfiles......................................................................................................................................253

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    Purpose.................................................................................................................................................253

    General..............................................................................................................................................253

    #FreeMonths...................................................................................................................................253

    ElementstoInclude..........................................................................................................................253

    CPIIncreases.............................................................................................................................................255

    Purpose.................................................................................................................................................255

    CPI.....................................................................................................................................................255

    FirstIncrease.....................................................................................................................................256

    FurtherIncreases..............................................................................................................................256

    CPIAmount.......................................................................................................................................257

    TenantImprovements..............................................................................................................................258

    Purpose.................................................................................................................................................258

    General..............................................................................................................................................258

    Improvements...................................................................................................................................258

    LeaseCommissionCategories...................................................................................................................260

    Purpose.................................................................................................................................................260

    General..............................................................................................................................................260

    Commissions.....................................................................................................................................260

    ElementstoInclude..........................................................................................................................261

    MultifamilyMarketLeasingProfiles.........................................................................................................263

    Name.................................................................................................................................................263

    General..............................................................................................................................................263

    MarketRent......................................................................................................................................263

    IntelligentRenewals..........................................................................................................................265

    Improvements...................................................................................................................................266

    Commissions.....................................................................................................................................266

    SecurityDeposit................................................................................................................................267

    MarketRentComponents.........................................................................................................................268

    Purpose.................................................................................................................................................268

    General..............................................................................................................................................268

    ElementstoInclude..........................................................................................................................268

  • ProductUserManual ARGUSEnterprise11.0

    11 2015ARGUSSoftware,Inc.

    Ranges.......................................................................................................................................................270

    Purpose.................................................................................................................................................270

    RentalValueGroups.................................................................................................................................272

    Purpose.................................................................................................................................................272

    Name.................................................................................................................................................272

    RentalValue......................................................................................................................................272

    Revenues...............................................................................................................................................273

    MiscellaneousRevenues...........................................................................................................................273

    Purpose.................................................................................................................................................273

    General..............................................................................................................................................274

    Amount.............................................................................................................................................274

    Timing................................................................................................................................................278

    Inflation.............................................................................................................................................279

    Limits.................................................................................................................................................279

    Usage.................................................................................................................................................280

    CapitalizationValuation....................................................................................................................280

    Notes.................................................................................................................................................281

    ParkingRevenues......................................................................................................................................282

    Purpose.................................................................................................................................................282

    General..............................................................................................................................................282

    Amount.............................................................................................................................................282

    Timing................................................................................................................................................285

    Inflation.............................................................................................................................................286

    Limits.................................................................................................................................................286

    Usage.................................................................................................................................................287

    CapitalizationValuation....................................................................................................................287

    Notes.................................................................................................................................................288

    StorageRevenues.....................................................................................................................................289

    Purpose.................................................................................................................................................289

    General..............................................................................................................................................289

    Amount.............................................................................................................................................289

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    Timing................................................................................................................................................292

    Inflation.............................................................................................................................................293

    Limits.................................................................................................................................................293

    Usage.................................................................................................................................................294

    CapitalizationValuation....................................................................................................................295

    Notes.................................................................................................................................................295

    HotelRooms..............................................................................................................................................297

    Hotels:DepartmentalRevenues...............................................................................................................298

    General..............................................................................................................................................298

    Amount.............................................................................................................................................298

    Timing................................................................................................................................................301

    Inflation.............................................................................................................................................302

    Limits.................................................................................................................................................302

    Usage.................................................................................................................................................303

    Notes.................................................................................................................................................304

    Groups...............................................................................................................................................304

    Hotels:ParkingRevenues.........................................................................................................................305

    General..............................................................................................................................................305

    Amount.............................................................................................................................................305

    Timing................................................................................................................................................308

    Inflation.............................................................................................................................................309

    Limits.................................................................................................................................................310

    Usage.................................................................................................................................................311

    Notes.................................................................................................................................................311

    Groups...............................................................................................................................................311

    Expenses................................................................................................................................................313

    OperatingExpenses..................................................................................................................................313

    Purpose.................................................................................................................................................313

    General..............................................................................................................................................313

    Amount.............................................................................................................................................313

    Timing................................................................................................................................................317

  • ProductUserManual ARGUSEnterprise11.0

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    Inflation.............................................................................................................................................319

    Limits.................................................................................................................................................319

    Usage.................................................................................................................................................320

    CapitalizationValuation....................................................................................................................320

    Notes.................................................................................................................................................321

    Groups...............................................................................................................................................322

    NonOperatingExpenses..........................................................................................................................323

    Purpose.................................................................................................................................................323

    General..............................................................................................................................................323

    Amount.............................................................................................................................................324

    Timing................................................................................................................................................327

    Inflation.............................................................................................................................................328

    Limits.................................................................................................................................................328

    Usage.................................................................................................................................................329

    Notes.................................................................................................................................................330

    CapitalExpenses.......................................................................................................................................331

    Purpose.................................................................................................................................................331

    General..............................................................................................................................................331

    Amount.............................................................................................................................................332

    TraditionalValuation.........................................................................................................................335

    Timing................................................................................................................................................335

    Inflation.............................................................................................................................................337

    Amortization.....................................................................................................................................338

    Limits.................................................................................................................................................338

    Usage.................................................................................................................................................340

    CapitalizationValuation....................................................................................................................340

    Notes.................................................................................................................................................341

    Groups...............................................................................................................................................341

    ExpenseGroups........................................................................................................................................343

    Purpose.................................................................................................................................................343

    ExcludedExpenses(Unlabeled)........................................................................................................344

  • ProductUserManual ARGUSEnterprise11.0

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    IncludedExpenses(Unlabeled).........................................................................................................344

    HideDetail.........................................................................................................................................345

    Hotels:OperatingExpenses......................................................................................................................346

    General..............................................................................................................................................346

    Amount.............................................................................................................................................346

    Timing................................................................................................................................................348

    Inflation.............................................................................................................................................348

    Limits.................................................................................................................................................348

    Usage.................................................................................................................................................349

    Groups...............................................................................................................................................350

    Hotels:NonOperatingExpenses..............................................................................................................351

    General..............................................................................................................................................351

    Amount.............................................................................................................................................351

    Timing................................................................................................................................................353

    Inflation.............................................................................................................................................354

    Limits.................................................................................................................................................354

    Usage.................................................................................................................................................355

    Hotels:CapitalExpenses...........................................................................................................................356

    General..............................................................................................................................................356

    Amount.............................................................................................................................................356

    Timing................................................................................................................................................357

    Inflation.............................................................................................................................................358

    Limits.................................................................................................................................................358

    Usage.................................................................................................................................................359

    RepeatingPaymentsCalculationExamples............................................................................................361

    RentRoll....................................................................................................................................................363

    Purpose.................................................................................................................................................363

    Name.................................................................................................................................................364

    Reference..........................................................................................................................................364

    General..............................................................................................................................................364

    RentalIncome...................................................................................................................................367

  • ProductUserManual ARGUSEnterprise11.0

    15 2015ARGUSSoftware,Inc.

    CPI.....................................................................................................................................................374

    GAAPRent.........................................................................................................................................375

    PercentageRent................................................................................................................................376

    Recoveries.........................................................................................................................................377

    MiscellaneousItems.........................................................................................................................378

    LeasingCosts.....................................................................................................................................383

    SecurityDeposit................................................................................................................................384

    MarketLeasing..................................................................................................................................385

    TraditionalValuation.........................................................................................................................386

    CapitalizationValuation....................................................................................................................388

    TenantClassifications.......................................................................................................................390

    Notes.................................................................................................................................................390

    RentalIncomeCalculationExamples......................................................................................................391

    RentReviewCalculations........................................................................................................................392

    RentalValueUnitCalculations................................................................................................................394

    SpaceAbsorption......................................................................................................................................395

    Purpose.................................................................................................................................................395

    Enable................................................................................................................................................395

    General..............................................................................................................................................395

    Market...............................................................................................................................................396

    Areas.................................................................................................................................................396

    Dates.................................................................................................................................................396

    Detail.....................................................................................................................................................397

    Name.................................................................................................................................................397

    Reference..........................................................................................................................................398

    General..............................................................................................................................................398

    RentalIncome...................................................................................................................................398

    CPI.....................................................................................................................................................399

    PercentageRent................................................................................................................................400

    Recoveries.........................................................................................................................................400

    MiscellaneousItems.........................................................................................................................400

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    16 2015ARGUSSoftware,Inc.

    LeasingCosts.....................................................................................................................................400

    SecurityDeposit................................................................................................................................401

    MarketLeasing..................................................................................................................................401

    TraditionalValuation.........................................................................................................................401

    CapitalizationValuation....................................................................................................................402

    TenantClassifications.......................................................................................................................403

    Notes.................................................................................................................................................403

    ExternalID.........................................................................................................................................403

    RecoveryStructures..................................................................................................................................404

    Purpose.................................................................................................................................................404

    RecoveryStructures..........................................................................................................................405

    CreatingaUserRecoveryStructure......................................................................................................407

    RecoveryMethods............................................................................................................................408

    MethodDetails.................................................................................................................................408

    ExpenseAdjustments........................................................................................................................410

    Limits.................................................................................................................................................411

    PercentRent.....................................................................................................................................413

    MultifamilyTenants..................................................................................................................................414

    Name.................................................................................................................................................414

    General..............................................................................................................................................414

    OccupiedUnits..................................................................................................................................415

    UnitRollover.....................................................................................................................................416

    MarketLeasing..................................................................................................................................416

    Absorption........................................................................................................................................418

    TenantGroups..........................................................................................................................................421

    Purpose.................................................................................................................................................421

    GroupCode.......................................................................................................................................421

    TenantGroupName.........................................................................................................................421

    ExcludedTenants(leftside)..............................................................................................................421

    IncludedTenants(rightside)............................................................................................................421

    GroundLeases...........................................................................................................................................423

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    Purpose.................................................................................................................................................423

    Name.................................................................................................................................................424

    Reference..........................................................................................................................................424

    General..............................................................................................................................................424

    RentalIncome...................................................................................................................................424

    Gearing..............................................................................................................................................426

    TraditionalValuation.........................................................................................................................427

    Notes.................................................................................................................................................430

    TenantSecurityDeposits..........................................................................................................................431

    Purpose.................................................................................................................................................431

    General..............................................................................................................................................431

    Refundable........................................................................................................................................432

    NonRefundable................................................................................................................................432

    TenantPaymentSchedules.......................................................................................................................434

    Purpose.................................................................................................................................................434

    General..............................................................................................................................................434

    Investment............................................................................................................................................435

    PropertyPurchase.....................................................................................................................................435

    Purpose.................................................................................................................................................435

    PurchaseInformation.......................................................................................................................435

    ClosingCosts.....................................................................................................................................436

    PurchaseNotes.................................................................................................................................437

    DebtFinancing..........................................................................................................................................438

    Purpose.................................................................................................................................................438

    General..............................................................................................................................................438

    LoanDetails.......................................................................................................................................438

    LoanTiming.......................................................................................................................................442

    CalculationOptions...........................................................................................................................443

    AdditionalPrincipal...........................................................................................................................444

    LoanCosts.........................................................................................................................................445

    Reporting..........................................................................................................................................447

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    OtherDebt................................................................................................................................................448

    Purpose.................................................................................................................................................448

    General..............................................................................................................................................448

    Amount.............................................................................................................................................448

    Inflation.............................................................................................................................................448

    Notes.................................................................................................................................................449

    Valuation...............................................................................................................................................450

    Assumptions..............................................................................................................................................450

    Purpose.................................................................................................................................................450

    Timing................................................................................................................................................450

    General..............................................................................................................................................450

    SensitivityIntervals...........................................................................................................................451

    IntervalsusedforPresentValueReporting:.....................................................................................452

    DirectCapitalization..................................................................................................................................453

    Purpose.................................................................................................................................................453

    Rate...................................................................................................................................................453

    Results...............................................................................................................................................454

    CapitalizationValuation............................................................................................................................455

    PropertyDefaults..............................................................................................................................455

    AllowancesPeriod.............................................................................................................................460

    RevenueandExpenseTreatments...................................................................................................461

    ApplyingaTreatmenttoRevenueorExpense.....................................................................................463

    PropertyResale.........................................................................................................................................464

    Purpose.................................................................................................................................................464

    General..............................................................................................................................................464

    CalculationMethod...........................................................................................................................464

    StabilizedOccupancy........................................................................................................................468

    Adjustment........................................................................................................................................469

    Results...............................................................................................................................................471

    PresentValue............................................................................................................................................472

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    Purpose.................................................................................................................................................472

    Discount............................................................................................................................................472

    IncrementDiscountRate..................................................................................................................473

    Timing................................................................................................................................................473

    CapitalizationValuationOverrides...........................................................................................................474

    General..............................................................................................................................................474

    Treatment.........................................................................................................................................474

    TraditionalValuation.............................................................................................................................477

    TraditionalValuation:Calculation.............................................................................................................477

    Assumptions......................................................................................................................................477

    CalculationResults............................................................................................................................479

    RunningYields...................................................................................................................................480

    TraditionalValuation:AcquisitionCosts...................................................................................................482

    VAT....................................................................................................................................................482

    CapitalCosts......................................................................................................................................483

    AcquisitionCostsgrid............................................................................................................................483

    Name.................................................................................................................................................483

    Amounts............................................................................................................................................483

    TraditionalValuation:CapitalizationYields..............................................................................................484

    Name.................................................................................................................................................484

    Method.............................................................................................................................................484

    Froth..................................................................................................................................................486

    PropertyBudget........................................................................................................................................487

    BudgetingandActuals..............................................................................................................................487

    Purpose.................................................................................................................................................487

    HighlightRows/Cells.........................................................................................................................487

    Actuals...................................................................................................................................................487

    Budget...................................................................................................................................................488

    CurrentBudget/Reforecasting........................................................................................................489

    BudgetView..........................................................................................................................................490

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    BudgetTools.........................................................................................................................................490

    TopGrid............................................................................................................................................490

    Timeframe.........................................................................................................................................490

    EntryFunctions.................................................................................................................................491

    BudgetGrid...........................................................................................................................................491

    DetailsView..........................................................................................................................................493

    BudgetingandActuals..............................................................................................................................494

    Purpose.................................................................................................................................................494

    HighlightRows/Cells.........................................................................................................................494

    Actuals...................................................................................................................................................494

    Budget...................................................................................................................................................495

    CurrentBudget/Reforecasting........................................................................................................496

    BudgetView..........................................................................................................................................497

    BudgetTools.........................................................................................................................................497

    TopGrid............................................................................................................................................497

    Timeframe.........................................................................................................................................497

    EntryFunctions.................................................................................................................................498

    BudgetGrid...........................................................................................................................................498

    DetailsView..........................................................................................................................................499

    BudgetingandActuals:CopyForecast.....................................