ARGUS Developer v Product Release Notes Document Version 1.02 August 7th, 2014

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ARGUS Developer v6.50.002.009

Product Release Notes

Document Version 1.02

August 7th, 2014

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2 ARGUS Software – An Altus Group Company

Release Notes for ARGUS Developer v6.50.002.009 August 7th, 2014

Published by: ARGUS Software, Inc. 3050 Post Oak Boulevard Suite 900

Houston, Texas 77056 Telephone (713) 621-4343 Facsimile (713) 621-2787 www.argussoftware.com

Information in these release notes is subject to change without notice and represents no commitment on the part of ARGUS Software.

These release notes are copyright © 2014, ARGUS Software. All rights reserved. These release notes are a confidential and proprietary trade secret of ARGUS Software and its licensors, made available only under a license containing obligations of confidentiality. Information in these release notes is subject to change without notice. "ARGUS Software" is a trademark of ARGUS Software, Inc. All other trademarks and registered trademarks are property of their respective companies.

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ARGUS Software – An Altus Group Company 3

ARGUS Developer v6.50.002.009

Introduction ... 4

Purpose ... 4

Scope ... 4

Compatible Platforms and Products ... 4

System Requirements ... 4 Known Issues in v6.50.002.009 ... 5 Enhancements Introduced in v6.50.000.024 ... 7 Defects Fixed in v6.50.002.009 ... 9 Defects Fixed in v6.50.001.025 ... 11 Defects Fixed in v6.50.000.024 ... 13

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Introduction

Purpose

The purpose of this document is to communicate enhancements, modifications, known problems and ways to work around them for the release of ARGUS Developer v6.50.002.009.

Scope

This document describes the release of ARGUS Developer v6.50.002.009.

Compatible Platforms and Products

This product has been verified to install and operate on the following platforms (or with the following products): Desktop Operating Systems

 Windows XP

 Windows Vista

 Windows 7

 Windows 8

System Requirements

The following represents minimal supported system requirements for use of ARGUS Developer v6.50.002.009. Client PC Requirements

 Memory: At least 1 Gb of RAM (2 Gb for Vista/Win 7)

 Hard Drive: At least 500 megabytes of hard disk space

 Processor: 1.5 GHz or faster

 Display: SVGA 1024 x 768 colour monitor

Microsoft Excel Export and Import Requirement

 MS Excel 2007 or higher

For the Excel New Analysis Reports

 MS Excel 2010 or higher

Whilst ARGUS endeavours to correct known issues, software is provided "as is" without warranty of any kind, express or implied. In no event shall ARGUS be held liable for any direct, indirect, incidental, special or consequential damages arising out of the use of or inability to use this software.

ARGUS recommends that clients check new versions in a test environment before releasing to their users. ARGUS will provide test licenses to all clients under support who wish to upgrade to the new version.

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Known Issues in v6.50.002.009

The following are known issues in this release.

Item Description Workaround

17760 VAT on Revenue collected as part of sales proceeds calculates as positive receipt rather than cost

As this VAT tax is a pass through, and

Developer does not currently tie the receipts of tax collections to the eventual tax payments, it is suggested that the amounts be entered as 0.01 as a placeholder

19716 Reserve Account Balance is negative at the end of the cash flow

Try restricting the distribution of profit from the reserve account until the final project cash requirement

20048 Unable to switch off letting cost on renewal of lease

None - the option works on both first term and renewal terms

20500 Debt being called when there is sufficient Reserve balance near the end of project

None

21621 Line entry is duplicated in finance cash flow when using Equity / JV finance

Delete the sources and then re-enter the data

22083 Profit Warning on Appraisal Summary when Project Funded Interest is present

Various reasons for this - see other Document

22470 For a New Project, Export to Excel is throwing error message in Windows 2000

None

23110 Structured finance not showing all finance structures in Phase Group Box

Ensure that only one Finance Structure has All Phases linked to it

45775 Where a phase does not have any timescale entered, the program does not automatically allocate a default phase length of 12 months. If there are any costs or revenues entered, this could affect the calculation of interest when looking at the individual phase. The merged phases view is unaffected

Enter 12 months duration for the phase – either in the Construction or the Sales stages

53394 Reserve Account can become over-drawn None

54547 EVariantTypeCastError seen in Timescale & Phasing when entering a "-" into the Offset field

Ensure a number is entered immediately after “-“ sign

54549 EVariantTypeCastError seen in Developer’s Profit when entering a "-" into Developer’s Profit field

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54550 EVariantTypeCastError seen in VAT editor when entering a "-" into the Global VAT Rate field

54551 EVariantTypeCastError seen in Sensitivity Analysis when entering a "-" into the Step amount field and clicking anywhere else

54552 EVariantTypeCastError seen in Sensitivity Analysis when entering a "-" into Manual Fixed Steps field

58656 Methodology for calculating how the interest is broken down into

Land/Construction/Letting Void/Other needs to reflect current practice

None

65514 In the Cash Flow Custom editor, an Invalid Type Casting error is displayed when adding a New Group with the name left blank

Ensure a name is entered for the New Group

65707 If the system date format is changed on your PC, an Access Violation is seen when trying to launch the application

Do not change your system date format

65708 List Out of index exception is displayed in the Sales Contract editor when the user performs ‘Move Up’ following the creation of more than one contract

None

65799 When selecting the Repay Balance

functionality on a Timed Repayment Line in the Finance Cash Flow, an outstanding balance still remains.

Manually enter a value into the Timed

Repayment Line to ensure outstanding balance is 0

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Enhancements Introduced in v6.50.000.024

[These enhancements will be only available to users on an up to date service

plan. Please contact ARGUS Software for more details]

Area Description Type

Excel Integrated Analytics

Improved the export of ARGUS Developer data into a fully integrated Excel workbook which provides additional reports, dashboards and the building blocks to create custom reports. In addition, one-click update, linked custom reports stay dynamic to changes made in ARGUS Developer

Examples of reports, dashboards and data tables: Dashboard and Reports

 Phase Dashboard

 Finance Dashboard

 Executive and Project Overview Dashboards

 Cash Flow Report

Data Tables

 Phases Data Table

 Financing Structures Data Table

 Equity & Debt Sources Data Table

 Mortgage Data Table

 Sales Units and Capitalized Areas Data Tables

Reporting

Enhanced

Structured Finance

Added the ability to model Loan Contributions on the following basis:

 Interest only loans reverting to capital and interest repayments on a specified date

 Shortfalls in mortgage payments picked up by any finance source

Data Modelling

Enhanced

Added the ability to model Repayments of Capital on the following basis:

 Delay the repayment of capital and loans using the Earliest Repayment Date per finance source

 Repay capital and loans in full on a specific date per finance structure

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Enhanced

Added the ability to model Mortgages on the following basis:

 Create multiple mortgages

 Specify the tenants/properties used to finance the mortgage repayments

 Select the basis on which each mortgage can be calculated independently of any other

 Calculate the mortgage based on a target Debt Service Coverage Ratio

 Calculate the annual income from the sum of Net Operating Income over first 12 months of the mortgage

Data Modelling

Enhanced

Added the ability to model Profit Distributions on the following basis:

 Distribute profit to a General Partner using the ‘Catch-up’ method

 Distribute profit from a General Partner to investors using the ‘Clawback’ when their preferred return or other hurdle rate has not been met

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Defects Fixed in v6.50.002.009

Item

Area Release Description Type

69316 Structured Finance

6.50.002.009 In some circumstances, extending the cash flow to the length of the mortgage amortization period generated an error in the Project Cash Flow

Data

69488 Reports 6.50.002.009 When viewing the Funding Source Report in any periodic cycle other than monthly, the closing balance is incorrect

Calculation

69607 Sensitivity Analysis

6.50.002.009 Sensitivity Analysis results are not calculated for Operated Assets when ‘Monthly Rates’ have % step type parameters applied

Calculation

69808 Project Summary

6.50.002.009 Geared IRR calculation still includes interest costs though these have been set to be excluded

Calculation

70054 Finance Cash Flow

6.50.002.009 The Total Revenue line is not displayed correctly when switching the Finance Type from Basic (with interest sets being applied to all lines) to Structured Finance

Display

6.50.002.009 The Reserve account is out of balance due to the Promote being calculated incorrectly when there is more than one IRR lookback in the same distribution order

Calculation

70213 Project Cash Flow

6.50.002.009 Cannot copy and paste from Excel into the Project Cash Flow when formatting characters are present in the copied cells

Formatting

70227 Excel Analysis Report

6.50.002.009 The Excel Analysis report displays a discrepancy in the Profit Analysis when

Assumptions>Finance> ‘Include interest and Finance Fees in the IRR calculation’ is unchecked

Calculation

6.50.002.009 The Financing tab showed an amount in the Fixed Contribution cell – this is now removed

User Interface

70273 Reports 6.50.002.009 Total Sources of Capital and the Total Uses of Capital are not equal on the Sources and Cash Flow report when mortgage fees are excluded

Calculation

70274 Definition 6.50.002.009 When copying and pasting text sentences (not an individual word) from editors, error message is displayed

User Interface

6.50.002.009 Promote being calculated incorrectly when there is more than one Equity Multiple in the same distribution order

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Item

6.50.002.009 When creating a new Source of Funds, it is not available as a Source of Funds in the Profit Distribution tab

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Defects Fixed in v6.50.001.025

Item

6.50.001.025 Under Custom Grouping, when creating a ‘New Group’ without inputting a name an Invalid Type cast error is seen

User Interface

65708 Multi-Unit Sales

6.50.001.025 In the ‘Sales Contract’ editor, a List index out of bounds (-1) occurs when trying to 'Move Up' or 'Move Down' the sales contracts

User Interface

66273 Ribbon 6.50.001.025 Bespoke context tab is displayed on initially opening the application

User Interface

66282 Performance Measures

6.50.001.025 On selecting Print/Preview/PDF option from the pop-up menu and an equity source name is left blank, a @Object instance expected…’ error is displayed

User Interface

6.50.001.025 When the Project Cash Flow is grouped by ‘Block & Phase’, the Professional Fees section is displayed as Architect

User Interface

66744 Platform 6.50.001.025 When using North American dictionary, the following are displayed incorrectly:

 Summary instead of Proforma

 Yield% instead of Cap Rate%

Formatting

66940 Definition 6.50.001.025 Cancelling any additions to one of the Definition editors results in an Access Violation when clicking No to Save Changes

User Interface

66943 Platform 6.50.001.025 Saving a .wcfx file as .wcf file then loading this file, displays an error message ‘Could not load Cash Flow data’

Data

67044 67117

Project Cash Flow

6.50.001.025 From the Project Cash Flow, cancelling any additions to a pop-up editor results in an Access Violation when clicking No to Save Changes

User Interface

67071 Platform 6.50.001.025 After deleting an ‘Area’ in the Unit Sales window, an Access Violation occurs when closing the application

Data

67090 Platform 6.50.001.025 After making changes in the Area Schedule, on exiting the application, no prompt to Save is seen

User Interface

67128 Definition 6.50.001.025 Entering a “-“ sign in the Offset field of Data Distribution displays a variant conversion error

User Interface

6.50.001.025 When a new Structured Finance group is created, a validation error is shown : ‘Mortgage name can’t be empty’

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Item

67194 Definition 6.50.001.025 In the ‘Additional Revenue’ editor, a List index out of bounds (-1) occurs when trying to 'Move Up' or 'Move Down' the additional revenue lines

User Interface

6.50.001.025 In the ‘Mortgages’ tab, a List index out of bounds (-1) occurs when trying to 'Move Up' or 'Move Down' the mortgages

User Interface

67531 Platform 6.50.001.025 Stream write error occurs when exporting to RTF format using Citrix receiver environment

Export

67542 Definition 6.50.001.025 In a definition editor, the Related Item Selection editor displays the incorrect category name

User Interface

6.50.001.025 List Index out of Bounds error is shown in the Project Cash Flow when the Copy Row command is clicked after deleting rows

User Interface

67878 Platform 6.50.001.025 Data Checker shows a cash flow error when a project created in any version prior to 6.50 is updated by adding new capitalised rent records

Data

67923 Definition 6.50.001.025 In Unit Sales editor, an Access Violation occurs when deleting an area record after selecting the sales line item from the Project Cash Flow

User Interface

67970 Data Checker 6.50.001.025 When a phase which produces an Error on the Data Checker is deleted, an Access Violation occurs

User Interface

6.50.001.025 Cash Flow items in the Project Cash Flow are not in the same order as earlier versions of ARGUS Developer

Formatting

68162 Timescale & Phasing

6.50.001.025 After adding a phase to the Quick Access Tool Bar any subsequent phases added to it will display a List Index out of Bounds error

User Interface

68275 Definition 6.50.001.025 In any Definition editor, when the Relation Type is Rate/Unit and applied against selected phases, an Access Violation Error occurs when one of the phases are deleted

User Interface

6.50.001.025 An unhandled exception occurs when ‘Clear Fixed Interest from current period’ is selected when focused on the Basic Finance section of the cash flow

User Interface

68896 Definition 6.50.001.025 List index out of bounds occurs when moving a capitalised rent schedule from one phase to another

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Defects Fixed in v6.50.000.024

Item

38903 Summary 6.50.000.024 In the Summary Appraisal/Proforma report, the Acquisition Costs total is not displayed in the ‘Total’s column when a Negative Land Allowance is present

Formatting

38991 System Configuration

6.50.000.024 In ‘Folder Locations’, unable to select a network location for the ‘System Templates’ option using the browse button

Templates

39176 Data Checker 6.50.000.024 The Data Checker erroneously states that a Mortgage has been timed after the last period in the Finance Phase Group

Mortgage

6.50.000.024 When selecting Cost Codes to assign to rows, it is not possible to delete the selection

User Interface

42743 Unit Sales 6.50.000.024 Once the first unit is sold, the Unsold Unit Fees are not calculated on the remaining unsold units

Calculations

43400 Summary 6.50.000.024 Summary Appraisal/Proforma report not consistent in its display of the currency symbol

Formatting

43411 Summary 6.50.000.024 Summary Appraisal/Proforma report does not have a blank line to separate Sales totals from the Purchaser's Costs/Sales Fees

Formatting

43417 Summary 6.50.000.024 On the Summary/Proforma report, a heading for Additional Revenues/Costs is shown when there are no additional revenues or costs entered

Formatting

43420 Summary 6.50.000.024 On the Summary Appraisal/Proforma report, there is no formatting to identify the Construction Totals

Formatting

43456 Summary 6.50.000.024 On the Summary Appraisal/Proforma report, there is no formatting to identify the Gross and Net Development values

Formatting

43459 Summary 6.50.000.024 On the Summary Appraisal/Proforma report, the subtotal is not shown for Purchaser's Costs deducted from Revenue

Calculation

43604 Reports 6.50.000.024 The figures in the structured finance cash flow and the Net Operating Income report did not match when viewed on an Annual basis

Formatting

6.50.000.024 When value is spread, it does not total 100% when ‘Maintain 100%’ check box is selected in ‘Data Distribution’

Calculation

6.50.000.024 The Non-Mortgage Interest row is displayed twice in the Finance : Combined Sources section

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Item

45223 Definition 6.50.000.024 Access Violation error occurs when user is trying to paste a long text string in the ‘Heading’ field on ‘Fixed Price’ editor window

User Interface

6.50.000.024 Access Violation error occurs when user enters negative value in ‘Offset’ column then moves to another tab

User Interface

45278 Reports 6.50.000.024 In the Net Operating Income report, Rent Additions are duplicated in the Rent Costs section, reducing the total shown for Rent Costs

Reports

45797 Summary 6.50.000.024 Decimal places are not displayed for the Construction Cost Rate in the Summary Appraisal/Proforma report

Formatting

6.50.000.024 In the ‘Data Distribution’ window, the red highlight box on the graph is not synchronised when scrolling across the data grid

User Interface

46895 Reports 6.50.000.024 ‘Project Cash Flow’ report does not include the deduction for the mortgage principal payments before the Net Cash Flow after Debt Service line

Calculation

6.50.000.024 In the ‘Profit Distribution’ tab, profit should be equally distributed for both sources of funds when the ‘% Allocation of Funds in order’ is equal (i.e. 50%/50%)

Calculation

48949 Capitalized Rent

6.50.000.024 Opening of ‘Stepped Rent Profiles’ editor appears to be half-initialised and makes the application “freeze”

User Interface

6.50.000.024 The ‘Summary By Source’ view does not calculate the After Tax Equity IRR when a tax rate is entered

Calculation

53414 Definition 6.50.000.024 Costs specified as Rate/Acre in the “Additional Related” editor are displayed as Rate/pf2 in the Appraisal/Proforma report

Formatting

55149 Platform 6.50.000.024 Unable to open Argus Developer file - Error Message: A name contained an invalid character

Data

55650 Reports 6.50.000.024 Total Construction Estimate row is not displayed on Elemental Cost Summary Report

Formatting

55984 VAT 6.50.000.024 On opening editor, initial focus should be on first field of the grid, not on list box for phases

User Interface

6.50.000.024 If a Finance Phase Group setup is invalid, the validation fails to run and the setup is saved

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Item

6.50.000.024 When the view cycle is set to ‘Annual’ and the view order is set to ‘Summary of Finance Structures by Source’, column totals are missing for Total Repayment and Net Cash Flow (IRR), Closing Balance and Cumulative Net Cash Flow

Calculation

6.50.000.024 Access Violation error occurs while deleting a finance structure

User Interface

6.50.000.024 Access Violation error occurs when trying to close the 'Sales Contracts' editor without saving the changes made to the Contracts data area

User Interface

6.50.000.024 In the ‘Sales Contract’ editor, a List index out of bounds (-1) occurs when trying to 'Move Up' or 'Move Down' the sales contracts

User Interface

6.50.000.024 List index out of bounds (9) occurs when switching to 'Analysis Results' tab, when

Sensitivity Field 'Time: Phase Duration' on a fixed step basis is selected

User Interface

57926 Capitalized Rent

6.50.000.024 In the ‘ITZA Definition’ editor, a List index out of bounds (1) occurs when selecting 'No' to the "Save" confirmation dialog box

User Interface

58052 Definition 6.50.000.024 When cells are locked in ‘Data Distribution’ editor for related Professional Fees then when the Construction Cost is changed, the

Professional Fees are re-calculated incorrectly

Calculation

58516 Calculation Assumptions

6.50.000.024 In the ‘Interest Sets’ editor, an Access Violation occurs when adding a new interest rate

User Interface

6.50.000.024 Access Violation occurs when trying to view the ‘Preview Analysis’ by deleting the ‘Rates – Interest Rates’ sensitivity field, following the addition of a new interest or growth rate

Data Modelling

58701 Operated Assets

6.50.000.024 List index out of bounds exception occurs when deleting a revenue/expense if an invalid ‘Rate’ is entered in the ‘Operating Expenses/Revenue’ data grid

User Modelling

58708 Definition 6.50.000.024 Floating Point division by zero error seen when opening the ‘Data Distribution’ editor from the ‘Sales Agent Fees’ editor where ‘Related Item Selections’ have not been selected

Calculation

6.50.000.024 Menu items & Toolbar buttons are disabled when the user clicks on 'Preview Analysis' or runs the ‘Analysis Results’

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Item

59077 Currency 6.50.000.024 Deletion of the ‘Default Currency’ will cause all related item values to become 0

User Interface

6.50.000.024 In the ‘Data Distribution’ editor, a floating point division by zero error occurs when previewing a ‘Custom Curve’

Calculation

6.50.000.024 Invalid stage start date is saved when the editor is closed

Data Modelling

62380 Definition 6.50.000.024 In the ‘Fixed Land’ editor, using backspace instead of delete in the ‘Cost Type’ field clears the content of the current cell

User Interface

62382 Operated Assets

6.50.000.024 Access Violation error occurs when user deletes an operated asset profile (where 'Amount/Unit' value is assigned to the asset profile in ‘Operating Revenue/Expenses’ screen)

User Interface

6.50.000.024 Access Violation error occurs when user tries to delete a ‘Finance Phase Group’

User Interface

6.50.000.024 'Contract Selection' in the 'Sales' tab for both Pre and Post Constr. Completion fields are set to blank instead of ‘None’

Data Modelling

6.50.000.024 Access Violation seen when exporting Sensitivity Analysis report to Excel

Exporting

64209 Unit Sales 6.50.000.024 "TabVisibleIndex" exception occurs on deleting newly copied areas

User Interface

64234 Platform 6.50.000.024 On closing the data file, a "TcxVisibleTabList.Get Tab" error message occurs

Data

64446 Definition 6.50.000.024 ‘Additional Revenue’ distribution automatically reverts to Phase Start

Data Modelling

65588 Project 6.50.000.024 A scripting error is displayed when selecting the ‘Map’ tab