PROPERTY (Commercial)

Property Section & Tabs

Keyboard shortcut: Ctrl + Alt + P 

The Property section is where:

• Settings and attributes of a property, including area measures, are assigned
• Default combo box and field data settings are managed
• Parameters that will be used in the calculation of a property’s value are defined
• Snapshots and underwriting workbooks for a single property are generated
• Property data is imported and exported
• Every change made to a property's data is logged

Article contents:

• Property Settings
• Valuation Settings
• Area Measures
• Defaults
• Snapshots
• Import/Export
• Audit Log

Note: For organizations with Asset Management functionality, the Property section will also include a tab for "Asset Info", which displays information and attributes for the asset to which the property model has been linked.

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Property Settings

Ctrl + Alt displays the numeric keyboard shortcut.

The Property Settings tab is where:

• A user can generate a property Underwriting Workbook
• Basic property data such as code, name and address are entered
• Property analysis and report begin date and analysis term, as well as, inflation, recovery, loss factor effective dates, and recovery gross-up frequency are managed
• Lease types applicable to the property are managed

Properties inherit the settings and preferences that exist at the Folder level when a Property is created. If Folder level settings and preferences change, child Properties are notified of the change, but do not automatically inherit the changes. A Property can override inherited settings and preferences.

Property Settings Tab Tools Menu

Property Underwriting Workbook

A Property Underwriting Workbook generates an underwriting workbook for the currently active property. To generate an Underwriting Workbook Report:

1. Click (or Keyboard Shortcut: Ctrl + Alt + U). If the property is calculated, the "Property Underwriting Workbook" window will open. If the property is uncalculated, the icon will be greyed out and the Underwriting Workbook will be unavailable. Calculate the property and re-click .
2. Select the Valuation Scenario for which the valuation parameters (as defined on the Valuation Settings tab) are passed to and become the initial settings in the Property Underwriting Workbook. The Default Valuation Scenario is the default selection in this combo box. NOTE: If the selected Valuation Scenario uses a Valuation Type of "Direct Cap", the Underwriting Workbook will be unavailable and the message "Underwriting workbook does not support the Direct Cap Valuation Type" will appear when the Submit button is clicked.
3. Enter a Begin Date (defaults to the Valuation Date for the applicable Valuation Scenario) and Term (defaults to the Valuation Term for the applicable Valuation Scenario). The default Begin Date and Term may be edited using the following rules:
   • The Begin Date may not be prior to the Analysis Begin date (as entered on the Property Settings tab) or subsequent to the analysis Term (as entered on the Property Settings tab) less one year.
   • The Term must be at least three years and may not exceed the maximum period of time for which data is available. If a Term is entered that exceeds the maximum, the Term will default to the maximum years for which data is available. If a Term is entered that is less than three, a default three year term will be utilized.
   • Note: If the Valuation Scenario selection in the combo box is changed, the Begin Date and Term will also change to reflect the Valuation Date and Valuation Term for such scenario as defined on the Valuation Settings tab.
   • Note: The Begin Date is always assumed to occur on the first day of the month. Date is entered in the MM/YYYY format.
4. Click Submit to generate the Underwriting Workbook which, when complete, will be available for download in the Underwriting Workbook section of the Dashboard.

Property Settings Fields

Code is a required property identification code with a 20 character maximum (commas and asterisks are not accepted). Each property code within the same folder must be unique.

Property Type is an informational field only that identifies whether the property is Commercial, Multifamily or Hospitality. The Property Type is determined when a new property is added and cannot be changed.

Name - Address 1 & 2 - City - State - ZIP are used to enter the full property name and address.

Lease Types allows the user to define the lease types that are assigned to rent roll records for a property. The initial list includes "Office", "Retail" and "Industrial"; however, this list is customizable by the user. To add, edit or delete a Lease Type, click the Lease Type "Edit" button to open the pop-up window:

To add a new Lease Type, click the "+" button to the far right of any existing Lease Type name. A new row will be added at the bottom of the grid.

• Enter a descriptive Name for the Lease Type (i.e., Storage, Antenna, etc.).
• Click the "Affects Occupancy" check box to define whether any rent roll records assigned this Lease Type will be included in the occupancy calculations of the property (the default when a new Lease Type is added is that the Lease Type will affect occupancy). 

Note: The "Affects Occupancy" check box is only applicable to the system occupancy calculations ("*Occupied", "*Total Calculated Area" and "*Vacant" on the Area Measures screen). For custom area measures with an Input Type of either "Lease Type" or "Tenant Group", the square footage entered on the rent roll for a tenant record is automatically included in the area measure calculation regardless of whether the "Affects Occupancy" box is checked or unchecked in the Lease Types pop-up window.

To delete an existing Lease Type, click the icon to the far right of the applicable Lease Type name. The Lease Type will not be able to be deleted if it is in use, and the following message will appear indicating the location where such Lease Type is being used:

Analysis Begin is the start date of entries and computations (i.e., the date on which the cash flow projection begins). This date controls input assumptions based on a 12 month period. This is a required field that defaults to the first day of the current month and year when the property is added.

Tip: It is recommended to always start with January (i.e., 1/1 of any year). The Report Begin date may be different if you wish to commence reporting during a different month or year.

Term is the length of the analysis commencing on the Analysis Begin date and reflects the maximum number of years for which cash flows will be calculated and may be reported on (default is 10, Min 1, Max 35).

Report Begin is the default start date of the reporting period based on a 12 month period. The date entered must be >= to the Analysis Begin date.

Note: Analysis Begin and Report Begin are always assumed to occur on the first day of the month. Data entry is in the MM/YYYY format.

Note: Analysis Begin, Report Begin, and Term can also be set in the Folder section on the Property List tab.

Market Effective Month represents the default month on which each named Inflation item is effective. The effective month may be changed to be something different than the Market Effective Month on the Inflation tab within the Property Market section.

Recovery Effective Month represents the start month of the annual period on which recovery calculations will be made for the property. For example, a Recovery Effective Month of "January" will produce calendar year reimbursements over the period 1/1 - 12/31; a Recovery Effective Month of "July" will produce fiscal year reimbursements over the period 7/1 - 6/30.

Loss Factor Effective Month represents the start month of the annual period on which vacancy and/or credit loss calculations will be made for a property. For example, a Loss Factor Effective Month of "January" will produce a vacancy/credit loss calculation using annual revenue for the period 1/1 - 12/31.

Available selections for the Market, Recovery, and Loss Factor Effective Months include:

• Analysis Begin
• Report Begin
• any month

Loss Factor Calculation

• Annual (default): Vacancy and/or credit loss are calculated on an annual basis based upon the annual revenue for a property for the period selected in the Loss Factor Effective Month field (see above).
• Monthly: Vacancy and/or credit loss are calculated on a monthly basis based upon the monthly revenue for a property. If a "Monthly" Loss Factor Calculation is selected, the Loss Factor Effective Month (see above) is irrelevant.

Note: The revenue to be used in the Loss Factor Calculation is defined on the Vacancy and/or Credit Loss tabs within the Property Market section.

Recovery Gross-up Frequency

• Annual (default): Recovery gross-ups are calculated on an annual basis based upon the annual occupancy percentages for a property.
• Monthly: Recovery gross-ups are calculated on a monthly basis based upon the monthly occupancy percentages for a property.

Warning: Use of "Monthly" for Recovery Gross-up Frequency is not recommended as (i) this is not common practice in the industry; and (ii) recovery pools may be grossed-up if the occupancy percentage for one or more months during the year falls below the grossed-up percentage even though the annual occupancy percentage exceeds the gross-up percentage (i.e., if the occupancy percentage for two months during a year is 80% and for the remaining ten months is 100%, a recovery pool with a 95% gross-up would include a gross-up for the two months with 80% occupancy, even though the annual occupancy percentage for the property of 96.67% exceeds then 95% gross-up factor).

Notes is where any user defined notes related to the property are entered. These may include notes related to the actual property or rDCF modeling notes.

Note: For organizations with Asset Management functionality, additional fields for linking the property model to an Asset will appear on the Property Settings screen. If a property is linked to an Asset, the Asset Code and Chart of Accounts in use for the property will appear.

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Valuation Settings

Ctrl + Alt displays the numeric keyboard shortcut.

The Valuation Settings tab is used to:

• Define the parameters that will be used in the calculation of a property’s value for up to five (5) scenarios simultaneously.
• Define the “default” scenario when more than one (1) valuation scenario exists.
• Display the calculated valuation amount and amount/area for each valuation scenario.

Valuation Settings - Scenario Definition

# of Valuation Scenarios defines the number of scenarios for which unique valuation parameters may be entered and property valuations calculated. Any number of scenarios between one (1) and five (5) may be selected, with a default of one (1).

When the # of Valuation Scenarios is increased, the initial settings for the new scenarios will match the settings for highest existing scenario number. For example, if the # of Valuation Scenarios is initially set to “2” and then subsequently changed to “4”, the initial settings for Scenario #3 and Scenario #4 will match the settings of Scenario #2 (these settings may subsequently be edited by the user).

Default Scenario # reflects which of the available scenarios numbers will be the “default” scenario. The default scenario:

• Defines the valuation parameters that will be utilized when a Property Underwriting Workbook is generated from the Header Menu.

• Defines the valuation scenario that will appear as the default selection in the “Scenario” drop-down list when a Property Underwriting Workbook is generated from the Property Settings tab in the Property section.

Note: Although the default scenario will initially appear as the selection in the “Scenario” drop-down list, the user may change this selection to any other valuation scenario.

Warning: If the Default Scenario # has a Valuation Type = "Direct Cap", then the user will be unable to generate an Underwriting Workbook. Direct Cap valuations do not contemplate greater than one year subsequent to the Valuation Date, which is incompatible with the requirements for generation of an Underwriting Workbook.

• Defines the valuation scenario that will be the default selection for the Valuation report generated from the Reports menu.

Note: Although the default scenario will initially appear as the default selection for the Valuation report, the user may change this selection to any combination of available valuation scenarios.

• Defines the valuation scenario that will be used for the Prop 13 tax calculation, if Prop 13 is being used to calculate real estate tax expense for the property.

Warning: If the Default Scenario # is no longer available because the user reduces the # of Valuation Scenarios (i.e., Scenario #4 is initially selected as the Default Scenario and the user than changes the # of Valuation Scenarios to “3”), then the Default Scenario # will automatically revert back to Scenario #1.

Valuation Settings Fields

The following fields are available for each Valuation Scenario:

Scenario Description represents a descriptive name for the Valuation Scenario (i.e., “As-Is”, “As-Built”, “As-Stabilized”).

Valuation Type determines the method that will be used to calculate the property valuation. Subsequent data entry fields will be enabled/disabled based upon the Valuation Type selected. Available selections include:

• "DCF" (i.e., Discounted Cash Flow): Value will be determined by discounting future cash flows back to a specified date utilizing a user input discount rate. Included in future cash flows is a reversion value that is calculated by applying a user-defined capitalization rate to a future net operating income.
• "Direct Cap": Value will be determined by applying a direct capitalization rate (otherwise known as a "going-in" cap rate) to net operating income for the initial year after the valuation date.
• "Specified Price": User enters a specific value, which is typically an agreed-upon purchase price. 

Helpful Hint: Unlike "Direct Cap", whereby inputs only allow for the calculation of a direct capitalization value and no Underwriting Workbook is available, "Specified Price" also allows for inputs necessary to calculate a reversion value. This allows for an Underwriting Workbook to be generated that can calculate an IRR and/or leveraged returns based upon the specified price, defined hold period, debt assumptions (if any) and reversion value.

Valuation Date Type defines the date of valuation (i.e., time period “0” for IRR calculation purposes).

Available selections include:

• “Analysis Begin Date” as defined on the Property Settings tab in the Property section.
• “Report Begin Date” as defined on the Property Settings tab in the Property section.
• “Specified Date”, whereby a date may be entered in the Valuation Date field.

Valuation Date is a user-defined date of valuation when “Specified Date” is selected as the Valuation Date Type (see above). The date entered must be subsequent to the Analysis Begin Date.

Note: The Valuation Date is always assumed to occur on the first day of the month. Data is entered in the MM/YYYY format.

Note: If the Valuation Date Type is set to either “Analysis Begin Date” or “Report Begin Date”, the Valuation Date field is non-editable and displays “N/A”.

Specified Price ("Specified Price" valuation only) defines the user defined value, which is typically an agreed-upon purchase price.

Going-In Capitalization Rate ("Direct Cap" valuation only) (also known as the direct capitalization rate) is the capitalization rate that is applied to year one Net Operating Income after the defined valuation date.

Valuation Term (Years) ("DCF" & "Specified Price" valuations only) defines the holding period (in years) for which (i) property cash flows will be discounted in the calculation of the property’s value ("DCF" valuation); or (ii) an IRR will be calculated ("Specified Price" valuation).

Note: The Valuation Term must be at least three years, when considered in conjunction with the Valuation Date, must be supported by the Analysis Begin Date and Term (“analysis term”) as entered on the Property Settings tab in the Property section. Stated differently, there must be enough analysis term to support the valuation date and hold period. If the analysis term is insufficient, the Valuation Term field will default to the maximum number of years as supported by the analysis term.

Discount Rate ("DCF" valuation only) defines the rate of return used to determine the present value of future property cash flows.

Discount Rate Increment ("DCF" valuation only) defines the percentage increment that will be added to/subtracted from the Discount Rate for purposes of the Valuation Matrix on the Valuation Report. Two increments above and two increments below the Discount Rate will be displayed on the matrix in accordance with this increment.

For example, a 10.00% Discount Rate with a 0.50% Discount Rate Increment would display results for discount rates of 9.00%, 9.50%, 10.00%, 10.50% and 11.00% on the Valuation Matrix.

Terminal Capitalization Rate ("DCF" and "Specified Price" valuations only) (also known as the Resale, Reversion or Residual Cap Rate) is the capitalization rate that is used to estimate the resale value (or sale price) of the property at the end of the Valuation Term. The sale price is calculated by dividing net operating income for the Reversion Cap Year (see below) by the Terminal Capitalization Rate.

Capitalization Rate Increment (all valuation types) defines the percentage increment that will be added to/subtracted from the Going-In Capitalization Rate ("Direct Cap" value) or Terminal Capitalization Rate ("DCF" or "Specified Price" value) for purposes of the Valuation Matrix on the Valuation Report. Two increments above and two increments below the applicable cap rate will be displayed on the matrix in accordance with this increment.

For example, a 9.00% Terminal Cap Rate with a 0.50% Terminal Cap Rate Increment would display results for terminal cap rates of 8.00%, 8.50%, 9.00%, 9.50% and 10.00% on the Valuation Matrix.

Cost of Sales % (all valuation types) defines the percentage by which the (i) direct cap value ("Direct Cap" value); or (ii) sale price of the property at the end of the Valuation Term ("DCF" or "Specified Price" value) will be reduced to reflect costs of disposition (i.e., broker fees, closing costs, etc.)

IRR/NPV Discounting ("DCF" and "Specified Price" valuations only) determines the calculation method to be used in the calculation of the Property Value (for "DCF" valuations) or IRR (for "Specified Price" valuations). Selections include:

• Annual (default): Annual property cash flows for the Valuation Term are discounted using an annual Discount Rate.
• Monthly: Monthly property cash flows for the Valuation Term are discounted using a monthly Discount Rate.

Note: Monthly discounting will typically generate a higher property value ("DCF" valuation) or IRR ("Specified Price" valuation) as cash flows are assumed to be received throughout each year rather than at the end of each year.

Reversion Cap Year ("DCF" and "Specified Price" valuations only) defines the net operating income to be capitalized in the determination of the resale value (or sale price) at the end of the Valuation Term. Selections include:

• Sale Year + 1 (default): Net operating income for the year immediately following the Valuation Term is divided by the Terminal Capitalization Rate to determine the sale price.

Helpful Hint: “Sale Year + 1” is the default because when a property is sold, the price paid by the next investor is based upon an assessment of income for his/her expected period of ownership. Therefore, for the next investor, or potential buyer, the net operating income for his/her first year of ownership will be the year after we sell the property. This will be the first year of his/her investment.

• Sale Year: Net operating income for the final year of the Valuation Term is divided by the Terminal Capitalization Rate to determine the sale price.

Helpful Hint: “Sale Year” should only be used if the net operating income for “Sale Year + 1” does not reflect stabilized occupancy and (i) you don’t want to use the “Stabilize Sale Vacancy Loss” option (see below) in the Valuation Settings; or (ii) you don’t want to change your Valuation Term such that “Sale Year + 1” will reflect a stabilized net operating income.

Abatement Gross-up (all valuation types) provides an option to add abatements (i.e., free rent) back into net operating income for (i) year one ("Direct Cap" value); or (ii) the Reversion Cap Year ("DCF" or "Specified Price" value). Selections include:

• No (default): No adjustment is made to net operating income.
• Yes: Abatements are added back to net operating income. After capitalizing the adjusted net operating income, the resulting value/sale price is then reduced by the abatements that were added back to net operating income. The theory is that the seller is offering the buyer a sale price reduction (i.e., credit) for abatements during the buyer’s first year of ownership.

Stabilize Sale Vacancy Loss (all valuation types) provides an option to add back a portion of the vacancy allowance for a property (reflecting a combination of both General Vacancy Loss and Absorption & Downtime Vacancy) in order to reflect a stabilized vacancy loss in net operating income for (i) year one ("Direct Cap" value); or (ii) the Reversion Cap Year ("DCF" or "Specified Price" value). Selections include:

• No (default): No adjustment is made to net operating income.
• Yes: If necessary, an adjustment is made to net operating income to reflect a stabilized vacancy loss. The difference between (i) General Vacancy Loss plus Absorption and Downtime Vacancy; and (ii) Stabilized Vacancy Loss is added back to net operating income. If the General Vacancy Loss plus Absorption & Downtime Vacancy is equal to the Stabilized Vacancy Loss, then no adjustment is made.

Helpful Hint: When running the Valuation report, there is a supporting tab entitled “Vacancy Loss Schedule” that provides a detailed calculation of the amount of vacancy loss added back to net operating income in order to reflect a stabilized vacancy loss.

Capital Items Adjustment (all valuation types) provides an option to reduce the direct cap value or the reversion sale price by the aggregate of tenant improvements, leasing commissions and building capital expenses for the year subsequent to the valuation date or the assumed date of sale.

• No (default): No adjustment is made to the direct cap value or reversion sale price.
• Yes: An adjustment is made to reduce the direct cap value or the reversion sale price by the aggregate of tenant improvements, leasing commissions and building capital expenses for the year subsequent to the date of value/assumed sale.

Note: If "Yes" is selected, the reduction is always based upon capital items for the year subsequent to the date of value/assumed sale, regardless of whether the Revision Cap Year selection is "Sales Year" or "Sales Year + 1."

$ Adjustment Amount (all valuation types) provides the user with the opportunity to adjust the calculated direct cap value or the reversion sale price upward or downward in an amount specified by the user (for example, if a parcel of land is to be valued or sold as part of the valuation of a income producing property, the value of the land parcel as entered by the user can be added to the direct cap value or the reversion sale price of the entire property).

Valuation Amt is a non-editable field that displays the last calculated value for each Valuation Scenario.

Valuation Per Area is a non-editable field that displays the last calculated value per area for each Valuation Scenario. The denominator for this calculation is *Total Area as entered on the Area Measures screen.

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Area Measures

Ctrl + Alt displays the numeric keyboard shortcut.

Accessible from both the Property and Recoveries sections, the Area Measures tab is used to:

• Define system default area measures (such as *TotalArea - Total Property Area).
• Create named space measurements for (i) pro rata denominator calculations and (ii) Line Item multipliers where the line item is entered as Amt/Area (e.g., occupied area measures used to create variable expenses).

Area Measure named items are referenced via combo box drop-down menus in the following areas of the app (displays the Code):

• Rent Roll section > Rent Roll tab > Recovery column > Pro rata Recovery > Denominator drop-down menu
• Rent Roll and Property Market sections > Market Lease tab > Recovery column > Pro rata Recovery > Denominator drop-down menu
• Rent Roll and Recoveries sections > Named Recoveries tab > Input Type: Pro rata Recovery > Denominator drop-down menu
• Line Items section > All tabs > Input Type: Amt/Area & Detailed Per Area > Area Measure field drop-down menus
• Property section > Area Measure tab > Input Type: Percent > Area Measure column drop-down menu

Area Measure Input Types

An asterisk prefix (*) indicates that the item is system defined and grayed-out areas indicate the area measure is immutable (i.e., non-editable system defined).

System

*Occupied - Occupied Area calculates occupied space for the entire property based upon rent roll and Market Lease entries. It is non-editable system defined (i.e., no user entry).

*TotalArea - Total Property Area is used to enter the total area of the property (i.e., total Net Rentable Area or Gross Leasable Area) and is typically entered using an Input Type of either Basic (property size remains static for the entire analysis term) or Detailed (property size changes during the analysis term, likely due to re-measurement or new construction).

*TotalCalculatedArea - Total Calculated Area is the sum of all suite areas: occupied and vacant. Non-editable system defined (i.e., no user entry).

*Vacant - Vacant Area calculates vacant space for an entire property based upon Rent Roll and Market Lease entries. Non-editable system defined (i.e., no user entry).

Commercial - System Area Measures

Info: Read about #, Code and Name throughout the app

Note: The system area measures "*Occupied - Occupied Area", "*TotalCalculatedArea - Total Calculated Area" and "*Vacant - Vacant Area" exclude the square footage of any rent roll records that have been assigned a Lease Type that does not affect occupancy.

Basic Area Measure

Basic Area Measures are used when the area measure as entered in the Amt field stays constant for the entire analysis period.

Basic Area Measure

Detailed Area Measure

Detailed Area Measures are used for area measures that change over time during the analysis period.

Date the area measures commences. Enter absolute (A - MM/YYYY) or relative (R - #) dates. Relative dates are relative to the Analysis Begin date.

Area is the area measure (i.e., square footage) as of the corresponding date.

 adds a row beneath the current row,  deletes the current row.

Detailed Area Measure

Helpful Hint: Detailed area measures are typically used when (a) a property is re-measured during the analysis period or (b) additional area is added to the property as a result of construction/redevelopment of the property during the analysis period.

Percent Area Measures

Percent Area Measures are used when an area measure is a percentage of one or more existing area measures and may be constrained by a floor or cap.

Floor (not required) is the minimum area measure value (i.e., the calculated value cannot be less than this amount).

Cap (not required) is the maximum area measure value (i.e., the calculated value cannot be greater than this amount).

Percent is a percentage value (70% is entered as "70", not "0.70").

Area Measure is a drop-down menu of all other Area Measures.

 adds a row beneath the current row,  deletes the current row.

Percent Area Measure

Lease Type Area Measure

Lease Type Area Measures (i) are calculated by the application based upon the Lease Type selected for each tenant record on the Rent Roll; and (ii) may be based upon occupied, vacant or all selected Lease Type areas and be constrained by a floor or cap.

Area Type options include:

• Occupied is the occupied area of the selected Lease Type(s).
• Vacant is the vacant area of the selected Lease Type(s).
• All is the summation of occupied and vacant area of the selected Lease Type(s).

Floor (not required) is the minimum area measure value (i.e. ,the calculated result cannot be less than this amount).

Cap (not required) is the maximum area measure value (i.e., the calculated result cannot be greater than this amount).

Lease Type is populated with all Lease Types as entered in the Property section on the Property Settings tab.

• Check the boxes to include specific lease types to be used in the area measure calculation.
• Uncheck the boxes to exclude specific lease types. 
• Select all lease types by checking the box to the left of the Search field.
• Deselect all lease types by unchecking the box to the left of the Search field.
• To view all lease types available for selection, uncheck the "Show Selected" box.
• To view only selected lease types, check the "Show Selected" box.
• To sort the list alphabetically in ascending order, click the double arrows (the double arrow icon will change to a single arrow pointing downward); to re-sort the list alphabetically in descending order, click the single arrow pointing downward (the single arrow pointing downward icon will change to a single arrow pointing upward).

Lease Type Area Measure

Note: Lease Type Area Measures include the square footage of all rent roll records assigned the selected Lease Type(s) regardless as to whether such Lease Type(s) affect occupancy.

Helpful Hint: Lease Type Area Measures are typically used when (a) denominators or gross-ups for expense recoveries are based upon specific Lease Types or (b) Line Items are calculated based upon specific Lease Types (i.e., janitorial expenses are calculated based upon occupied office area only and exclude occupied retail area).

Tenant Group Area Measures

Tenant Group Area Measures (i) are calculated by the application based upon the tenant records included within a defined Tenant Group; and (ii) may be based upon occupied, vacant or all selected Tenant Group areas and be constrained by a floor or cap.

Area Type options include:

• Occupied is the occupied area of the selected Tenant Group(s).
• Vacant is the vacant area of the selected Tenant Group(s).
• All is the summation of occupied and vacant area of the selected Tenant Group(s).

Floor (not required) is the minimum area measure value (i.e., the calculated result cannot be less than this amount).

Cap (not required) is the maximum area measure value (i.e., the calculated result cannot be greater than this amount).

Tenant Group is populated with all Tenant Groups as entered on the Tenant Groups tab, accessible from both the Rent Roll and Recoveries sections.

• Check the boxes to include specific tenant groups to be used in the area measure calculation.
• Uncheck the boxes to exclude specific tenant groups. 
• Select all tenant groups by checking the box to the left of the Search field.
• Deselect all tenant groups by unchecking the box to the left of the Search field.
• To view all tenant groups available for selection, uncheck the "Show Selected" box.
• To view only selected tenant groups, check the "Show Selected" box.
• To sort the list alphabetically in ascending order, click the double arrows (the double arrow icon will change to a single arrow pointing downward); to re-sort the list alphabetically in descending order, click the single arrow pointing downward (the single arrow pointing downward icon will change to a single arrow pointing upward).

Warning: If more than one Tenant Group is selected, and at least two of such selected groups contain the same tenant, a validation warning will appear and a property calculation will be disallowed. Stated differently, the tenants contained within each selected group must be unique for the property to calculate.

Tenant Group Area Measure

Note: Tenant Group Area Measures include the square footage of all rent roll records assigned to the selected Tenant Group(s) regardless as to whether such records have a Lease Type(s) that affects occupancy.

Helpful Hint: Tenant Group Area Measures are typically used to calculate retail denominators for non-major tenants when there are Major Contributions (e.g., gross leased and occupied area of all tenants less than 20,000 square feet, not less than 150,000 square feet).

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Defaults

Ctrl + Alt displays the numeric keyboard shortcut.

The Defaults tab is where defaults are set for the current property that will automatically populate the relevant fields as records are created. Defaults are used to streamline data input by auto-populating fields with the most commonly used selections.

Rent Roll

• General: lease status, lease type, renewal type, market lease assumption
• Revenue: base rent amount types, base rent increases, free rent amount type & revenue type, miscellaneous revenue amount type
• Tenant Capital: amount types and payouts for tenant improvements, leasing commissions and other capital
• Retail: sales amount type and inflation, breakpoint amount type, overage amount type

Market Lease

• General: term, downtime, renewal probability
• Revenue: base rent amount types, base rent increases, free rent amount type & revenue type, miscellaneous revenue amount type
• Tenant Capital: amount types and payouts for tenant improvements, leasing commissions and other capital
• Retail: sales amount type and inflation, overage amount type

Named Item

• Rent: amount type and inflation
• Increase: type and inflation
• Free Rent: revenue and amount type
• Tenant Capital: amount types, payouts and inflation for tenant improvements, leasing commissions and other capital

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Snapshots

Ctrl + Alt displays the numeric keyboard shortcut.

The Property section Snapshots tab is where a user can:

• Using the Snapshots tab Tools Menu, create a property snapshot and upload a property snapshot.
• View previously created property snapshots and download a snapshot file to the user's computer.
• Share a property snapshot file with a third party organization that is also an active user of rDCF.

Snapshots Tab Tools Menu

Create Snapshot  

A Property Snapshot will generate a file with the extension, .json, containing data for the active property that may be used to (i) exchange property data with other rDCF users or (ii) save your property data remotely. Once created, Property Snapshots will appear within the grid on the Snapshots tab screen.

1. Click ; the "Create a Property Snapshot" window opens.
2. Add a Description. The Description defaults to the current date and time. This can be overridden with a custom user-defined description.
3. Check the Download Automatically check box if you would like a copy of the snapshot to be downloaded to the "Downloads" folder (or other location if set) on your computer. If this box is not checked, the snapshot will appear on the Snapshots tab but will not be downloaded. By default, this box is checked.
4. Click Save to trigger the creation; the results appear as a record on the Property section's Snapshots tab.

Upload Snapshot  

Previously created Property Snapshots, either internally or received from third parties, may be uploaded so the property data contained therein may be updated and/or reported on within your organization's instance of rDCF.

1. Create a new folder or select an existing folder where the property contained within the property snapshot is to be uploaded. Make sure that this folder is the active folder (a newly created folder will be the active folder by default. An existing folder can be activated by double-clicking on the folder name in the left side panel of the Folder Explorer tab). A folder is active when it appears in the Header Menu.
2. Click ; the "Upload File" window appears.
3. Upload the property snapshot by either (i) dragging and dropping the appropriate .json file from your computer network onto the "Upload File" screen or (ii) clicking the "Browse and Upload" button, selecting the .json file to be uploaded from your computer network, and clicking the "Open" button.

The property within the snapshot will be uploaded to the active folder and you will receive an on-screen message when the upload has completed successfully.

Warning: If the active folder into which you are uploading the snapshot contains a property with the same Code as the snapshot, the existing property in the active folder will be overwritten by the snapshot. Prior to executing the upload, you will receive a message that you are going to overwrite the file, at which time you can elect to either continue with or cancel the upload.

Snapshot Tab Fields

Description is an editable field with a 50 character maximum and initially reflects the description assigned when the Property Snapshot was created.

Type is uneditable and describes how the Property Snapshot was created (defaults to "Manual").

Created Date is the date and time the snapshot was generated.

Download () contains a link to download and save the file locally. The downloaded file will have the following naming convention: "Property Snapshot_[Property Name].[Creation Date/Time].json".

Share allows previously created Property Snapshots to be shared with third parties by electronically transmitting the snapshot to one or more third parties simultaneously.

To share a Property Snapshot:

1. Click (Share icon); a "Share Snapshot" dialog box will then appear containing the snapshot hyperlink (the hyperlink will also be copied to the clipboard on your computer).
2. Open your email system and create a new email:
   1. Address the email to any recipient that you would like to receive the snapshot hyperlink.
   2. Add an appropriate description in the Subject line, if desired (i.e., rDCF snapshot for "ABC Property").
   3. Paste the snapshot hyperlink into the body of the email.
   4. Send the email.

Restoring a Shared Snapshot

Upon receipt of the email containing snapshot hyperlink, the third party recipient can elect to restore the shared snapshot as follows:

1. Click the snapshot hyperlink in the body of the email; rDCF will open (user will need to login), the snapshot will be validated and a dialogue box entitled "Restore Information" will appear with details of the number of properties to be added and/or overwritten (properties will be overwritten if they are located in the same folder and have the same code).
2. Click the "Restore" button to restore the snapshot; the system will automatically perform the restore function and a "Snapshot Success" dialogue box will appear when a successful restore has been completed. The snapshot will be restored into a folder and sub folder path entitled "<*Inbox><UserName>" and is now available for additional analysis by the third party recipient.

Helpful Hint: It is recommended that the properties in a successfully restored snapshot be moved or copied out of the *Inbox folder into a more descriptive folder prior to performing additional analysis.

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Import/Export

Ctrl + Alt displays the numeric keyboard shortcut.

• rDCF Export
• rDCF Update
• BI Data Export

The Property section Import/Export tab is where users can (i) export and update, i.e., add or edit their records for a single property using Excel templates; and (ii) export existing property input data and/or calculated results into a .csv file for populating a data warehouse, filtering/auditing data and calculated results or writing custom reports.

Tip: To import or export for multiple properties simultaneously rather than for a single property, see the Import/Export tab located in the Folder section.

Excel Import Use Cases

Sensitivity Analysis

• Market (e.g., rent, inflation, etc.)
• Lease up timing
• Line Items (e.g., mgmt fee % of EGR, capital reserve rate/SF)

Creation/Standardization

• Create a property from scratch

rDCF Export

rDCF Export is used to export existing property, market and/or tenant data into an Excel file (.xls or .xlsx files only) for record editing and/or addition (typically used for sensitivity analysis). Since this export is performed within the Property section, the exported Excel file includes data for only the currently active property.

1. To export data, select the Data radio button. To export an empty template, select the Empty Template radio button.
2. Under "EXPORT TYPE," select the data or template. Note: Multiple exports cannot be performed simultaneously (i.e., only one data set or template may be exported at a time).
3. Click the Export button.  An Excel file with the data or empty template will be generated and saved in the Download folder on your computer.
4. Open the downloaded Excel file, make edits and/or additions as desired and re-save the Excel file, which is now ready for upload (see "rDCF Update" below).

rDCF Update

rDCF Update is used to upload Excel files (.xls or .xlsx files only) previously created via the "rDCF Export" tab.

rDCF Update is typically used for sensitivity analysis whereby an Excel file is created via the rDCF Export tab, data is edited within the Excel file and then re-imported into rDCF via the rDCF Update tab. Uploads may be done via browsing for or dragging and dropping the relevant Excel file.

1. Either export data to be edited for the currently active property and edit as desired or download an Excel template and add desired data for a single property (see "rDCF Export" above). Save the Excel file with the additions/edits.
2. Drag and drop file to upload or left mouse click the "Browse and Upload" button to browse and select from locally saved files. A status window entitled, "Import Information" appears, displaying the number of rows being inserted or updated and the number of rows that are unchanged.
3. Click Continue Import to import or Cancel if the status window displays unexpected results.

If the file imported without errors, the following message will appear:

BI Data Export

BI (“Business Intelligence”) Data Export is used to export existing property input data and/or calculated results into a .csv file (clicking on a .csv file will open that file in Excel) for populating a data warehouse, filtering/auditing data and calculated results or writing custom reports. When this export is performed within the Property section, the exported .csv file includes data or calculated results for only the currently active property.

To perform an export:

1. Enter the Start Date (defaults to Report Begin for the property) and Term (defaults to the lesser of the number of years entered in the Term field for the property or 10 years).
   • The Start Date may not be prior to the Analysis Begin Date (as entered on the Property Settings tab) or subsequent to the analysis Term (as entered on the Property Settings tab) less one year.
   • The Term must be at least one year and may not exceed the maximum period of time for which data is available. If a Term is entered that exceeds the maximum, the Term will default to the maximum years for which data is available. 
   • Note: Start Date and Term apply only to calculated result BI data exports.
2. Add a Description. The Description defaults to “Property BI Export on: [current date and time]”. This can be overwritten with a custom user-defined description.
3. Under Export Type, select the BI property input data or calculated results to be exported. Only one BI Data Export Type may be selected (i.e., multiple exports cannot be performed simultaneously).
4. Click the Export button. Upon completion, the .csv file will be available for download from the “BI Data Exports” section of the Dashboard.

The following Export Types are available for download for the currently active property:

Note: All Export Types provide the same data regarding folder location of the property, the Property Name and Code, and the Property Type.

Input: Inflation/Increase - Input data for all Inflation rates and Increases

Input: Line Item - Input data for all line items (Miscellaneous Income, Expense, Expense: Non-Recoverable, Building Capital)

Input: Market Lease - Input data for each component of all market leases

Input: Named Item - Input data for all Named Items (Renewal Probability, Downtime, Rent, Free Rent, Tenant Improvements, Leasing Commissions, Other Capital, Payout)

Input: Property - Input data for property settings, property defaults, vacancy assumptions and valuation settings

Input: Recovery - Input data for all non-Rent Roll recovery components (Recovery Pools, Named Recoveries, Recovery Groups, Area Measures, Tenant Contributions, Tenant Groups, Report Tags)

Input: Rent Roll - Input data for all lease records (contractual and speculative) entered on the Rent Roll.

Results: Market Lease - Calculated results presented as a monthly time series for each component of all market leases. Each component of a market lease (including weighted average calculations) is presented on a separate row.

Results: Named Item - Calculated results presented as a monthly time series for all Named Items (the “Results: Named Item” BI data export includes Inflation and Area Measures)

Results: Property - Calculated results presented as a monthly time series for (i) every line that appears on the property cash flow report, including system line items (preceded by an “*” in the Item Type column on the export); and (ii) Occupied and Total Calculated Area Measures.

Results: Tenant - Calculated results presented as a monthly time series on a tenant-by-tenant basis for (i) Occupied and Vacant Area; (ii) all tenant generated revenue (inclusive of market, potential and scheduled revenues); (iii) all tenant capital (tenant improvements, leasing commission and other capital); and (iv) tenant sales.

Warning: A property must be calculated in order to generate BI data exports for the following Export Type:

• Results: Market Lease
• Results: Named Item
• Results: Property
• Results: Tenant

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Audit Log

Ctrl + Alt displays the numeric keyboard shortcut.

The Audit Log tab is where a record is kept of all changes that are made to a property's data (adds, edits, deletes). The Audit Log is useful to determine:

• Who made the changes
• What changes were made
• When the changes were made

For each change that is made, the Audit Log adds a record (i.e., a row) providing the details of the change, including the following information:

Location: Identifies the section where the change was made.

Code/Suite: Identifies the record that was changed.

User: Identifies the user that made the change.

Change: Provides the details of the change that was made. Click on the caret arrow (▶) to expand the record to identify the specific changes. Prior values are listed in red text whereas the new value is listed in green.

Date: Identifies the date and time the change was made.

Boxes beneath the column headers allow the user to filter the data in the Audit Log. For all columns except Date, enter the text you wish to filter by, and the number of rows displayed will decrease based upon your filter criteria. Multi-column filtering is available (for instance, first filter by Location and then by User). To filter by Date, enter the date range that you wish to filter by, using the Date Min and Date Max fields.

To export the Audit Log to review entries, click the button located to the right of the column headers.