planEASe Software Version 11 - 2003

Major new items are: Expense Variable, Reimbursable Expenses, Percentage Rents, Edit/Reimbursables (Net, Base Year Stop, $/Stop).

V11.00 Enh - Expense Min
We have added Expense Min as an assumption field in both Expense Pages and Expense as a % of Effective Income Pages. Additionally, Revenue Min has been added to Revenue Pages. At the same time the former Revenue Cap and Expense Cap fields have been renamed to Revenue Max and Expense Max for clarity.
V11.00 Enh - Area Added
Depreciation Pages now have an added field Area Added, and Partial Sale Pages have an added field Area Sold. Area Added is the area added (either Units or SqFt, depending on the value entered in Square Feet / Unit Changeover (see Preferences) by this Capital Spending Item. This area adds to the total area entered in the Assumption Set Specification Dialog in and after the Month of the Depreciation Start Date, and therefore affects the Square Footage (or Unit) Income Statement and the Annual Statements. Area Sold subtracts from the same values, affecting the same reports on and after the Date Sold.
V11.00 Enh - Expense Variable
We have added a new assumption to Expense Pages:

EXPENSE VARIABLE allows you to adjust the Annual Expense amount for vacancy by dividing it into fixed and variable components. Normally zero, a non-zero percentage here is the percentage of the expense that will vary with the average occupancy each year. Vacancy from months vacant (between lease terms and during absorption) is used to determine the average physical occupancy for the year. Vacancy entered through the Vacancy Factor in Revenue Pages for lessees with SqFt or Units specified (through the calculator) is included as well. For instance, for an Expense Page with an Annual Expense amount of $100,000 and a 75% Expense Variable specified (no growth), the Expense would be as shown in the table.

V11.00 Enh - Risk Analysis
With the additional usefulness of Risk Analysis due to the Development Enhancements in version 10 and the linked reimbursements in version 11 we have eliminated the previous restriction that the Lowest and Highest Risk Assumption Values must be at least 1 less or greater than the Likely value. Now, the Likely value must be no closer to the Lowest and Highest values than 20% of the range between them. For example, a specification for the Inflation Rate of Lowest 0%, Likely 2%, and Highest 10% is OK, but 0%, 1.5% and 10% is not allowed, since 1.5% is within 15% of the Lowest value. Likewise, a specification of Lowest 0%, Likely 4.5% and Highest 5% is not allowed, since the 4.5% is within 10% of the Highest value. This allows you to vary a Revenue Period between 1 and 2 years (likely 1.3 years), for instance, or vary a Cap Rate on Sale from 6 to 7 -- options previously not allowed.
V11.00 Enh - Reimbursable Expenses and Percentage Rents
For many years we have shown you how to plan Reimbursable Expenses and Percentage Rents in the SHOPS and OFFICES Assumption Sets. While serviceable, this methodology suffers from several limitations:
  • It requires too much data entry time to enter a reimbursable, especially if against a stop, and negative reimbursables (underwater) are a pain to handle.
  • Percentage Rents could not handle a Natural Breakpoint, and underwater conditions again are a problem.
  • Changing Expense forecasts requires changing the corresponding reimbursed expense revenues as well ... manually.
  • The validity of Sensitivity and Risk Analysis is compromised when expenses are varied in properties with reimbursables, since the corresponding reimbursable revenues do not automatically vary with the expenses.
  • There was no way to "Gross Up" expenses that vary with the property overall occupancy where leases call for such a Gross Up.
ALL these limitations are eliminated by the addition of the Edit/Reimbursables Dialog in version 11.

This capability, which greatly improves the ability to handle multi-tenant leased properties with planEASe, is explained in the Retail Tutorial and Office Tutorial that are shipped with version 11 (available also at the planEASe website under the Learn button). Following these simple tutorials is the best way to become familiar with this new capability. In addition to the new Tutorials, the OFFICES and SHOPS Assumption Sets have been revised to eliminate the old methods and substitute the Edit/Reimbursables capability for computing the same expenses, leases and Percentage Rents.
V11.00 - 11.04 - Fixes
  1. In the Unit Sales Draw Loan Report, the year in the Date Column was incorrect for January, showing Jan 02, for instance, instead of Jan 03. Introduced in Version 10.04 and corrected in Version 11.
  2. Exp % of EI Pages were inadvertently omitted from Detail Analysis Expense Grids if Reimbursements had been entered thru the Edit/Reimbursables Dialog. Introduced in Version 11 and fixed in 11.01.
  3. If Reimbursements had been entered thru the Edit/Reimbursables Dialog, and you chose a Sale Price Method of Capitalize Next Year's NOI, and you were in Monthly Mode, you would get a trapped Error 9 (subscript out of range) whenever you computed a projection (Basic, Sensitivity, Risk, etc.). Introduced in Version 11 and fixed in 11.01. Thanks to Paul Basinger, CCIM for his help at planEASe Boot Camp.
  4. Reimbursed Expenses entered through the Edit/Reimbursables Dialog were mis-computed in the case of partial first and last years in annual mode. Monthly results were correct. Introduced in Version 11 and fixed in 11.01. Thanks to Paul Antonuccio for the first report.
  5. If you entered an Expense as % of EI page earlier than the last expense page and then entered Reimbursements thru the Edit/Reimbursables Dialog, you would get a trapped Error 9 (subscript out of range) whenever you computed a projection (Basic, Sensitivity, Risk, etc.). Introduced in Version 11 and fixed in 11.01. Thanks to Burris McRee, CPM, CCIM for his report and documentation.
  6. Loans longer than 4 pages could sometimes cause a trapped Error 9 when entering the APOD. Introduced in Version 11 and fixed in 11.01. Thanks to Arthur Nachman, CCIM for his report and documentation.
  7. If Reimbursements had been entered thru the Edit/Reimbursables Dialog, and one or more leases had a Vacancy Factor that varied during a year, the Vacancy and Credit Loss and Management Fee lines in the Income and Annual Statements could be slightly misstated, with corresponding misstatements below. IRR's and NPV's were not affected. Introduced in Version 11 and fixed in 11.01.
  8. If Reimbursements had been entered thru the Edit/Reimbursables Dialog, and you chose a Sale Price Method of Capitalize Current NOI, the Sale Price was slightly understated. Introduced in Version 11 and fixed in 11.01.
  9. If Reimbursements had been entered through the Edit/Reimbursables Dialog, and you entered a lease starting after the end of the Holding Period with reimbursements, you would get a trapped Error 9 (subscript out of range) whenever you computed a projection (Basic, Sensitivity, Risk, etc.). Introduced in Version 11 and fixed in 11.02. Thanks to Tom Corbett, CCIM for his report and documentation.
  10. If Reimbursements had been entered through the Edit/Reimbursables Dialog, and your leases all started after Acquisition and you had not entered a non-zero value in the Square Feet or Units field in the Assumptions Set Specifications Dialog you could get a trapped Error 11 (division by zero) whenever you computed a projection (Basic, Sensitivity, Risk, etc.) Introduced in Version 11 and fixed in 11.02. Thanks to T. J. Fontenette, CCIM for his report and documentation.
  11. Using Unit Sales, in the unlikely event you chose an (irrelevant) Sale Price Method of Capitalize Next Year NOI, you would get a trapped Error 9 (subscript out of range) whenever you computed a projection (Basic, Sensitivity, Risk, etc.). Introduced in Version 10 and fixed in 11.02.
  12. If Reimbursements had been entered through the Edit/Reimbursables Dialog, and you used reimbursable Expense SubPages in your Assumption Set, you could get a trapped Error 9 (subscript out of range) whenever you computed a projection (Basic, Sensitivity, Risk, etc.). Introduced in Version 11 and fixed in 11.02. Thanks to Burris McRee CCIM, CPM for his report and documentation.
  13. In Lease Analysis, if the Edit/Reimbursements Dialog had been used and reimbursements inserted, and you were in Lease Analysis mode (not Summary), if you then pressed the Graph button, the Combine Reimbs button would not disappear, and would obscure the graph. Introduced in Version 11 and fixed in 11.02. Thanks to Richard Warren for his report and excellent documentation.
  14. In Risk Analysis, if you chose an assumption value on one of the new Page Types introduced in Version 9 and added to in Versions 10 and 11, other than the first assumption on the page, the translation of the assumption value shown in the Risk Assumption Grid after the Risk Analysis was completed might sometimes be incorrectly translated. Introduced in Version 9 and fixed in 11.02. Thanks to Mark Brown for his report and excellent documentation.
  15. If you used the Base Year Method of Reimbursement and the lease started after the first year, the Base Year amount was not set correctly. Introduced in Version 11 and fixed in 11.02. Thanks to Melinda Vick, CCIM for her report and excellent documentation.
  16. In the APOD, if you specified multiple Negative Revenues consecutively, there was a chance that the second such revenue could be misstated. Introduced in Version 11 and fixed in 11.02.
  17. If you used the $ Method of Reimbursement, and you chose the Capitalize Current NOI Sale Price Method, and you entered a Reimbursement Amount greater than 100 (so it represents a $/year amount rather than a $/sf/year amount) the projected Sale Price was overstated by an unpredictable amount. Introduced in Version 11 and fixed in 11.02. Thanks to Douglas Scott for his report and documentation.
  18. In Income Statements, if you had more than 200 lines in the printed report, you could get an untrapped error 9. This is a long-standing bug.
  19. If you performed a Risk Analysis on a General Assumption, you could get an untrapped error 9 at the conclusion of the analysis. Introduced in Version 11.02 and fixed in 11.03. Thanks to Stan Gnaizdowski, CCIM CRE for the report and documentation.
  20. If you used the $ Method of Reimbursement for any tenant, the corresponding reimbursement for that tenant in the APOD and Rent Roll reports was subtracted from the base rent rather than added. Introduced in Version 11 and fixed in 11.03. Thanks to Lily Chang for her report and documentation
  21. If Reimbursements had been entered thru the Edit/Reimbursables Dialog, and you chose a Sale Price Method of Capitalize Current NOI, and you were in Monthly Mode, and you had a Partial first year, and you chose either a $ Stop or $ method of reimbursement, the Sale Price could be slightly understated. Introduced in Version 11 and fixed in 11.03. Thanks to Ron Wallace for his report and documentation.
  22. The Expense Min field in the Expense % of EI Page did not work properly. Introduced in Version 11 and fixed in 11.04 Thanks to Bob Benner for his report and documentation.
  23. In the Assumptions Report for the Partnership/LLC Models, if you used Edit/Reimbursements to insert reimbursements, and you chose not to refer revenues, and you had one or more Fee Pages, the reimbursements would print out with the Fee Pages Title in front of the Reimbursements Title, and the Fee Notes, if you had any, would print with the Reimbursements (as well as the Fee Assumptions). Introduced in Version 11 and fixed in 11.04. Thanks to Gene Trowbridge for his report and documentation.
  24. The $ Stop Reimbursement Method did not properly compute the stop in some instances. Introduced in Version 11.03 and fixed in 11.04. Thanks to Bill Berndt for his report and documentation.
  25. The $ Stop and Base Year Stop Reimbursement Methods did not properly compute Sale Price in some instances when using the Cap Current NOI Sale Price Method. Introduced in Version 11.03 and fixed in 11.04.
  26. If you used an Expense % of EI Page and you used Cap Current NOI Sale Price Method and you were in Monthly Mode, the Sale Price was overstated slightly. Introduced in Version 9 and fixed in 11.04.
  27. If you entered Reimbursements using the Reimbursements dialog, and later attempted to delete the last Expense Page, planEASe would hang up. Introduced in Version 11 and fixed in 11.04.