planEASe Software Version 12 - 2004

Major new items are: add three Present Value Discount Rates, Tax Calculator, Market Profiles, Renewal Probability.

V12.00 Enh - Present Value Discount Rates
In answer to several requests, we have expanded the Investor's Page to add three Present Value Discount Rates (Before Debt, Before Tax and After Tax) in place of the one offered previously. This allows you to see NPV's discounted at the various rates simultaneously. As you load all earlier Assumption Sets, the three Present Value Discount Rates will default to the old Present Value Discount Rate, so previous analyses will not be affected, other than to allow you the opportunity to use the new capability.

We have also added an Investor Rate Defaults Dialog , allowing you to customize the Default Values used in NEW Assumption Sets for your preferences for the various Discount Rates.
V12.00 Enh - Tax Calculator
A new Tax Calculator is now available from the new "t" button alongside the top assumption on the Investor's Page ( or the Limited Partner's or Members' Page in the Partnership Models) allowing you to easily combine State and Federal Tax Rates, post them to your Assumption Set, and/or make them the defaults for all new Assumption Sets. Additionally, the default tax rates for NEW Assumption Sets have been changed to agree with the 2003 Bush Tax Cut rates.
V12.00 Enh - Overall Vacancy Rate
In response to many requests, and to facilitate Sensitivity and Risk Analysis on the overall Vacancy Rate, we have added a GENERAL CREDIT LOSS & VACANCY to the Investor's Page of assumptions so that you may specify a percentage which will lower all revenues in an analysis. This lowering will be in addition to any revenue losses due to vacancies specified through the use of the Vacancy Factor on Revenue Pages. This allowance adds to the calculation of physical vacancy for determining reimbursements. In all cases, the total of this General Credit Loss & Vacancy and the Vacancy Factor on Revenue Pages is limited to be no greater than 100%. That is, entering a 50% here and a 60% Vacancy Factor for a particular Revenue will result in zero revenue for that particular Revenue. This new assumption only affects revenues from pages with a Vacancy Factor assumption of their own. In other words, revenues from Rev-us (Unit Sales) pages are NOT affected (use the Price Multiplier on the Rev-usp Page for this).
V12.00 Enh - Reimbursement
Three new buttons now appear at the bottom of Reimbursement Dialog Expenses View to facilitate mass changes to reimbursement patterns:
  • Reset Tenant sets all expense reimbursement methods for the displayed Tenant to the method chosen for the highlighted expense, regardless of the previous settings.
  • Reset Expense sets all expense reimbursement methods for the highlighted expense to the method chosen for the highlighted expense for all Tenants, regardless of the previous settings.
  • Reset All sets all expense reimbursement methods for all tenants and all expenses to the method chosen for the highlighted expense, regardless of the previous settings
For example, you may easily set all tenants to Net reimbursements by setting one expense to the Net method and then pressing Reset All. You may the current Tenant to None by setting one expense for the Tenant to None, and then pressing Reset Tenant. . As a special case, if you have highlighted the last column, GU%, the Reset buttons will change the Gross Up Percentage for the current Tenant, Expense, or All tenants and expenses, respectively, rather than changing the Method.
V12.00 Enh - Reimbursement
The Reimbursement Dialog now darkens the Amount cell if a Reimbursement Method that doesn't require an amount (None, Net, or BY Stop) is chosen. The Amount Cell becomes available when $ or $ Stop is chosen.
V12.00 Enh - "Vacant" for a Page Title
You may now use "Vacant" for a Page Title !!! The addition of the new GENERAL CREDIT LOSS & VACANCY assumption eliminates any need for the prior use of "VACAN" in the Page Title to signify use of a Revenue Page for adding to the Vacancies in an analysis. Instead, you may simply use Variable Vacancy Rates for all analysis functions other than Sensitivity and Risk Analysis, and the new GENERAL CREDIT LOSS & VACANCY assumption for Sensitivity and Risk. In the (rare) case that you have used the prior capability in a previous Assumption Set, you will be warned that it will not compute correctly and asked to call us for instructions as to how to achieve the same purpose using Variable Vacancy Rates.
V12.00 Enh - Permanent Loans
You may now use Edit/Add Continuation Page for Permanent Loans in Development Spending Assumption Sets just as you can with Normal Loans, so Permanent Loans may now have Variable Interest/Payment terms.
V12.00 Enh - Market Profiles
We have added Market Profiles to allow you to specify, in general, how leased space will be allocated when the current lease you have entered expires. This decreases the amount of time you spend entering leasing assumptions because, instead of typing the same values for every tenant, you can enter the projected market values once and reference them (through the new To Market Revenue Pages) for all tenants who share similar characteristics.

V12.00 Enh - New Documentation Errata
New Documentation Errata Your Version 12 Update includes a new Manual as well as new tutorials illustrating the use of Market Profiles. The new Manual was submitted to the printers in advance of version publication, and the following errata reflect changes made after the Manual text was submitted. The help file shipped with the updated software reflects these changes.

In the Market Profiles Dialog:
  • When using Market Profiles for a property analysis, we suggest you should NOT use the default Capitalize Current NOI Sale Price Method. Since this Method capitalizes the NOI in existence at the Sale Date, it may well occur at a time when the Profiles have scheduled vacancies, and therefore understated average NOI. The preferable approach is to use either Capitalize Last Year's NOI or Capitalize Next Year's NOI for the Sale Price Method.
  • The combined number of months for Abatements and Months Vacant is rounded to the nearest month (eg: 4.6 months is rounded to 5 months).
The new Profiles menu option at Edit/Transfer Pages ... allows you to transfer the Local Market Profiles (and all Variants depending on them) from one Assumption Set to another. It will only be available to you if:
  • The Source Assumption Set contains one or more Local Profiles, AND
  • The Target Assumption Set does NOT contain any Market Profiles.
If these conditions are met, and you choose the Profiles menu option, you will first be asked to verify that you want the transfer of Market Profiles. If you choose Yes, the Profiles from the Source Assumption Set will be inserted in your Target Assumption Set, the Transfer Pages Dialog will terminate, and the Global Market Profiles (if any) will also be recovered from disk and inserted in your Assumption Set.

We recommend that, the first time you access Edit/Market Profiles ... you press 1 and print the Market Profile Dialog help page for your reference.
V12.02 Enh - Comparative Sensitivity Analysis
In versions 12 and 12.01, Global Profiles and variants entered the Assumption Set below the Local Profiles and maintained their positions thereafter until the Assumption Set was saved. Now they enter at the top of the Profile Pages and keep that place always. This allows you to use Profile values in Comparative Sensitivity Analysis.
V12.00 - 12.02 - Fixes
  1. The Accrue by Period (@%/Period) Growth Method did not properly compute the Sale Price when using the Cap Current NOI Sale Price Method .
  2. If your Construction Draw or Unit Sale Draw Loan contained Points, they were improperly stated in the Assumptions Report.
  3. If you entered less than the SqFt/Unit crossover amount (defaulted to 2000 in the File/Preferences Dialog) for the Property Size in the Assumption Set Specifications Dialog (so planEASe thinks this is a Units Assumption Set) and then later entered a SqFt Lease Revenue Page and accessed the Reimbursements Dialog, you would get an untrapped error and planEASe would terminate. Now the Edit/Reimbursements choice is not available in this case. Introduced in Version 11 and fixed in 12.01.
  4. Sensitivity and Risk Analysis using Cash on Cash or Debt Coverage Ratio as the Sensitivity or Risk Measure could be wrong if there was Capital Spending in the first analysis year. Thanks to our user Bill Harwell, CCIM for the well documented example. Introduced about version 7 and fixed in 12.01.
  5. Previous versions allowed a user to use Edit/Transfer Pages to drag and drop multiple Permanent Loans, Draw Loans, etc, causing errors. Now the transfer of Construction Draw, Permanent and Unit Sales Draw Loans, as well as Substitute Basis and Unit Sales Parameter Pages is no longer permitted. Introduced in versions 9-11 and fixed in 12.01.
  6. In the Installment Sale Analysis model, the Sale Report showed wrong Tax Rates. The Basic Analysis Report was correct. Introduced in version 12 and fixed in 12.01. Thanks to Richard Marquis, CCIM for the well documented report.
  7. If you changed one or more Global Profiles and/or Variant Profiles linked to Global Profiles, you were given the option of saving the changes only if you saved the Assumption Set changes first. Now you are asked whether to save the changes whether or not you save the Assumption Set changes. Introduced in version 12 and fixed in 12.01.
  8. Loans based on the Debt Coverage Ratio for the Loan Amount, or Participating Loans behaved properly in Basic, Sensitivity, and Risk Analysis, as well as the Sale Report. However, they mis-computed (actually, they were absent) in the ProForma and Annual Reports, as well as the Audit Window and Detail Analysis Introduced in version 12 and fixed in 12.01.
  9. If you loaded an Assumption Set using the Development Spending Dialog, using a Construction Draw Loan, and then you changed the Acquisition Date to a date after the first date of a draw against the loan, the system generated a trapped error 9 when you caused a computation to occur. Introduced in version 10 and fixed in 12.01.
  10. In Edit/Market Profiles..., if you chose the $/Sf/Yr Growth Method for a Market Profile, the leases taken To Market with this profile would contain costs for TI's, and Start and End Charges, even if the rates for these items were set to zero. Introduced in version 12 and fixed in 12.01.
  11. If you entered a value in either the Area Sold field in a Partial Sale Page or Area Added in a Depreciation Page, it would be translated to SqFt if > 2,000 and Units otherwise. Now it is translated to Units if it is a Unit Property and SqFt otherwise. Introduced in Version 9 and fixed in 12.02. Thanks to Donald Safstrom in BootCamp.
  12. The new Market Profiles dialog malfunctioned if you entered more than six Local Profiles, said OK, and later re-entered the Market Profiles Dialog. Introduced in Version 12 and fixed in 12.02. Thanks to our good user Steve Altman for his report and great documentation.
  13. Inadvertently, in versions 12 and 12.01 you were allowed to delete Unit Sales Pages from the Assumption Edit Screen and Edit/Transfer Pages. Now you must make deletions from the Unit Sales Dialog.
  14. In processing Market Profiles some rare assumption configurations for the Profile being used could cause the Profile to halt repeating before the end of the Holding Period. Introduced in Version 12 and fixed in 12.02. Thanks to Joe Ardovitch for his report.
  15. If a revenue ended at or after the end of the Holding Period, and it was then taken To Market, the software would hang. Likewise, a revenue that ended prior to the beginning of the Holding Period that was taken To Market would hang the software. Introduced in Version 12 and fixed in 12.02. Thanks to Steve Fisher for his report.
  16. If you used Edit/Paste Page in an Assumption Set with reimbursements or added reimbursements to an Assumption Set later after using Edit/Paste Page, the reimbursements for the lease containing the pasted page could mis-compute. Introduced in Version 11 and fixed in 12.02. Thanks to Joe Ardovitch for his report.
  17. The Draw Points field was mis-labeled on the Construction Draw and Unit Sales Draw Assumption Pages and the Assumptions Report. The calculations were correct. Introduced in Version 10 and fixed in 12.02. Thanks to Tony Guglielmo for the report
  18. If you added a SubPage to a lease after a To Market Page, the lease total would be correct, but the Lease Analysis Report and the Lease Audit in Edit / Reimbursements contained mis-named rows. Introduced in Version 12 and fixed in 12.02.
  19. If an Assumption Set did not contain an Expense as %of TI Page, and no loan Amount was specified as a DCR, and no Participating Loan was present, any Market TI's and Commissions due to Market Profiles would not be shown in Detail Analysis. All other reporting was not affected. Introduced in Version 12 and fixed in 12.02. Thanks again to our good user Steve Altman for his report and great documentation.
  20. If the Market Profile used on a To Market Page contained a Positive Number of Abatement Months, and the Rent Grows field was set to Yes, and the Commissions Field was a Non-Zero, the computed Market Commission was too high (a small error growing larger as the Abatement Months increases). Introduced in Version 12 and fixed in 12.02. Thanks to Ed Kearney for his report and eagle eyes.
  21. The Partnership Models did not properly post Market TI's and Commissions for any To Market Pages citing TI and Commission rates in the referenced Market Profile. Introduced in Version 12 and fixed in 12.02. Thanks to Jeb Brees for his comprehensive report.
  22. In Development Spending, if you used a Draw Column entry less than 100, and the entered percentage was less than the other percentages in the column, the Accrued Interest allocated to that Asset was slightly overstated in the Sale Report, thereby misstating the Capital Gain and Taxes in that report only. The Cash Flows, IRR's and NPV's in all other reports were correct. Thanks to our good user, Tom McMullan for his report and great documentation. Introduced in Version 10 and fixed in 12.02.
  23. Use of variable Vacancy Rates during a year could cause the Taxable Revenues in the ProForma and Annual Statements to be slightly misstated. Only this line (in the Taxable Income report area) and the corresponding Ordinary Income were affected. The Cash Flows, IRR's, NPV's and Ratios in both reports were correct. Thanks to our good user, Ron Wallace, CPA for his report and documentation. Introduced in Version 11 and fixed in 12.02.