Private Training

• Outstanding rent reviews
• Tenants holding over
• Indexed leases, including using inflation groups, specifying anniversary dates and hurdle rates
• Using the rent schedule to review these lease details and manipulate the rental income profile
• Review of valuation calculations in the Rent Schedule
• If time permits, this module will also look at minimum uplifts, modelling turnover rents, geared ERVs and single/multi-lease renewal options

• Review detailed cash flow options and assumptions and how these impact your cash flow calculations
• Generate a cash flow from Present Value and IRR targets
• Manipulate the cash flow and customise the cash flow view
• Cash flow results, reporting and exporting options
• DCF sensitivity analysis, looking at the impact of varying growth and exit yield assumptions on your returns
• Build finance into your DCF model to generate geared and ungeared returns, including modelling multiple loans

Advance Data Entry (1.5 Hours)
Builds on the standard course to develop your modelling skills in Argus Valuation Capitalisation, including:

• Modelling zoned and non-zoned space and car parking spaces in the Area Schedule and making % adjustments to the rental value
• Void and rent free assumptions both on current and future leases
• Break options and break penalties
• Froth and over-rented lease valuation options
• Using the rent schedule to review and manipulate the rental income profile, including modelling stepped rents
• Review of valuation method options and valuation calculations in the Rent Schedule

• Creating and using rental value groups, inflation/growth groups and capitalisation groups
• Manipulating the tenancy schedule including customising the view and importing data from Excel
• Modelling leasehold interests, including ground lease terms, fixed and geared ground rents and valuation options
• Advanced portfolio modelling, including:
  • Portfolio asset management fees
  • Using multiple currencies within a portfolio
  • Traditional valuation sensitivity analyses, goal seek targeting values and yields, reporting and graphing

• Category analysis - graphical analysis of your portfolio weighting by category
• Data analysis - in-depth tenant by tenant analysis including weighted average lease expiries, exposure to particular tenants or sectors, etc.
• Performance and Projections analysis - look at the projected performance of each property in the portfolio including performance measures such as total return and capital growth over time for buy/sell/hold decisions
• Rent analysis - apply a doomsday scenario to assess the security of your portfolio income
• Scenario builder to look at the impact of variable void, MRV and break assumptions on portfolio value and cash flows
• Use of tag filters to analyse filtered subsections of your portfolio
• Build forecast files to model rental growth and DCF exit yield assumptions by category to use in your cash flow projections
• How to customise your analysis, sort and group data and generate reports

• Modelling commercial space and unit sales
• Using the wide area schedules to speed up data entry, using copy and automatic fill-down features, and customising the column view
• Using the construction cost breakdown to detail construction costs by type
• Modelling additions and deductions to tenant rents and sales
• Using the cost editors to change the cost basis and define detailed breakdowns of costs
• Data distribution – change cost/revenue timings and spread costs over a cash flow stage
• Modelling basic finance using interest sets, applying inflation and growth rates
• Modelling VAT in your project

• Model multi-phase projects
• Use phase groups to analyse different combinations of uses to determine the highest and best value for your site
• Link phase timings to key stages of earlier phases
• Model detailed data distribution of your cost and revenues, including repeating costs and complex distribution patterns
• Linking the timing of costs and revenues to your project timescale; change the project timescale and see your costs redistributed instantly
• Build models based on fixed land costs and/or residual land targets for all or individual phases

• Ground leases
• Turnover rents
• Stepped rents
• Lease renewal options for extended hold periods
• Cash flow lease events to review the income profile during your hold period
• Copying and moving area records between phases

• Create unlimited numbers of debt and equity sources of finance
• Define the order and amount of funds from each partner, interest and fees charged, and repayment of capital
• How to include mortgage takeout financing, inter source transactions and a reserve account
• Model profit distributions on a percentage basis or using preferred and waterfall returns
• Reviewing finance performance measures and geared partner returns
• Finance cash flow results and reporting options

• Modelling unit construction starts over time
• Building your schedule of sales over time
• Modelling detailed sales distributions, including off plan sales, sales prior to, during and after construction
• Sales fees
• Using sales contracts for deposits and staged payments
• Reviewing the unit information rows to track the number of units under construction, completed and sold over time in your project cash flow

• Defining occupancy rates, asset availability, activity rates, etc. over time
• Building your operated asset profile to model revenues and expenditures over time
• Calculating revenue and expenses, including using the occupancy and rate profiles
• Linking revenue and expenses to other revenue and expense items
• Create summary cash flow rows to display, e.g. departmental profit
• Operated asset cash flow lines and reports

• Focuses on sensitivity analysis, spot residuals, IRR scenarios, graphing and reporting options, and the data checker
• Multiple dimension sensitivity analysis, including time
• Project returns such as IRR, rent cover and profit erosion
• Options to tailor your reports including caveats and logos
• Define custom cash flow view cycles
• Using the data checker to find and resolve issues in a project

• Detailed look at the assumptions for calculation options, what these mean, how they affect your project calculations and how to set these in your custom template for future appraisals
• Importing and exporting options in ARGUS Developer, including exports to Excel, ARGUS Valuation - Capitalisation and ARGUS Development Budget
• Creating stamp duty schemes and applying these to your project
• Detailed look at project options, including cash flow and summary display options