Can I turn ARGUS Enterprise Excel reports into an editable model?

Moraine can create a separate underwriting model from supported ARGUS Enterprise Excel report packages that you are authorized to upload and process. Whether you may export, share or use those reports depends on the applicable agreements and permissions; Moraine does not grant rights under an Altus agreement.

Which report files does this workflow accept?

This workflow accepts supported Excel report packages (.xlsx, .xlsm or .xls), including bundled workbooks and split per-report files. It creates one Moraine model per property for review; spreadsheet report import is distinct from native model-file compatibility.

Does Moraine export back to ARGUS?

The workflow described here exports XLSX reports, including monthly cash flows for spreadsheet review. It does not establish native ARGUS compatibility or a lossless round trip. Confirm the exact deliverable your counterparty requires.

Will the imported model match the ARGUS cash flow exactly?

Treat the import as a first draft that needs review, which is why each imported model is flagged for review. Check the rent roll, recoveries, and market leasing assumptions against the ARGUS reports before relying on it, just as you would with any conversion.

Can Moraine convert our whole library of legacy ARGUS and Excel models?

Two scoped model conversions from supported inputs are included in Institutional (from $75,000/year), alongside up to 10 users, guided onboarding and 15 diligence transactions. Confirm the supported source format and scope before committing a library; the workflow described here uses authorized Excel report packages.

The free evaluation is 14 days of unlimited underwriting, with no card. Individual is $300 per month for unlimited models, scenarios, Excel exports, the full report catalog, and the modeling agent, month-to-month.

Turn ARGUS Excel Reports Into an Editable Model

Short answer: Moraine imports supported ARGUS® Enterprise Excel report packages into a separate, editable underwriting model for office, retail and industrial properties. Review the mapped assumptions, change inputs, run scenarios and sensitivities, and export XLSX reports. The free 14-day evaluation and Individual at $300 per month include this workflow.

Use reports you are authorized to upload and process. An Excel report import does not establish native-file compatibility, identical calculations or a lossless round trip; applicable software and data-sharing agreements still govern your use of the source reports.

When this comes up

Three situations, all common:

The seller or broker sent an authorized Excel report package. It includes cash flow, rent roll or lease expiration schedules, and you want to build a separate model to test your own assumptions.
Your team reviews static reports. Reviewers want to test alternative assumptions in a model rather than request a new report for each question.
You have a library of authorized report packages and want to evaluate whether the supported inputs can be mapped into Moraine.

The usual workaround is re-keying the export into an Excel template, which is slow and is precisely where transcription errors come from.

Who this is for, and who it isn’t

This is for you if:

You receive ARGUS Enterprise Excel report exports on office, retail, or industrial deals and need to edit the underwriting.
You want reviewers to test cases in a separate Moraine model using authorized inputs.
You want every number traceable to where it came from before it goes to IC.

This isn’t for you if:

Your assignment requires a native ARGUS deliverable. This Excel report workflow does not establish that requirement is met.
The asset is multifamily, hotel, self-storage, or single-family.
You need Moraine to act as the system of record for owned assets. It is an acquisitions underwriting and diligence tool, not lease administration.

The workflow, step by step

1. Import the report packages. Open the Excel report import workflow and drop in the exported report packages (.xlsx, .xlsm, or .xls). Bundled workbooks and split per-report files both work. Moraine pairs the files into one package per property and lists each package before you import, so you can remove a stray file.

2. Review what came across. Each supported package becomes a Moraine underwriting model, flagged for review. Open it and check the Rent Roll (⌘3) against the ARGUS rent roll report: suites, areas, rent steps (the Steps chip shows FLAT, 1 STEP, 9 STEPS), options, and expiries. Check Recoveries (⌘5) for each tenant’s method, share, admin fee, and CAM cap, and the MLA assigned to every lease that can roll.

3. Trace anything that looks off. Click any value and the Inspector opens with the definition, formula, and the components feeding it, tenant by tenant for revenue lines. Every value carries a trust state (Mapped, Inferred, Defaulted, Missing, Reviewed, Overridden, Reconciled), so you can see what came from the import and what Moraine filled with a default.

4. Edit the Moraine model. Change deal-level values on Assumptions (⌘1): exit cap, hold, growth, vacancy, financing. The rent roll grid behaves like a spreadsheet, with fill down, copy and paste as TSV, and find. For cross-cutting changes, ask the modeling agent (“set exit cap to 6.25%”) and accept its changeset. Every edit recalculates the whole model.

5. Run the cases. Scenarios (⌘0) puts Base next to any case you duplicate and stress. Sensitivity builds a two-axis grid where every cell is a full engine run. Turn on refinance or the partnership waterfall if the deal needs them; both are off by default.

6. Export back into your world. Export builds an XLSX workbook from the report catalog. The Monthly Cash Flow report provides one column per month across the hold for spreadsheet review. XIRR Working gives you the dated cash-flow series to rebuild the IRR with =XIRR in Excel. Source Lineage & Warnings records where each number came from.

Pricing, integrations, and limits that apply

Trial: 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.
Individual: $300 per month for unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
Team: from $1,500/month for five users, with shared seats, centralized billing, and standard onboarding.
Institutional: from $75,000/year for up to 10 users, unlimited first-pass underwriting, 15 diligence transactions, guided onboarding, and two scoped model conversions from supported inputs. Enterprise: custom annual pricing, including SSO/SAML.
Report workflow: imports supported ARGUS Enterprise Excel report packages and exports XLSX reports for spreadsheet review. Check the required format and mappings before using reports in another system. No native Yardi or MRI connectors; data moves through Excel.
Limits: office, retail, and industrial only. Underwriting exports are XLSX, not PDF. No live multi-user editing. A qualified underwriter should still review open items, source conflicts, recoveries, and return assumptions before IC.

How this compares

Working in ARGUS. Continue using the source model when your assignment or counterparty requires it. Evaluate Moraine when a separate acquisition model and XLSX reports fit the review workflow.

Re-keying into Excel. The default workaround. It gets you an editable file and loses the connection to where each number came from. A missed rent step in a 40-tenant re-key is the kind of error nobody finds until IC.

Asking the source-model owner for another run. This keeps the analysis in the original model; agree on the changed assumptions and review turnaround with the owner.

More context: our ARGUS software guide, discounted cash flow for real estate, and real estate financial modeling.

Import the export you’re holding

Drop in one report package and see whether the model it produces is one you’d work in.

Start a free trial → 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.