Changelog for November 16, 2021

New API Features:

API Updates:

• Deal Terms API endpoint: added a rent schedule attribute
• Marketing API endpoint: added Building listing status and a Space listing status fields
• Proposals API, Deal Iterations API, and Deal Approvals API endpoints: added support for non-nested calls to these endpoints
• Financials API endpoint (for both lease term and deal terms): added support for improvements, lease incentives, and other credits
• Tenant Updates API endpoint: fixed a typo in the 'owner' label and renamed the relationships label 'property' to 'asset' to align with our standard nomenclature
• Coming in December 2021 (in pilot): Deal Terms API, Lease Terms API, and Proposals API endpoints: added fields for calculated metrics (see more details below)

Calculated Metrics (in pilot)

Calculated metrics are represented on the VTS Lease front-end in the 'Proposal' tab under the 'Metrics' heading. These include fields such as NER, NPV, Net Rent, and GAAP Rent.

Calculated metrics are computed using a proposal's or deal term's various input parameters (duration, base rent, escalations, options, expenses and recoveries, and other costs and revenues). Some metrics are specific to a deal or lease term and some metrics are specific to a proposal. Other calculated metrics exist for both deal or lease terms and proposal objects. For example, consider a proposal that has 2 deal terms. Each deal term will have its own calculated NER value, and the corresponding proposal will have a NER value that is computed from the NER values of its two associated deal terms. Therefore, the deal and lease term endpoints will return an NER value and the proposal endpoint will return a possibly different NER value.

Note that returning the calculated metrics is in a pilot phase. Please reach out to your VTS rep to have these fields enabled for your API credentials.

Financials endpoint objects: Improvements, Incentives, and Other Credits

We added some new objects to the Financials endpoint (for both deal terms and lease terms) capturing expenses and recoveries associated with a deal or lease. This includes improvements of type building or tenant, lease incentives, and other credits. These are found on the VTS Lease front-end in the 'Expenses and Recoveries' section of a given deal or lease term. For more details on these objects, see the VTS Lease data dictionary at https://help.vts.com/hc/en-us/articles/4403703750939-VTS-Lease-Data-Dictionary.