Short answer: if you have ARGUS Enterprise Excel report exports and want a model you can actually edit, trace, and stress without an ARGUS seat, Moraine imports those report packages and turns each property into a native underwriting model, flagged for review. From there you change assumptions, run scenarios and sensitivities, and export XLSX that drops back into your ARGUS, Excel, or IC templates. It works for office, retail, and industrial, on the free 14-day evaluation or Individual at $300 per month. Honest limit: Moraine does not write an ARGUS file back.
When this comes up
Three situations, all common:
- The seller or broker sent an ARGUS export, and you don’t have ARGUS. You have the Excel report package: cash flow, rent roll, maybe a lease expiration schedule. You can read it, but you can’t change the exit cap or push a tenant’s renewal probability without rebuilding it by hand.
- Your ARGUS seat sits with one person. Everyone else on the team works from exports, and any “what if” goes into a queue.
- You inherited a library of ARGUS models from a fund you’re rolling up, a predecessor analyst, or a lender file, and you need them in something the whole team can work in.
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 are a small team, or a team with one ARGUS seat, that wants everyone able to run cases.
- You want every number traceable to where it came from before it goes to IC.
This isn’t for you if:
- You need a native ARGUS file back out. Moraine exports XLSX only.
- 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 Import your ARGUS portfolio and drop in the exported Excel 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 package becomes a native 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 way you’d want ARGUS to work. 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 is the ARGUS-paste companion, with one column per month across the hold. 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 legacy-model conversions. Enterprise: custom annual pricing, including SSO/SAML.
- Integrations: imports ARGUS Enterprise Excel report exports. Exports Excel (XLSX) that drops into existing ARGUS, Excel, and IC templates. 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
Staying in ARGUS. If your team already has seats and the skills, ARGUS remains the standard and many lenders expect it. Moraine is for the people around that seat, or teams without one, who need to work the model rather than read the export.
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 ARGUS owner for another run. Accurate, and it puts every question in a queue.
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.