One possible cause is the set of rent components used to calculate the Natural Breakpoint. Check that before treating the difference as an error in either model.
The method documented for ARGUS Enterprise 10.1 uses Base Rent plus fixed steps plus CPI. Valuation DCF lets you choose which of those components to include. Different components can produce a different breakpoint and, depending on the lease assumptions, different percentage rent.
- Open the percentage rent settings in Valuation DCF and note exactly which components its breakpoint includes.
- Compare those components with the method in your version of Enterprise. The documented 10.1 method includes Base Rent, fixed steps and CPI.
- Where the comparison calls for the same method, align the components and recalculate. Then compare the lease assumptions and results over the same period.
Matching the breakpoint method makes the comparison more useful; it does not guarantee identical results. If a difference remains, check the other inputs and settings rather than assuming the breakpoint explains all of it.