It may be a defect. From my experiments I conclude the area reported by the Volume Calculations tool depends on whether you are computing a volume between an Model and Object or 2 objects. In the first case the area includes the daylight slopes, in the second it is the area of the boundary before daylighting. If you have used the slope element tool to create the daylight boundaries then the daylight area will be included in the area calcs regardless of which method is used.
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