When Revolution processes a lease renewal, we don't just increase the rent by a standard amount. Every lease is individually calculated based on a lot of factors, including property condition from the most recent inspection, late payments, lease violations, etc. Of course, fair market rent is also taken into account, but it isn't the only factor. Essentially, this is all an algorithm that takes a bunch of variables and spits out a renewal rent amount based on those variables.
This process that we go through is called the "Tenant & Property Performance Report," or "TPPR" for short. In the old days, this was a spreadsheet that someone would have to manually enter data into for each lease renewal. However, this has all been automated at this point, and even our own staff members who process the lease renewals don't see a physical report or spreadsheet. Instead, some of the data is fed into the algorithm automatically from the accounting system, and some other data is fed into the algorithm using forms in our electronic checklist for the lease renewal. Ultimately, all of the calculations are done behind the scenes after all of the data has been fed into the algorithm, and all that our staff sees is the final rent amount that is calculated. There isn't an actual "report" that we see, so we don't have a document that we are able to send to you, unfortunately.