How to Read an MRI CAM Reconciliation Statement

MRI Software is widely used in complex shopping mall escalations and retail recoveries, with particularly strong penetration among large retail property owners and REIT-managed centers. Its Advanced Retail and Commercial modules are built specifically for multi-tenant CAM calculations, making MRI the system of choice for many large retail landlords and REIT-owned shopping centers.

If you're a retail tenant receiving CAM reconciliations from a mall operator or power center owner, there's a reasonable chance the statement was generated by MRI. The platform's terminology differs from Yardi in specific ways that matter when you're reviewing a bill for accuracy.

How MRI processes CAM charges

MRI Software uses a highly configurable relational database architecture. Unlike Yardi's rigid 7000-series account structure, MRI's recovery modules are custom-configured by each property's implementation team. This flexibility makes MRI well-suited for complex retail recovery scenarios — percentage rent, anchor exclusions, multi-phase developments — but it also means that the same error (like including an ineligible expense category) may show up in different places depending on how the property's system was configured.

Tango Analytics found that 40% of CAM reconciliations contain material errors across U.S. retail centers (cited by PredictAP, February 2026). For MRI-generated reconciliations, the complexity of the recovery module configuration is a significant contributing factor.

Key MRI terminology

Escalations and Recoveries

MRI's CAM calculation engine is referred to as Escalations and Recoveries. This is the module in MRI's Advanced Retail and Commercial systems where property accountants set up the formulas that calculate how expenses are distributed among tenants.

When you request backup documentation for an MRI reconciliation, the relevant module is Escalations and Recoveries. Documents generated from this module should show how each expense category was assigned to the recoverable pool, what pro-rata formula was applied, and what each tenant was charged.

Recovery and Budget columns

The primary comparative data in an MRI reconciliation export appears under two columns: Recovery and Budget.

• Budget column: The estimated monthly CAM amount the tenant paid throughout the year (the "estimate" side of the reconciliation)
• Recovery column: The actual finalized expense amount calculated at year-end from the general ledger

The difference between Recovery and Budget determines your balance due or credit. When reviewing these columns:

• If the Recovery column is significantly higher than Budget, identify which specific expense categories drove the increase
• If a category appears under Recovery that shouldn't be in the CAM pool, the entire Recovery amount for that category is potentially a disputed charge
• A large jump in one specific category (management fees, utilities, administrative overhead) warrants supporting invoice documentation

Supplier Statement Reconciliation

MRI features a dedicated sub-module called Supplier Statement Reconciliation (documented in MRI's Advanced Retail release notes). This module reconciles vendor invoices captured in the system against the full supplier statements the landlord actually received.

This is the most important module for tenants who suspect the landlord is passing through inflated vendor costs or failing to pass through discounts and credits. If your landscaping company or snow removal contractor billed the landlord $80,000 but the vendor statement shows a $5,000 early-payment discount, that $5,000 should reduce the CAM pool. The Supplier Statement Reconciliation module is where you'd find that discrepancy.

When requesting backup documentation, ask specifically for the Supplier Statement Reconciliation report for high-dollar CAM categories.

Transaction Code and Batch No.

MRI reports use alphanumeric identifiers including Transaction Code and Batch No. for data tracking. Each batch of invoices, credit notes, or payments processed by the property accounting team gets a unique Batch No.

For audit purposes, Batch Nos. let you trace a specific expense back to the individual invoices it came from. If a line item looks questionable — say, a large "miscellaneous maintenance" charge — the Batch No. tells you which invoices are grouped under it. Request the supporting invoices for that batch from the landlord.

The Tenancy Schedule

MRI generates a Tenancy Schedule (similar to a rent roll) that establishes the denominator for the Escalations and Recoveries calculations. The Tenancy Schedule shows total occupied and vacant square footage, which is the basis for each tenant's pro-rata share.

This is the document that controls your pro-rata share calculation. If the Tenancy Schedule includes square footage that shouldn't be in the denominator — or excludes square footage that should be — your share will be wrong. Cross-reference the Tenancy Schedule against your lease's definition of "total leasable area" or "gross leasable area."

In retail settings, this matters particularly for anchor tenant exclusions. If your lease computes pro-rata share based on in-line tenant GLA only (excluding anchor tenants), but the Tenancy Schedule includes anchor space in the denominator, your share is artificially low — in your favor. If anchor space is excluded from the denominator but you're paying for anchor-area expenses through the CAM pool, that's potentially a double benefit to the landlord.

How to review an MRI reconciliation

Step 1: Identify the module. Ask the landlord which MRI module generated your reconciliation — Advanced Retail, Commercial, or another configuration. This tells you which backup reports to request.

Step 2: Check the Tenancy Schedule. Request the Tenancy Schedule that was used for your reconciliation year. Verify the total square footage in the denominator matches what your lease defines as "total leasable area." If there's a discrepancy, calculate what your correct pro-rata share would be and compare it to what you were charged.

Step 3: Review Recovery vs. Budget by category. For each expense category where Recovery significantly exceeds Budget, request the Supplier Statement Reconciliation report and underlying invoices. Large variances in management fees, utilities, or administrative overhead are the most common sources of material errors.

Step 4: Request the Escalations and Recoveries setup documentation. Ask for the Recovery module configuration — specifically which expense categories are designated as recoverable and the formula used to allocate them. Cross-reference each recoverable category against your lease's CAM definition. Any category the lease excludes shouldn't appear as a recoverable expense in MRI's setup.

Step 5: Check for vendor credits. Request the Supplier Statement Reconciliation for your top 3–5 expense categories by dollar amount. Verify that any vendor discounts, credits, or early-payment adjustments are reflected in the amounts charged to tenants.

MRI vs. Yardi: what's different from a tenant perspective

Both systems produce CAM reconciliations from the same underlying data, but the audit trail looks different:

The practical difference: Yardi gives auditors a clear signal when capital expenses bleed into operating pools (account codes change from 8000 to 7000 series). MRI requires reviewing the recovery module configuration directly, since the account structure is custom-built per property.

Frequently Asked Questions

What properties typically use MRI Software?

MRI Software is most commonly used by large retail property owners — particularly shopping mall operators and power center REITs — as well as some Class A commercial office owners. Its Advanced Retail modules are specifically designed for complex multi-tenant retail recoveries. If your landlord owns a large enclosed mall or multi-phase retail development, MRI is commonly the system of record.

What is the "Recovery" column in an MRI CAM reconciliation?

The Recovery column shows the finalized actual expense amount for each CAM category, calculated at year-end from the property's general ledger through the Escalations and Recoveries module. The Budget column shows what you paid in monthly estimates. The difference between Recovery and Budget is your reconciliation balance.

How do I check if vendor credits were applied to my CAM bill?

Request the Supplier Statement Reconciliation report from the landlord for the high-dollar expense categories in your reconciliation. This MRI sub-module reconciles system-captured invoices against the actual vendor statements, including any credits or discounts. If a vendor issued a discount or rebate to the landlord, it should reduce the CAM pool.

What is the Tenancy Schedule in MRI?

The Tenancy Schedule is MRI's version of a rent roll — it lists all tenants, their occupied and vacant square footage, and their status. It serves as the denominator input for the Escalations and Recoveries calculations. Your pro-rata share of CAM is derived directly from this document, so verifying its accuracy is essential to confirming that your allocation percentage is correct.

Can I request the Escalations and Recoveries module configuration from the landlord?

Yes, as part of an audit. Most audit rights clauses give tenants the right to inspect the records and calculations supporting the reconciliation. The Escalations and Recoveries setup documentation shows which expense categories were designated as recoverable and the formulas used to allocate them. It's the most direct evidence of whether the system was configured consistently with your lease.

For a general guide to CAM reconciliation review that applies regardless of which property management system your landlord uses, see how to read a CAM reconciliation statement. For the Yardi equivalent of this guide, see how to read a Yardi CAM reconciliation. For context on the NNN lease structure, see the NNN Lease Tenant Guide.

Run a free CAM scan to check your MRI-generated reconciliation for common billing errors.