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Home · Services · Commercial · CAM Reconciliation
Common Area Maintenance

We reconcile against actuals every year, and we show you the letter.

Most managers estimate CAM at the start of the year, bill it monthly, and hope nobody checks. Reconciliation is the part that decides whether an owner recovers what the lease allows, and whether a tenant renews without an argument. It is the single most valuable thing we do on a commercial mandate, so this page shows it rather than claiming it.

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The 2025 reconciliation

One flex park, run against actuals.

$117,390.76
Operating expenses, prior year
$101,203.57
Operating expenses, reconciled
$4.63 to $3.99
CAM rate per square foot
$2,992.50
Credited back to one tenant

Operating expenses at one of our flex parks came down $16,187 year over year. Fire monitoring, building repairs and insurance all worked down, while the tax bill went up $5,185. The CAM rate fell from $4.63 to $3.99 per square foot, and the tenant was credited $2,992.50 against their next invoice.

This is what reconciliation against the caps actually does. Most CAM is estimated, billed, and never checked.

Read the redacted reconciliation letter

Redacted 2025 reconciliation letter and expense schedule. Property, tenant, unit and owner details removed.

Why the direction matters

Recovery works in both directions.

When costs riseWhere the lease allows recovery, the increase passes to the tenants instead of being absorbed by you. That is the point of a reimbursement clause, and it only works if somebody reads the caps, thresholds and exclusions lease by lease.
When costs fallThe saving passes back. Effective gross rent stays down, which is what keeps a good tenant in place and signing renewals. An owner who recovers aggressively but never credits back is buying a vacancy in three years.
Against the capsMost small commercial landlords under-recover every year because nobody checks the per-lease expense caps. We honour them lease by lease, which is what the management agreement commits us to.
Where the saving came fromFire monitoring fell from $12,001.76 to $2,445.00 on a renegotiated contract, building operations from $10,875.00 to $7,200.00, and insurance from $32,053.15 to $23,617.45. Three line items actively worked, one tax increase absorbed, and the tenant still ended the year owed money.
Notified individuallyEvery tenant gets their own reconciliation statement with enough detail that disputes are rare, and owners see the whole picture in the annual package.
How the year runs

Estimated, billed, then proved.

Jan
Estimates set on budget
We build the estimate from the coming year's budget rather than rolling last year's number forward, and we tell you where it differs and why.
Monthly
Billed with rent
CAM bills alongside base rent, so the tenant sees one predictable invoice and the ledger stays clean.
Year-end
Reconciled against actuals
With the backup documentation attached rather than summarized. Every lease is read against its own caps and exclusions.
After
Statements out, credits applied
Each tenant is notified individually of what is owed or refunded. Refunds are credited to the next invoice, and you get the annual package.

CAM reconciliation is an elective service on any commercial mandate, quoted with the rest of the engagement.

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