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Work out each tenant's CAM bill for the year.

How much does each tenant owe, or get back, when the year's CAM, taxes and insurance are trued up? Enter the expenses and each lease's terms. The calculator grosses up, applies caps, base years and admin fees, prorates partial years, and gives each tenant a statement you can print.

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The CAM reconciliation calculator

Who's using it

The period and the building

Gross leasable area

Often 95 or 100. Leave empty for none.

Average occupancy

Leased all period to tenants not listed below

Occupancy used

72.60%

The year's expenses

Tenants and their lease terms

  • Empty if before the period

    Empty if after the period

    Share of the building
    Lease terms: 5% cap, 10% admin fee

    This tenant's share, a full year

    Empty for none

    How the lease recovers
    Expenses this lease leaves out

  • Empty if before the period

    Empty if after the period

    Share of the building
    Lease terms: 10% admin fee

    Empty for none

    How the lease recovers
    Expenses this lease leaves out

Each tenant's reconciliation

Tenant A owes $2,713.68. Tenant B has a credit of $1,228.92.

  • Tenant A

    50.00% share, 365 of 365 days

    Balance due

    $2,713.68

    Total $49,513.68 less $46,800.00 in estimates

  • Tenant B

    30.00% share, 275 of 365 days

    Credit

    $1,228.92

    Total $23,071.08 less $24,300.00 in estimates

How each tenant's total is built
LineTenant ATenant B
Controllable CAM$19,233.96$8,694.80
Less the cap-$1,383.96
Other CAM$2,616.98$1,183.02
Real estate taxes$20,000.00$9,041.10
Insurance$7,000.00$3,164.38
Admin fee$2,046.70$987.78
Total for the period$49,513.68$23,071.08
Less estimates you paid-$46,800.00-$24,300.00
Balance due, or credit$2,713.68$1,228.92 credit

Recoverable costs

$94,000.00

Net of reimbursements, before gross-up

Billed to tenants

$69,550.28

Plus $3,034.48 in admin fees

Not recovered

$24,449.72

Vacancy, caps, base years and exclusions

Caps saved tenants

$1,383.96

Good to know

  • Roof replacement: a capital item, left out of the pools.
  • Tenant A: the cap held controllable CAM to $17,850.00, $1,383.96 less than its share.
  • Tenant B paid $1,228.92 more in estimates than it owes. The lease says whether that is refunded or credited to next year's estimates.
Backup schedule: each expense and each tenant's share
ExpenseRecoverableTenant ATenant B
LandscapingCAM, controllable$12,000.00$6,000.00$2,712.33
Parking lot sweepingCAM, controllable$6,000.00$3,000.00$1,356.16
Repairs and maintenanceCAM, controllable$10,000.00$5,000.00$2,260.27
Trash removalCAM, controllable, varies$8,000.00$5,233.96$2,366.04
Common area waterCAM, varies$4,000.00$2,616.98$1,183.02
Property taxReal estate taxes$40,000.00$20,000.00$9,041.10
Property insuranceInsurance$14,000.00$7,000.00$3,164.38
Roof replacementCapital, left out$0.00Left outLeft out

Statement letter

Fill in the names and dates, then print each tenant's statement or save it as a PDF. The schedule of expenses prints with it.

Optional

Wrenfield Commons Management

Wrenfield Commons

February 20, 2026

To: Tenant A

Operating expense reconciliation, January 1, 2025 to December 31, 2025

Here is your share of Wrenfield Commons's operating expenses for the period, figured under your lease. Your share is 10,000 SF of 20,000 SF, or 50.00%. The building averaged 72.60% occupied, so costs that vary with occupancy are grossed up to 95%.

Controllable CAM$19,233.96
Less the capNon-cumulative, on last year's billed amount, 5% a year-$1,383.96
Other CAM$2,616.98
Real estate taxes$20,000.00
Insurance$7,000.00
Admin fee10% of CAM after the cap$2,046.70
Total for the period$49,513.68
Less estimates you paid-$46,800.00
Balance due$2,713.68

Please pay the balance of $2,713.68 by March 20, 2026. The schedule below lists each expense and your share of it. If you have a question about any line, please write to us.

Wrenfield Commons Management

Schedule of expenses

ExpenseBuildingYour share
LandscapingCAM, controllable$12,000.00$6,000.00
Parking lot sweepingCAM, controllable$6,000.00$3,000.00
Repairs and maintenanceCAM, controllable$10,000.00$5,000.00
Trash removalCAM, controllable$8,000.00up to $10,467.92$5,233.96
Common area waterCAM$4,000.00up to $5,233.96$2,616.98
Property taxReal estate taxes$40,000.00$20,000.00
Property insuranceInsurance$14,000.00$7,000.00

Left out under the lease: Roof replacement ($60,000.00).

Excel workbook with formulas

How the numbers are worked out.

The formulas

Average occupancy
sum of (occupied SF x days occupied) / (building SF x days in the period)
Gross-up
grossed-up line = actual x (target / occupancy), for lines that vary with occupancy, when occupancy is under the target
Share of a pool
tenant's share x (days occupied / days in the period) x the pool's total
Cap, non-cumulative on last year's billed
billed controllables = the lesser of this year's share and last year's billed x (1 + cap rate)
Cap, non-cumulative on last year's actual
billed controllables = the lesser of this year's share and last year's actual x (1 + cap rate)
Cap, cumulative and compounding
billed controllables = the lesser of this year's share and the first year's x (1 + cap rate) ^ (lease year - 1)
Cap, cumulative and simple
billed controllables = the lesser of this year's share and the first year's x (1 + cap rate x (lease year - 1))
Base year or expense stop
owed = share of this year's pool minus share of the base year (or the stop x the tenant's area), never below zero
Admin fee
fee = rate x the base the lease names (often CAM after the cap)
Balance
total minus estimates paid; a negative balance is a credit

What it assumes

  • Money is figured to the cent. Each amount is rounded half up once, and every statement's lines add up to its total.
  • A tenant's share is its area over the building's unless you pick another area or a fixed percent. A partial year counts the days occupied.
  • Only lines marked as varying with occupancy are grossed up, and only when the average occupancy is under the target.
  • The order is gross-up, share, the cap on controllable CAM, the base year or stop, then the admin fee. If a lease orders them differently, follow the lease.
  • A cap's ceiling is prorated for a partial year. When tenants split a pool to exactly 100%, the last one takes the rounding cent.

Worked example: a strip center with two tenants

A 20,000 SF strip center, calendar year 2025, with leases that gross up to 95%. Tenant A leases 10,000 SF all year. Tenant B leases 6,000 SF from April 1, which is 275 of 365 days. Suite C, 4,000 SF, is empty.

Occupancy: (10,000 x 365 + 6,000 x 275) / (20,000 x 365) = 72.60%.

Expenses: landscaping $12,000, parking lot sweeping $6,000 and repairs $10,000 (controllable, fixed); trash $8,000 (controllable, varies with occupancy); common area water $4,000 (varies); property tax $40,000; insurance $14,000; and a $60,000 roof replacement, a capital item the leases leave out.

Gross-up of the lines that vary with occupancy
Varies with occupancyActualGrossed up to 95%
Trash removal$8,000.00$10,467.92
Common area water$4,000.00$5,233.96

Occupancy averaged 72.60%, so each variable line is multiplied by 95% / 72.60%. Fixed lines stay as they are.

Each tenant's reconciliation
Tenant ATenant B
Share and days50%, 365 days30%, 275 days
Controllable CAM$19,233.96$8,694.80
Less the 5% cap-$1,383.96No cap
Water$2,616.98$1,183.02
Admin fee, 10% of CAM$2,046.70$987.78
Property tax$20,000.00$9,041.10
Insurance$7,000.00$3,164.38
Total$49,513.68$23,071.08
Less estimates paid-$46,800.00-$24,300.00
Balance$2,713.68$1,228.92 credit

The gross-up raised Tenant A's share of trash and water from $6,000.00 to $7,850.94. The roof replacement stays out: the leases don't allow capital items.

General information to help you check the math, not legal, tax or accounting advice. Your lease controls: where it says something different, follow the lease.

Edge cases and common mistakes.

Edge cases

  • A lease year that isn't the calendar year

    Set the period to the lease year. Days are counted inclusively, so a leap year has 366.

  • A tenant that moves suites, or a sale mid-year

    Reconcile each suite, or each owner's part of the year, as its own row or its own period, with the dates filled in.

  • An anchor that pays its own CAM

    Give the other tenants a share over another area: the center less the anchor. Use it for one pool and not the others with a fixed percent where the lease says so.

  • Occupancy above the target, or an empty building

    Nothing is grossed up above the target. With nobody in the building there is nothing to bill.

  • A base year that was itself partly empty

    If the lease grosses up the base year, enter the base year's totals as grossed up. The gross-up calculator works them out.

  • Caps that leave out snow, utilities or taxes

    Caps here apply to the lines marked controllable. Unmark the lines the lease's cap leaves out.

  • Capital items

    Leave a capital item out, or spread it over its life with interest when the lease allows it. Either way it is flagged.

  • Insurance proceeds and refunds

    Enter what came back in Reimbursed. It is taken off the line before anything is shared.

Common mistakes

  • Grossing up fixed costs

    Taxes, insurance and contracts with a set price don't change with occupancy. Grossing them up bills tenants for the empty space.

  • The admin fee on taxes and insurance

    Some fee clauses name CAM only. Check what the lease puts in the fee's base before charging it on everything.

  • A full year for a partial-year tenant

    A tenant that moved in April owes its share for its days only, and its cap's ceiling shrinks the same way.

  • Capping the wrong costs

    A cap may cover controllable costs only, with utilities, taxes and insurance outside it. The lease says which.

  • Forgetting last year's figure

    A non-cumulative cap grows from last year's billed or actual amount. Using the wrong one changes every year after.

Questions

What is a CAM reconciliation?

Through the year a tenant pays monthly estimates of its share of the property's operating costs. After the year ends, the landlord adds up what was actually spent, works out each tenant's share under its lease, and bills the difference or credits the overpayment. That true-up is the reconciliation.

How do you calculate a tenant's CAM charges?

Start with the recoverable expenses, gross up the ones that vary with occupancy if the lease says so, and multiply by the tenant's share and by the part of the year it occupied. Then apply any cap, base year and admin fee, and subtract the estimates paid to get the balance.

When are CAM reconciliations due?

When the lease says. Look in the operating expense section for the deadline after the year ends, and for how long the tenant has to question the statement or ask to audit it.

What should a CAM reconciliation statement show?

Each pool's total, the tenant's share and how it was figured, any gross-up, cap, base year and admin fee, the estimates paid and the balance. A schedule of each expense with the tenant's share of it lets the tenant check the math.

Do my numbers go anywhere?

No. The calculator runs in your browser. Nothing you type is sent to us or saved, and closing the page clears it.

Cornerhold does this from your leases and invoices.

Cornerhold reads these terms from your leases, traces every expense line to its invoice and lease clause, and drafts each tenant's statement and backup package for you to approve. Owner and Owner Plus start with 14 days free, and you can set up your portfolio in about ten minutes.

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The buildings, businesses, people and figures in the examples on this page are made up.