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A CAM reconciliation workbook with the formulas built in.

Fill in the year's expenses and each tenant's lease terms, and the workbook works out every tenant's share, cap, admin fee and balance, then fills in a statement letter. It's an .xlsx file for Excel or Google Sheets, and there's no email to give.

Cost
Free
Email
Not needed
File
Excel (.xlsx)
In the browser
Works here too
Download the Excel template

The CAM reconciliation workbook

An .xlsx workbook with seven sheets, opening on the worked example below. No email, no account.

Download the workbook

Rather work in the browser? Open the calculator, which also takes a gross-up target per lease.

What's in it

How to use
The steps, the rounding rules and what the workbook assumes.
Building
The property, the period, the building's area, occupancy and the gross-up target.
Expenses
Up to 40 lines: pool, amount, reimbursements, how the lease treats each one, controllable and variable. Recoverable and grossed-up amounts work themselves out.
Tenants
Up to 20 tenants: area, move-in and move-out, share, cap, admin fee, base year and estimates paid.
Exclusions
An X where an expense meets a tenant leaves that expense out of that tenant's lease.
Reconciliation
Each tenant's controllable CAM, cap, other CAM, taxes, insurance, admin fee, total and balance, with what the landlord doesn't recover.
Statement
A letter for the tenant row you choose, ready to print or save as a PDF.

How to fill it in

  1. Open it in Excel, or upload it to Google Drive and open it with Google Sheets.
  2. On Building, type over the example: the period, the area and the gross-up target.
  3. On Expenses and Tenants, replace the example rows with yours. Leave the columns marked (formula) alone.
  4. Check Reconciliation, then open Statement, type a tenant's row number and print the letter.

The statement it fills in

Tenant A from the example, as the calculator prints it with the schedule of expenses.

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).

How the numbers are worked out.

The formulas

Days and share
days occupied = the overlap of move-in to move-out with the period; share = area / building area (or another area, or a fixed percent)
Gross-up
grossed-up line = ROUND(net amount x target / occupancy, 2) for lines that vary, when occupancy is under the target
A tenant's pool
ROUND(share x days / days in the period x the pool's grossed-up lines the tenant isn't excluded from, 2)
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))
Balance
CAM after the cap and base year + taxes + insurance + admin fee - estimates paid

What it assumes

  • One workbook per property and period. It has room for 40 expense lines and 20 tenants.
  • Gross-up uses one target for the whole building. If one lease grosses up differently, use the web calculator for it.
  • Each tenant's amounts are rounded to the cent. When shares add to 100%, the rounding cent shows in the Not recovered line.
  • An expense stop works as a base year: enter the stop times the building's area as the base year amount.
  • Capital items spread over time count the months in the period as days x 12 / 365.25, rounded.

The workbook opens on the same example as the calculator

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

  • More than 20 tenants

    Copy the last row of the Tenants, Exclusions and Reconciliation sheets down; the formulas follow.

  • A tenant left out of one expense

    Put an X in the Exclusions sheet where the expense's row meets the tenant's column.

  • A partial year

    Fill in Moved in or Moved out. Days and the cap's ceiling follow.

  • A different gross-up for one lease

    The workbook uses one target. Run that tenant in the web calculator, which takes a target per lease.

Common mistakes

  • Typing over a formula

    Columns marked (formula) work themselves out. Type only in the other columns, or the totals stop adding up.

  • Entering the base year as the tenant's share

    Base year amounts are the building's totals for that year. The workbook takes the tenant's share itself.

  • Last year's cap figure for the building

    A cap's prior amount is the tenant's own controllable share, for a full year.

Questions

Do I need to give an email to download it?

No. The download link is the file itself. Nothing is asked and nothing is tracked about what you put in it.

Does it work in Google Sheets?

It's a standard .xlsx file that uses common functions (IF, MIN, MAX, ROUND, SUMPRODUCT, INDEX). Upload it to Google Drive and open it with Google Sheets.

Can it handle base years and expense stops?

Yes. Enter the base year's building totals for CAM, taxes and insurance on the tenant's row. For a stop, enter the stop per square foot times the building's area.

How do I make the statement letter for each tenant?

Open the Statement sheet and type the tenant's row number at the top. The letter fills in from the Reconciliation sheet; print it or save it as a PDF.

Is the math the same as the web calculator?

Yes, for one gross-up target per building. Both open on the same example and get the same figures.

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.