Case studies/Commercial real estate
A regional property management firm running annual CAM across 180 tenants, with lease caps, exclusions, and gross-up rules living in the property accountant's binder. Tenant disputes arrived by April. We built the reconciliation layer: LlamaParse on the lease exhibits, Azure AI Document Intelligence on scanned reconciliations, every CAM line validated against the governing lease before the statement leaves the office.
| Tenant | Suite | Pro-rata | Reconciled CAM | True-up | Cap / exclusion | Status |
|---|---|---|---|---|---|---|
| Northgate Outfitters | R-104 | 4.20% | $39,480 | +$2,140 | 5% cap, clean | billed |
| Cedar & Vine Bistro | R-118 | 2.85% | $26,790 | +$1,310 | roof cap excluded | billed |
| Harborline Pharmacy | R-121 | 3.40% | $31,960 | -$420 | 5% cap, clean | billed |
| Meridian Title Co. | O-208 | 5.10% | $47,940 | +$3,880 | admin fee at 10% cap | cfo review |
| Lakeside Dental Group | O-212 | 2.95% | $27,730 | +$890 | 5% cap, clean | billed |
| Brightwater Logistics | O-305 | 6.80% | $63,920 | +$8,210 | variance over threshold | tenant inquiry |
| Greenfield Wellness | R-126 | 3.15% | $29,610 | -$610 | capex excluded | billed |
| Summit Capital Advisors | O-401 | 4.65% | $43,710 | +$1,720 | gross-up at 95% | cfo review |
At a glance
One property accounting team, 180 tenant leases, one CAM cycle per year. The lease-to-statement validation was the piece the firm could not finish before the April dispute calls.
The engagement
The stack
ISO 27001 · ISO 9001 · DPA and NDA signed at kickoff.
Before, the property accounting desk
Property accountants ran 180 reconciliations a year. They knew the book, they knew the tenants, and they ran the caps out of a binder that the leasing team updated when they remembered. These were the three patterns we found in discovery.
Each lease carried a CAM cap, a set of excluded categories, and a gross-up formula. Accountants pulled the lease exhibit, read the cap clause, and did the cap arithmetic in Excel. Some leases had an admin fee cap too. Every reconciliation needed the binder.
Pre-build baseline: 90 to 150 minutes per reconciliation, including binder time.
The disputes clustered: parking lot repair charged outside the exclusion window, common-area utilities grossed up wrong, admin fee over the cap. Each dispute meant a lease re-read, a revised statement, and a credit memo. The dispute cycle ran from April through June.
Pre-build baseline: approximately 18% of 180 tenants filed CAM disputes in the prior fiscal year.
Expense categories mapped to the lease rules only by the accountant's memory. Senior accountants kept the map in their head; newer staff guessed at category boundaries. Consistency across 180 tenants was the thing the firm wanted but did not have.
Pre-build baseline: category-to-lease-rule mapping varied by accountant, measurable in the dispute pattern.
What we built
The pipeline follows the same five stages we run on every lease-validated engagement. The cap-and-exclusion rules and the gross-up formula are tuned against this firm's 180-tenant book.
Yardi export scheduled nightly, MRI export on request, lease exhibit folder scanned on lease signing. Every tenant assigned a single lease ID tied to the property.
Lease exhibits, annual CAM statements, and operating expense ledgers routed separately but linked by lease ID. Classification confidence below 0.90 holds the document for an accountant tag.
CAM cap clause, exclusion list, gross-up formula, admin fee cap, pro-rata share. LlamaParse on typed exhibits, Azure AI Document Intelligence on scanned lease documents.
Each CAM statement line checked against the governing lease. Excluded categories flagged. Cap arithmetic re-run. Gross-up formula applied. Below 0.90 confidence, the statement holds for property accounting review.
Clean reconciliations posted to Yardi with the governing lease page attached next to each CAM line. Exception statements routed to a named accountant queue with the flag in plain English.
After, the numbers the accounting desk signs off
Same accountants, same leases, same 180-tenant book. The pipeline pulled the lease rules, re-ran the arithmetic, and held the statement if the cap was breached. April came and went without the dispute wave.
Property accounting still own the statements. They still sign off every reconciliation. The difference is that the lease rules ride with the CAM line, and the April call gets met with a ready answer, not a re-read of the binder.
From the desk
The binder used to be the bottleneck. The cap, the exclusions, and the gross-up now ride with the CAM line, which is what tenants actually wanted.
Director of property accountingProperty management firm, Mid-Atlantic
Handover
The engagement ends at a clean handover. The property accounting team runs the pipeline; Hexaa stays on call for a fixed retention period, then steps back.
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You'll leave with a clear next step.
A CAM statement arrives with 40 line items across operating categories. The pipeline pulls the cap, the exclusions, and the gross-up from the lease exhibit, re-runs the arithmetic, and flags the line where the admin fee exceeds the cap. The accountant opens a ready statement, not a blank one.
