The annual accounting process where the landlord compares estimated CAM and operating fees collected from tenants throughout the year against actual documented expenses.
Because CAM is billed on estimates, a year-end true-up is required. The landlord compiles all operating invoices, calculates each tenant's pro-rata share, and issues a reconciliation statement. Tenants who underpaid owe the shortfall (usually due within 30 days). Those who overpaid receive a credit toward future rent. The delivery of the reconciliation statement is itself a critical date because it typically starts the clock on the tenant's right to audit the landlord's accounting.
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