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Lifestyle Center CAM Reconciliation Guide for Landlords

Typical CAM pools, billing errors, gross-up mechanics, and BOMA standards for lifestyle center properties.

Benchmark CAM per SF

$8.00 – $16.00 / SF

Source: ICSC / IREM 2024

Gross-Up Applicability

Relevant — lifestyle centers have higher turnover in smaller boutique spaces. Variable expenses for common amenity areas (fountains, event spaces, premium landscaping) should be evaluated for gross-up when occupancy drops.

Typical CAM Pools

  • Landscaping (premium)
  • Security
  • Marketing/promotions fund
  • Parking (surface and structured)
  • Lighting
  • Common area amenities
  • Management fees
  • Insurance
  • Property taxes
  • Event programming

Standard Exclusions

  • Capital improvements
  • Leasing commissions
  • Individual tenant build-out
  • Anchor-specific costs
  • Developer overhead

Common Lease Structures

NNN with marketing fund contributionModified gross with percentage rentHybrid CAM with controllable caps

Common Billing Errors

  • Commingling marketing fund and CAM charges
  • Including capital improvements to common amenities as operating expenses
  • Incorrect allocation of structured parking costs to tenants without allocated spaces

Relevant BOMA Standards

  • ANSI/BOMA Z65.5 (Retail Buildings)
  • Mixed-use measurement methods when office or residential is present

Lifestyle Center CAM Context

Lifestyle centers command premium CAM charges due to high-end common area maintenance (water features, premium hardscaping, event spaces). Tenants often dispute whether these amenity costs should be recoverable operating expenses or landlord capital.

Industry Benchmarks

Avg Occupancy (2025)
95.8%
Public REIT average
Typical Recovery Ratio
88-95%
Brixmor reported 92.7% (record). NNN retail typically 90-95%...

Source: Public REIT 10-K filings (FY 2025), BOMA EER (2025 edition). Data compiled March 2026.

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Related Resources

Expenses/Administrative OverheadBoma/Boma 2024 Adoption RoadmapCam Reconciliation ErrorsCam Gross Up CalculatorPro Rata Calculator

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