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Power Center CAM Reconciliation Guide for Landlords

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

Benchmark CAM per SF

$3.00 – $7.00 / SF

Source: ICSC / IREM 2024

Gross-Up Applicability

Less relevant for the overall center — power centers are typically fully leased. However, when a big-box space goes dark, gross-up mechanics become critical for remaining tenants.

Typical CAM Pools

  • Parking lot maintenance
  • Landscaping
  • Security
  • Lighting (common area)
  • Management fees
  • Insurance
  • Property taxes
  • Signage maintenance
  • Stormwater management

Standard Exclusions

  • Capital improvements
  • Leasing commissions
  • Pad site expenses
  • Individual tenant signage
  • Above-standard maintenance for big-box tenants

Common Lease Structures

NNNNNN with fixed CAM (for anchors)Hybrid CAM with controllable expense caps

Common Billing Errors

  • Passing through dark-store maintenance costs when the anchor's lease makes them responsible
  • Incorrect pro-rata calculation when big-box tenants have exclusive parking areas
  • Including capital parking lot resurfacing as a maintenance expense

Relevant BOMA Standards

  • ANSI/BOMA Z65.5 (Retail Buildings)
  • GLA measurement for large-format retail

Power Center CAM Context

Power centers feature big-box retailers (Home Depot, Target, Best Buy) with substantial negotiating leverage. Anchor leases often include CAM caps, co-tenancy clauses, and exclusive-use provisions that complicate reconciliation.

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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