CAM Exclusion Sets in Retail Leases

Retail leases routinely carve out categories of expense from CAM recoveries — capital items, management fee caps, excluded anchor pad costs, and tenant-specific exclusion sets negotiated at execution. When those exclusion sets are not systematically enforced at year-end reconciliation, landlords overbill tenants for costs they were never contractually entitled to recover. The resulting reconciliation disputes, credit adjustments, and tenant relationship damage are all downstream symptoms of a single upstream configuration problem.