Yardi Voyager is the enterprise property management platform used by large REITs, institutional landlords, and major property management firms. CAM reconciliation statements generated by Voyager follow a Property Operating Expense Summary format that shows GL account codes, budget figures, actual expenses, and per-tenant pro-rata allocations. The report is highly configurable, so the exact layout varies by landlord.
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Free CAM audit → Find My OverchargesUnderstanding what each field means on your Yardi Voyager CAM statement is the first step to verifying the charges. Below is a plain-language breakdown of every significant field.
| Field | What It Means |
|---|---|
| Account | The GL (General Ledger) account code and description for each expense line. Voyager exports sometimes show only the numeric code (e.g., 6100) without a plain-language description, making it hard to identify what the charge covers. |
| Budget | The landlord's budgeted amount for each expense category for the reconciliation year. A budget figure does not confirm the expense was legitimate or within the lease-permitted pool. |
| Actual | Total actual expenses incurred for the period. This is the figure used to calculate your year-end reconciliation balance. |
| Variance | The difference between Budget and Actual. A positive variance (over budget) does not justify the expense if the underlying cost was improper under your lease. |
| Your Share % | Your pro-rata percentage of the total CAM pool. This is calculated as your rentable square footage divided by the total leasable area in the denominator. Errors in the denominator directly inflate this percentage. |
| Your Amount Due | Your allocated share of each expense line, calculated by multiplying the Actual amount by Your Share %. The sum of all lines equals your year-end true-up balance. |
| Admin Fee | A line item that appears separately from the Management Fee in many Voyager configurations. Some landlords run both an Admin Fee and a Management Fee, which may constitute a duplicate charge if your lease only permits one. |
| Building Engineering | On-site building staff labor and overhead. In Voyager this line can include salaried employees billed at a loaded rate, but the underlying hours, rates, or staff allocation are not shown on the face of the statement. |
These warning signs are specific to how Yardi Voyager structures its CAM output. If you see any of these on your statement, request the supporting documentation before paying the reconciliation balance.
Admin Fee and Management Fee both appear on the statement
Voyager allows landlords to configure both a Management Fee line and a separate Admin Fee line. If your lease caps the management fee at a single percentage (e.g., 5% of CAM), collecting both fees simultaneously may exceed that cap. Request the lease exhibit defining permitted management charges and compare it to the statement.
GL account codes with no plain-language description
Voyager exports sometimes output only the numeric GL account code in the Account column. If you cannot identify what a charge covers, request the general ledger detail supplement that maps each code to its description and supporting invoices.
Your Share % increased year-over-year without a tenant change
If your pro-rata percentage increased from one year to the next and no new tenants moved in or out, the denominator may have been manipulated. Anchor tenant square footage being removed from the denominator is the most common cause. Request the current GLA certificate.
Capital expenditures buried in operating maintenance lines
Voyager's R&M and Building Engineering lines can include one-time capital projects (roof replacement, parking lot repaving, HVAC system upgrades) that should be excluded from current-year CAM under most leases. Look for single-vendor invoices exceeding $10,000 in these categories.
Budget exceeds prior-year actual by more than 15%
If the budget figure in the current statement is substantially higher than last year's actual without a change in services, the budget was inflated. Spending to a manipulated budget and presenting it as a budget vs. actual reconciliation is a common overcharge mechanism.
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Need to extract lease terms before your audit?
A CAM audit is only as accurate as your lease data. lextract.io extracts 126 structured fields from any commercial lease PDF: CAM definitions, pro-rata share, caps, base year, and audit rights. So you have the exact terms your landlord is supposed to follow.
Go to lextract.ioThese overcharges occur frequently in CAM statements generated by Yardi Voyager. Each is tied to a specific feature of how the platform structures its reporting or how landlords configure it.
Management fee calculated on the full CAM pool including excluded expenses
Many leases require the management fee to be calculated only on controllable CAM expenses, excluding insurance, taxes, and utilities. Voyager defaults to applying the fee to the full reported pool. If your lease contains this exclusion, the overcharge can be significant on a large property.
Pro-rata denominator excludes anchor tenant or vacant space
When anchor tenant square footage or ground-floor vacant space is excluded from the denominator used to compute Your Share %, smaller tenants absorb a larger share of total expenses. Voyager will calculate whatever denominator the landlord configures, so errors in setup persist year after year.
Duplicate fees: both Admin Fee and Management Fee charged
If your lease permits a single management fee and Voyager is configured with two fee lines, you are being double-charged for property management overhead. Request the fee calculation worksheet to see how each line was computed.
Capital improvement costs included in annual R&M
One-time capital projects that extend the useful life of the property (new HVAC systems, roof replacement, parking lot reconstruction) are not recurring operating expenses. Including them in the Voyager R&M or Building Engineering lines passes capital costs to tenants as current-year CAM.
Building Engineering staff overhead billed at inflated loaded rates
Voyager's Building Engineering line often includes salaried staff time billed at a rate that includes HR, benefits, and corporate overhead. If your lease specifies that management overhead is capped or excluded, loaded staff billing may violate that provision.
About the Author
I built CAMAudit after discovering that commercial tenants routinely overpay CAM charges due to errors that go undetected without forensic analysis. Understanding the property management software behind your statement is part of knowing where to look. Connect on LinkedIn
This page provides general educational information. It is not legal advice and may not reflect the most current law in your state. Consult a licensed attorney for advice specific to your situation.
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