LeaseMind — Lease Intelligence & CAM Reconciliation

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The $15B Problem No One Is Solving

AI-powered lease intelligence & CAM reconciliation

THE PROBLEM

Commercial landlords overbill $15 billion in CAM charges every year

$15B

Annual CAM billing errors

US commercial real estate

3-5%

Overcharge rate

on pass-through charges

90%

Tenants never audit

Too expensive, too slow

30 days

Dispute window

Then it becomes binding

MARKET PAIN

The money is sitting on the table. Nobody picks it up.

$100K

Lost per 100-location portfolio

At 5% error rate on $20K/year CAM each. At 10x EBITDA, that's $1M in enterprise value.

$10.3M

Saveable per 3,500 leases

Real enterprise client data: a company with 3,500 leases averaging $95K/year.

15-20%

Average audit recovery rate

Tenants who DO audit recover 15-20% of billed charges. CPA audits cost $3K-$15K per property.

WHY NOW

Why hasn't this been solved?

What exists today

Lease abstraction tools (Prophia, Lextract) — extract data from PDFs. No enforcement.
Property management (Yardi, MRI) — manage CAM billing. Don't read leases. Manual rules.
CPA audit firms — $150-500/hour. Weeks of work per property.
CAM audit tools — help auditors work faster, still manual lease-to-charge mapping.

What LeaseMind does

Reads the lease once — extracts 17 structured provisions with full legal text and cross-references.
Provisions become rules — automatically. CAM caps, exclusions, and conditions become enforcement checks.
CAM statement arrives — instant enforcement. Every charge checked against every rule with evidence.
Repeats annually — same rules, new CAM data. No re-extraction. No CPA needed.

PRODUCT

How it works

Once

Upload Lease PDF

37-200 pages

→

Fire & Forget

AI Extracts Provisions

17 categories, 33 fields

→

Automatic

Provisions to Rules

Conditions + exceptions

→

Annually

CAM Statement In

Charges + amounts

→

Instant

Violations Flagged

With evidence trail

EXTRACTION

What gets extracted (and enforced)

Provision categories

Basic terms, rent, deposit, use, utilities, maintenance, insurance, and more

86%

Cross-reference recall

Captures dependency chains a CPA would follow

Generic enforcement rules

Excluded category, CAM cap, management fee, pro-rata, base year, gross-up

$0.15

Cost per CAM check

80% deterministic ($0). Only ambiguous charges need LLM (~$0.05 each)

ECONOMICS

The economics are absurd

$3K-$15K

Traditional CPA audit

Per property. Takes weeks. Most tenants can't afford it.

~$5

LeaseMind enforcement

Per lease per year. Extraction + annual CAM check. Minutes, not weeks.

$240K

Recoverable per portfolio

$3K overcharge x 20 locations x 4-year lookback

$1-2M

Property value impact

Per $100K in lost CAM recovery at typical cap rates (10-20x)

A CPA charges $3,000 to find what LeaseMind finds for $5. And LeaseMind does it every year, automatically.

MOAT

Why LeaseMind

Production-grade infrastructure

Not a prototype. Workflow orchestration, file extraction engine, and policy evaluation built for enterprise reliability.

Fire-and-forget extraction

One LLM call per lease. 17 provisions with full legal text, conditions, exceptions, cross-references. 33 flat fields. 86% recall.

Regulation-grounded enforcement

Rules derived from BOMA standards, ASC 842/GAAP, and standard lease audit practices. The same checks CPAs run, automated.

Yardi integration path

Yardi Virtuoso Connectors (2025) use MCP to connect Yardi data with AI. LeaseMind as the intelligence layer between Yardi and enforcement.

COMPETITIVE LANDSCAPE

The abstraction market is crowded. The enforcement market is empty.

Capability	Lextract	Prophia	Yardi/MRI	LeaseMind
Lease extraction	126 fields	215 fields	Manual entry	33 fields + 17 provisions
Full provision text	No	No	No	Yes — verbatim
Cross-references	No	No	No	Yes — typed edges
Conditions & exceptions	Red flags only	No	No	Yes — per provision
CAM enforcement	No	No	Manual	Automatic
Evidence trail	No	No	No	Provision + page + chain
Continuous (annual)	No	No	Manual	Automatic
Cost per lease/year	$10-20	$20+	$10K+/year	~$5

THE ASK

LeaseMind turns every commercial lease into a compliance engine

$15 billion in annual CAM errors. 90% of tenants never audit. 30-day dispute windows that close before anyone looks. LeaseMind catches what CPAs charge $15,000 to find — for $5, in minutes, every year.

Ready to demo. Looking for design partners.

Request Demo

The money is sitting on the table. Nobody picks it up.

$100K

Lost per 100-location portfolio

At 5% error rate on $20K/year CAM each. At 10x EBITDA, that's $1M in enterprise value.

$10.3M

Saveable per 3,500 leases

Real enterprise client data: a company with 3,500 leases averaging $95K/year.

15-20%

Average audit recovery rate

Tenants who DO audit recover 15-20% of billed charges. CPA audits cost $3K-$15K per property.

Why hasn't this been solved?

What exists today

Lease abstraction tools (Prophia, Lextract) — extract data from PDFs. No enforcement.
Property management (Yardi, MRI) — manage CAM billing. Don't read leases. Manual rules.
CPA audit firms — $150-500/hour. Weeks of work per property.
CAM audit tools — help auditors work faster, still manual lease-to-charge mapping.

What LeaseMind does

Reads the lease once — extracts 17 structured provisions with full legal text and cross-references.
Provisions become rules — automatically. CAM caps, exclusions, and conditions become enforcement checks.
CAM statement arrives — instant enforcement. Every charge checked against every rule with evidence.
Repeats annually — same rules, new CAM data. No re-extraction. No CPA needed.

What gets extracted (and enforced)

Provision categories

Basic terms, rent, deposit, use, utilities, maintenance, insurance, and more

86%

Cross-reference recall

Captures dependency chains a CPA would follow

Generic enforcement rules

Excluded category, CAM cap, management fee, pro-rata, base year, gross-up

$0.15

Cost per CAM check

80% deterministic ($0). Only ambiguous charges need LLM (~$0.05 each)

The economics are absurd

$3K-$15K

Traditional CPA audit

Per property. Takes weeks. Most tenants can't afford it.

~$5

LeaseMind enforcement

Per lease per year. Extraction + annual CAM check. Minutes, not weeks.

$240K

Recoverable per portfolio

$3K overcharge x 20 locations x 4-year lookback

$1-2M

Property value impact

Per $100K in lost CAM recovery at typical cap rates (10-20x)

A CPA charges $3,000 to find what LeaseMind finds for $5. And LeaseMind does it every year, automatically.

Why LeaseMind

Production-grade infrastructure

Not a prototype. Workflow orchestration, file extraction engine, and policy evaluation built for enterprise reliability.

Fire-and-forget extraction

One LLM call per lease. 17 provisions with full legal text, conditions, exceptions, cross-references. 33 flat fields. 86% recall.

Regulation-grounded enforcement

Rules derived from BOMA standards, ASC 842/GAAP, and standard lease audit practices. The same checks CPAs run, automated.

Yardi integration path

Yardi Virtuoso Connectors (2025) use MCP to connect Yardi data with AI. LeaseMind as the intelligence layer between Yardi and enforcement.

The abstraction market is crowded. The enforcement market is empty.

Capability	Lextract	Prophia	Yardi/MRI	LeaseMind
Lease extraction	126 fields	215 fields	Manual entry	33 fields + 17 provisions
Full provision text	No	No	No	Yes — verbatim
Cross-references	No	No	No	Yes — typed edges
Conditions & exceptions	Red flags only	No	No	Yes — per provision
CAM enforcement	No	No	Manual	Automatic
Evidence trail	No	No	No	Provision + page + chain
Continuous (annual)	No	No	Manual	Automatic
Cost per lease/year	$10-20	$20+	$10K+/year	~$5