Short answer: if you are underwriting a grocery-anchored or multi-tenant NNN retail center and the OM’s reimbursement income doesn’t tie to the rent roll and T-12, Moraine rebuilds recoveries tenant by tenant from the documents, tests the result against the stated figure, and tells you which tenant or pool is driving the gap, with the source page cited. You can run it on the free 14-day evaluation (no card, no automatic charge); Individual is $300 per month. One honest limit: Moraine will not guess a recovery method the leases don’t state. It opens a review item, and a qualified underwriter still makes the call.
Why this situation is hard
Recoveries are where retail deals quietly go wrong. The anchor pays a fixed CAM contribution or is excluded from taxes. Inline tenants pay pro-rata NNN with a 10% or 15% admin fee on CAM but not on taxes or insurance. A couple of older leases carry a CAM cap. The pad tenants maintain their own parcels. The broker’s pro forma then shows one line, “Reimbursements,” that may or may not reflect any of that.
When I was on the buy side, reconciling that line was a day of work per center: open every lease, rebuild the pools in Excel, and still wonder whether the gap was the broker’s gross-up or my misread of an amendment. The number matters because every dollar of recovery income you overstate is a dollar of NOI you are paying a cap rate on.
Who this is for, and who it isn’t
This is for you if:
- You are an acquisitions analyst, associate, or VP underwriting a multi-tenant retail center (grocery-anchored, neighborhood, community, or strip) at a PE fund, REIT, or family office.
- You are on a small team without a dedicated ARGUS seat and the recovery build is the part you dread.
- You have a rent roll, a T-12 or operating statement, and ideally an OM with the broker’s pro forma.
This isn’t for you if:
- The asset is multifamily, hotel, self-storage, or single-family. Moraine supports office, retail, and industrial only.
- You need to run annual CAM reconciliations on a center you already own. Moraine is an acquisitions underwriting and diligence tool, not lease administration.
- You need your data pulled directly from Yardi or MRI. There are no native property-management connectors; data moves through Excel.
The workflow, step by step
1. Build from the documents you have. On the Acquisition pipeline, click Upload OM for the broker package, or Rent roll + statement to build from exactly one current rent roll and one operating statement. The rent roll can be PDF, Excel, or CSV. The build takes a few minutes and the row shows live progress.
2. Read the census first. The intake report opens with census tiles: rent roll rows (tenants and vacant), MLAs, recovery pools, and expense lines. If the rent roll lists 34 suites and the census says 31, pages were missed, and no tie-out will rescue you. Fix that first by rebuilding from the right source.
3. Read the recoveries tie-out. The intake report runs three tie-outs against the document’s stated figures: extracted rent, reconstructed recoveries, and NOI. Each shows both numbers and the delta. PASS means within tolerance (under $1,000 or 2%); FAIL means go look. On retail centers the recoveries tie-out is the one that fails most often, and that is the product doing its job: it refuses to plug the difference.
4. Work the vs Broker view. On Pro Forma, the vs Broker tab puts your modeled Year 1 next to the broker’s pro forma line by line, with the dollar and percent delta and the OM page citation on every line. Divergent lines explain themselves in words, and a recovery gap will typically read as a likely recovery-method misread with the page it read. Each line offers Jump → to the input driving it, Reconcile to accept the difference as intended, or Fix with agent.
5. Fix the tenant, not the total. Recoveries holds the treatment matrix: one row per tenant with Share, Method, fixed Amount, Admin Fee, Fee Skips, Doesn’t Recover exclusions, CAM Cap, and the resulting Recovered/yr. Set the anchor’s fixed contribution, exclude it from the tax pool, apply the inline admin fee with BULK EDIT across all inline tenants, and watch the header rail’s recovery ratio move. Manage expense pools shows which expense lines sit in which reimbursable bucket. A pool that matches zero expense lines recovers $0, and the intake report flags it.
6. Trace anything you don’t believe. Click any value and the Inspector shows its definition, formula, and components, down to the source document page for extracted values. Each value carries a trust state: Mapped, Inferred, Defaulted, Missing, Reviewed, Overridden, or Reconciled.
7. Export the proof. In Export, add Recovery Structures, Recovery by Tenant, Recovery by Expense Line Item, and Reimbursement Audit (the full trail per tenant per year: eligible expense, share, stop, admin fee, billed), plus Source Lineage & Warnings. Every workbook carries the model’s trust disclosure, so the reader sees what was mapped, inferred, and defaulted.
Pricing, integrations, and limits that apply
- Trial: 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.
- Individual: $300 per month for unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
- Due diligence suite (optional): $3,000 one-time per deal, separate from Individual, if you also want lease-level findings with page-level citations across the full data room.
- Integrations: exports Excel (XLSX) that drops into existing ARGUS, Excel, and IC templates. Imports ARGUS Enterprise Excel report exports. No native Yardi or MRI connectors.
- Limits: underwriting exports are XLSX, not PDF. No live multi-user editing. Moraine will not infer whether a lease is executed, extended, or month-to-month when the documents do not say. A qualified underwriter should still review open items, source conflicts, recoveries, and return assumptions before IC.
- Security: customer documents are never used to train Moraine’s or third-party models; each firm’s data is isolated at the database level.
How this compares
Excel. The default for most small teams. You control every cell, and every cell is typed by hand, so a missed admin-fee exclusion lives in the model until someone catches it. Moraine gives you the same per-tenant control with the document evidence attached and a tie-out that fails when the math and the source disagree.
ARGUS Enterprise. ARGUS models retail recoveries in depth and remains the standard many ICs expect. You still key the pools, methods, and caps yourself, and it doesn’t read the leases or the OM. If your IC needs an ARGUS file, Moraine’s Excel export and monthly cash flow workbook are built to paste into ARGUS or your existing templates.
Broker’s pro forma as-is. Fastest and least defensible. The reimbursement line is the broker’s story; the vs Broker view exists so you can show exactly where your number and theirs part ways.
For the underlying mechanics, see our guides to CAM and tax reconciliation, recoverable expenses, and triple net CAM.
Start with the center you’re looking at now
Upload the OM, or the rent roll and T-12, and read the recoveries tie-out before you trust the NOI.
Start a free trial → 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.