Skip to main content
Extraction Accuracy

Multi-Pass Extraction Results from Real Leases

Five commercial leases. Nine CAM fields each. Verified against SEC EDGAR public filings — no synthetic data.

SEC EDGAR public filings · No synthetic data · Verified results

By Angel Campa · ·

How the Pipeline Works

Three specialized models in sequence — each with a different job.

1

Full Extraction

MiniMax M2.7

Reads the entire lease and extracts all 9 CAM fields in a single structured pass.

2

Adversarial Validation

GPT-5.4 Mini

Challenges Pass 1 output. Corrections require ≥70% confidence to override.

3

Escalation Tiebreaker

GLM-5

Fires on <20% of leases when Pass 1 and Pass 2 disagree on high-stakes fields.

Merge priority: Pass 2 corrections override Pass 1 only at ≥70% confidence. Pass 3 tiebreaker takes precedence over both when triggered.

9 fields

Per lease, every CAM reconciliation variable

~$0.50

Typical cost per lease processed

4–8×

Cost reduction vs. single-pass Claude Sonnet

Five Leases, Verified Results

Each lease sourced from SEC EDGAR public filings. Extraction results verified against lease text.

Stella Link Shopping Center — Neurogene

NNN Multi-Tenant
  • base_year
    2024
    Source: §4.1
  • base_year_amount
    Not stated
    Source: §4.1
  • gross_up_base_year
    95%
    Source: §4.1
  • pro_rata_share
    63.54%
    Source: §23.1
  • cap_type
    non-cumulative
    Source: §23.3
  • cap_rate
    5%
    Source: §23.3
  • admin_fee_percentage
    15%
    Source: §23.5
  • excluded_pools
    Capital, structural
    Source: §23.2
  • accounting_basis
    cash
    Source: §23.1
Multi-Pass Advantage

15% admin fee buried in §23.5

Single-pass models frequently miss admin fee clauses embedded deep in long retail leases. The adversarial pass confirmed the 15% rate with ≥70% confidence, preventing a common landlord under-collection error.

The 9 CAM Reconciliation Fields

Every field required to fully reconstruct a tenant's CAM exposure.

base_year

Calendar year used as the expense baseline for stops

base_year_amount

Dollar amount of the base year stop, if explicitly stated

gross_up_base_year

Occupancy percentage to normalize base year to full-occupancy costs

pro_rata_share

Tenant's percentage share of CAM expenses

cap_type

Whether expense cap is cumulative (compounding) or non-cumulative

cap_rate

Annual percentage ceiling on CAM expense increases

admin_fee_percentage

Management / administrative fee added on top of direct expenses

excluded_pools

Expense categories explicitly excluded from CAM (capital, structural, etc.)

accounting_basis

Whether expenses are tracked on cash or accrual basis

Pipeline Economics

Three-model architecture keeps costs low without sacrificing accuracy.

No disputes (typical)

Pass 1
~$0.30
Pass 2
~$0.15
Pass 3
—
Total
~$0.45

With escalation

Pass 1
~$0.30
Pass 2
~$0.15
Pass 3
~$0.10
Total
~$0.55

Worst case

Pass 1
~$0.50
Pass 2
~$0.25
Pass 3
~$0.20
Total
~$0.95

vs. single-pass Claude Sonnet: $2–4 per lease

4–8× savings
3-model fallback chains — no single point of failure
Exponential backoff retry on transient errors
Circuit breaker protection per provider

Related Resources

Lease Abstraction Software

The AI extraction pipeline behind these case study results.

CAM Audit Guide

What auditors check and how to prepare for a CAM audit.

Lease Abstract Matrix

Free tool to organize and compare extracted lease terms.

CapVeri Pricing

$100/month with LAUNCH50. 30-day free trial. No credit card required to start. Add billing before the trial ends to keep access.

See Multi-Pass Extraction on Your Leases

Upload a lease PDF and get structured CAM fields in minutes.

Extract My Lease Fields
Protected customer data
Results in minutes
30-day free trial