Definition
A lease in which the tenant pays base rent plus property taxes, insurance, and maintenance.
Example
The NNN lease shifted nearly all operating cost and risk to the tenant for fifteen years.
Related terms
Frequently asked questions
What does Triple Net Lease mean in real estate?
A lease in which the tenant pays base rent plus property taxes, insurance, and maintenance.
How is Triple Net Lease used in practice?
The NNN lease shifted nearly all operating cost and risk to the tenant for fifteen years.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.