triple net lease

Definition

A commercial lease where the tenant pays all property expenses including taxes, insurance, and maintenance in addition to base rent. Abbreviated NNN, it's the landlord's dream where they collect rent while you pay for literally everything else.

Example Usage

The triple net lease meant the pharmacy chain was responsible for the roof repair, property taxes, and insurance, leaving the landlord with pure passive income.

Origin

Commercial real estate leasing terminology, standardized in post-WWII retail development

Fun Fact

Triple net leases with creditworthy national tenants are considered some of the safest real estate investments, often selling at very low cap rates.

Source: Commercial leasing standards and practices

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