TRIPLE NET - WHAT IS IT?
What does NNN (Triple Net) mean in commercial leasing?
In commercial leasing rents are often quoted as being NNN or Triple Net. In a Triple Net lease, in addition to the quoted rental rate, the tenant is responsible for a specified percentage of the operating expenses and real estate taxes associated with the property.
NNN refers to Maintenance, Insurance and Taxes. Maintenance generally covers the maintenance of the property, including landscaping, common area utilities and property management. Because different landlords might include or exclude certain expenses from their definition of NNN, it is important to ask the for a specific list of included expenses in order to be able to accurately predict operating expenses.
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