triple-net lease

Triple-Net

A lease in which the tenant is responsible for costs in addition to rent. The tenant is responsible for net property taxes, net insurance, and net maintenance for the duration of the lease, which is the origin of the name. Because the tenant is responsible for costs that the lessor would otherwise pay, rent on a triple-net lease is usually lower than on other leases.

triple-net lease

A lease that requires the tenant to pay all costs and expenses associated with ownership of the property,including taxes,insurance,repairs,and maintenance. Contrast with gross lease.

References in periodicals archive ?
Triple-net lease with annual rent escalation and a 15-year weighted average term
Under a triple-net lease, the tenant assumes responsibility of the property's ongoing operating costs (taxes, insurance, maintenance) in exchange for a long-term lease.
Best Buy has a long-term triple-net lease on the approximately 45,231-square-foot building, which is located on a 4.
Inland Real Estate Acquisitions has negotiated the closing of two SunTrust portfolios that total 433 triple-net lease properties with over 2.
The theater opened on November 22, 2006 and is leased under a long-term triple-net lease.
Harris specializes in financing commercial assets with a focus on triple-net lease and sale-leaseback transactions and will be responsible for overseeing Meridian's recently formed Arizona office.
The agreement preserves the bank's control over the facilities that are sold and leased back and is based on industry standard rent terms, triple-net lease provisions and customized negotiations.
Alam said that although the asking rent was $31 s/f, because it is a triple-net lease, requiring the lessee to meet all costs for maintaining the 4-story elevator building on the corner of Walker and Broadway, the true cost will be closer to $45 s/f.
Following the sale, the seller will enter into a 20-year triple-net lease with the buyer.
The Company will acquire 89 existing stores subject to long-term, triple-net lease agreements.