Triple-Net

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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.
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References in periodicals archive ?
MedEquities Realty Trust Inc (NYSE:MRT) has signed a new, 15-year triple net lease with Creative Solutions in Healthcare, for all 10 of the company's locations currently leased to affiliates of OnPointe (the Texas Ten Portfolio), the company reported on Saturday.
Triple net lease properties, such as strip centers, often benefit from a strong anchor or even a shadow-anchored presence.
Triple net leases (NNN) require the tenant to pay the real estate taxes, insurance and all the operating expenses of the property.
Triple Net is spending most of a $4 million capital improvement budget on a major renovation of the lobby as well as improvements to the roof and the building's chillers, she said.
Net leases can come in a variety packages, such as single net, double net or triple net. These variations are based on which party gets to pay for taxes (single net), insurance (double), and maintenance (triple).
The others, both new buildings in their fill-up phases, were structured as triple net leases with an option to buy.
At the other extreme is the triple net lease in which the tenant is responsible for all costs including building upkeep.
Further, the lease is a triple net lease; the farm operation will continue to bear the real estate tax, insurance and cost of minor repairs.
For the triple net portfolio, same store cash NOI increased 4.4% to $19.9 million compared to $19.1 million for 4Q 2016.
Accordingly, the transactions include the sale of six triple net leased properties, as well as termination of the related lease with LCS (the leased portfolio sale) of USD186.0m and sale of nine properties managed by Holiday Retirement (the managed portfolio sale) for a USD109.5m.
Holliday Fenoglio Fowle closed the $24.5 million sale of 123 East 86th Street, a 7,018 s/f single-tenant retail property triple net leased to Citibank.

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