A triple net lease generally requires a tenant to pay base rent plus agreed property taxes, building insurance and maintenance or operating costs.
How it works in retail
The lease specifies how costs are allocated and which responsibilities remain with the landlord. Usage of the term varies across markets and properties.
A retail example
A tenant pays monthly rent and a separate contribution toward the property’s tax, insurance and maintenance bills.
What to keep in mind
NNN is a shorthand label, not a substitute for reading the agreement. Roof, structure, capital works and common-area responsibilities are not identical in every lease.
Sources & further reading
Phillips Edison & Company: Retail lease terms
Examples are illustrative. Terminology and measurement conventions can vary by business and market.