lease under which the tenant pays all operating expenses of the property. The landlord receives a net rent.
one in which the tenant is to pay all operating expenses of the property; the landlord receives a net rent.
Example: Big Buy Supermarkets enters into a triple-net lease. They are to pay for all the taxes, utilities, insurance, repairs, janitorial services, and license fees; any debt service and the landlord’s income taxes are the responsibility of the landlord.