- Definition: Net Lease
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In commercial real estate this is also sometimes referred to as triple net (NNN lease) or net, net lease, this is a lease in which the rent does not include extra charges. Over the years custom and tradition have evolved various definitions of “netness." The most extreme form of a net lease (NNN) has the tenant paying all extra costs of repair and replacement to the property excluding only structural repairs which generally remain the landlord’s responsibility. The main difference between a net and triple net lease is who pays for replacement of roof, HVAC and parking lot.
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