Understanding Triple Net Leases

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There is a thriving niche in commercial real estate for what are commonly called “triple net leased properties.” These transactions most commonly involve fast food restaurants, convenience stores or some other franchise-type business operating at the property, but can also involve significant office, manufacturing and industrial properties.

A “triple net leased” property is one where the tenant under the lease is solely responsible for paying all taxes, insurance and repairs/maintenance that may be necessary during the lease term. A property that is leased “net” of the landlord having any obligation for these obligations is called a triple net leased property. All the landlord does is collect the rent check each month during the lease term. The landlord has no obligation to perform any work or repair at the property.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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