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What does triple-net lease mean?

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triple-net lease
Noun


A commercial real estate lease in which the lessee pays the base rent, utilities, cleaning costs as well as the operating costs that arise from the use of commercial real estate, namely property maintenance, insurance and taxes – the three “nets”, it being the most common structure for single tenant offices and industrial buildings.

Synonym(s): 
  • NNN lease; net lease; net-net-net lease.
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