In commercial leasing, "Triple Net" (NNN), Gross, and Net are different types of lease structures:
Triple Net (NNN): In addition to rent and utilities, tenants are responsible for all property expenses such as real estate taxes, building insurance, and maintenance.
Gross Lease: Tenants pay a flat rent, and the landlord pays for all property expenses, including taxes, insurance, and maintenance.
Net Lease: A middle-ground option in which tenants pay base rent plus some property expenses. There are several variations, including Single Net (N), Double Net (NN), and Triple Net (NNN), which indicate the number of expenses covered by the tenant, with NNN covering the most.
Each type affects a tenant's total costs differently.