What is Triple Net (NNN) ?
Triple Net Leases for Commercial Buildings
Many forms of net leases for commercial real estate exist. The most common one is referred to as a Triple Net Lease or NNN. With the Triple Net Lease, the tenant is responsible for their proportionate share of property taxes, property insurance, common operating expenses and common area utilities. Of course, they are also responsible for all of the costs related to their own occupancy. For example, Utility costs, janitorial costs and personal/business property taxes.
If the tenant is leasing a part of a larger multi-tenant building, the common area maintenance charges, otherwise known as CAMS, is divided among all tenants in the building. This is usually done based on the tenant's square footage percentage of the overall complex.
In general, the landlord is responsible for the structural integrity of the building.
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