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What is a triple net lease and how does it differ from other commercial leases?

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If you are looking for a commercial space to rent for your business, you may come across different types of leases that affect how much you pay and what responsibilities you have as a tenant. One of the most common and attractive options for many business owners is a triple net lease, also known as a NNN lease. But what exactly is a triple net lease and how does it differ from other commercial leases? In this article, we will explain the basics of a triple net lease, its advantages and disadvantages, and how it compares to other lease structures.

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William Rosatti, CCIM

Commercial Real Estate - Land, Development, and Capital Advisory

1 What is a triple net lease?

A triple net lease is a type of commercial lease where the tenant pays a base rent plus all the operating expenses of the property, such as property taxes, building insurance, and maintenance. This means that the tenant bears most of the risk and cost of the property, while the landlord receives a fixed income and has minimal obligations. A triple net lease is usually long-term, ranging from 10 to 25 years, and may have rent increases or decreases based on market conditions or a predetermined formula.

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Paulo Evaristo

Paeva Consultor Imobiliário
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No arrendamento triplo, o inquilino assume uma parcela substancial das despesas operacionais da propriedade. Além do aluguel base, ele é responsável pelo pagamento dos impostos imobiliários, do seguro do imóvel e das despesas de manuten??o. O inquilino tem mais responsabilidade e controle sobre esses custos operacionais. O AT é frequentemente utilizado em imóveis comerciais, como shoppings, escritórios e galp?es industriais. Os proprietários geralmente preferem esse tipo de arranjo porque ele transfere parte do ?nus financeiro e operacional para o inquilino. Por outro lado, os inquilinos podem ter maior controle sobre o espa?o e a opera??o, mas também têm a responsabilidade de lidar diretamente com as despesas operacionais.

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2 Why choose a triple net lease?

A triple net lease can be beneficial for both the tenant and the landlord, depending on their goals and preferences. For the tenant, a triple net lease can offer lower base rent, more control over the property, and tax deductions for operating expenses. A triple net lease can also be attractive for businesses that need a specific location, layout, or branding for their operations, such as retail stores, restaurants, or medical facilities. For the landlord, a triple net lease can provide a steady and predictable income, reduced expenses and liability, and less involvement in property management.

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Ehson Kolb

Acquisitions | Investments | Real Estate Private Equity | Venture Capital | Stanford Engineering
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From an owner/operator perspective a triple-net, or NNN, lease is beneficial because as costs rise (maintenance, insurance, utilities, etc.), the tenant bears the brunt. This is especially relevant in inflationary environments like today's. The flip side of that coin is that triple-net leases are often negotiated for 5+ years with modest (2.5%-4.0%) pre-set rent escalators. This reduces an owner's pricing power.

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3 What are the drawbacks of a triple net lease?

A triple net lease also has some drawbacks that both parties should consider before signing. For the tenant, a triple net lease can entail higher and variable costs, depending on the condition and performance of the property. The tenant is also responsible for complying with local laws and regulations, obtaining permits and licenses, and handling any repairs or emergencies. A triple net lease can also limit the tenant's flexibility and mobility, as it is harder to terminate or renegotiate than other leases. For the landlord, a triple net lease can reduce the potential for capital appreciation, as the tenant may not invest in improving the property. The landlord also has less control over the property and may face vacancy risks if the tenant defaults or leaves.

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William Rosatti, CCIM

Commercial Real Estate - Land, Development, and Capital Advisory
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From a tenant's perspective, one of the primary drawbacks would be exposure to operating cost increases. In today's inflationary environment, that is a real concern. Many owners will agree to provide a cap on controllable expenses, but the Tenant will remain exposed from non controllable expenses such as taxes, insurance, and utilities.

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4 How does a triple net lease compare to other leases?

A triple net lease is one of the four main types of commercial leases, along with gross lease, modified gross lease, and single net lease. Each type of lease has different implications for how the rent and operating expenses are divided between the tenant and the landlord. For example, a gross lease requires that the tenant pay a fixed rent that includes all operating expenses while the landlord pays for everything else. This is the simplest and most favorable lease for the tenant, but the rarest and least profitable for the landlord. On the other hand, a triple net lease requires that the tenant pay a base rent plus all operating expenses while the landlord pays nothing. This is the most common and most favorable lease for the landlord, but also carries more risk and cost for the tenant. As such, it is important to carefully evaluate and negotiate a triple net lease before signing it in order to understand its terms and conditions, benefits and risks, as well as alternatives available. A professional commercial leasing agent can be of great help in finding a good deal and protecting your interests.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What is a triple net lease and how does it differ from other commercial leases?

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5

1 What is a triple net lease?

2 Why choose a triple net lease?

3 What are the drawbacks of a triple net lease?

4 How does a triple net lease compare to other leases?

5 Here’s what else to consider

Commercial Leasing

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What is a triple net lease and how does it differ from other commercial leases?

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5

1 What is a triple net lease?

2 Why choose a triple net lease?

3 What are the drawbacks of a triple net lease?

4 How does a triple net lease compare to other leases?

5 Here’s what else to consider

Commercial Leasing

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