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A triple net lease is a type of lease agreement between a commercial property owner/manager and a tenant. It is commonly used for retail, industrial, and free-standing buildings. The "three nets" refer to property insurance, real estate taxes, and common area maintenance, which the tenant is responsible for paying. Expenses are estimated for the year and included in rent payments, with adjustments made at the year-end. Tenants often request a cap on the triple net amount to limit potential additional costs.