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A triple net lease is a type of agreement between a commercial property owner/manager and a tenant, commonly used in 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. These costs are estimated for the year and incorporated into the rent, with any differences refunded or owed at the end of the year. Tenants often request a cap on the triple net amount.