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A triple net lease is a rental agreement between a commercial property owner or manager and a tenant, commonly used in retail, industrial, and standalone buildings. In this lease, the tenant is responsible for three expenses, referred to as the "three nets": property insurance, real estate taxes, and common area maintenance. These costs are typically estimated annually and incorporated into monthly rent payments. At the year's end, if actual expenses are lower than estimated, the tenant receives a refund; if higher, the tenant pays the difference. Additionally, tenants often seek to cap the total amount of these expenses.