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A triple net lease is a type of agreement between a commercial property owner/manager and a tenant. It is commonly used for retail, industrial, and free-standing buildings. The three nets stand for property insurance, real estate taxes, and common area maintenance, which the tenant is responsible for paying. These costs are usually estimated annually and incorporated into the rent. If costs are lower, the tenant gets a refund; if higher, they owe the difference. Tenants often request a cap on the triple net amount.