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Triple Net Lease (NNN) Checklist

Commercial Tenant and Landlord Resource

Review a triple-net (NNN) lease with a checklist for commercial tenants, tenant reps, and landlords. NNN structures typically pass real-estate taxes, building insurance, and common-area maintenance through to the tenant on top of base rent—plus often more repair responsibility. Collect the lease, rent schedule, expense definitions, cap language, insurance exhibits, and estoppel/SNDA forms before you sign. Not legal advice; commercial leases are heavily negotiated and state-specific.

Triple Net Lease (NNN) Checklist form template preview

Key Benefits

Separate base rent from NNN expense pass-throughs
Read tax, insurance, and CAM definitions closely
Flag caps, exclusions, and audit rights
Confirm who repairs structure, roof, and HVAC
Collect insurance and SNDA exhibits
Budget total occupancy cost, not just base rent

Common Use Cases

Retail tenants reviewing a NNN shopping-center leaseIndustrial occupants on absolute or modified NNNTenant reps comparing gross vs NNN proposalsLandlords standardizing NNN exhibit checklistsRenewals that reset expense basesSingle-tenant net-lease acquisitions

Frequently Asked Questions

What does triple net mean?
In a typical NNN lease the tenant pays base rent plus its share of property taxes, building insurance, and CAM. Some leases are “absolute net” and push even more repair risk to the tenant. Read the definitions; the label is not a substitute for the clause.
How is this different from a modified gross lease?
Modified gross often includes some operating expenses in base rent, with a base-year or expense stop. NNN usually bills those expenses separately. Compare total occupancy cost, not the marketing label.
What documents should sit with the lease?
Rent and expense exhibits, rules and regulations, insurance requirements, site plan, SNDA/estoppel forms, guaranty, and any construction or TI exhibit. Ask for a recent year of actual NNN billings if available.
Is this legal advice?
No. Commercial lease economics and repair allocation are negotiated and vary by market and state. Have a commercial real-estate attorney review the draft before you sign.

Checklist

Documents

Full lease draft plus all exhibits and amendments
Required

Including guaranty and commencement memorandum if used.

Rent

Base rent schedule, abatement, and commencement definition
Required

Rentable vs usable square footage used for rent.

NNN

Real-estate tax pass-through definition and protest rights
Required

Base year or fully net; estimated vs actual true-up.

Building insurance pass-through and tenant insurance exhibit
Required

Limits, additional insured, and waiver of subrogation.

CAM definition, exclusions, management fee, and audit rights
Required

Capital vs operating; cap if negotiated.

Repairs

Repair matrix: structure, roof, parking, HVAC, and interior
Required

Absolute net vs typical NNN allocation.

Lender

SNDA and estoppel forms required by the landlord’s lender

Request non-disturbance if you need occupancy protection.

Diligence

Prior-year NNN reconciliations or budget if available

Helps validate the quoted expense stop or estimate.