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Lease Types Defined

The list below provides general information about lease types but is not a comprehensive list. Other parameters and guidelines with relation to tenant costs versus landlord costs are subject to points outlined in the individual lease.

Triple Net (NNN)
A lease requiring the tenant to pay in addition to a fixed rental, the expenses of the property leases, such as taxes, insurance, maintenance, utilities, cleaning, etc. The terms "net net", "net net net", "triple net", and other such repetitions are used.
 
Full Service (FLSV)
A lease in which the stated rent includes the operating expenses and taxes for the building. Same as a Gross lease. Opposite of Net Lease.
 
Full Service Except Janitorial (FLSVEJ or FSEJ)
A lease in which the stated rent includes the operating expenses and taxes for the building but excludes janitorial. Same as a Gross lease. Opposite of Net Lease.
 
Gross
A lease in which the stated rent includes the operating expenses and taxes for the building. Same as a Full Service lease. Opposite of Net Lease. This is the least common lease type.
 
Modified Gross (Mod Gross)
A modified gross lease sits somewhere between a Triple Net lease and a Gross lease. Some expenses may be included in the lease. Utilities are most likely paid by the tenant, however, utilities can be combined depending how a building and its utility meters are demised.
 
 


 
 
 
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