What do "estimated triple net charges" refer to when dealing with a community shopping center?
Thursday, May 20th, 2010 at
6:43 am
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Triple net means that the tenant reimburses the landlord for tenant’s share of (1) the costs of landlord’s insurance for the shopping center; (2) real estate taxes; and (3) costs for common area maintenance (snow plowing of parking lot, paving, cleaning up, etc.). Usually at the beginning of the lease term the landlord will estimate the charges that the tenant must pay and then those charges are adjusted after the bills start coming in. Tenant’s share is a percentage equal to the percentage of space that tenant is renting in the shopping center. So if the tenant is renting 20% of the space in the center then the tenant pays 20% of the landlord’s costs for CAM (common area maintenance), taxes and insurance.
in lay man terms….it means that the tenant bears ALL the costs of the lease. As explained above..the costs that would be borne by the landlord are charged back to the tenant. When a landlord estimates NNN charges, it means that the shortage will be covered by the tenant and the overage refunded. Most leases entitle the tenant to copies of actual billings for some charges.