A triple net lease (NNN) is a lease in which the tenant pays property taxes, insurance, and maintenance in addition to base rent.
In a NNN lease the tenant pays the three nets, property taxes, building insurance, and maintenance, in addition to rent, which is why the landlord's income is steady and management is minimal. The exact meaning of maintenance can vary, particularly for the roof and structure, so two leases called NNN may not carry the same landlord risk. Investors should read the lease for what the landlord still owns, and for the tenant's credit, since the arrangement depends on the tenant continuing to pay.