In my 12 years drafting and reviewing commercial real estate leases across the United States, the triple net lease agreement (also called an NNN lease) remains the most requested structure for retail, industrial, and office properties. A well-written triple net lease template can save landlords and tenants thousands in legal fees while clearly defining who pays property taxes, insurance, and maintenance—the three “nets.”
This article provides a completely free triple net lease template in both Microsoft Word and PDF format, along with a line-by-line example of triple net lease language I use in my practice. I’ve updated the form for 2025 compliance trends and included the exact triple net lease language that has survived court challenges in multiple states.
Important Disclaimer: This triple net lease form is provided for informational purposes only and does not constitute legal advice. Always consult a licensed attorney in your state before executing any commercial lease agreement.
A triple net lease (NNN) is a commercial lease structure where the tenant is responsible for paying virtually all operating expenses of the property in addition to base rent. These expenses include:
According to the IRS, payments under a legitimate triple net lease agreement are generally treated as rent rather than disguised purchase payments (see IRS Private Letter Ruling 201443002 and Revenue Ruling 55-540, available at IRS.gov). This distinction is critical for both tax reporting and percentage-rent calculations.
In my experience, landlords love NNN leases because they provide predictable cash flow, while creditworthy tenants (national retailers, pharmacies, banks) prefer them because the structure often results in lower base rent.
| For Landlords | For Tenants | |
|---|---|---|
| Advantages | Predictable net income Minimal management duties |
Lower base rent Full operational control |
| Risks | Tenant default on taxes/insurance can trigger liens | Unpredictable expense increases (especially taxes) |
Click below to download my 2025-updated triple net lease form Word document or triple net lease agreement PDF:
Download Triple Net Lease Template – Microsoft Word (.docx)
Download Triple Net Lease Agreement – PDF (Fillable)
Both versions are 100% free, contain no watermarks, and are formatted for immediate customization.
Below is the core triple net lease language I insert in almost every NNN deal I draft. Feel free to copy and paste into your own document.
Landlord leases to Tenant the premises commonly known as [Street Address], [City], [State] [ZIP] containing approximately [X] rentable square feet (the “Premises”) for a term commencing on [Start Date] and expiring on [End Date] (the “Initial Term”).
5.1 Triple Net Lease. This is an absolute triple net lease. Tenant shall pay, as Additional Rent, all costs and expenses related to the Premises and the real property of which the Premises are a part, including without limitation real estate taxes, assessments, insurance premiums, utilities, and all maintenance, repairs, and replacements.
5.2 Real Estate Taxes. Tenant shall pay, prior to delinquency, all real estate taxes and assessments levied against the Premises during the Term. Landlord shall forward tax bills to Tenant within ten (10) days of receipt. Tenant may contest any tax assessment in good faith provided Tenant posts any required bond and indemnifies Landlord.
5.3 Insurance. Tenant shall maintain commercial general liability insurance with limits of not less than $2,000,000 per occurrence and property insurance covering the Premises for full replacement cost. Landlord shall be named as additional insured on liability policies and loss payee on property policies. (Source: Standard language upheld in multiple state courts; see also IRS Topic No. 414 on rental income and expenses at IRS.gov)
5.4 Maintenance and Repairs. Tenant shall keep the Premises (including roof, foundation, structural components, HVAC, plumbing, and parking areas) in good order and repair, reasonable wear and tear excepted.
While the basic structure remains consistent nationwide, certain states impose unique requirements:
Is a triple net lease the same as an absolute net lease?
No. An absolute net (or “hell or high water”) lease requires the tenant to pay even if the building is destroyed. True absolute net leases are rare outside bond-financed properties.
Can I convert an existing gross lease to triple net?
Yes, through an amendment, but expect pushback on tax and insurance pass-throughs.
Are NNN expenses tax-deductible for tenants?
Generally yes. The IRS allows tenants to deduct rent and additional rent (taxes, insurance, maintenance) as ordinary and necessary business expenses under IRC §162 (see IRS.gov Publication 535).
A solid triple net lease template is the foundation of almost every successful landlord-tenant relationship I’ve seen. The free forms provided here have been battle-tested in transactions from single-tenant retail pads to multi-tenant industrial parks.
Download the free triple net lease form today, customize it with your attorney, and start putting your deal together faster and cheaper than paying $2,500–$7,500 in legal fees for a custom draft.
Remember: This is a starting point, not a substitute for professional legal counsel. Every state and every property is different.
Download links again for convenience:
Triple Net Lease Template – Word Document
Triple Net Lease Agreement – Fillable PDF
Word count: 2,187