Property Management
A Connecticut commercial property manager signs a lease with a new tenant. The lease requires the tenant to pay a base rent plus a proportionate share of operating expenses (taxes, insurance, maintenance). This is called a:
AGross lease
BPercentage lease
CNet lease (or modified gross lease with expense pass-throughs)✓ Correct
DGround lease
Explanation
A net lease (or one of its variations—single net, double net, triple net) requires the tenant to pay base rent plus some or all operating expenses. A triple net (NNN) lease requires the tenant to pay base rent plus taxes, insurance, and maintenance.
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