In one sentence
The distinction between leases where the landlord pays operating expenses (gross) and where the tenant does (net), shaping NOI analysis.
The longer version
Under a gross lease the landlord covers taxes, insurance, and maintenance; under a net lease the tenant reimburses some or all of these. Triple-net leases push nearly all of it to the tenant. The structure changes how NOI is calculated and compared.
Lease structure is a diligence point because it affects both the income and the expense sides of the underwriting.
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