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Triple Net Reconciliation Calculator

Triple net leases pass through 100% of tax, insurance, and CAM. Year-end reconciliation reconciles actuals against estimates billed monthly. This calculator breaks out each component, adds the admin fee (typically CAM-only), and computes the tenant's true-up or refund.

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Total tenant NNN obligation

$107,625

True-up amount (+ tenant owes, − landlord refunds)

$12,625

Property tax share

$54,000

Insurance share

$10,500

CAM share

$37,500

Admin fee on CAM

$5,625

How the math works

In a true triple-net lease, the tenant pays 100% of its pro-rata share of property tax, insurance, and CAM in addition to base rent. Year-end reconciliation matches actuals against monthly estimates — admin fee typically applies only to CAM, not to tax or insurance.

Tenants should audit the pro-rata calculation annually — pro-rata based on leased SF is standard, but some landlords use 'occupied SF' or 'fixed percentage' methods that can shift costs unfavorably.

How to Use

  1. Enter actual property tax, insurance, and CAM for the year.
  2. Enter tenant pro-rata percentage.
  3. Enter estimated amount billed during the year.
  4. Enter admin fee percent (applies to CAM).
  5. Read total obligation and true-up amount.

Frequently Asked Questions

True triple net vs modified?

True NNN: tenant pays all three + maintenance. Modified NNN: tenant pays some but not all. Single-tenant freestanding buildings (Walgreens, Dollar General) are typically true NNN; multi-tenant retail is more often modified.

Are capital improvements in CAM?

Usually no. Most NNN leases exclude capex from CAM — or require amortization over useful life. Large roof/HVAC replacements are a common dispute area.

Pro-rata share definitions?

Leased SF ÷ total SF is standard. Some leases use 'gross leasable area' excluding anchor space. Confirm the denominator — a larger denominator reduces tenant share and saves money.

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