Modified Gross Lease
- A type of real estate rental agreement where the tenant pays base rent at the inception of the lease but in subsequent years pays the base plus a proportional share of some of the other costs associated with the property, such as property taxes, utilities, insurance and maintenance. For example, tenants of a property are required to pay their portion of the total heating expense of an office tower.
Modified gross leases are common in office space leasing where an office building is occupied by multiple tenants. A building where the monthly electric bill is $1000 would be split evenly between the tenants; therefore, if there are currently 10 renters of the property, they each pay $100.
Investment dictionary. Academic. 2012.
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