Global Definitions Database

Costs which are paid back to a landlord by a tenant; generally includes property taxes, property insurance, maintenance and repair costs, and other operational expenses; at the end of the year (or the end of the lease), the landlord will reimburse the tenant if actual costs are less than expected costs; alternately, the landlord will bill the tenant any additional expenses that were not covered by their monthly tenant reimbursement bill; also known as “recoveries”.