A long-term lease of land. The leased land may contain existing improvements (buildings and other developments such as roads and fences) or may be previously unimproved land. The lease may permit (or even require) the tenant to construct new improvements on the leased land.

A ground lease is almost always a net lease with a term usually ranging from 50 to 100 years or longer, but generally at least 20 years. The tenant typically retains ownership of the improvements until the expiration or earlier termination of the ground lease. At the end of the ground lease term, the landlord will either: