A lease in which only the land is rented, meaning that buildings and/or other improvements on the land are not covered in the lease. Ground leases are favorable when buildings are constructed on a land which is owned by another investor.

• Ground leases may be subordinated or unsubordinated: A subordinated ground lease is when the lessor of the ground is the junior to the rights of the holder of the first mortgage, an unsubordinated ground lease is when the lessor of the ground is senior to the rights of the holder of the first mortgage.
• Also called a "land lease".