When reading an appraisal of a fully occupied shopping center, which property rights would typically be expected?

In the context of a fully occupied shopping center, the appraisal would typically reflect a leased fee interest. This is the right to receive rental income from the leasing of the property, which is exactly what occurs in a fully occupied shopping center. Since tenants occupy the spaces and generate income for the property owner, the leased fee interest pertains to the economic benefits derived from the existing leases.

While fee simple interest represents ownership of the property without any encumbrances, it's less applicable here, as the focus of the appraisal for a fully occupied center is on the income generated from tenants. The leasehold estate choice pertains to the rights of a tenant in a leased property, which is not the perspective taken in a property appraisal focused on the landlord's income rights. Therefore, the correct answer encapsulates the scenario of evaluating the value derived from the existing lease agreements rather than the property ownership rights in the broadest sense.