Under leased fee estate, we are addressing the lessor's, or landlord's interest. This would be performed when the subject property is encumbered by the existence of long-term leases. As defined in the thirteenth edition of The Appraisal of Real Estate as published by the Appraisal Institute, leased fee estate means an ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the lessee are specified by contract terms contained within the lease. This would typically be the property right addressed when appraising, for instance, a multi-unit office building with a series of long-term tenants. This interest may be addressed in addition to, along with, or instead of the fee simple interest - depending on the requirements of our client and the specific facts surrounding the subject property.