What type of lease typically features periodic adjustments reflecting changes in property appreciation?

The correct answer is a lease type that involves periodic adjustments based on changes in property appreciation, which is characteristic of an index lease. An index lease is tied to a specific economic index—in many cases, the Consumer Price Index (CPI)—which allows for rent adjustments at predetermined intervals based on inflation or similar economic changes. This ensures that the rent remains aligned with the economic environment, effectively reflecting the appreciation of property values over time.

In contrast, a fixed lease maintains a static rent amount throughout the lease term, without any adjustments for appreciation or inflation. A graduated lease, while it does include predetermined increases in rent over specific terms, does not directly tie rent to property appreciation or an economic index. A net lease typically involves the tenant paying property expenses in addition to rent, but does not include provisions for adjusting rent based on property values. Thus, an index lease is the most appropriate description for periodic adjustments reflecting changes in property appreciation.