Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	Brak danych

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	8.1	14.6	0.9
Madison Pacific Properties Inc.	0.6	-6.8	0.7
Mediana / Madison Pacific Properties Inc.	13.5	-2.1	1.2

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Pozostałe spółki z branży Real Estate - Services

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
AB Sagax (publ)	0QDX.IL	7,648	8.6	13.5	1.7	International Order Book
Dynamic Holdings Limited	0029.HK	405	293.8	-58.9	0.4	HKSE
Shenzhen Worldunion Group Incorporated	002285.SZ	616	-56.4	-14.1	0.8	Shenzhen
Peach Property Group AG	0QOJ.L	370	-10.7	-1.1	0.2	London Stock Exchange
GR Properties Limited	0108.HK	283	7.2	-2.4	1.0	HKSE
Soundwill Holdings Limited	0878.HK	213	1.1	-0.7	0.1	HKSE
Miramar Hotel and Investment Company, Limited	0071.HK	838	12.5	8.8	0.3	HKSE
Rongfeng Holding Group Co.,Ltd.	000668.SZ	159	-2.9	-3.0	1.6	Shenzhen
Shimao Services Holdings Limited	0873.HK	235	5.1	-6.2	0.2	HKSE
Multifield International Holdings Limited	0898.HK	91	-1.6	3.0	0.1	HKSE
Sanxiang Impression Co., Ltd.	000863.SZ	572	26.4	91.8	1.2	Shenzhen
Yinyi Co., Ltd.	000981.SZ	2,663	-15.0	-14.1	18.5	Shenzhen
Shenzhen SEG Co.,Ltd	000058.SZ	1,099	53.4	277.0	4.9	Shenzhen
Auto Italia Holdings Limited	0720.HK	130	-9.1	-8.6	4.1	HKSE
Hongkong Chinese Limited	0655.HK	71	3.0	-0.5	0.1	HKSE
Züblin Immobilien Holding AG	0REW.L	165	11.9	40.7	1.0	London Stock Exchange
Kingland Technology Co.,Ltd.	000711.SZ	696	-38.3	-46.0	7.6	Shenzhen
Emperor International Holdings Limited	0163.HK	164	522.3	-0.2	0.0	HKSE
Art Group Holdings Limited	0565.HK	377	95.8	-14.4	163.7	HKSE
Pacific Century Premium Developments Limited	0432.HK	52	-31.4	-1.8	-6.1	HKSE
Beijing Centergate Technologies (holding) Co., Ltd.	000931.SZ	564	12.4	70.3	2.5	Shenzhen
Hysan Development Company Limited	0014.HK	1,827	-4.0	409.6	0.2	HKSE
Chuang's Consortium International Limited	0367.HK	74	-7.5	-0.8	0.1	HKSE
New Dazheng Property Group Co., Ltd.	002968.SZ	326	16.7	21.7	1.9	Shenzhen
Great China Holdings (Hong Kong) Limited	0021.HK	76	64.3	34.9	0.7	HKSE
China Electronics Optics Valley Union Holding Company Limited	0798.HK	183	-9.1	13.7	0.2	HKSE
DongGuan Winnerway Industry Zone LTD.	000573.SZ	348	27.2	29.9	1.5	Shenzhen
Rongan Property Co.,Ltd.	000517.SZ	798	-3.1	-2.7	1.0	Shenzhen
Tai Sang Land Development Limited	0089.HK	65	-12.0	-1.5	0.1	HKSE
Crown International Corporation Limited	0727.HK	56	-6.1	-68.8	40.0	HKSE
Shunfa Hengye Corporation	000631.SZ	909	84.9	55.2	0.8	Shenzhen
5i5j Holding Group Co., Ltd.	000560.SZ	958	1.1	124.9	0.7	Shenzhen
Jones Lang LaSalle Incorporated	0JPB.L	11,318	7.9	20.7	1.7	London Stock Exchange
Hang Lung Properties Limited	0101.HK	4,138	-10.1	15.0	0.2	HKSE
SOHO China Limited	0410.HK	351	-16.3	-22.2	0.1	HKSE
Applied Development Holdings Limited	0519.HK	54	151.6	-4.8	0.6	HKSE
Beijing Zodi Investment Co., Ltd.	000609.SZ	145	-8.4	-4.1	9.0	Shenzhen
Associated International Hotels Limited	0105.HK	234	-47.1	-3.2	0.3	HKSE
Jinmao Property Services Co., Limited	0816.HK	340	7.4	6.5	1.4	HKSE
SCE Intelligent Commercial Management Holdings Limited	0606.HK	64	19.8	8.1	0.2	HKSE
Onewo Inc.	2602.HK	3,081	13.4	19.5	1.4	HKSE
Midland Holdings Limited	1200.HK	114	2.3	2.8	0.9	HKSE
Wharf Real Estate Investment Company Limited	1997.HK	8,104	3.0	71.4	0.3	HKSE
Kuo Yang Construction Co.,Ltd	2505.TW	246	1.5	21.2	0.7	Taiwan
ESR Group Limited	1821.HK	6,992	10.4	-9.4	0.9	HKSE
Loadstar Capital K.K.	3482.T	311	-0.9	5.1	1.6	Tokyo
Binjiang Service Group Co. Ltd.	3316.HK	849	9.8	11.1	4.0	HKSE
Robot Home, Inc.	1435.T	91	19.6	25.4	1.4	Tokyo
e'grand Co.,Ltd	3294.T	64	-1.5	10.6	0.8	Tokyo
JINUSHI Co.,Ltd.	3252.T	306	0.5	7.2	1.0	Tokyo
TKP Corporation	3479.T	525	5.5	20.5	1.9	Tokyo
CIFI Ever Sunshine Services Group Limited	1995.HK	447	6.8	6.7	0.6	HKSE
ReaLy Development & Construction Corp.	2596.TWO	126	17.6	55.8	1.8	Taipei Exchange
Long Bon International Co.,Ltd	2514.TW	206	2.9	6.1	0.5	Taiwan
Tenpo Innovation CO.,LTD.	3484.T	114	14.5	15.9	4.1	Tokyo
Sunty Development Co., LTD	3266.TW	180	4.0	9.1	0.8	Taiwan
Sino Horizon Holdings Limited	2923.TW	1,326	-4.2	-263.9	0.7	Taiwan
FaithNetwork Co.,Ltd	3489.T	139	2.8	7.2	2.1	Tokyo
SUNeVision Holdings Ltd.	1686.HK	2,224	0.3	31.4	5.8	HKSE
Swire Properties Limited	1972.HK	13,555	13.9	-140.9	0.4	HKSE
KWG Living Group Holdings Limited	3913.HK	74	8.4	-0.9	0.2	HKSE
Housecom Corporation	3275.T	71	15.8	23.2	1.4	Tokyo
Hulic Co., Ltd.	3003.T	7,642	-3.9	10.6	1.3	Tokyo
LHN Limited	1730.HK	180	25.0	4.7	0.9	HKSE
Dear Life Co.,Ltd.	3245.T	354	4.9	11.6	2.1	Tokyo
Star Mica Holdings Co., Ltd.	2975.T	234	-6.3	8.6	1.2	Tokyo
SRE Holdings Corporation	2980.T	400	13.4	34.0	4.2	Tokyo
Advancetek Enterprise Co.,Ltd.	1442.TW	969	8.4	11.1	3.2	Taiwan
tsukuruba inc.	2978.T	60	46.9	112.4	4.8	Tokyo
Run Long Construction Co.,Ltd.	1808.TW	1,032	2.5	17.3	2.5	Taiwan
Azoom Co.,Ltd	3496.T	355	23.9	35.0	11.7	Tokyo
Nomura Real Estate Holdings, Inc.	3231.T	4,995	-5.6	1.9	0.2	Tokyo
Delpha Construction Co.,Ltd.	2530.TW	956	8.2	20.4	2.9	Taiwan
A-Living Smart City Services Co., Ltd.	3319.HK	534	-2.5	-1.2	0.4	HKSE
Agratio urban design Inc.	3467.T	74	-1.9	6.8	1.5	Tokyo
Greentown Service Group Co. Ltd.	2869.HK	1,738	12.2	18.1	1.6	HKSE
Red Star Macalline Group Corporation Ltd.	1528.HK	1,544	29.0	-1.7	0.1	HKSE
&Do Holdings Co.,Ltd.	3457.T	176	-4.9	8.8	1.3	Tokyo
Dexin Services Group Limited	2215.HK	95	10.9	16.6	1.0	HKSE
Good Life Company,Inc.	2970.T	89	4.9	11.0	2.8	Tokyo
Shenzhen SEG Co.,Ltd	200058.SZ	1,167	57.3	50.9	0.9	Shenzhen
Komehyo Holdings Co.,Ltd.	2780.T	210	-0.2	6.3	0.9	Tokyo
Wan Hwa Enterprise Company Ltd.	2701.TW	176	31.6	20.1	0.6	Taiwan
CRE, Inc.	3458.T	347	-2.7	9.3	1.2	Tokyo
Choei Inc.	2993.T	61	-8.5	4.3	0.7	Tokyo
China Overseas Property Holdings Limited	2669.HK	2,238	11.0	10.9	3.2	HKSE
LA Holdings Co., Ltd.	2986.T	279	-0.8	8.0	2.2	Tokyo
Pressance Corporation	3254.T	1,148	7.6	9.4	0.9	Tokyo
KE Holdings Inc.	2423.HK	22,294	32.7	13.6	0.8	HKSE
Global Link Management Inc.	3486.T	223	1.0	7.3	2.8	Tokyo
China Resources Mixc Lifestyle Services Limited	1209.HK	11,501	19.8	22.7	5.0	HKSE
Chainqui Construction Development Co., Ltd.	2509.TW	109	-3.0	270.7	0.8	Taiwan
Midea Real Estate Holding Limited	3990.HK	755	3.5	12.4	1.1	HKSE
Hiyes International Co., Ltd.	2348.TW	581	-1.5	7.7	2.0	Taiwan
B-Lot Company Limited	3452.T	177	-4.7	6.1	1.5	Tokyo
LeTech Corporation	3497.T	110	-2.0	6.5	1.2	Tokyo
Hong Pu Real Estate Development Co., Ltd.	2536.TW	337	-24.4	38.5	0.7	Taiwan
LANDNET Inc.	2991.T	94	-0.1	5.5	1.4	Tokyo
Vanke Overseas Investment Holding Company Limited	1036.HK	73	49.4	-11.4	0.1	HKSE
Crowell Development Corp.	2528.TW	463	0.8	7.6	2.0	Taiwan
New Hope Service Holdings Limited	3658.HK	199	7.5	6.3	1.1	HKSE
Token Corporation	1766.T	1,269	12.9	12.6	1.4	Tokyo
AMBITION DX HOLDINGS Co., Ltd.	3300.T	107	-0.7	7.9	2.1	Tokyo
Kangqiao Service Group Limited	2205.HK	57	5.4	8.5	0.6	HKSE
S-Enjoy Service Group Co., Limited	1755.HK	305	6.1	4.9	0.7	HKSE
Huang Long Development Co.,Ltd.	3512.TWO	100	13.1	46.7	1.2	Taipei Exchange
C&D Property Management Group Co. Limited	2156.HK	465	18.0	11.3	2.1	HKSE
Sansei Landic Co.,Ltd	3277.T	62	-0.3	4.7	0.7	Tokyo
Ki-Star Real Estate Co.,Ltd	3465.T	518	-2.3	8.4	1.2	Tokyo
Japan Property Management Center Co.,Ltd.	3276.T	134	7.7	10.2	2.4	Tokyo
A.D.Works Group Co.,Ltd.	2982.T	101	-3.2	6.9	0.8	Tokyo
Ichigo Inc.	2337.T	1,159	-2.3	11.2	1.5	Tokyo
Sunac Services Holdings Limited	1516.HK	674	-20.0	-10.7	0.9	HKSE
Hung Ching Development & Construction Co., Ltd.	2527.TW	252	-1.8	5.9	0.6	Taiwan
JSL Construction & Development Co., Ltd.	2540.TW	1,748	10.3	25.0	3.9	Taiwan
YeaShin International Development Co., Ltd.	5213.TWO	723	-6.3	10.7	1.5	Taipei Exchange
Evergrande Property Services Group Limited	6666.HK	1,074	6.0	7.6	13.9	HKSE
MPHB Capital Berhad	5237.KL	280	34.3	60.7	0.7	Kuala Lumpur
Shanghai Lingang Holdings Co.,Ltd.	600848.SS	3,004	-0.2	20.8	1.2	Shanghai
Hevol Services Group Co. Limited	6093.HK	97	6.9	12.8	1.0	HKSE
Cinda Real Estate Co., Ltd.	600657.SS	1,533	14.0	-14.5	0.5	Shanghai
China World Trade Center Co., Ltd.	600007.SS	3,045	15.3	17.6	2.2	Shanghai
Country Garden Services Holdings Company Limited	6098.HK	2,721	7.1	11.1	0.5	HKSE
Da-Li Development Co.,Ltd.	6177.TW	763	0.4	10.5	2.0	Taiwan
NIFTY Lifestyle Co., Ltd.	4262.T	51	9.0	12.0	1.3	Tokyo
Zhejiang China Light&Textile Industrial City Group Co.,Ltd	600790.SS	776	16.2	47.8	0.9	Shanghai
Ningbo Fuda Company Limited	600724.SS	920	22.9	33.0	2.2	Shanghai
Jiangsu Phoenix Property Investment Company Limited	600716.SS	467	-32.9	-20.3	0.7	Shanghai
Red Star Macalline Group Corporation Ltd.	601828.SS	1,542	-4.6	-3.9	0.3	Shanghai
Jabal Omar Development Company	4250.SR	6,376	9.4	117.2	1.7	Saudi
Greenland Holdings Corporation Limited	600606.SS	3,190	12.1	-1.3	0.3	Shanghai
MEGA International Development Co.,Ltd.	5529.TWO	106	-23.4	-35.8	2.3	Taipei Exchange
Hiap Hoe Limited	5JK.SI	198	-14.1	39.0	0.4	Stock Exchange of Singapore
Fong-Chien Construction Co.,LTD.	5523.TWO	160	-2,190.1	-371.3	1.7	Taipei Exchange
Shanghai Shibei Hi-Tech Co.,Ltd.	600604.SS	956	-2.7	157.4	1.3	Shanghai
Shanghai Fenghwa Group Co., Ltd	600615.SS	342	122.5	142.9	2.6	Shanghai
Poly Property Services Co., Ltd.	6049.HK	2,203	13.3	10.8	1.6	HKSE
Sunfon Construction Co., Ltd.	5514.TWO	137	19.9	49.3	1.3	Taipei Exchange
MIGALO HOLDINGS Inc.	5535.T	509	14.7	26.3	3.3	Tokyo
Sing Holdings Limited	5IC.SI	108	-5.7	17.9	0.4	Stock Exchange of Singapore
China Sports Industry Group Co., Ltd.	600158.SS	1,191	60.9	561.6	3.3	Shanghai
CEL Corporation	5078.T	115	16.0	11.6	0.8	Tokyo
Arabian Centres Company	4321.SR	2,420	-4.8	8.7	0.6	Saudi
Shanghai Golden Union Business Management Co., Ltd.	603682.SS	368	-2.6	47.7	2.5	Shanghai
Tande Co., Ltd.	600665.SS	390	170.1	-2.8	1.0	Shanghai
Nanjing Gaoke Company Limited	600064.SS	1,863	4.7	7.1	0.7	Shanghai
Red Sea International Company	4230.SR	287	2.5	-303.2	41.9	Saudi
Founding Construction Development Corp.	5533.TW	173	11.7	12.5	0.5	Taiwan
Shanghai Tianchen Co.,Ltd	600620.SS	506	33.5	66.0	2.5	Shanghai
E-Star Commercial Management Company Limited	6668.HK	165	5.1	7.7	1.0	HKSE
Saudi Real Estate Company	4020.SR	1,996	9.8	34.8	1.5	Saudi
Tropicana Corporation Berhad	5401.KL	662	10.6	-17.0	0.6	Kuala Lumpur
Sino-Ocean Service Holding Limited	6677.HK	77	9.0	19.1	0.3	HKSE
Nacity Property Service Group Co., Ltd.	603506.SS	312	24.8	72.9	2.0	Shanghai
Jonjee Hi-tech Industrial & Commercial Holding Co., Ltd.	600872.SS	2,046	12.8	17.9	2.6	Shanghai
Guanghui Logistics Co.Ltd	600603.SS	1,229	5.0	16.9	1.2	Shanghai
Yuexiu Services Group Limited	6626.HK	558	9.4	11.5	1.2	HKSE
Realgate Inc.	5532.T	84	2.1	14.6	1.9	Tokyo
Times Neighborhood Holdings Limited	9928.HK	60	14.7	91.8	0.3	HKSE
TOC Co., Ltd.	8841.T	403	31.9	33.2	0.6	Tokyo
Keihanshin Building Co., Ltd.	8818.T	523	0.6	17.2	1.0	Tokyo
Leopalace21 Corporation	8848.T	1,354	5.4	15.0	3.3	Tokyo
Central China New Life Limited	9983.HK	193	6.3	6.5	0.7	HKSE
Mainichi Comnet Co., Ltd.	8908.T	91	2.1	10.3	1.1	Tokyo
Grandy House Corporation	8999.T	106	-6.8	31.4	0.6	Tokyo
Sinyi Realty Inc.	9940.TW	659	3.7	13.7	1.4	Taiwan
Banan Real Estate Company	9519.SR	440	27.3	77.2	4.2	Saudi
SUNNEXTA GROUP Inc.	8945.T	67	4.2	54.3	1.2	Tokyo
Fuji Corporation Limited	8860.T	167	-6.9	5.0	0.4	Tokyo
NIPPON KANZAI Holdings Co.,Ltd.	9347.T	682	10.9	17.0	1.5	Tokyo
Kabuki-Za Co., Ltd.	9661.T	387	101.3	202.8	4.9	Tokyo
Anabuki Kosan Inc.	8928.T	156	-7.9	7.6	0.5	Tokyo
Powerlong Commercial Management Holdings Limited	9909.HK	183	9.7	6.0	0.4	HKSE
Arealink Co., Ltd.	8914.T	410	8.6	17.3	2.2	Tokyo
Cosmos Initia Co., Ltd.	8844.T	315	-2.8	8.5	0.9	Tokyo
Excellence Commercial Property & Facilities Management Group Limited	6989.HK	211	5.5	4.9	0.4	HKSE
Airport Facilities Co., Ltd.	8864.T	281	2.2	15.7	0.7	Tokyo
Cibus Nordic Real Estate AB (publ)	6N5.F	1,421	-1.7	38.6	1.2	Frankfurt Stock Exchange
Aspial Corporation Limited	A30.SI	111	-13.9	-9.4	0.3	Stock Exchange of Singapore
Raysum Co., Ltd.	8890.T	1,126	7.1	27.3	2.9	Tokyo
Century21 Real Estate of Japan Ltd	8898.T	80	9.1	14.3	1.7	Tokyo
Jinke Smart Services Group Co., Ltd.	9666.HK	493	-17.9	-2.9	1.1	HKSE
DigitalBridge Group, Inc.	6CL.F	1,851	8.3	15.6	0.9	Frankfurt Stock Exchange
Sumitomo Realty & Development Co., Ltd.	8830.T	18,977	-3.1	14.3	1.3	Tokyo
FJ Next Holdings Co., Ltd.	8935.T	269	4.6	6.0	0.5	Tokyo
KATITAS CO., Ltd.	8919.T	1,253	12.1	18.9	3.9	Tokyo
NISSHIN GROUP HOLDINGS Company, Limited	8881.T	162	6.0	11.4	0.3	Tokyo
Greentown Management Holdings Company Limited	9979.HK	731	6.1	6.6	1.4	HKSE
J-Lease Co.,Ltd.	7187.T	158	6.9	10.9	3.8	Tokyo
Tidehold Development Co., Ltd.	9902.TW	66	30.8	34.1	1.5	Taiwan
Tokyo Tatemono Co., Ltd.	8804.T	3,741	-5.6	7.9	1.0	Tokyo
Meiwa Estate Company Limited	8869.T	151	-7.8	7.5	0.6	Tokyo
Sun Frontier Fudousan Co., Ltd.	8934.T	680	2.1	7.8	1.1	Tokyo
Eslead Corporation	8877.T	473	-2.7	7.3	0.9	Tokyo
CapitaLand Investment Limited	9CI.SI	10,037	5.0	41.7	1.0	Stock Exchange of Singapore
Alpha Astika Akinita S.A.	ASTAK.AT	120	66.9	87.2	4.5	Athens
Annehem Fastigheter AB	ANNE-B.ST	145	7.5	35.4	0.5	Stockholm Stock Exchange
Akelius Residential Property AB (publ)	AKEL-D.ST	12,980	-173.3	-130.0	3.0	Stockholm Stock Exchange
Aroundtown SA	AT1.DE	3,565	-6.2	19.4	0.3	Frankfurt Stock Exchange
Allreal Holding AG	ALLN.SW	3,767	1.9	14.5	1.2	Swiss Exchange
Artea SA	ARTE.PA	57	24.0	-1.7	0.6	Paris
Altus Group Limited	AIF.TO	1,722	34.4	6.2	2.7	Toronto Stock Exchange
Altisource Portfolio Solutions S.A.	ASPS	103	-6.2	-8.4	-2.2	NASDAQ Global Select
Aroundtown SA	AT1.F	3,565	-6.2	19.4	0.3	Frankfurt Stock Exchange
Amata VN Public Company Limited	AMATAV.BK	87	-3.9	27.8	0.5	Thailand
Asset World Corp Public Company Limited	AWC.BK	1,778	-2.5	9.3	0.6	Thailand
Asset World Corp Public Company Limited	AWC-R.BK	1,778	-2.5	9.3	0.6	Thailand
Tritax EuroBox plc	BOXE.L	883	-3.2	-47.7	1.2	London Stock Exchange
Brinova Fastigheter AB (publ)	BRIN-B.ST	398	-4.8	47.6	0.6	Stockholm Stock Exchange
CA Immobilien Anlagen AG	CAI.VI	2,631	-12.1	-34.5	0.9	Vienna
CORESTATE Capital Holding S.A.	CCAP.DE	51	-0.1	-0.0	-0.1	Frankfurt Stock Exchange
Bund Center Investment Ltd	BTE.SI	216	11.3	20.4	0.8	Stock Exchange of Singapore
PT Bekasi Fajar Industrial Estate Tbk	BEST.JK	59	-0.4	27.8	0.2	Jakarta Stock Exchange
Bridgemarq Real Estate Services Inc.	BRE.TO	102	7.5	-13.5	-1.7	Toronto Stock Exchange
CBRE Group, Inc.	CBRE	39,633	15.7	40.5	4.9	New York Stock Exchange
Brookfield Office Properties Inc.	BPO-PI.TO	6,245	-2.3	0.0	0.0	Toronto Stock Exchange
Brookfield Property Partners L.P.	BPYPO	5,295	-12.7	-8.9	0.0	NASDAQ Global Select
Brookfield Property Partners L.P.	BPYPP	5,358	-12.7	-8.9	0.0	NASDAQ Global Select
KE Holdings Inc.	BEKE	7,503	9.3	11.0	0.7	New York Stock Exchange
Brookfield Property Partners L.P.	BPYPN	4,659	-12.7	-8.9	0.0	NASDAQ Global Select
Corem Property Group AB (publ)	CORE-PREF.ST	853	-12.9	-5.6	0.3	Stockholm Stock Exchange
Corem Property Group AB (publ)	CORE-D.ST	858	-12.9	-5.6	0.3	Stockholm Stock Exchange
Corem Property Group AB (publ)	CORE-A.ST	758	-12.9	-5.6	0.3	Stockholm Stock Exchange
Cellnex Telecom, S.A.	CLNX.MC	26,875	0.8	93.4	1.6	Madrid Stock Exchange
Cibus Nordic Real Estate AB (publ)	CIBUS.ST	1,416	-1.7	38.5	1.2	Stockholm Stock Exchange
Deutsche EuroShop AG	DEQ.DE	1,748	-0.4	12.3	0.8	Frankfurt Stock Exchange
Corem Property Group AB (publ)	CORE-B.ST	749	-12.9	-5.6	0.3	Stockholm Stock Exchange
Colliers International Group Inc.	CIGI.TO	6,268	7.0	44.5	4.8	Toronto Stock Exchange
DEFAMA Deutsche Fachmarkt AG	DEF.DE	149	-2.1	24.7	2.9	Frankfurt Stock Exchange
CoStar Group, Inc.	CSGP	34,240	222.0	284.3	3.9	NASDAQ Global Select
Cushman & Wakefield plc	CWK	2,407	-0.4	14.8	1.4	New York Stock Exchange
Crosswood SA	CROS.PA	133	-24,035.1	21.0	1.4	Paris
Colliers International Group Inc.	CIGI	6,279	7.0	44.5	4.8	NASDAQ Global Select
Fangdd Network Group Ltd.	DUO	66,774	-3,868.6	15,553.4	1,241.3	NASDAQ Global Market
DEMIRE Deutsche Mittelstand Real Estate AG	DMRE.DE	87	-31.5	-0.9	0.3	Frankfurt Stock Exchange
Douglas Elliman Inc.	DOUG	248	1.4	-5.7	1.5	New York Stock Exchange
Eastnine AB (publ)	EAST.ST	502	-469,493.0	18.8	0.9	Stockholm Stock Exchange
Foxtons Group plc	FOXT.L	252	3.7	13.8	1.4	London Stock Exchange
Scout24 SE	G24.SG	9,771	27.0	52.5	6.1	Stuttgart
Fastighetsbolaget Emilshus AB (publ)	EMIL-B.ST	566	-0.4	15.3	1.3	Stockholm Stock Exchange
Eik fasteignafélag hf.	EIK.IC	381	-3.2	8.3	0.9	Iceland
Fabege AB (publ)	FABG.ST	2,631	-5.8	74.5	0.7	Stockholm Stock Exchange
FRP Holdings, Inc.	FRPH	513	29.3	74.9	1.2	NASDAQ Global Select
Gabetti Property Solutions S.p.A.	GAB.MI	52	4.6	14.7	1.2	Milan
Eureka Group Holdings Limited	EGH.AX	157	10.9	14.8	0.9	Australian Securities Exchange
Eldeco Housing and Industries Limited	ELDEHSG.NS	93	22.7	37.3	2.1	National Stock Exchange of India
FCR Immobilien AG	FC9.DE	144	-3.8	5.7	0.9	Frankfurt Stock Exchange
AB Sagax (publ)	EFE.F	7,776	6.0	13.5	1.7	Frankfurt Stock Exchange
Eldeco Housing and Industries Limited	ELDEHSG.BO	93	22.7	37.3	2.1	Bombay Stock Exchange
eXp World Holdings, Inc.	EXPI	1,393	68.0	-82.9	6.5	NASDAQ Global Market
EgnsINVEST Ejendomme Tyskland A/S	EGNETY.CO	66	-7.5	8.3	0.7	Copenhagen
Fast Ejendom Danmark A/S	FED.CO	56	-3.3	5.2	0.5	Copenhagen
FirstService Corporation	FSV.TO	8,036	12.9	61.2	6.6	Toronto Stock Exchange
Fundamenta Real Estate AG	FREN.SW	671	-3.8	17.8	1.1	Swiss Exchange
Fortinova Fastigheter AB (Publ)	FNOVA-B.ST	145	38.5	9.3	0.5	Stockholm Stock Exchange
FirstService Corporation	FSV	8,032	13.2	61.3	6.7	NASDAQ Global Select
Ezdan Holding Group Q.P.S.C.	ERES.QA	7,418	37.0	166.1	0.8	Qatar
Grand City Properties S.A.	GYC.DE	2,161	-2.8	8.0	0.4	Frankfurt Stock Exchange
Grainger plc	GRI.L	2,154	0.6	51.2	0.8	London Stock Exchange
Genova Property Group AB (publ)	GPG.ST	199	-11.3	13.3	0.6	Stockholm Stock Exchange
Heimstaden AB (publ)	HEIM-PREF.ST	297	-36.0	0.8	0.1	Stockholm Stock Exchange
Scout24 SE	G24.DE	9,838	27.0	52.5	6.1	Frankfurt Stock Exchange
Helical plc	HLCL.L	363	10.5	-2.9	0.7	London Stock Exchange
Heba Fastighets AB (publ)	HEBA-B.ST	568	-1.8	27.7	0.8	Stockholm Stock Exchange
Globe Trade Centre S.A.	GTC.WA	635	-10.0	10.8	0.5	Warsaw Stock Exchange
Garda Property Group	GDF.AX	168	2.2	-12.9	0.7	Australian Securities Exchange
Anywhere Real Estate Inc.	HOUS	447	-10.3	-4.2	0.3	New York Stock Exchange
Hong Fok Corporation Limited	H30.SI	475	-0.3	20.0	0.2	Stock Exchange of Singapore
Globalworth Real Estate Investments Limited	GWI.L	808	5.4	-8.2	0.4	London Stock Exchange
Helbor Empreendimentos S.A.	HBOR3.SA	69	-5.1	6.6	0.3	São Paulo
Grand Canal Land Public Company Limited	GLAND.BK	148	-1.8	11.4	0.3	Thailand
Intershop Holding AG	ISN.SW	1,548	10.0	10.7	1.3	Swiss Exchange
Infrastrutture Wireless Italiane S.p.A.	INW.MI	10,915	7.0	35.8	2.3	Milan
Kallebäck Property Invest AB (publ)	KAPIAB.ST	74	2.3	9.2	1.2	Stockholm Stock Exchange
K-Fast Holding AB (publ)	KFAST-B.ST	306	-11.7	94.2	0.6	Stockholm Stock Exchange
K2A Knaust & Andersson Fastigheter AB (publ)	K2A-B.ST	65	-23.3	-3.6	0.3	Stockholm Stock Exchange
Kojamo Oyj	KOJAMO.HE	3,086	-7.8	-138.4	0.7	Helsinki
K2A Knaust & Andersson Fastigheter AB (publ)	K2A-PREF.ST	64	-23.3	-3.6	0.3	Stockholm Stock Exchange
KlaraBo Sverige AB (publ)	KLARA-B.ST	257	-6.3	5.8	0.5	Stockholm Stock Exchange
PT Jakarta Setiabudi Internasional Tbk	JSPT.JK	3,025	50.2	154.7	22.1	Jakarta Stock Exchange
Khang Dien House Trading and Investment Joint Stock Company	KDH.VN	1,135	18.6	34.3	1.7	Ho Chi Minh Stock Exchange
Invesque Inc.	IVQ.TO	91	-11.8	-0.2	0.0	Toronto Stock Exchange
Lavvi Empreendimentos Imobiliários S.A.	LAVV3.SA	417	7.2	6.8	1.6	São Paulo
PT Indonesian Paradise Property Tbk	INPP.JK	549	7.7	15.6	1.5	Jakarta Stock Exchange
Inclusio SA	INCLU.BR	144	-1.6	5.9	0.5	Brussels
Jones Lang LaSalle Incorporated	JLL	11,253	6.8	21.0	1.6	New York Stock Exchange
Ina Invest Holding AG	INA.SW	1,276	505.9	-70.0	0.8	Swiss Exchange
PT MNC Land Tbk	KPIG.JK	833	7.7	22.6	0.5	Jakarta Stock Exchange
Kennedy-Wilson Holdings, Inc.	KW	908	6.5	-9.0	0.6	New York Stock Exchange
Jeudan A/S	JDAN.CO	1,853	-12.0	106.2	1.0	Copenhagen
Investis Holding SA	IREN.SW	1,945	22.1	6.4	1.2	Swiss Exchange
Inmobiliaria del Sur, S.A.	ISUR.MC	252	16.7	18.7	1,425.8	Madrid Stock Exchange
Krungdhep Sophon Public Company Limited	KWC.BK	60	12.7	20.6	2.3	Thailand
Logistea AB (publ)	LOGI-B.ST	716	0.3	19.5	1.0	Stockholm Stock Exchange
LEG Immobilien SE	LEG.SG	6,044	-12.3	79.0	0.7	Stuttgart
LEG Immobilien SE	LEG.DE	6,070	-13.7	79.4	0.7	Frankfurt Stock Exchange
LSL Property Services plc	LSL.L	411	11.0	17.5	3.7	London Stock Exchange
Marcus & Millichap, Inc.	MMI	1,154	-516.0	-169.6	1.9	New York Stock Exchange
MIG Holdings S.A.	MIG.AT	118	1.8	12.5	0.8	Athens
PT Metropolitan Kentjana Tbk	MKPI.JK	1,374	18.7	21.8	3.0	Jakarta Stock Exchange
Mainstreet Equity Corp.	MEQ.TO	1,302	0.6	7.3	1.1	Toronto Stock Exchange
Mountview Estates P.L.C.	MTVW.L	524	7.7	14.3	1.0	London Stock Exchange
J.W. Mays, Inc.	MAYS	75	80.9	-304.7	1.4	NASDAQ Capital Market
PT Mega Manunggal Property Tbk	MMLP.JK	218	12.6	15.2	0.8	Jakarta Stock Exchange
Montebalito, S.A.	MTB.MC	52	16.3	33.7	0.6	Madrid Stock Exchange
Maui Land & Pineapple Company, Inc.	MLP	341	-26.5	-23.3	12.8	New York Stock Exchange
Comstock Inc.	LODE	125	1.1	-0.0	1.6	American Stock Exchange
PT Lippo Karawaci Tbk	LPKR.JK	370	0.0	0.3	0.2	Jakarta Stock Exchange
Moura Dubeux Engenharia S.A.	MDNE3.SA	343	5.0	7.6	1.2	São Paulo
MLP Group S.A.	MLG.WA	558	-2.8	5.5	0.8	Warsaw Stock Exchange
Plaza S.A.	MALLPLAZA.SN	4,838	5.7	12.9	1.4	Santiago
Madison Pacific Properties Inc.	MPC.TO	223	0.9	-7.2	0.8	Toronto Stock Exchange
Multiplan Empreendimentos Imobiliários S.A.	MULT3.SA	2,271	3.6	9.6	2.2	São Paulo
PT Metropolitan Land Tbk	MTLA.JK	199	5.0	6.8	0.6	Jakarta Stock Exchange
Platzer Fastigheter Holding AB (publ)	PLAZ-B.ST	922	-4.9	29.1	0.7	Stockholm Stock Exchange
Nivika Fastigheter AB (publ)	NIVI-B.ST	397	-7.2	20.2	0.7	Stockholm Stock Exchange
NP3 Fastigheter AB (publ)	NP3.ST	1,622	1.4	16.3	1.6	Stockholm Stock Exchange
NP3 Fastigheter AB (publ)	NP3-PREF.ST	1,651	1.4	16.3	1.6	Stockholm Stock Exchange
Nyfosa AB (publ)	NYF.ST	1,837	-1.6	94.7	0.9	Stockholm Stock Exchange
NEXTDC Limited	NXT.AX	5,782	35.1	-134.6	2.1	Australian Securities Exchange
Parkit Enterprise Inc.	PKT.V	74	38.2	-31.4	0.7	Toronto Stock Exchange Ventures
Far East Orchard Limited	O10.SI	386	0.1	10.5	0.4	Stock Exchange of Singapore
Newmark Group, Inc.	NMRK	2,100	0.2	29.2	1.5	NASDAQ Global Select
Polski Holding Nieruchomosci S.A.	PHN.WA	145	-19.9	-2.9	0.3	Warsaw Stock Exchange
Nava Nakorn Public Company Limited	NNCL.BK	89	6.0	7.3	0.8	Thailand
CPI Property Group S.A.	O5G.DE	8,454	-6.2	-37.1	1.1	Frankfurt Stock Exchange
New England Realty Associates Limited Partnership	NEN	261	7.9	0.1	-0.0	American Stock Exchange
Mazaya Real Estate Development Q.P.S.C.	MRDS.QA	165	-28.2	-11.9	0.6	Qatar
CPI FIM SA	OPG.WA	1,671	-11.0	19.8	1.1	Warsaw Stock Exchange
Nirvana Daii Public Company Limited	NVD.BK	57	-26.1	18.3	0.3	Thailand
PropNex Limited	OYY.SI	618	17.1	19.3	6.4	Stock Exchange of Singapore
Olav Thon Eiendomsselskap ASA	OLT.OL	2,821	1.6	12.2	0.9	Oslo Stock Exchange
PATRIZIA SE	PAT.DE	797	15.3	53.6	0.6	Frankfurt Stock Exchange
The Platinum Group Public Company Limited	PLAT.BK	89	0.8	7.1	0.4	Thailand
Park Street A/S	PARKST-A.CO	83	-8.1	76.3	0.6	Copenhagen
Neobo Fastigheter AB (publ)	NEOBO.ST	249	-11.2	-17.2	0.4	Stockholm Stock Exchange
Opendoor Technologies Inc.	OPEN	419	8.0	-1.1	0.6	NASDAQ Global Select
Fiducial Real Estate SA	ORIA.PA	480	5.6	12.8	0.8	Paris
PT City Retail Developments Tbk	NIRO.JK	169	-17.6	-12.3	1.5	Jakarta Stock Exchange
Plazza AG	PLAN.SW	985	22.3	15.8	1.1	Swiss Exchange
PropertyGuru Limited	PGRU	1,101	750.1	-64.9	2.3	New York Stock Exchange
AB Sagax (publ)	SAGA-B.ST	7,834	8.6	13.5	1.7	Stockholm Stock Exchange
AB Sagax (publ)	SAGA-D.ST	8,002	8.6	13.5	1.7	Stockholm Stock Exchange
Peach Property Group AG	PEAN.SW	376	-10.7	-1.1	0.2	Swiss Exchange
AB Sagax (publ)	SAGA-A.ST	7,850	8.6	13.5	1.7	Stockholm Stock Exchange
Redfin Corporation	RDFN	1,383	-4.2	-7.2	-8.7	NASDAQ Global Select
Panther Securities PLC	PNS.L	71	-1.1	72.2	0.5	London Stock Exchange
PT Plaza Indonesia Realty Tbk	PLIN.JK	545	7.9	8.9	0.8	Jakarta Stock Exchange
PTL Enterprises Limited	PTL.BO	64	8.4	14.9	0.6	Bombay Stock Exchange
RE/MAX Holdings, Inc.	RMAX	313	-0.9	17.8	0.3	New York Stock Exchange
PTL Enterprises Limited	PTL.NS	64	8.4	14.9	0.6	National Stock Exchange of India
PEXA Group Limited	PXA.AX	1,436	35.7	-47.9	1.8	Australian Securities Exchange
Phoenix Spree Deutschland Limited	PSDL.L	215	1.1	-2.6	0.6	London Stock Exchange
PT Roda Vivatex Tbk	RDTX.JK	214	12.2	11.3	1.1	Jakarta Stock Exchange
The RMR Group Inc.	RMR	503	8.7	12.9	1.1	NASDAQ Capital Market
Realia Business, S.A.	RLIA.MC	873	4.4	16.4	0.7	Madrid Stock Exchange
The Real Brokerage Inc.	REAX	845	-63.9	-54.4	25.6	NASDAQ Capital Market
Qualitas Limited	QAL.AX	579	15.6	20.9	2.5	Australian Securities Exchange
Rafael Holdings, Inc.	RFL	103	-6.7	-2.3	0.6	New York Stock Exchange
Swiss Prime Site AG	SPSN.SW	11,508	9.2	25.0	1.3	Swiss Exchange
Stenhus Fastigheter i Norden AB (publ)	SFAST.ST	431	-5.8	73.2	0.7	Stockholm Stock Exchange
Swedish Logistic Property AB	SLP-B.ST	923	1.5	15.9	1.4	Stockholm Stock Exchange
Sirius Real Estate Limited	SRE.L	1,910	62.3	12.0	1.0	London Stock Exchange
Shurgard Self Storage S.A.	SHUR.BR	3,999	4.2	5.0	0.9	Brussels
Samhällsbyggnadsbolaget i Norden AB (publ)	SBB-D.ST	940	7.6	-2.1	0.6	Stockholm Stock Exchange
S IMMO AG	SPI.VI	1,803	7.0	177.3	1.0	Vienna
Samhällsbyggnadsbolaget i Norden AB (publ)	SBB-B.ST	933	7.5	-1.4	0.4	Stockholm Stock Exchange
Selvaag Bolig ASA	SBO.OL	327	14.8	18.3	1.4	Oslo Stock Exchange
Servcorp Limited	SRV.AX	359	7.2	10.5	2.5	Australian Securities Exchange
SF Urban Properties AG	SFPN.SW	398	-3.1	20.2	0.9	Swiss Exchange
Stride Property Group	SPG.NZ	384	55.0	49.9	0.7	NZSE
São Carlos Empreendimentos e Participações S.A.	SCAR3.SA	175	-1.1	-29.8	0.6	São Paulo
StorageVault Canada Inc.	SVI.TO	1,087	-3.7	-43.8	13.9	Toronto Stock Exchange
Savills plc	SVS.L	1,759	6.4	24.2	1.7	London Stock Exchange
The Property Franchise Group PLC	TPFG.L	473	14.5	34.2	2.4	London Stock Exchange
TAG Immobilien AG	TEG.DE	2,898	-2.0	20.7	0.8	Frankfurt Stock Exchange
Transcontinental Realty Investors, Inc.	TCI	335	7.0	41.6	0.4	New York Stock Exchange
Texmaco Infrastructure & Holdings Limited	TEXINFRA.NS	153	165.5	-146.5	0.8	National Stock Exchange of India
Transindia Real Estate Limited	TREL.BO	96	17.1	15.8	0.7	Bombay Stock Exchange
Star Holdings	STHO	98	-1.3	-2.1	0.3	NASDAQ Global Market
S IMMO AG	T1L.DE	1,803	7.0	177.3	1.0	Frankfurt Stock Exchange
Texaf S.A.	TEXF.BR	141	6.3	16.5	1.1	Brussels
Trisul S.A.	TRIS3.SA	249	3.7	7.8	0.9	São Paulo
Saha Pathana Inter-Holding Public Company Limited	SPI.BK	1,178	12.7	7.7	0.5	Thailand
Varia US Properties AG	VARN.SW	238	-27.8	-13.2	0.6	Swiss Exchange
Texmaco Infrastructure & Holdings Limited	TEXINFRA.BO	153	165.5	-146.5	0.8	Bombay Stock Exchange
Wallenstam AB (publ)	WALL-B.ST	3,033	-2.0	28.7	0.9	Stockholm Stock Exchange
Public Property Invest AS	PUBLI.OL	622	11.6	-40.3	0.8	Oslo Stock Exchange
VIB Vermögen AG	VIH1.DE	281	3.2	3.6	0.3	Frankfurt Stock Exchange
Wihlborgs Fastigheter AB (publ)	WIHL.ST	3,013	-0.2	16.0	1.2	Stockholm Stock Exchange
VGP NV	VGP.BR	2,551	8.1	7.7	0.9	Brussels
Vonovia SE	VNA.DE	26,921	11.1	-32.6	0.9	Frankfurt Stock Exchange
WHA Corporation Public Company Limited	WHA-R.BK	1,393	0.4	8.9	1.2	Thailand
WHA Corporation Public Company Limited	WHA.BK	1,393	0.4	8.9	1.2	Thailand
Warteck Invest AG	WARN.SW	763	5.2	26.8	1.2	Swiss Exchange
New Zealand Rural Land Company Limited	NZL.NZ	79	-0.9	11.3	0.5	NZSE
Joint Stock Company "World Trade Center Moscow"	WTCM.ME	169	0.0	2.3	0.1	Moscow Stock Exchange
Vonovia SE	VNA.F	27,016	11.1	-32.6	0.9	Frankfurt Stock Exchange
Financial Street Property Co., Limited	1502.HK	109	9.5	6.7	0.6	HKSE
Vinte Viviendas Integrales, S.A.B. de C.V.	VINTE.MX	359	-0.5	15.9	1.2	Mexico
Züblin Immobilien Holding AG	ZUBN.SW	164	11.9	40.7	1.0	Swiss Exchange