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  "documentTitle": "A&M Valuation Insights November 2023",
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  "notes": "The slide uses dual line charts to compare valuation metrics against market bond yields, followed by a synthesis of implications.",
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      "text": "Despite the strong increase in interest rates in 2022 in an attempt by central banks to curb inflation also reflected in the sharp increase in bond yields, the discount and capitalization rates of German real estate companies have remained relatively constant.",
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      "text": "Implications of the current levels of discount and capitalization rates",
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      "text": "Average Discount Rate (residential real estate): 4.8%",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ, A&M Analysis",
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