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      "text": "We derived our own estimates of the 2022 landbank's value by using the comparable method.",
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      "text": "We derived our own estimates of the 2022 landbank’s value by using the comparable method. We used the Prague Building Land Price Map1 to sample land plots neighboring the Bubny Landbank. (We inquired with local investigators about how data from the Land Price Map was used and were told that users “consider the map to be accurate and useful.”) Land price data is not available for all plots. The Bubny site, along with some other aging industrial and commercial sites, lack data. The majority of smaller commercial and residential sites have listed prices. These priced sites include both developed and un- or under-developed land. All the sample properties were from the Holešovice District. The furthest was only three city blocks away. Our estimates use a much larger dataset—70 sites—than that used by JLL. The plot locations are identified in our valuation table. To ensure we were using a comparable or latter period, we used the Prague Building Land Price Map’s 2023 price data in our comparison with CPI FIM’s YE 2022 valuations.",
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      "text": "1 The Prague Building Land Price Map uses recent transaction prices, along with statistical estimates of likely land values, to provide land values in and around Prague. It is maintained by the Prague authorities, and, according to our independent on-the-ground investigators in Czechia, it is generally considered reliable. The Land Price Map's methodology can be found fully elaborated in Decree No. 32/1998 as amended in Decree No. 18/2021 (and all amendments preceding it) in the records of the City of Prague.",
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