During the analysis period corresponding to the first quarter of 2022, an average decrease of 8 basis points is observed in the discount rates of the Real Estate sub-industries analyzed in relation to the previous quarter, with the Office and Residential sub-industries being the ones that have experienced the largest declines during this period. The main causes of the fluctuations in Real Estate discount rates are a decrease of 26 basis points in the 30-year risk-free rate and an increase in credit spreads, which has generated a net effect on the variation of The discount rates of most of the sub-industries analyzed were insignificant, with the exception of the office and residential sub-industries, which were also affected by a decrease in their deleveraged betas and an increase in the debt/equity ratio. of comparable companies.