But hopefully after reading this guide, youll have a good starting point. Directly accessible data for 170 industries from 50 countries This is the net annual rental income divided by your estimate of the current value of the property - which you can get from looking at sales of similar properties in the area. This is probably one of the easiest methods to calculate the value of a commercial property. Discover what they are, why theyre fixed or semi variable, and where you list them on an income statement. This will eventually lead to a higher NOI and an increased value. Their connection to the deal may influence their valuation. The indexa measure of pricing for a broad spectrum of institutional quality propertyhas fallen 13% this year. Income capitalization approach. React News is not part of Green Street's regulated business in the UK or the US and is not a product of the firm's research department. 10% x S$24,000 = S$2,400 Once you find the average rental value and approximate GRM, you can quickly calculate the amount. "Index of Commercial Property Prices in The United States from 1st Quarter 2014 to 4th Quarter 2021. Instead of $125,000, they actually turn out to be $150,000, which means that NOI is reduced to $265,000. Real estate experts usually extrapolate the market sales of similar commercial properties in and around the same neighborhood. An appraiser generally has no such interest in the transaction. For example, if you are evaluating a property that has an average rental value of $90,000 every year with a GRM of 8, the present value of the property will be $720,000. The cap rate is a property's net annual rental income, divided by the property's current value. And what are the alternatives to corporate credit cards? If a property generates $300,000 in gross rental income each year and is priced at $4.5 million, the GRM would be 15 ($4.5 million / $300,000). 61.1bn AUD. Chart. The location of the property. Once you have the cap rate, or the rate of return, you can divide your net operating by this figure to get a value. Here are five key numbers from the report: $619,953,385,583: The total value of property in Santa Clara County as of Jan. 1, excluding exemptions. For example, if you are purchasing a property in a land that produces oil underneath, you will have to consider a value depending on the income you generate by selling the oil or the rental value of properties around that area. If you can find the value of one unit, you can potentially multiply it by the total number of units in the building to get an overall value. Since many people use commercial properties for different purposes, there are certain laws that determine the overall price of that place. But how will you understand the market value of the land? $100,000 purchase price divided by $10,000 in rent = 10 GRM. The recent sales data would show how much the property in question may be worth, as long as details such as the size, age, location, neighborhood demographics and condition of both buildings are similar. This method also doesnt consider any elaborate repair expenses that you may need to incur in the future. You can use this approach to find how long it would take to pay off the purchase of a property, using the rental income from tenants. Features that differentiate this index are its timeliness, its emphasis on average institutional quality properties, and its ability to capture changes in the aggregate value of the commercial property sector. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. Terms of Use Features that differentiate this index are its timeliness, its emphasis on high-quality properties, and its ability to capture changes in the aggregate value of the commercial property sector. Using the gross rent multiplier formula to find commercial property value is similar to following the income approach. The inverse of this method is used to determine an investor's value of the property. Then you can access your favorite statistics via the star in the header. This is particularly the case for quirky properties, where there arent any similar properties to compare it to. If a 7% cap rate is applied, the estimated value of the property is $4.1M ($290,000 / 7%). You can view your Annual Value and Annual Value Rate of your industrial property by following these steps: Log in to myTax.iras.gov.sg your Singpass or Corppass. Commercial property owners must pay federal tax on the net income from the property. Youll simply need to add together the land and construction costs to get an approximate valuation. The biggest benefit of this method is it offers you the current valuation of your property. There are three approaches that are commonly used to find commercial property value: the cost approach, the sales comparison approach and the income approach. Our index reflects changes in commercial property values as soon as we hear about them. The Commercial Property Price Index is a time series of unleveraged property values across these sectors and markets, and captures the prices at which commercial real estate transactions are currently being negotiated and contracted. The Green Street index value is based on where commercial real estate would transact today. 2022 Neal Business Funding | All Rights Reserved. You can also value a property by looking at its potential income. Are commercial property values and land prices high in the area? In this guide, well take a look at a few of the different valuation methods you can use, including using a professional to complete an appraisal report. In the first step, the Gross Rent Multiplier is calculated for recent sales of similar properties. If youre considering using a valuation service, remember that there will be fees to pay. As soon as this statistic is updated, you will immediately be notified via e-mail. To find commercial property value, you would need to consider variables such as income from rent, construction and maintenance costs, and the value of similar buildings in the surrounding area. To find the cap rate, you would divide the propertys net annual rental income by the current value of the property. Investors usually combine data from comparable properties and any costs associated with generating revenue, such as regular maintenance to keep the building functional. Determine the approximate 'effective . While the firm offers some investment advisory services, the U.S. Research, Data and Analytics products and services are not provided in the capacity of an investment advisor or a fiduciary. The Green Street Forecasting tool is an estimation of future events based on market trends in historical data that have proved to provide actionable insights during past market cycles. 1% cashback! This method has to be used, because unlike residential property where nearby home prices will be an indicator, it can be very difficult to find similar commercial property in the same location. The cost appraisal approach assumes that you are paying the highest cost that the property may have in that neighborhood. So, the total value of the property will be $65,000. The market value of the land of a commercial property depends on the average market worth of the land. NOI divided by cap rate is quite similar to how you calculate a propertys value using the income approach. Income capitalisation approach You can also value a property by looking at its potential income. 2022 has been all about interest rates, and the negative impact theyve had on values, said Peter Rothemund, Co-Head of Strategic Research at Green Street. Now, assume that year 1 property taxes are estimated incorrectly. Owner-occupier tax rates (residential properties) The following will be exempt from the surcharge: (1) property owned and occupied as a domicile by any person who qualifies for low income housing or low or moderate income senior housing in the Town of Shelburne, as defined in Section 2 of said Act; (2) $100,000 of the value of each taxable parcel of residential property; (3) $100,000 of the . Most property indices are equally-weighted. As an example, if the NOI of a property is 32,500 a year and comparable cap rates are 5%, the property can be valued at 0.6 million. However, it doesnt calculate the income of the property if you rent it or fix and flip it. Its potential for income. This trend mirrors the recovery seen across all economic sectors after the 2007-2009 recession.. It looks into the land value of the area along with the total cost to construct the property from scratch. You can do this by taking the total value of the commercial property and dividing it by the annual income (i.e., gross rent) it produces. IRAS | myTax Portal Check Annual Value of Property A Singapore Government Agency Website How to identify Check Annual Value of Property You can enquire the annual value and name of owner (s) of property for current and past 5 years. Most people get in touch with appraisers and local commercial real estate agents to know the average GRM to understand how to value commercial property. Comparable sales value of the properties built around similar lands. As of 2016 the retail real estate annual value amounted to 4.76 billion British pounds. Crucially, youll want to be looking at the capitalisation or cap rate. The Annual Value will be the estimated annual gross rent of the individual unit. and Overview. . Because our CPPI is value-weighted, it measures whats happening to real estate prices in aggregate, similar to the Wilshire 5000 that measures whats happening to the stock market in aggregate. The value of commercial construction has been on the rise since 2010 in the United States. Green Street's Commercial Property Price Index is a time series of unleveraged Pan-European commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted. We place more weight on high-quality properties, e.g. His property tax payable will be $2,520 since he falls into the lowest tier based on his property's annual value. The formula you could follow for the income approach is relatively simple: The income value would be dependent on the propertys capitalization rate, or cap rate, which represents the rate of return on the property. Property Value = Annual Gross Rents x Gross Rent Multiplier $1,280,000 = $160,000 x 8 (GRM) Before you know how to value commercial property, it is essential to understand that there are a few uncontrollable elements that can affect the total cost. You can also do this calculation the other way round, to find the value per unit by dividing the whole building value by the number of units. The sales comparison approach depends on transaction data from recent sales of similar properties in the area. You can calculate the value of the commercial property using this formula: Property Value = Annual Gross Rents (AGR) multiplied by Gross Rent Multiplier. There are significant differences between the Green Street CPPI and other indices that track commercial property prices. Modern Slavery Policy, It is these factors that will affect the value of the property more than anything else. Editorial Note: The content of this article is based on the authors opinions and recommendations alone. Moreover, you dont have to consider a variety of factors to determine the cost of the property. For non-residential properties such as commercial or industrial properties in Singapore, the property tax rates are as follows :. New, Insights into the worlds most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development. Akin to familiar stock price indexes (e.g., S&P 500), GDP value weighting provides a gauge of aggregate (as opposed to average) values. So, if you want to purchase a commercial property that has a cap rate of 8% and an annual NOI value of $700,000, you will have to pay approximately $875,000 if you keep a fixed 8% cap rate. There are five steps to doing this: Determine the approximate 'gross potential income' of the commercial property if it is 100% occupied. Please do not hesitate to contact me. It may be difficult to accurately calculate the depreciation on older buildings, or estimate the land value in an area thats fully developed. It is more accurate than the other methods. Average Business Loans Interest Rates An appraiser would judge how much the property is worth without including partial opinions. Since REITs own high-quality properties, the index measures the value of institutional-quality commercial real estate. to incorporate the statistic into your presentation at any time. An example might look something like this: Take a property with a gross potential income of $500,000, subtract a 10% vacancy factor of $50,000 and you will be left with an effective gross income of $450,000. can have a detrimental effect on financial sector soundness by affecting credit quality and the value of collateral. "Index of commercial property prices in the United States from 1st quarter 2014 to 4th quarter 2021." The local real estate market and condition of the individual property would determine which approach would be best for a particular building, said Elaine Worzala, director of the Carter Real Estate Center at the College of Charleston School of Business. Are you interested in testing our corporate solutions? The more people interested in the market the better.. Weve covered the main valuation methods you need to know about, along with some things to bear in mind about using a professional valuation service. If you noticed, the difference in property tax between property occupants and non-property-occupants is quite huge due to the OOP and NOOP tax structure. facts. In those scenarios, the cost approach may not be best. This will be partly based on location, but also on the number of tenants it could comfortably accommodate. Whether you use the property to start your office, rent it out to generate income, or even fix and flip it, you need to know the right amount that you should pay for the place. Each sector index is created by GDP weighting individual market indexes. The GRM method doesnt consider the expenses for repairs or collection loss in the future. Using the information gathered and their professional expertise, an appraiser will produce a report. 43bn AUD. To stop the sharing of information, please click here for the "Do Not Sell My Personal Information" page. One of the advantages of using the income approach is it helps to understand the recent sale activity according to its comparable properties. The data thats available would determine whether you take the cost approach, sales comparison approach or income approach to calculate the value of the property. May 22, 2022. You may obtain the property tax table for 2023 and 2024 from IRAS . LendingTree, LLC is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law, with its main office located at 1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203, Telephone Number 866-501-2397. This sample formula shows the sales comparison approach: The sales comparison approach is best suited for properties surrounded by many similar properties in an area with a high volume of commercial real estate sales. A professional appraiser will look at all aspects of the building in detail, while also taking into account the location and proximity to other commercial properties. Wondering if Zoho Expense is the right choice for your business? Crucially, you'll want to be looking at the capitalisation or 'cap' rate. This figure, also known as the net assessment . Three to six comparable properties is ideal to get a good estimate. Wise is the trading name of TransferWise, which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. Use Ask Statista Research Service, Average rent per square foot paid for industrial space U.S. 2020-2021, by type, Occupancy rate of the U.S. hotel industry 2001-2021, Office vacancy rates in the U.S. 2019-2022, National NCREIF Property Index returns in the U.S. 1998-2021. Features that differentiate this index are its timeliness, its emphasis on average institutional quality properties, and its ability to capture changes in the aggregate value of the commercial property sector. Appraisal-based indices are only as good as the valuation estimates used to construct them, and Green Street has long devoted sizable resources to deriving accurate estimates of the values of the properties owned by REITs. The formula used to calculate it is: Gross Rent Multiplier = Sales Price / Annual Gross Rents Once the GRM is calculated for comparable properties, it can be applied to the estimated gross rents of property being valued. A quick worked example: if you rented out a 3-room HDB flat for $2,000 a month, your gross annual rent earned would be $2,000 x 12 = $24,000. Individual market conditions would impact which approach is best for a certain commercial property. It is not like a residential property that hardly has several price determining factors. Cap rates are usedto represent the expected rate of return for a given commercial property. So, you need to keep an eye on the rate at which the real estate marketing is growing also. A corporate card is issued by a company to its employee for business expenses. Discover the features of Zoho Expense, the cost of plans and the integration possibilities. For example, if the value of a commercial property is $50,000, its land value may be $15,000. For example, if the average cap rate of similar commercial properties is 8%, then you should either calculate the value according to 8% or at least 4%. If youre looking into property valuation, its likely because you want to get maximum value for money - whether buying a property or selling one. The cost appraisal approach is another popular method to calculate the value of a commercial property. Market values of commercial properties can fluctuate every year depending on the change in demand. How is our index different than others that track commercial property prices? You need at least a Starter Account to use this feature. A commercial real estate broker would also be able find the value of commercial property. As an example: The owner of a ten-unit apartment building paid $1,000,000 for the 10,000 square foot structure just over one year ago. Rental, hiring and real estate service . Youll need to choose the right method for each specific type of property, or perhaps even a combination of methods. Good luck! This is the best method to calculate the closest value of the commercial property. If you can match your property to one with a similar square footage and facilities nearby, you can see how much your property could expect to sell for. Access to this and all other statistics on 80,000 topics from, Show sources information React News operates behind robust Information Barriers to ensure the independence of React News and the research and advisory services provided by Green Street. Taking into account any roof terrace, mezzanine space, air-con ledge and toilet, but excludes void space. Charges $2.50 (inclusive GST) for each successful enquiry Accepted Cards Payment Requirements 1. . Keeping that cost aside, the basic cost of the property will be $550,000. To calculate GRM, simply divide the property purchase price by the gross annual rent. Six Commercial Real Estate Valuation MethodsCost approach. Although of course there are many other smaller considerations to take on board when valuing a commercial unit. Starting from place value to the area of the property, you need to consider everything while calculating the total price. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook All verified transactions have been comprehensively reviewed by a trained Data Associate who consults and vets all available sources to construct an accurate record of each sale. and over 1Mio. This process is also known as the Gross Rent Multiplier or GRM approach. In fact, it is the most practical way of calculating the value of commercial properties because it considers most of the real-life conditions. Apart from this basic difference, the GRM also relies a lot on gross rents instead of NOI. Get full access to all features within our Corporate Solutions. That is why you need to understand the different reasons that contribute to the value of the land on which the building stands. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Theres no one-size-fits-all approach when it comes to commercial property valuation. For example, if the annual value of a warehouse determined by the authority is S$24,000 for that particular year, the calculation will be :. Properties in this kind of prime location can be more attractive to tenants, as it could mean high footfall, lots of customers and close proximity to suppliers, services and employees. Lets run through the main property valuation methods you need to know about: This is a very simple, rough and ready way of estimating a propertys value. Lastly, you need to understand the amount of money that the seller wants and how much you can afford. React News is a wholly owned subsidiary of Green Street Advisors (UK) Ltd. Green Streets global news publications are not a product of the regulated advisory business. Statista. 10% of the annual value of the property. If youre looking to buy or sell commercial property in the UK, getting an accurate property valuation is crucial. Before you start doing any sums in relation to valuation, there are two main factors to consider. Ideally, you should calculate the value according to the average cap rate instead of the half percentage point. The cost approach incorporates the current value of the land the building sits on, as well as construction costs if you were to rebuild the property from scratch. Save money with Wise business cards. Value per Gross Rent Multiplier. The index is based on Green Street's frequently updated estimates of price for the property portfolios of a typical commercial real estate investor. Some of the most common methods that people follow to understand how to value commercial property are as follows: The income approach has a direct relation to the overall rental income of the propertys cap rate. Small Business Loans Typically reserved for income-generating properties, the income approach gives investors an idea of how much they could earn from the property. Most other indices are transaction-based. Disclosures. If youre planning to make a significant investment in a property purchase, or want to get a fair price when selling a property, its crucial to get an accurate valuation. The sum to do is this - divide the estimated property value (or the total youve borrowed to pay for the property) by the gross annual rental income. Get an inside look at some of our latest insights straight to your inbox. Investors should also remember that tenant deposits are not income, but rather they are held as a liability on the balance sheet. Youll need to take any major differences into account. Debt Service Register in seconds and access exclusive features. To use individual functions (e.g., mark statistics as favourites, set The sector indexes are then equal weighted to create the Pan-European Commercial Property Index. Your research can make the difference between a profitable deal and a non-successful transaction. Value of U.S. commercial construction from 2002 to 2021 Detailed statistics Total value of commercial construction starts by type of property 2021 48.4bn USD Detailed statistics U.S.. For instance, CBRE Group, a national commercial real estate investment firm, provides valuation and advisory services to clients across the country. Using the calculation, buyers can compare how long it will take to pay each property off. ", BIS, Index of commercial property prices in the United States from 1st quarter 2014 to 4th quarter 2021 Statista, https://www.statista.com/statistics/936975/commercial-property-index-usa/ (last visited December 12, 2022), Index of commercial property prices in the United States from 1st quarter 2014 to 4th quarter 2021, Available to download in PNG, PDF, XLS format, Commercial property investment volumes in the U.S. 2019-2021, by asset class, Change in commercial property investment volumes U.S. 2020-2021, by asset class, Most attractive property sectors for investment in the Americas 2017-2022, Leading real estate companies worldwide 2022, by market value, Volume of space leased in the U.S. Q2 2021, by industry, Value of U.S. commercial construction from 2002 to 2021, Total value of commercial construction starts by type of property 2021, Public spending on commercial construction in the U.S. 2008-2021, Local and state commercial construction value in the U.S. 2008-2021, U.S. value of new private sector commercial construction by subsector 2010-2021, U.S. new private sector commercial construction by region 2020, U.S. new non-residential commercial construction value 2006-2023, Size of commercial property remodeling market in the U.S. 2009-2022, Investors' view on office demand in the next three years globally 2022, by region, Recommendations to buy, hold or sell an office property in the U.S. 2023, by city, Absorption of office space in the U.S. 2022, by market, Vacancy rate of office space in the U.S. Q1 2022, by market, Size of office area in Manhattan in Q2 2022, by district, Available office and lab real estate in Boston Q2 2022, by district and type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Largest shopping mall property managers in the U.S. 2021, by GLA, Retail property investment volumes in major metropolitan areas in the U.S. 2022, United States: retail square feet in 2021, by type, Retail real estate under construction in the U.S. Q4 2021, by type, Average rent shopping center property in the U.S. 2020-2022, by region, United States: retail vacancy rates in 2021, by type, Recommendations to buy, hold or sell an industrial property in the U.S. 2023, by city, Industrial property vacancy rate in the U.S. 2019-2022, Absorption rate of industrial property in selected markets in the U.S. Q2 2021, Average availability of U.S. warehouse space by quarter 2016-2021, Recommendations to buy, hold or sell a hotel property in the U.S. 2023, by city, Hotel property investment volumes in leading metropolitan areas in the U.S. 2022, U.S. lodging construction value 2008-2020, Volume of hotel real estate supply in the U.S. 2016-2020, Volume of hotel real estate demand in the U.S. 2016-2020, Value of full service hotel transactions in the U.S. 2005-H1 2021, Value of limited service hotel transactions in the U.S. 2005-H1 2021, U.S. hotel construction costs by select city Q1 2022, Office space rental service producer price index (SPPI) in Nagoya 2013-2022, Annual rent per sf of premium office space in selected cities worldwide 2017, Share of real estate transactions in Switzerland 2017, by category, Office space rental service producer price index (SPPI) in Osaka 2013-2022, Value of office real estate purchased by foreign investors U.S. 2016, by origin, Buildings with highest property taxes in the U.S. 2017, Office floor space in Flanders 2021, by city, Apartment price per square meter in Buenos Aires, Argentina 2022, by size, Monthy rents in Cairo, Egypt 2015, by property type, Pests in the property: influence on a purchase offer by UK adults 2015, Monthly rents in Malabo, Equatorial Guinea 2018, by property type, Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre. For more information regarding the CCPA please read our Privacy Policy. But keep in mind a broker typically has personal interest in the property, as they would benefit from the sale. Based on this value, their property tax works out to be $1,120 using the prevailing tax rate of 4% for 2022 which is payable by January 2023. Fees and Payment Modes for Check Annual Value of Property Each search costs $2.50 (inclusive of GST). With Wise, you can send or receive money internationally for low, transparent fees and the real, mid-market exchange rate. Example 1: AV of Flat The indexa measure of pricing for a broad spectrum of institutional quality propertyhas fallen 13% this year. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. There are primarily three methods to calculate commercial property value when evaluating real estate for business. Its also really important to get an accurate valuation. 137bn AUD. However, there is a difference in the cap rate and how you calculate the gross rent. Determining AV of Buildings The AV of buildings is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees. Green Street Advisors (UK) Ltd., doing business as Green Street, is authorized and regulated by the Financial Conduct Authority (FRN 482269). There are many zoning laws that affect the cost approach method. All Property CPPI weights: retail (20%), office (17.5%), apartment (15%), health care (15%), industrial (10%), lodging (7.5%), net lease (5%), self-storage (5%), manufactured home park (2.5%), and student housing (2.5%). Profit from the additional features of your individual account. Graph and download economic data for Commercial Real Estate Prices for United States (COMREPUSQ159N) from Q1 2005 to Q2 2022 about real estate, commercial, rate, and USA. When youre ready to apply for your new business bank account, heres what youll need, Proof of ID and personal address, Articles of incorporation for the comp. Property valuation can be complicated, so you cant expect to master it overnight. Whether you plan to earn income from the property or you hope to sell it for a profit, youll need to take the right approach when calculating the value of commercial property to make sure you get the most out of the deal. Estimated value of commercial building activity. Current demand of the properties in and around the area you want to buy your commercial property. But how do they work? Looking at a property with lots of units or apartments? This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Property price / gross income from rent = Gross rent multiplier (GRM) To find the property value, you would multiply your annual gross rents by your GRM: Annual gross rents x GRM = Commercial property value You would need to compare the building's GRM with the GRM of comparable properties to understand how the property stacks up in the market. You could adjust the cap rate to reflect specific features of the property, like the quality of the exterior or building tenants, as they compare to the features of similar properties. For example, is it near other commercial facilities and/or transport links? Commercial property value is primarily based on the amount of net operating income ( NOI) that the property generates each year. Retail is mall (50%) and strip retail (50%).Core Sector CPPI weights: apartment (25%), industrial (25%), office (25%), and retail (25%). You'll simply need to add together the land and construction costs to get an approximate valuation. The good news is that commercial property valuations have improved quite a bit over the past several weeks as bond yields have retreated. Thus, the annual value of his property will be $25,200. Green Street's CPPI is appraisal-based. Cost Per Unit The cost per unit is the price of the property, divided by its total number of rental units. Learn more. So, ideally, you should calculate the individual values using these methods and then get an average value depending on the price of similar properties in the neighborhood. Show publisher information Also, you also need to consider the maintenance cost of the property before buying. 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