RE:RE:RE:Morguard USA Residential Insight for HR Going through the FS of Morguard as well, they recorded a $250 million gain on the fair value bump on their assets in Q1 which is about 8% of assets.. but they also had all their properties appraised at Dec 31 and so that 8% bump up just represents the change in the 3 months. Compared to H&R which hasn't had all their residentials appraised recently. So I think the NAV is looking pretty good for Q1.