RE:RE:OUCH for HRDefine "at a loss" from the percpective of an investor. My ACB is not NAV. Current year office sales were in-line with NAV. A realized loss at the REIT level while my ACB is ~60% of NAV is a gain for me based on the valuation I paid for the portfolio (allocating the discount proportionately across the board), while reduces the capital gains income needed to flow to me come year end, given the Trust structure here.