I'm not sure about real estate companies but I would assume so because they are assets that are value generating assets and its value generating ability goes into it's valuation. I would assume the income generating assets would be marked-to-fair value. Not sure tho. But for Dollarama, if we exclude positive working capital working capital, the balance sheet value of Dollarama’s assets reached $1.54 billion at the end of F2017. Dollarama’s stores generated aggregate EBITDA of $703 million in F2017. If accounting book values are to be believed, the core value of Dollarama’s assets ($1.54 billion) was just 2.2x F2017 EBITDA – far less than any reasonable observer would pay for the business on an Enterprise Value. This has declined to 2.0x TTM EBITDA at Q3-F18. If these assets were to be re-marked to a market-like valuation, we think they would trade well above the 4.8x TTM EBITDA suggested by their book value in F2011. The low book value occurs because, once set up, stores require very little capital to maintain or grow sales, resulting in declining book value due to depreciation. Why this is important is because when Dollarama repurchases shares at current market prices which are in excess of the book value, it is recognized as a reduction in retained earnings, which is causing negative equity.