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    Multi-Unit Residential Appraisal in Midland - Professional commercial property appraisal services in Ontario

    Multi-Unit Residential Appraisal in Midland

    Midland property owners and investors rely on professional multi-unit residential appraisal services for accurate valuations of apartment buildings, condominiums, and purpose-built rental properties. These AACI-designated, CUSPAP-compliant appraisals provide lender acceptance for financing, refinancing, and acquisition decisions, typically delivered within 5–7 business days. Serving Midland’s downtown core along King Street, waterfront properties near Georgian Bay, and growing residential neighbourhoods, the service supports estate planning, tax appeals, and mortgage underwriting. Appraisers analyse rental income, capitalisation rates comparable to Simcoe County benchmarks, and physical condition to produce defensible valuation reports. This third-party report meets all major Canadian lender requirements, ensuring property decisions in Midland are grounded in reliable market evidence.
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    Aerial view of Midland town centre and Georgian Bay shoreline, Ontario — apartment buildings and multi-unit residential property valuation context

    What Is Professional Multi-Unit Residential Appraisal in Midland, Ontario?

    In Midland, a professional multi-unit residential appraisal provides an independent, AACI‑designated valuation of any property containing five or more dwelling units—whether a small walk‑up on Elizabeth Street, a mid‑rise apartment near King Street, or a waterfront condominium development overlooking Georgian Bay. The service is delivered under CUSPAP standards and is mandatory for commercial mortgage financing above $1 million. For Midland’s property owners, where the residential rental stock includes many older, purpose‑built buildings from the 1960s–1980s, an accurate appraisal reveals the economic reality behind the bricks and mortar.

    An AACI‑designated appraiser analyses the subject property’s rent roll, expense history, and physical condition and compares it to recent sales and rental data from Midland, Penetanguishene, and the broader Simcoe County market. The resulting report meets the underwriting requirements of all major Canadian lenders and is typically delivered in 5–7 business days. This timeline accommodates a thorough inspection of all units and common areas—a necessity for older Midland buildings where deferred maintenance can significantly affect value.

    For the town of 16,983 residents, multi‑unit residential properties serve a critical housing need: accommodating seasonal tourism workers, retirees drawn to the Georgian Bay lifestyle, and healthcare professionals at Georgian Bay General Hospital. Because Midland’s apartment market is relatively small and tightly held, each transaction and valuation carries disproportionate informational weight, making professional appraisal reports indispensable for informed decision‑making.

    Whether used for mortgage refinancing, acquisition due diligence, or estate settlement, a CUSPAP‑compliant multi‑unit residential appraisal in Midland ensures that property owners and their lenders have an objective, market‑based valuation that can withstand scrutiny from regulators and tax authorities alike.

    Reconstructed Huron longhouse at Sainte-Marie among the Hurons in Midland, Ontario — tourism-driven commercial property and rental housing appraisal context

    How Does Midland’s Commercial Property Market Affect Appraisal Values?

    Midland’s multi‑unit residential market is shaped by a unique blend of small‑town stability, tourism‑driven seasonal demand, and proximity to both Georgian Bay and Highway 12. With a population of 16,983 and a median age higher than the provincial average, rental housing caters substantially to downsizing retirees and service workers employed in the hospitality and healthcare sectors. These demographic patterns keep vacancy rates historically low—generally below 3% in the town’s core—which in turn supports rent levels and property values.

    Major employers such as Georgian Bay General Hospital, the Simcoe County District School Board, and several advanced manufacturing firms on the town’s eastern fringe create a base of stable, middle‑income renters. The hospital alone employs over 500 staff, many of whom seek rental accommodation within a short commute, underpinning demand for apartments along the Yonge Street and King Street corridors. Seasonal tourism at attractions like the Martyrs’ Shrine and Sainte‑Marie among the Hurons injects additional, albeit cyclical, demand for shorter‑term rental units.

    Cap rates for well‑maintained multi‑unit buildings in Midland typically fall between 5.5% and 7.0%, slightly higher than in Barrie or Collingwood, reflecting Midland’s smaller market depth and older building stock. As of 2026, limited new purpose‑built rental construction has kept supply tight; most recent multi‑residential development has been condominium or townhouse projects along the waterfront. This supply constraint, combined with rising construction costs exceeding $250 per square foot for wood‑frame apartments, means existing rental buildings are likely to see sustained value appreciation.

    Infrastructure improvements, including the ongoing widening of Highway 12 and municipal investments in the downtown and waterfront, are also gradually enhancing Midland’s connectivity and amenity appeal, factors that appraisers weigh positively when selecting comparable sales and projecting income growth assumptions.

    Martyrs' Shrine church and grounds in Midland, Ontario — cultural landmark influencing local multi-unit residential real estate demand and appraisal factors

    What Drives Multi-Unit Residential Property Values in Midland?

    The single largest driver of multi‑unit residential value in Midland is the level and stability of rental income. Appraisers capitalise a property’s net operating income at a market‑derived cap rate, and for Midland buildings with long‑term tenants and below‑market rents, the value can be significantly influenced by the gap between in‑place income and achievable market rent. Buildings where rents sit 15%–25% below market may be valued at a discount, presenting both a risk and an opportunity for investors.

    Physical condition is especially important in Midland, where a substantial proportion of apartment stock was built between 1960 and 1990. Deferred maintenance—roof replacement costs averaging $75,000–$150,000, outdated electric heating systems, and original single‑pane windows—can reduce net income and increase capitalisation rates, lowering overall value by 10%–20% relative to a fully renovated comparable. Buyers and lenders scrutinise the most recent capital expenditure history closely.

    Location within Midland’s distinct neighbourhoods also matters. Properties within walking distance of Georgian Bay, Little Lake Park, and the downtown core typically command a premium of 5%–10% in both rents and capitalisation assumptions over otherwise identical buildings situated near industrial zones or the town’s periphery. Proximity to schools, shopping, and public transit along the Midland Penetanguishene Transit route adds further value.

    Zoning and development potential increasingly influence appraisals. Older low‑rise apartments on generous lots may hold redevelopment potential under Midland’s official plan, particularly if they are located along designated intensification corridors. An appraiser who identifies latent development value—quantified as the present value of future surplus density—can add 15%–30% to a property’s concluded market value, above what the pure income approach would indicate.

    Midland Sports Hall of Fame entrance, Ontario — community facility within Midland's commercial and multi-unit residential property landscape

    How Does Midland’s Seasonal Economy Affect Rental Property Valuations?

    Midland’s economy experiences a pronounced summer tourism peak, which influences multi‑unit residential valuations through seasonal rental income volatility. Appraisers normalise annual income by averaging three years of financials, but buildings with a material portion of short‑term or seasonal leases can exhibit income swings of 10%–20% between winter and summer, requiring careful judgment in the income capitalisation approach.

    The town’s status as a gateway to the 30,000‑island region of Georgian Bay and as home to cultural landmarks attracts workers for marinas, hotels, restaurants, and attractions during the May–October season. Some apartment owners convert unused units to weekly rentals during peak months, but this practice must be disclosed and analysed for its sustainability and compliance with municipal by‑laws. An appraisal that does not account for by‑law enforcement risk or the higher operating costs of short‑term turnover could overstate value by $50,000–$100,000 on a mid‑sized building.

    Conversely, the presence of year‑round employers like Georgian Bay General Hospital and the region’s manufacturing base provides a stabilising floor. Multi‑unit buildings with a tenant mix that includes health‑care workers on 2–3 year leases tend to attract more favourable financing terms and lower cap rate assumptions than those heavily weighted toward seasonal hospitality workers. Lenders often request a rent‑roll stratification to assess this exposure.

    Appraisers also consider Midland’s rooming‑house and conversion market, where older single‑family homes have been split into multiple units to serve lower‑income seasonal workers. While these properties can generate above‑average gross rents per square foot, they carry higher management intensity and regulatory risk. A CUSPAP‑compliant appraisal explicitly addresses these factors, ensuring that the valuated income stream is sustainable and defensible.

    Historic pioneer village buildings in Midland, Ontario — heritage tourism area affecting nearby multi-unit residential and commercial property valuations

    What AACI Certification and Professional Standards Apply to Multi-Unit Residential Appraisal?

    Only an AACI‑designated appraiser, accredited by the Appraisal Institute of Canada, is qualified to prepare a multi‑unit residential appraisal report intended for mortgage lending on non‑owner‑occupied properties in Ontario. The AACI pathway demands a minimum of 300 hours of post‑secondary real estate valuation coursework and 4,000 hours of supervised experience, ensuring that the professional understands complex income capitalisation, highest‑and‑best‑use analysis, and the legal framework governing residential tenancies.

    All appraisal work must conform to the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), which mandate independence, impartiality, and a thorough scope of work definition. For a Midland multi‑unit property, this means the appraiser must verify the physical unit count, measure the gross building area, confirm the zoning under the Town of Midland’s comprehensive zoning by‑law, and reconcile at least two valuation approaches—always including the income approach—before reporting a final value.

    Quality assurance extends to the report’s compliance with the lender‑specific requirements of institutions such as TD, RBC, Scotiabank, BMO, and CMHC. An AACI‑designated appraiser is familiar with the supplemental forms, environmental questionnaires, and rent‑roll certifications that accompany a commercial mortgage application. Failure to meet these requirements can delay financing by 2–4 weeks or result in outright rejection, making professional standards a critical gatekeeper.

    In Midland, where the market for larger multi‑unit assets is thin, an appraiser’s adherence to CUSPAP’s comparable selection and adjustment guidelines is particularly important. The report must justify any extrapolation from transactions in Penetanguishene, Barrie, or Wasaga Beach, and must transparently disclose the analytical weight placed on each data point. This rigour protects all parties—owners, lenders, and insurers—in a market where a single mispriced sale can skew expectations.

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    Lina Violo
    Lina Violo

    19 days ago

    Google

    We cannot say enough wonderful things about Ashita and the team at Aion Appraisals and Consulting. We own a waterfront property on Georgian Bay, and given the unique nature and value of a lakefront home, we knew we needed an appraiser who truly understood waterfront properties on a private road and the factors that can affect their value. From the beginning, Ashita was incredibly thorough, professional, knowledgeable, and genuinely committed to helping us through a very complicated situation. She took the time to understand not only our property, but also the circumstances surrounding the issues we were dealing with. Her appraisal report was exceptionally detailed and comprehensive. She went far beyond what we expected from an appraisal, taking the time to investigate the situation thoroughly and understand all of the factors affecting our property. What impressed us most was how far Ashita went above and beyond for us. She took the initiative to meet with township officials and made every effort to understand the situation from all sides. Her dedication, attention to detail, hard work, and professionalism were truly exceptional. We never felt like we were simply another appraisal client. Ashita genuinely cared about understanding our situation and making sure that our property and its unique circumstances were properly represented in her report. We are extremely grateful for all of Ashita’s hard work and efforts. Her knowledge of waterfront properties, combined with her thoroughness and dedication, gave us tremendous confidence during what has been a very stressful situation. We would highly recommend Aion Appraisals and Consulting, especially to anyone looking for an appraiser who understands the unique characteristics and value of waterfront property and is willing to truly go the extra mile for their clients. Thank you, Ashita, for everything you have done for us! ⭐⭐⭐⭐⭐

    Response from Aion Appraisals

    Thank you so much, Lina — this means a great deal to us. Waterfront properties on private roads bring a unique set of valuation factors, and we're glad Ashita's thoroughness gave you the confidence you needed during a stressful process. Her willingness to go the extra mile, including meeting directly with township officials, is exactly the standard we hold ourselves to at Aion Appraisals and Consulting. We'll be sure to pass along your kind words to her. Thank you for trusting us with your Georgian Bay property, and for taking the time to share such a detailed review! - The Aion Appraisals Team

    19 days ago

    Jeff Wright
    Jeff Wright

    about 1 month ago

    Google

    I recently worked with Aion Appraisals & Consulting Team for a commercial appraisal of my new office unit, and the experience was excellent. Ashita Chandra was fantastic throughout the entire process. She was very responsive, arranged a site visit quickly, and kept everything moving efficiently. Most importantly, she delivered all the required documentation within the timeframe she committed to. Her professionalism, reliability, and excellent communication made the process smooth and stress-free. I would highly recommend Ashita and the Aion Appraisals & Consulting Team to anyone in need of commercial appraisal services.

    Response from Aion Appraisals

    Thank you so much, Jeff. We're glad the appraisal of your new office unit went smoothly, and it's great to hear that Ashita kept things moving and delivered on the timeline she promised — that's exactly what we aim for on every commercial assignment. We'll be sure to pass your kind words along to her. Congratulations on the new space, and please don't hesitate to reach out if you need anything down the road. — The Aion Appraisals Team

    about 1 month ago

    Kyron Slazar
    Kyron Slazar

    about 2 months ago

    Google

    Needed a commercial appraisal done for a mortgage approval. Aion got me in pretty quick(week after I called) and was very communicative while the report was being done despite an impatient and confusing lending party.

    Response from Aion Appraisals

    Thank you, Kyron! We appreciate you taking the time to share your experience. Commercial appraisals for mortgage approvals often come with tight timelines and a lot of moving parts, so we're glad we could keep things on track and keep you informed throughout — even with the added complexity on the lending side. If you ever need another appraisal or have questions down the road, we're always happy to help. - The Aion Appraisals Team

    about 2 months ago

    Expertise You Can Bank On

    Aion Appraisals & Consulting is proudly directed by Ashita Chandra, AACI, P.App, a professional designated with the Appraisal Institute of Canada. With over two decades of experience within the real estate sector, we provide a profound depth of local insight, specializing in commercial valuation across Southern Ontario and the Greater Toronto Area.

    Our work is defined by its unwavering precision and reliability. Ashita prepares lender-ready commercial appraisals trusted by Canada's Big Six banks and leading private lending institutions. Every valuation engagement we manage is executed in strict accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), ensuring that our clients receive a sophisticated product built to withstand the highest tier of professional scrutiny.

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    Multi-Unit Residential Appraisal in Midland

    How our services integrate with the local commercial real estate market

    What Is Multi-Unit Residential Appraisal and Who Needs It?

    A multi‑unit residential appraisal determines the market value of a property containing two or more dwelling units—a service that is critical for securing commercial mortgages, where lenders require an independent, AACI‑designated report for loans exceeding $1 million. The appraisal process follows the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and is essential for owners, investors, developers, and lenders in an Ontario market increasingly driven by multi‑family housing demand.

    • Service Scope: A CUSPAP‑compliant multi‑unit appraisal analyses the income approach, sales comparison approach, and cost approach as appropriate. AACI‑designated appraisers verify rent rolls, expense statements, and physical condition metrics to produce a valuation that meets the Appraisal Institute of Canada’s professional standards. Typically these reports span 60–120 pages and require 5–7 business days from inspection to delivery.
    • Common Applications: Property owners use multi‑unit appraisals for mortgage refinancing, acquisition due diligence, portfolio valuation, partnership dissolution, and tax assessment appeals. Lenders mandate them for any commercial loan secured by a property with 5+ units. In Midland, investors acquiring older walk‑up apartments or converting single‑family homes into legal duplexes also rely on these valuations.
    • Property Types Covered: The service covers apartment buildings from 5 to over 100 units, purpose‑built rental complexes, condominium buildings, mixed‑use structures with residential above ground‑floor commercial, student housing, and senior living facilities. Size, unit mix, and historical income performance all influence the final value.
    • Industry Context: Across Southern Ontario, multi‑family assets have become a primary institutional investment class. Cap rates for stabilized apartment buildings in the GTA and surrounding markets, including Midland’s Simcoe County region, have compressed to the 4.5%–6.0% range for quality assets, making precise valuation more important than ever.

    How Does the Multi‑Unit Residential Appraisal Process Work?

    The standard multi‑unit appraisal process follows four phases and is completed in 5–7 business days. Each step is designed to produce a lender‑ready valuation that satisfies the requirements of all major Canadian financial institutions.

    1. Initial Consultation: The appraiser gathers key documents—rent roll summaries, income and expense statements, property tax bills, and any recent capital improvement records. This phase confirms the scope of work and identifies any special valuation considerations such as rent control legislation, upcoming lease renewals, or deferred maintenance.
    2. Property Inspection: A physical inspection documents the condition of all residential units, common areas, mechanical systems, roof, and site improvements. The appraiser measures gross building area and verifies unit counts, confirming that the physical asset matches municipal records and income schedules.
    3. Market Analysis: Using verified sales, rental comparables, and cap rate data from the broader Southern Ontario market, the appraiser applies the income approach—capitalising net operating income at an appropriate rate—and cross‑validates with the sales comparison and cost approaches as needed. Current market data from transactions in Midland and neighbouring communities such as Penetanguishene and Barrie informs the adjustment process.
    4. Report Delivery: The final CUSPAP‑compliant report includes the reconciliation of value, supporting exhibits, and a narrative explaining all assumptions. It is delivered in PDF format, ready for lender submission, and typically accompanied by a executive summary highlighting the key value drivers and risk factors.

    Why Is Multi‑Unit Residential Appraisal Important for Property Owners?

    For owners of apartment buildings and other residential investment properties, a professionally prepared appraisal is the foundation of sound financial decision‑making. Without an up‑to‑date, lender‑accepted valuation, property owners can face financing delays, unfavourable loan terms, or missed opportunities in estate and tax planning.

    • Financial Decisions: Lenders generally advance 65%–75% loan‑to‑value on multi‑unit residential properties, meaning a valuation that is even 5% below market can reduce available financing by tens of thousands of dollars. A current AACI‑designated appraisal ensures that owners can maximise borrowing capacity while meeting lender requirements for loans above $1 million.
    • Risk Management: An appraisal identifies potential risks such as functional obsolescence, adverse market trends, or unsustainable expense ratios. For example, a building with a deferred maintenance backlog exceeding $200,000 will see that reflected in the valuation, giving owners a transparent picture before they commit to a transaction.
    • Market Positioning: Understanding how a property compares to similar assets in the market—by square foot of net leasable area, per‑unit economics, and cap rate—allows owners to set appropriate asking rents and plan capital improvements that will yield the highest return on investment.
    • Regulatory Compliance: In Ontario, several statutory triggers require an independent appraisal, including estate probate, family law property division, and expropriation proceedings. A CUSPAP‑compliant multi‑unit appraisal meets all legal requirements and can be defended in court or before assessment review boards.

    What Should Property Owners Know Before Ordering a Multi‑Unit Residential Appraisal?

    The single most important consideration is to ensure that the appraiser holds an active AACI designation and that the report will comply with CUSPAP standards, because only then will it be accepted by all major lenders and regulatory bodies. Owners should also gather complete financial records in advance, which can reduce the turnaround timeline by 1–2 business days.

    • Valuation Factors: Beyond physical condition, the most influential factors are the current rent roll, vacancy rate, and expense ratios. Appraisers compare the subject property’s net operating income to market‑derived cap rates; in Southern Ontario, cap rates for well‑located multi‑unit buildings typically fall between 5.0% and 7.0%, with lower rates for newer, institutionally‑quality assets.
    • Market Trends: As of 2026, multi‑family demand remains elevated across the GTA and its satellite communities, including Midland, where population growth and limited new purpose‑built rental supply have kept vacancy rates below 3% in most Simcoe County sub‑markets. Rising interest rates have tempered cap rate compression but have simultaneously pushed more households toward rental housing.
    • Professional Standards: Only an AACI‑designated appraiser—having completed a minimum of 300 hours of post‑secondary real estate valuation coursework and 4,000 hours of supervised experience—is qualified to sign a multi‑unit residential appraisal report intended for mortgage lending. CUSPAP compliance ensures the report is independent, impartial, and meets the Appraisal Institute of Canada’s rigorous ethics code.
    • Best Practices: Schedule the appraisal well in advance of any financing deadline; a rush order can add a surcharge of 25%–40%. Provide the appraiser with three years of historical income and expense statements, a current rent roll, and any capital improvement invoices. This due diligence produces the most accurate valuation and avoids costly revision cycles.

    All Our Services in Midland

    Explore our complete range of professional appraisal services available in Midland. From commercial properties to specialized valuations, we provide comprehensive solutions for all your real estate appraisal needs.

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    All services listed are available in Midland and surrounding areas. Aion Appraisals & Consulting is AACI certified and provides professional real estate appraisal services across Ontario.

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    Frequently Asked Questions about Multi-Unit Residential Appraisal in Midland

    What does a multi-unit residential appraisal involve in Midland?

    A multi-unit residential appraisal in Midland involves a comprehensive analysis of a property with 5 or more dwelling units, using the income, sales comparison, and cost approaches under CUSPAP standards. The appraiser inspects all units and common areas, reviews rent rolls and expense statements, and benchmarks the property against Midland and Simcoe County market data to produce a lender-accepted valuation in 5-7 business days, with rush delivery available for a 25-40% surcharge.

    How long does a multi-unit residential appraisal typically take?

    The standard timeline from property inspection to final report delivery is 5-7 business days. The inspection phase requires 1-2 days, followed by 3-4 days of income analysis, comparable selection, and report writing. For urgent financing deadlines, rush service can deliver a complete CUSPAP-compliant report in 2-3 business days at an additional cost.

    Which multi-unit properties need an appraisal in Midland?

    Appraisals are typically required for apartment buildings of 5-plus units, purpose-built rental complexes, condominium buildings, and mixed-use structures with residential components in Midland. Lenders mandate them for any commercial mortgage exceeding $1 million, while owners also order them for estate probate, partnership restructuring, tax appeals, and acquisition due diligence in Midland's King Street corridor and waterfront neighbourhoods.

    What factors affect multi-unit residential appraisal costs?

    Cost is driven by property size—ranging from $3,200 for a 5-unit walk-up to $7,500+ for a 30-unit building—as well as the complexity of the income analysis, number of unit types, and whether a full inspection of every unit is required. Properties with commercial components, deferred maintenance, or irregular unit mixes increase analysis time and may add $800–$1,500 to the base fee.

    How much does a multi-unit residential appraisal cost in Midland?

    In Midland, a typical multi-unit appraisal costs between $3,200 for a small 5-unit building and $7,500 for a mid-sized 30-unit apartment, with larger complexes priced proportionally. All fees are all-inclusive of the property inspection, income capitalisation analysis, and CUSPAP-compliant report suitable for TD, RBC, Scotiabank, and BMO financing, delivered within 5-7 business days.

    What documentation is required for a multi-unit residential appraisal?

    Property owners must supply a current rent roll, the past two to three years' income and expense statements, property tax assessments, a recent survey if available, and any capital improvement invoices totalling over $5,000. Providing this documentation upfront typically shortens the appraisal process by 1-2 business days.

    How does a multi-unit residential appraisal differ from a commercial property appraisal?

    A multi-unit residential appraisal focuses specifically on income-producing residential assets with 5+ units, emphasising the income approach and per-unit metrics. A general commercial property appraisal covers office, retail, industrial, and mixed-use properties where the valuation methods may weigh the sales comparison or cost approach more heavily. Both require AACI designation for lending, but the analytical framework and comparable selection differ by asset class.

    When is a multi-unit residential appraisal typically needed?

    The most common triggers are mortgage financing or refinancing, where lenders require an independent valuation for loans above $1 million; acquisition due diligence when purchasing an apartment building; tax assessment appeals where the MPAC value appears excessive; estate settlement; and divorce proceedings where property division requires a court-defensible market value.

    What are lender requirements for multi-unit residential appraisals?

    All major Canadian lenders—including TD, RBC, Scotiabank, BMO, and CIBC—require a CUSPAP-compliant report prepared by an AACI-designated appraiser for any multi-unit commercial mortgage. The report must explicitly state the market value, effective date, and scope of work, and include a full income capitalisation analysis that the lender can review independently.

    What qualifications do appraisers need for multi-unit residential work?

    The appraiser must hold the AACI (Accredited Appraiser Canadian Institute) designation, which requires a minimum of 300 hours of post-secondary real estate valuation education, 4,000 hours of supervised experience, and a comprehensive professional examination. Only an AACI-designated appraiser can sign a multi-unit residential report for lending purposes under CUSPAP standards in Ontario.

    Are there seasonal considerations for multi-unit residential appraisals?

    Seasonality has less impact on multi-unit residential valuations than on single-family homes, but winter inspections can reveal ice damming, heating system performance, and insulation issues more clearly. In Midland's Georgian Bay climate, snow cover may limit exterior site inspection in December through March, potentially extending the appraisal timeline by 1-2 days if multiple site visits are needed.

    What are common misconceptions about multi-unit residential appraisals?

    Many owners believe that the cost approach alone determines value, but for income-producing residential properties the income capitalisation approach is the primary method. Another misconception is that any licensed appraiser can prepare a lender-ready report; in fact, most Canadian banks require the AACI designation specifically for multi-unit, non-owner-occupied residential assets.

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