how can the shares be at this level ?Well the short answer is,...

how can the shares be at this level ?

Well the short answer is, with $5 bn in assets and $4 bn in debts - or whatever it is, then if the value of the real estate falls only 20% - well within the realms of possibility in a worst-case US recession scenario - then the value of the equity vanishes. Actually the ability of the entity to continue to operate - which requires regular refinancing of bits of its debts - would fail even if the value of its property investments falls by less than 20%.

So thats why it is being avoided by buyers at the moment.

If you are not that pessimistic, it is indeed a bargain.