NTA = Net Assets ValueNTA per share = (Assets Value -...

NTA = Net Assets Value
NTA per share = (Assets Value - Debt)/(Number of Shares)

NTA for GMG is near $1.

The problem here is not NTA, it is evident since NTA is 3 times the sp. The problems that GMG might be facing now:
1) Confidence in sector
2) Condidence on company management
3) Leverage
4) A-REIT second round of capital raising
4) Cash Flow (not dramatic)

NTA helps as an indicator, but just bear in mind that GPT has decreased their NTA about 50% on one day. If GMG did the same, that would mean NTA = 50c by next week (i'm not saying that's the case). Hence, NTA is a good indicator of value, and having sp under NTA only gives you a perception of how good price you're paying for a share, but at the same time if someone is willing to sell under the value there must be a reason. eg IIF NTA = $1.70 (as of 30-12-08) sp = 17c.

Cheers