PE of 10? geez, you're easy to please....
in answer to your question about NTA - REITS are still in the dog house as far as the market is concerned and until this changes, expect significant discounts to NTA in most moderate to highly geared REITS.
have a look at some with minimal gearing - their trading ranges are much healthier. but obviously less upside too.
BJT
babcock & brown japan property trust
