What seemed unthinkable not long ago (a breakup of the Eurozone) is now gaining a lot of support even from the original architects and supporters of the Euro. If Germany doesn't relent on its hardline austerity stance and allow some inflation, there is definite possibility of either complete Euro breakup, a split into northern Euro and Southern Euro, or withdrawal of Germany from the Euro.
In any of those scenarios. the value of which ever currency Germany end up in (either back to marks or a Northern Euro) would rise significantly. That would increase the value of NRT distributions when converted to US $ and presumably the unit price would rise to reflect that. So here we have NRT as a play on breakup of the Europe.
On the other hand if the Fed taper results in a rise in US interest rates that would tend to raise the value of the US $, which would be negative for NRT unitholders. However as part of the taper announcement, the Fed emphasized that interest rates would remain low even longer than previous guidance.