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Neuberger Berman Real Estate Se Message Board

  • Python_71 Python_71 Feb 11, 2008 8:00 PM Flag

    Interesting NRO REIT Play

    GRT is a very interesting distressed-priced security. Although it has a high Price/Book value (distorted by recent write-downs), the price relative to operating cash flow is truly amazing. Yielding 9.6% with the best ratio of price to cash flow than any other top 10 NRO holding, GRT seems to deserve a higher weighting (currently #10). With such an extremely low price relative to cash flow, I expect this position to make great contributions to long-term NRO performance.

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    • Python, thank you again for the very helpful and hopeful post, to reassure the members of the herd (like myself) that NRO is actively managing the portfolio well, during these challenging times.

      • 1 Reply to miladyshco
      • You are welcome miladyshco.

        Was checking the top ten holdings of seven NRO competitors and found only one with a deeply discounted cash flow holding potentially worth looking into by NRO management:

        Ashford Hospitality Trust Inc. (AHT) Yield = 13.2%, Price/Book = .58, Price/Sales = .79, & Current Ratio = 3.081. Doesn’t have the highest operating margin, but relative to price appears similar in attractiveness to GRT.

        Interesting, NRO has at least five outstanding gems in its top 10 while I could only find one in seven other competing portfolios ;)

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