You are comparing AOD and AWP NAV's; I would like to comment that each (AWP, AOD and AGD) is investing in a different sphere and under diff. "philosophy".
AWP owns shares of companies that are owning or investing in Real Estate, be it REITs or others. I bought AWP (I own a 4000 shares of AOD as well) because I expected that the (world-wide) real estate will recover, meaning that sooner or later the NAV "discount may go away; but- with the financial situation improving, the NAV valuation should keep going up. The combination of NAV discount and the hoped-for (in relatively near future - beware of the way Obama is throwing our money around) economical improvement one can expect decent profit - both from the share valuation and increased divvy.
BUT: any NAV discount has a root cause! It is reflection of investor reluctance to pay full NAV) valuation because the investor lacks adequate confidence.....
To compare holdings of Alpine CEFs, you could follow the links below (note that the NAV valuations are from June 30 2009, the date the reports were published):