783 million in net assets. 369 million market cap.
If someone was out selling dollar bills on your street corner for 47 cents...wouldnt you buy as much as you could? Not to mention the guy selling you these dollar bills will pay you money every month (18%) until you get rid of them. This is a no-brainer.
I'm long NRI (which is about to merge with NRO, so it's about the same as owning NRO at this point).
Even so, I find your numbers wrong and your reasoning faulty.
(1) According to the NB website, for 1/23, the Net asset value per share is $12.20 and the PPS is $11.10. That doesn't seem to match your numbers so I'm not sure when that net asset value was taken.
(2) Someone telling you that something other than a dollar is worth a dollar and then giving it to you for 47 cents is not the same as someone giving you a dollar for 47 cents. This is pretty much dememonstrated by (1).
All that being said, I still take the buildings over the dollars. To continue with the current way of talking about it, I veiw it as someone telling me a few stacks of these printed pieces of paper have the same worth as a building, a bar of gold or a barrel of oil.