I've been in AJA for almost 2.5yrs now and it has always traded...

I've been in AJA for almost 2.5yrs now and it has always traded at a significant discount to NTA. In fact, right now, it is probably closer to NTA than it has ever been.

So NO....I wouldn't buy it as a value play........but YES....i would buy it because it is a well run company riding the long awaited turnaround in Japanese property.

Positives (aside from the macro view) are increasing Div Yield, increasing NTA/share and recently refinanced debt.

Negatives are illiquidity and concentration of assets (majority in Tokyo).