At the current price of $1.88, ABR trades at a little more than 12% of the company's adjusted book value of $15.18 as of June 30, 2009.

The adjusted book value has declined for 5 quarters in a row, directionally consistent with the overall market for commercial real-estate, so until there are clear signs of stabilization, it's hard to make a compelling valuation argument based on book value alone.

Still, if the slight increase in the 3rd quarter TBI Index, referenced by kabtb:

http://www.cnbc.com/id/33598373

is reflective of the possibility that ABR's business might be stabilizing, then perhaps a discount of almost 88% from adjusted book value is too much.