You suggested the real value of HRP is much greater than the book value. Considering HRP price/book is .65 whereas majority of competitors are selling at 1 1/2 to 2 times book; then factoring a hidden value in their properties puchased years ago I can only conclude HRP is selling at a 50% discount to its true value.

It is for these reasons I believe HRP is not just undervalued but extremely unsdervaluesd as such I keep adding to my position.

Throughout this recession HRP has been pooled with all financial securities which has resulted in a overdone sell off. FFO has remained basically the same. As was stated it is a "cash cow" that is in a position to buy more fire sale commercial properties. The only thing that seems to be holding back the stock price appears to be day traders manipulating price up and down. It is uncanny to see share price changes up and down, sometimes twice a day on absolutely no news.