Gramercy Property Trust Inc. (NYSE:GPT)
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A commercial real estate finance company that focuses on the direct origination and acquisition of whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity, and net lease investments throughout the U.S.
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Gross devaluation has reduced this stock to a Price to Book ratio of .2. Make no mistake, profits were posted this quarter solely thanks to amendments accounting rules and slick "earnings magic" that should be despised and mistrusted. However, present market conditions and free cash flow losses would have to persist for a period of four to five years before the intrinsic value of this stock would match current price levels.