Bill Chen on HHC's value and Ackman's pending tender
Bill Chen, a real estate investor, returns to the podcast to discuss HHC's value and why Bill Ackman's current tender for the company might undervalue HHC. HHC model: https://t.co/q6lQ69TeXZ Chapters 0:00 Intro 2:50 HHC overview 7:15 How HHC can create value over time 9:15 Valuing HHC's operating assets 11:35 Opportunity cost versus other publicly traded real estate 17:35 Valuing HHC's unstabilized assets 19:30 Valuing HHC's Hawaiian assets (Ward Village) 29:55 Valuing HHC's "other" assets 31:40 Valuing HHC's MPC 45:20 Valuing HHC's Seaport asset 50:55 Why is HHC always trading under NAV? 54:00 Will non-Ackman shareholders ever realize value from HHC? 56:25 HHC's OXY deal 1:05:35 HHC's most recent MPC deal versus share buybacks 1:13:00 Ackman's long term HHC plan