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