Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward.
Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url
0:00 Intro
2:05 CLPR overview
4:35 Where is Bill most differentiated on CLPR?
8:20 How does the post-COVID NYC apartment boom help CLPR?
14:15 CLPR's leverage and balance sheet
16:45 Why CLPR over SLG or another similar REIT?
20:30 Are the long term trends against NYC?
28:00 Rent control in NYC
34:50 Why do people have cable companies and their landlords?
39:30 CLPR and inflation
41:10 "Regulatory inflation" and NYC's moat
43:30 CLPR's controlling family
47:15 Discussing cap rate environment for NYC apartment
49:40 CLPR's development projects and potential value creation
53:40 The safety of CLPR
1:00:00 Bill makes me feel bad about my shoebox apartment
