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

Bill Chen on HHC's value and Ackman's pending tender