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