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	Podcast:		Yet Another Value Podcast
	Episode:		Ari Lazar sees value in $KW
	Category:		Business
	Duration:		01:09:10
	Publish Date:		2021-12-02 14:00:00
	Description:		Ari Lazar, senior analyst at RGA investment advisors, discusses his bull case for KW. Ari believes KW trades at a material discount to NAV, and that discount should shrink as the company's growth starts to ramp up in the near future. My tweet thread on KW: https://twitter.com/AndrewRangeley/status/1465714725254307840?s=20 RGA's Q3 letter w/ KW discussion: https://www.rgaia.com/commentary/q4-2021-investment-commentary-looking-inward-and-looking-westward/ Chapters 0:00 Intro 1:25 KW Overview 2:45 How KW fits into RGA's investment framework 6:35 KW history 8:30 Discussing the KWE / KW deal from ~2017 11:30 What's KW been doing since the KWE deal? 18:35 Diving into KW's SOTP and their multifamily properties 20:45 Slight technical difficulty 21:25 Continued discussion of KW's SOTP / multifamily assets 23:05 KW"s office assets 29:45 How do you get comfortable when cap rates are this low? 32:30 KW's development asset value 40:20 Valuing KW's asset management business 50:10 Don't all real estate companies trade at a discount to NAV? 55:25 Is there financial engineering potential / could KW split into a REIT? 1:02:00 Does KW belong on the Mount Rushmore of value traps?
	Total Play:		0