Search


	Podcast:		Yet Another Value Podcast
	Episode:		Bill Chen breaks down $FRPH's SOTP
	Category:		Business
	Duration:		01:04:13
	Publish Date:		2022-02-22 14:00:00
	Description:		Bill Chen, an institutional real estate investor, goes through his thesis for FRPH. FRPH is a conservatively managed real estate company with a great management team and a history of growing NAV and monetizing assets at opportunistic times. You can find all my writings here: https://yetanothervalueblog.substack.... My notes on FRPH: https://twitter.com/AndrewRangeley/st... A rough SOTP for FRPH: https://twitter.com/RhizomePartners/s... Chapters 0:00 Intro 1:20 FRPH overview 3:30 Discussing FRPH's management team / majority shareholder 8:00 Understanding the royalty business 14:15 Valuing the royalty business 21:20 FRPH's balance sheet and net cash 22:15 FRPH's real estate value 32:00 Pulling the SOTP together 33:45 Opportunity cost and alpha at FRPH 39:25 FRPH's history of selling assets 40:30 How is FRPH still acquiring warehouse plays? 43:00 Why FRPH versus other REITs under NAV? 47:10 FRPH versus SRG 52:00 Why isn't FRPH buying shares right now? 57:00 What keeps Bill up at night for FRPH? 1:02:30 Closing thoughts
	Total Play:		0