Bill Chen breaks down $FRPH's SOTP

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