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...Chapters0:00 Intro1:20 FRPH overview3:30 Discussing FRPH's management team / majority shareholder8:00 Understanding the royalty business14:15 Valuing the royalty business21:20 FRPH's balance sheet and net cash22:15 FRPH's real estate value32:00 Pulling the SOTP together33:45 Opportunity cost and alpha at FRPH39:25 FRPH's history of selling assets40:30 How is FRPH still acquiring warehouse plays?43:00 Why FRPH versus other REITs under NAV?47:10 FRPH versus SRG52:00 Why isn't FRPH buying shares right now?57:00 What keeps Bill up at night for FRPH?1:02:30 Closing thoughts