In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen for the fastest return in YAVP history. After running out of time in their last chat, Bill returns to dissect Alexander’s Inc. (ALX), exploring its complex debt restructuring, unique real estate portfolio, and intriguing market valuation. The two dive deep into the Bloomberg HQ lease, the nuances of retail space refinancing, and the strategic implications of Steven Roth’s leadership. They also tackle REIT governance concerns, dividend sustainability, and the mystery behind ALX’s high short interest. Bill closes with thoughts on grocery-anchored REITs, White Stone, and REIT buybacks
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[00:00:00] Andrew introduces returning guest Bill Chen
[00:03:13] Overview of Alexander’s history and assets
[00:06:57] Complex debt restructuring of Bloomberg retail space
[00:10:04] Debt haircut and strategic implications
[00:14:47] Asset breakdown: Bloomberg tower, retail, apartments
[00:21:37] Share price vs. underlying asset value
[00:23:28] Corporate governance: Roth and Vornado dynamics
[00:29:09] Dividend risk and short interest discussion
[00:34:37] Bloomberg lease escalators and valuation upside
[00:37:10] Update on grocery-anchored REIT landscape
[00:41:57] Commentary on REIT share buybacks
[00:47:50] Special dividend catalyst: Rego potential sale
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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/
