PERSON DIRECTORY
Bill Chen
Bill Chen appears in 4 indexed conversations across Yet Another Value Podcast, Latent Space. This directory brings every appearance, source, TL;DR, digest, and transcript into one searchable feed.
Bill Chen's follow up on REITs and $ALX
Alexander's ($ALX) restructured a $300M nonrecourse retail-condo loan at an effective 56% haircut, with ALX buying back the $132.5M A-tranche for 44 cents on the dollar and saving $17.2M in interest annually.Bill estimates $339-340 per share versus a $240 stock, with near-100% dividend coverage after 2028; a Rego 1 sale could trigger a $90M special dividend, while thin liquidity and governance remain watchpoints.
Bill Chen on the current set up for REITs
Bill Chen’s 6% cap-rate framework yields roughly 5.1–5.2% true unlevered free cash flow; adding 2–3% rent growth and 20% LTV leverage supports about 10–11% permanent-hold returns without a takeout.NAREIT’s 7.3% two-year return reflected 2021 overbuilding and 2024–25 deliveries, but below-average starts suggest the cycle is turning; five simultaneous liquidations and 110–130% gross exposure offer catalysts while leaving picked-over-tail risk.
Rhizome Partner's Bill Chen's post-NAREIT takeaways
Blue-chip public REITs enter the next cycle with 3-8x interest coverage, roughly 25% loan-to-value and seven-year debt available from 4.9% to the high-5% range, unlike private owners underwriting near 1.25x debt-service coverage.With market-rate multifamily starts down 70-80% and supply constrained through at least 2028-29, Bill underwrites roughly 15-18% IRRs for Mid-America and Camden, while governance and capital-allocation discipline remain the key risks to monitor.