In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen of Rhizome Partners, one of the platform's most popular and deeply knowledgeable guests in real estate investing. Fresh from attending NAREIT, Bill unpacks trends across the public and private real estate sectors, offering a unique vantage on REIT performance, multifamily fundamentals, and the developing divergence in valuation metrics. The discussion spans topics from rent regulation in New York, to capital allocation discipline among REITs, and dives into lesser-understood niches like grocery-anchored retail and net lease offices. Andrew and Bill blend data with real-time market observations to help listeners better understand value opportunities in today’s real estate landscape.
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[00:00:00] Andrew introduces Bill Chen
[00:01:38] Bill recaps NAREIT conference takeaways
[00:02:11] Public REITs vs private market stress
[00:05:26] Construction collapse, capex outlook
[00:12:18] Sunbelt rent growth and pipeline
[00:21:36] Public REITs IRR and exit caps
[00:27:20] NYC resi optimism vs politics
[00:29:20] Clipper's challenges and NYC outlook
[00:31:01] Sunbelt policy contrasts and rent trends
[00:33:56] Postmortem: REIT investment performance
[00:36:05] Tech and operational edge in REITs
[00:37:11] Resilience, affordability, and dividends
[00:44:14] AI impact on operations and leasing
[00:48:56] Alexander’s, office market bifurcation
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