The TreppWire Podcast

In this week's episode of The TreppWire Podcast, we analyze Hurricane Milton's impact on CRE, the latest CPI reading (and drop-off in attention it is receiving), and the increase in jobless claims. We share data for special servicing rates and loan losses and dig into recent credit stories including office market trends, retail special servicing issues, and multifamily property transactions. We also explore industrial sector performance and lodging market shifts. Tune in now. Episode Notes: - Macro news: Hurricane Milton , new CPI reading, Fat Bear Week (0:23) - Insurance premium risk (8:00)  - CMBS Special Servicing Report (11:45) - CMBS Loan Losses (17:49) -Office news (20:58) - Retail: Special Servicing and Loan Performance Issues (33:03) - Multifamily: Special Servicing and Property Transactions (34:25) - Industrial: Warehouse Demand and Logistics Trends (38:49) - Lodging: Hotel Performance and Travel Industry Update (43:23) - Programming Notes (46:21) - Shoutouts (51:02) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In a special episode of The TreppWire Podcast, we partnered with The Massimo Group to step away from the data and break down the practice of exceptional CRE brokerage. Rod Santomassimo and Mike Gallegos share their advice and feedback for CRE participants looking to dominate in this industry, across various asset classes, market cycles, and geographies. Given where we're at in the cycle, we examine what differentiates commodity brokers vs. industry-leading brokers. Tune in now. If you want to attend MassimoCon, use discount code Trepp at checkout: https://xm105.infusionsoft.app/app/orderForms/04d15fa3-ead6-4cb3-9d08-6807763b48a6?cookieUUID=76b13f07-46d1-4b9d-bc2f-dd80859cec91 Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, before 45,000 dockworkers at 36 American ports went on strike, Fed Chair Powell stated that the U.S. economy is in solid shape and the Fed intends to keep it that way... In this week's episode of The TreppWire Podcast, we break down the news of the week, including the port strike, Fed speak, and macro figures like jobs and PMI, and explain the impact on CRE. We also share our latest data for CMBS and bank CRE loan delinquencies, and examine the immediate impact of Hurricane Helene on CRE. Tune in now. Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we navigate commercial real estate experts' takes on the Fed's decision to cut rates by 50 basis points. We also share Trepp's top and bottom three Metropolitan Statistical Areas (MSAs) based on CRE performance. In a digging through the data segment, we discuss self-storage debt yields by origination year, as well as full- and limited-service hotel delinquency comparisons. We wrap up with office, retail, and multifamily credit stories to note from this week. Tune in now. Episode Notes - CRE Industry's Reaction to the Fed Rate Cut (0:56) - August MSA Report: Bulls & Bears (11:28) - Self-Storage Properties in CMBS Universe (17:04) - Hotel Delinquency Data (23:57) - Office Credit Stories (30:12) - Retail Property Appraisal Value Reduction (39:59) - Multifamily Loan Sent to Special Servicing (42:23) - Programming Notes (44:11) - Shoutouts (45:11) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Adam Behlman, Adrienne Coyle, and Natan Bresler of Starwood Property Trust (Starwood). The Starwood team walks us through the background of their firm and the launch of Starwood Solutions. We talk through CMBS market trends and insights on how this market compares to others that we have seen over the years. We also discuss commercial real estate cycles, recent Trepp data, and a sense of optimism in the industry. Episode Notes: - Starwood Background (1:14) - Comparing This Year to Last Year (9:25) - Thoughts on Multifamily (18:05) - Solution-side of the Starwood Business (23:00) - Data on Bank CRE Exposure (27:00) - What We're Seeing in the Market (33:45) - Discussing Debt Yield, Cap Rates & Underwriting (39:42) - Shoutouts (44:16) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we discuss the Fed's announcement to cut interest rates by 50 basis points, our initial reactions, and how this could potentially impact the CRE market. But we are not out of the woods yet – we also break down several credit stories in the office, retail, and lodging sectors, including recent trading alerts about more loans being transferred to servicing. Tune in now. Episode Notes: - Fed Rate Interest Cut (00:30) - Office Stories: Valuation Reductions, Special Servicing Moves (18:38) - Amazon Back to Office (27:32) - Big Lots Filing for Bankruptcy (33:40) - Retail News (36:51) - Lodging Stories (40:57) - Upcoming Research and Reports (44:58) - Shoutouts (47:25) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Skylar Romines, Founder and Owner of ATW Advisors, and self-proclaimed insurance nerd. Skylar walks us through her journey from being a commercial insurance broker to filling a critical gap in the market by starting her own company. We also discuss the state of the commercial property insurance market and the wider impact on the real estate finance industry. Tune in now. Episode Notes: - Background & Founding ATW (1:10) - State of the Insurance Market (4:45) - Helping Clients & Benefits (10:50) - Current Insurance Crisis (18:15) - Specific Challenges & Solutions (23:06) Role of Social Media in Business (31:10) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In a special live edition of The TreppWire Podcast recorded at the California MBA Western States CREF conference, the team is joined by Chad Carpenter, CEO of Reven Office REIT to dig into the state of the office market. We go beyond the cubicle and talk all things distress rates, metro areas to watch, criticized loan data, office loan losses, and more. Chad shares stories about taking advantage of the capital void for office debt and what originations have been like. Get access to the slides from this presentation here: https://www.trepp.com/instantly-access-western-cref-presentation. Tune in now. This episode is sponsored by Xchange.Loans. Visit https://xchange.loans/trepp if you're looking to buy or sell performing and non-performing loans. Episode Notes: Year-to-date Office Headlines (0:56) Distress Rates Since 2000 & Market Cycles (7:37) Maturity Defaults & Total Office Delinquency (11:39) Maturities by Property Type through EOY 2026 (19:24) 2024 Office Maturities by Building Age (23:17) Bank CRE Debt Holdings (27:29) Urban vs. Suburban & Fault Lines in the Office Market (28:54) Bank CRE Loans: Criticized Loans by MSA from 2019-2023 (39:21) New Bank Originations by Property Type from 2019-Q1 2024 (47:59) Sales Prices Across Major Metros 2019-2023 (51:37) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we cover a weaker than expected JOLTS report, how major apartment-owning REITs saw marginal rent growth in Q2 2024, and other recent industry headlines. We also discuss two multifamily loans that were transferred to special servicing, as well as more office and superregional mall loan value reductions. Tune in now. Episode Notes: Economic Update (00:23) Major Apartment REITs See Marginal Rent Growth (09:56) Multifamily Loans to Special Servicing (18:57) Office Segment (23:52) Superregional Mall Value Lowered (29:18) Shoutouts (32:48) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we cover the recent focus on the cost of housing (is the rent too damn high?), providing a deep dive into the multifamily sector. We also share data center data (or da-ta?), and give a sneak peak of our latest CMBS Delinquency Report. We also discuss struggling mall and retail loans, an array of office property value reductions, and other loans sent off to special servicing. Tune in now. Episode Notes: - Economic Update (1:28) - Is the Rent too Damn High? (6:10) - NYC Multifamily Properties (17:19) - Data Center Data (19:10) - Delinquency Preview (23:37) - Struggling Mall & Retail Loans (29:11) - Office Property Value Reductions (36:15) - Mixed-Use Loan Moved to Special Servicing (45:03) - Shoutouts (48:05) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

As we enter the sleepy dog days of summer, we have a lot to breakdown. In this week's episode of The TreppWire Podcast, we cover a streak of positive economic data in August, Trimont going from the 10th to the 1st U.S. Special Servicer, property downturn creating best opportunity in decades, and other impactful headlines from the week. In a special servicing segment, we discuss several office, mall, and mixed-use loans. Tune in now. This episode is sponsored by CREi Summit: www.creisummit.com Episode Notes: - Economic Update (1:00) - Rock Center Reinvention (8:29) - Property Downturn CRE Opportunity (11:34) - Trimont's Deal with Wells Fargo (19:30) - Special Servicing Segment (27:58) - Shoutouts (41:09) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

After a volatile week, we're settling back into a more typical cycle. In this week's episode of The TreppWire Podcast, we cover the recent domestic inflation, labor, and retail spending data, struggling hotels in San Francisco, and Texas' growing financial hub. We also discuss a large SASB loan being transferred to special servicing, Vornado eyeing refinancing in Manhattan, and much more. Tune in now. Episode Notes: - Economic Update (1:18) - San Francisco Hotel News (10:24) - Texas' Transformation (17:24) - Credit Stories (23:31) - Digging Through the Data (34:00) - Programming Notes & Shoutouts (41:40) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Sean Sweeney, co-founder of Hall Sweeney Properties and The Bright Build. Sean takes us on his journey from aspiring actor to real estate developer, sharing how he leveraged his initial success in Minneapolis to build a thriving career. We also hear about the work Sean is doing to help aspiring developers and the importance of enhancing the community with development projects. Tune in now. Episode Notes: - Entering the real estate world (1:05) - Building on the success of the first project (8:42) - Future projects and expansion (13:26) - Challenges of the market (15:30) - Giving back with The Bright Build project (17:00) - The real estate community with Bobby Fijan (22:58) - Enhancing the community with developments (25:58) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

After U.S. stocks had their biggest drop since 2022 and the Treasury Yield Curve un-inverted, there is a lot to digest in economic data. In this week's episode of The TreppWire Podcast, we discuss the continued uncertainty and what it could mean for issuance and lending standards. We also compare regional and superregional mall distress, breakdown recent special servicing stories, and give a sneak peek of our office valuations data. Tune in now. Episode Notes: • Economic Update (0:23) • Regional vs. Superregional Mall Distress (10:04) • Tightening Lending Standards (18:55) • Office News (23:16) • Retail Special Servicing (34:38) • Mixed Use to Foreclosure (36:05) • Office Valuations & Loan Losses (44:46) • Shoutouts (47:27) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we discuss the Fed's decision to hold rates steady and what the future of interest rate decisions will mean for CRE performance. We also break down if it is too soon to call a bottom for the market. We share more data about insurance costs, the latest CMBS delinquency figures, and stories for retail, office, and lodging.  Tune in now. Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down the news of Blackstone's dividend cut and discuss stronger-than-expected GDP. In a few deep dive segments, we look at SASB bonds backed by delinquent office loans, share a true analysis of bank office exposure, and provide the latest multifamily origination trends. We close with stories about loans moving to special servicing and new appraisal changes. Tune in now. This episode is sponsored by CREi Summit: creisummit.com/ Episode Notes: Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Amid national political turbulence and big proposals for commercial real estate regulation, we wanted to dig into the implications of the latest data and major trends on CRE markets. In this episode, we discuss the American consumer and findings from the Fed Beige Book, large stories across the property types from recent CMBS data, "the largest CRE loan sale ever in US banking," and a rundown on rent control. Tune in now. Episode Notes: Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode, we give a temperature check on the CRE market, as we cover bank stress testing, buying opportunities from dry powder, the latest CPI data, and new originations. We also share some big office lease stories, a bank earnings preview, an update on short-term rentals, multifamily and office loan-to-value data, and mall loan stories. And, we cover 7-Eleven's CMBS exposure, in honor of recording on 7/11. Tune in now. Episode Notes: - 7-Eleven (0:23) - Macro update: CPI and the Fed (3:35) - Buying opportunity in CRE: maturities and dry powder (8:09) - Big office leases (12:01) - Lease renewals (16:32) - Bank Earnings preview (19:05) - CMBS issuance and new originations (25:10) - Multifamily and office LTV (27:48) - Short-term rentals (30:07) - Mall tenants downsizing and loan extensions (38:50) - Shoutouts (44:06) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode, we break down recent data and debate what the economic trends will do to commercial real estate... will it bring fireworks? We walk through the latest building permit data, discuss insurance costs and the impact on CRE, provide a deep dive into fund redemptions, and share the news of a regional bank fundraise. We also walk through hotel stories and office news and delinquencies. Tune in now. This episode is sponsored by CREi Summit: https://creisummit.com/ Episode Notes: - Economic update (0:23) - Building permits, housing data, new construction (5:29) - Insurance costs killing CRE deals (11:09) - Fund redemptions and capital raising (16:30) - 277 Park Ave (21:10) - Lodging: hotel valuations in SF (25:20) - Multifamily transactions (31:43) - Apartments rented (33:30) - Office delinquencies (39:28) - Shoutouts (42:52) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down the resurgence of major commercial real estate players and their capital allocation strategies. We provide the latest data on bank CRE loan and CMBS delinquencies, explore trends in the office SASB market, and share insights on office sales, including properties listed on auction sites. Tune in now. Episode Notes: Blackstone commit to deploy $65 billion dry powder (1:25) Malls into minicities (5:33) Superregional mall feud (9:02) Banks dumping real estate loans (13:50) Bank CRE loan performance and CMBS delinquencies (18:12) Mezzanine lender intervenes on Gas Company Tower (26:35) Online office auction (29:15) Large apartment acquisition (33:05) SASB office market (36:22) Shoutouts (43:35) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode, we check in on consumer spending trends, share a deep dive into Sunbelt multifamily data, and update our listeners on life insurance commercial mortgage returns. We also examine a ground lease office value reduction, and several transactions in industrial. Tune in now. This episode is sponsored by Marketplace: https://rimarketplace.com/?utm_source=credirect&utm_medium=podcast_paid&utm_campaign=june2024 Episode Notes: Economic Update (0:28) Retail (8:15) Sunbelt multifamily data (10:25) Life insurance commercial mortgage returns (21:35) Office news (23:50) Ground lease evaluation cut (32:30) Mixed-use (39:10) Multifamily (48:05) Shoutouts (53:30) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, the team unpacks the gritty optimism surrounding CRE that dominated discussions at CREFC. We also discuss the latest inflation reading and the narrative after the Fed opted to hold interest rates steady. In office, more loans head to special servicing, but it wasn't all bad news for the sector. We also break down the narrative in the multifamily market. Tune in now. This episode is sponsored by Marketplace: https://rimarketplace.com/?utm_source=credirect&utm_medium=podcast_paid&utm_campaign=june2024 Episode Notes: - CREFC recap & inflation + interest rate headlines (0:23) - Office stories to watch (13:50) - Retail news (29:28) - Multifamily narrative shift? (36.00) - Multifamily transactions (40:22) - Mixed-use (44:45) - Shoutouts (46:35) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, some of the biggest headlines came from overseas. In this episode of The TreppWire Podcast, we discuss if any moves by Canada and Europe will change anything for the Fed. We also put our professor hats on to provide some insight into delinquencies, foreclosures, modifications, and more. Stick around as we break down the stories we're tracking in office, retail, lodging, and mixed-use. Tune in now. This episode is sponsored by Marketplace: https://rimarketplace.com/?utm_source=credirect&utm_medium=podcast_paid&utm_campaign=june2024 Episode Notes: - Interest rates around the globe (0:23) - Informational technology outflows, Dollar Tree news, American dividend earnings (4:50) - CMBS delinquencies decline? (8:26) - CRE loan losses (11:54) - Office stories (15:27) - Foreclosures 101 (24:19) - Retail news (29:53) - Modification deep dive (33:20) - Mixed-use appraisal (43:37) - Shoutouts (45:15) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we tackle a mixed bag of data as Treasury Yields rise. As we approach new theses week over week, do you stick to the data or trust your gut? We also unpack our latest loan modification trends report, dive into the upcoming volume of office loan maturities, and explore recent transaction and CMBS stories across property types. Tune in now. This episode is sponsored by AEI Consultants: https://aeiconsultants.com/ Episode Notes: - Economic update: Treasury yields pushed higher (0:23) - Consumer confidence reading (6:48) - Loan modification trends (9:05) - Maturing office loans (13:10) - Office stories (21:55) - Retail news (32:31) - Lodging (39:50) - Multifamily transactions (43:39) - Industrial sale (46:30) - Shoutouts (47:42) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode, we break down surveys (a recent poll that revealed 55% of respondents believe the US economy is shrinking), sales transactions in the multifamily and industrial spaces, and an office sublease story. We also provide a data center digest, sharing some data points to note. We hope our listeners have a great long Memorial Day weekend! Episode Notes: Recession or resilience? (0:23) Starwood's SREI struggling to fulfill redemptions (7:00) Banks leading five days a week in the office (8:36) Higher-for-longer narrative reinforced (10:10) Junk bond inflows (12:50) Strong appetite for data centers (14:29) $1.7 billion office portfolio loan modification (23:32) Office headlines (28:45) Mixed-use news (31:35) Industrial (35:40) Multifamily (43.15) Shoutouts (46:50) Take our content survey: https://www.surveymonkey.com/r/9LHZ5RL Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode, we unpack the market movers: a hot Producer Price Index (PPI) and a Consumer Price Index (CPI) that came in cooler than expected. We also dive into the latest REIT earnings and the ongoing debate surrounding NYC rent stabilization. Plus, the team break down two major office loans that transferred to special servicing, along with the latest news across property types. Tune in now. Episode Notes: - Economic update: PPI and CPI (0:48) - Retail sales flat in April (7:02) - REIT earnings (9:51) - Office headlines (16:12) - Rent stabilization and community housing (32:36) - Multifamily sales (40:35) - Oklahoma hotel portfolio transfers to special servicing (43:46) - Industrial stories (48) - Shoutouts (50;24) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we analyze the latest Senior Loan Officer Opinion Survey (SLOOS) as banks clamp down on CRE lending across the board. We dissect the latest jobs report and its impact on the market as well as the latest stories across property types. The team also shares their takes on the Met Gala's fashion hits and misses. Tune in now. Episode Notes: - SLOOS commentary (2:44) - Jobs market and unemployment data (6:35) - We don't talk about rate hikes... (9:26) - Major hospital bankruptcy (11:26) - Office stories (14:06) - Multifamily headlines (22:54) - Hotel sales (32:59) - Retail outlet loan extension (36:34) - Industrial transaction (38:06) - Shoutouts (41:56) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by NFL offensive lineman for the New York Giants and savvy real estate investor, Justin Pugh. Justin talks us through his journey in the NFL and offers insights into the reality of professional football. He also dives deep into his transition into the real estate space with a touchdown on his passion for mentoring those with future aspirations to succeed in the industry. Tune in now. Episode Notes: - Journey to the NFL (1:20) - Why real estate? (4:27) - Juggling plays and textbooks (7:48) - Financial reality of being in the NFL (12:00) - Mentoring in the real estate space (13:48) - Building a brand through social media (16:58) - Trial by fire in real estate development (20:21) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode, we break down if anything will really change for the commercial real estate markets following the Fed's rate decision. We also dive into retail earnings, and specifically discuss some of the latest news for fast food chains. We share our latest CMBS delinquency rates and discuss what a negative headline means in the very dynamic world of CRE. Then, we run through stories for mixed-use, office, retail, industrial, and multifamily. Tune in now. Episode Notes: - Fed meeting, economic update - impact on CRE (0:23) - Retail earnings: fast food (9:40) - CMBS delinquency rates (15:55) - Office stories (19:00) - Mixed-use overview (25:01) - Multifamily stories (36:35) - Retail headlines (40:12) - Industrial (42:58) - Lodging (45:27) - Shoutouts (46:10) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week's episode of The TreppWire Podcast was recorded early, so the team used this time to provide our listeners with a breakdown of the topics the market has been focused on lately: maturities, modifications, CRE risk pricing, cap rates, and more. In our usual fashion, we also dive into the CRE property types, but today, we share delinquency, DSCR, debt yield, and other important data points to note for each sector. Episode Notes: - Extend and pretend? Background and history (2:13) - Is there a silver lining for office properties that can extend? (6:48) - How have changing rates related to property values? + Cap Rates (9:28) - Risk pricing within CRE, Gordon Growth Framework (13:44) - Size of the CRE Universe (25:25) - Deep Dive into the Data- Office, Multifamily, Retail, Lodging (28:10) - San Antonio market (42:35) - Debt yield and underwriting standards (47:39) - Multifamily debt yield (49:24) - Freddie Mac multifamily (51:28) - Shoutouts (1:01:06) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Between the retail sales report, comments from Fed Chair Powell, and tensions in the Middle East, there's been a lot to digest recently. In this week's episode of The TreppWire Podcast, we break down Powell's pivot and in CRE, dig into a large multifamily transfer to special servicing, new regional mall CMBS issuance, and share stories on property transactions and appraisal reductions. Tune in now. This episode is sponsored by Marketplace: https://rimarketplace.com/esahotels#utm_source=credirect&utm_medium=preroll_paid&utm_campaign=hospitality Episode Notes: - Economic update: Fed comments (0:23) - Bank earnings (9:46) - $1.5B multifamily loan transferred to special servicing (15:58) - Multifamily sales (24:31) - Office (27:21) - Retail new issuance (38:15) - Sales transactions (47:31) - Shoutouts (50:23) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, we got another inflation reading that – leading up to it – had market participants in a "what if" mode, wondering what would happen if the number came in higher, lower, or in-line with expectations. In this week's episode, we break down this changing narrative, we also talk about Blackstone's $10 billion multifamily acquisition, and what appeared to be a $2.00/square foot office sale in St. Louis... We also dig into green shoots and crabgrass for retail, lodging, and industrial. Tune in now. This episode is sponsored by Marketplace: https://rimarketplace.com/esahotels#utm_source=credirect&utm_medium=paid&utm_campaign=hospitality Episode Notes: - Economic update: CPI report (0:23) - Blackstone's $10B multifamily purchase (11:27) - Multifamily loans in special servicing (18:35) - $2.00 office sale? (23:30) - Office stories (29:55) - CRE across the gateway cities (33:49) - Retail news (36:22) - Industrial (41:13) - Lodging news (42:29) - Shoutouts (46:21) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, Oscar Parra, CFO of Pacific Retail Capital Partners, joins the team to share a deep dive into the shopping mall asset class. Oscar reveals how to identify opportunities and navigate challenges within the evolving mall space. Oscar breaks down some recent transactions and shares the details of a $2.5 billion mall redevelopment. Tune in now. Episode Notes: Background (0:58) Position in the enclosed mall space (4:16) Identifying opportunities and navigating challenges (6:35) Mixed-use malls? (12:25) Breaking down mall acquisitions (19:26) Managing municipalities (27:14) Breaking down a mall sale (35:46) $2.5 billion mall redevelopment (39:36) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode, we delve into the market downturn that kicked off Q2—is it a mere correction or indicative of deeper underlying issues? In CRE, we share our latest CMBS delinquency rates and loan loss figures, then dive into distressed Chicago multifamily comps, and notable industrial property sales. Tune in now. Episode Notes: - Economic update: stocks slide, market correction? (0:23) - CMBS delinquency rates (5:03) - Multifamily comps (11:54) - Office stories (20:45) - Office crabgrass (27:36) - Industrial transactions (35:55) - Hotel sale (40:29) - Shoutouts (42:34) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we ask the question: 'Is distress in commercial real estate a result of lagging indicators or is market optimism winning the narrative battle?' after breaking down positive economic signals but cautioning that CRE might not be out of the woods yet. We also share green shoots and crabgrass across the asset classes and provide a sneak peek into our bank CRE loan performance data. Tune in now. Episode Notes: - Economic and market update (0:23) - Illiquidity of CRE, lags in real estate (5:15) - Bank CRE loan data (9:21) - Retail crabgrass (11:49) - Multifamily crabgrass(19:48) - Office crabgrass (25:22) - Green shoots for office loans and properties (30:14) - Industrial transactions (33:19) - Lodging (36:50) - Shoutouts (38:06) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

After the Fed meeting this week and signs that there will be interest rate cuts in 2024, we ask ourselves if the 'devil is in the Fed Dot Plot'. In this week's episode of The TreppWire Podcast, we also analyze housing starts, Joann fabric's bankruptcy filing, stories of value reductions for malls, San Francisco's latest sublease space, and several multifamily, lodging, and industrial stories. Tune in now. Episode Notes: - Economic update: Fed meeting (0:23) - Housing starts (8:31) - FDIC disposition of SVB loans (12:00) - Retail transactions (15:01) - Joann fabric bankruptcy (16:03) - Retail CRE news (19:55) - Office stories (32:07) - Multifamily transactions (37:38) - Lodging news (40:41) - Industrial (43:59) - Shoutouts (48:08) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down the economic headlines along with the news of Family Dollar closing 1,000 stores. We also dig into retail and multifamily transactions, crab grass + a potential mixed-green for office, and more in lodging and industrial. Tune in now. Episode Notes: - Economic update (0:23) - Dollar Tree closures/ Family Dollar news (2:22) - Cash-in mall refi (10:32) - Retail transactions (15:01) - Office news (16:44) - Multifamily sales and financing (30:43) - Lodging news (36:31) - Industrial (44:22) - Shoutouts (47:58) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, we've had no lack of news including ADP, JOLTS, NYCB's $1 billion-plus capital injection, and Fed Chair Powell's semi-annual congressional testimony. In this episode, we break down what it all means for CRE, dive into CMBS loan losses, and share stories on apartment sales, office crabgrass, and retail green shoots. Tune in now. Episode Notes: - Economic update (0:23) - CMBS loan losses (8:10) - Not all class b/c offices are created equal (11:59) - Office crabgrass (16:20) - Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down PCE data, Macy's store closure news and the exposure in CRE, and Trepp's latest figures for CMBS delinquencies. Across property types, we review stories about loans heading to special servicing, property valuation reductions, and discounted payoffs. We also share a review of REIT earnings. Tune in now. Episode Notes: - Economic update (0:23) - Macy's store closures (4:50) - CMBS delinquency report (9:35) - REIT earnings (13:38) - Office crabgrass (19:04) - Multifamily sales (28:27) - Retail news (30:56) - Lodging (37:44) - Industrial and self-storage (44:32) - Shoutouts (46:27) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down office valuation stories and the idea that despite positive retailer earnings reports, malls may not be out of the woods yet. We also cover several multifamily transaction headlines, and news for the retail, lodging, and industrial sectors. Tune in now. Episode Notes: - Economic update: Fed minutes, jobless claims, AI (0:23) - New office transaction in Seattle (4:11) - Atlanta office story (8:45) - Chicago office value decline (13:24) - Sublease story (15:17) - Malls not out of the woods? (18:26) - Retail property sales (23:59) - Multifamily transactions (26:25) - Lodging (30:26) - Industrial sale (32:45) - Shoutouts (33:53) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

While the market was watching CPI numbers, jobless claims, and retail sales this week, the Trepp team was digging into the ‘extend and pretend' narrative and signs of distress hiding in the lodging sector. In this episode, we dig into the data behind these themes, give a deep dive into the current office environment, and also share stories across the commercial property types. Tune in. Episode Notes: - Economic update: CPI, retail sales (0:23) - Extend and pretend narrative (4:55) - Hidden lodging distress? Maturities (15:39) - Hotel sale (21:13) - Multifamily stories (26:12) - Retail news (29:31) - Industrial sale (35:01) - Office restructure and loan modification (36:11) - Shoutouts (43:53) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

This week, anyone outside of CRE may have thought markets were improving. But one quick search reveals that mainstream media is now all over what we've been talking about for many months. In this episode of The TreppWire Podcast, we break down the headlines, while also sharing industrial transaction stories and news for office, retail, multifamily and hotel properties. Tune in now. Episode Notes: - Economic update (0:23) - CMBS loan losses (7:01) - Industrial sales (10:41) - Office (16:46) - Retail news (28:33) - Multifamily stories (33:07) - Shoutouts (41:36) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode of The TreppWire Podcast, we are joined by two market experts, Danielle DiMartino Booth, CEO & Chief Strategist at Quill Intelligence, and Dan McNamara, Founder & CIO of Polpo Capital. After a week full of headlines, we discuss the 'cold water' that seems to have been thrown on the recent resilience and soft-landing narrative. Join us as we talk layoffs and what the jobs numbers really mean, CMBS issuance, increasing recession fears, maturity walls, and faltering CRE fundamentals. Tune in now. Episode Notes: - Breaking down the week's news (0:47) - Inflation numbers and hotels; layoffs and jobs (7:02) - Office impairment 2.0 (10:07) - CMBS rally? (18:40) - Corporate debt maturities (23:00) - Hotel maturities (29:56) - Quantitative tightening and liquidity risks (33:35) - Where to put capital to work? (36:54) - Dallas office vacancies (37:53) - "Silver lining" for 2024 (44:53) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this episode of The TreppWire Podcast, we review the latest economic data points and whether what we're seeing is contributing to the "immaculate disinflation" narrative. In CRE, we break down multifamily stories, transactions across the country for retail and hotel properties, and share office stories that touch CMBS. We also dig in to our office operating expense report. Tune in. Episode Notes: - Economic update (0:23) - Retail sales (8:51) - Multifamily stories (15:24) - Office property expenses (24:00) - Office headlines (27:55) - Lodging transactions (41:48) - Shoutouts (47:06) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

This week, we saw positive retail sales numbers and jobless claims at the lowest level in over a year, but we also saw bank earnings decline. In this episode, we dive into the mixed-bag of macroeconomic news and data, and what it means for CRE. We share multifamily transactions across the country, news about office loans heading to special servicing, and a few updates on retail. Tune in. Episode Notes: - Economic update (0:23) - Bank earnings (11:58) - Multifamily transactions (15:12) - Office valuations, moves to special servicing (21:34) - Retail news (37:16) - Shoutouts (40:04) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode of The TreppWire Podcast, we reflect on the CREFC Miami 2024 conference, and the parallels in terms of bullishness on the dovish Fed pivot. While there is a generally positive overtone as we head into 2024, there are underlying concerns that have yet to be addressed. We also dive into multifamily sales, office news, and a few stories for the retail and lodging segments. Tune in now. Episode Notes: - Economic update (0:23) - CREFC conference sentiment (2:48) - Multifamily sales and news (10:26) - Office stories (21:35) - Hotel discount sale (31:27) - Retail headlines (35:32) - Shoutouts (38:15) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In a special guest episode of The TreppWire Podcast, we are joined by Bryan Donohoe, Partner and Co-head of Ares US Real Estate. Bryan breaks down the world of debt markets, lending, and originations. We break down past market disruptions, CRE fundamentals, and the structural changes in the CRE debt markets. *This episode was recorded prior to the December 2023 Fed meeting. Episode Notes: - Background (1:00) - Where are the debt markets today? (6:32) - Is there optimism for CRE? (10:36) - Geographies and property types positioned for success (12:01) - Appetite for office? (16:06) - Market outlook (20:15) - What does Ares do best? (30:49) - The onset of a new credit cycle (31:30) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode of The TreppWire Podcast, we discuss whether the decline in stocks and increase in bond yields was a sign of negativity or just a normalization in the market. We have a special multifamily 101 segment where we break down going in cap rates, not all income is "good income" and more. We also discuss our latest CMBS delinquency data and some headlines for retail, office, multifamily and hotels. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: - Economic update (0:23) - Upcoming jobs report: goldilocks? (6:45) - Apartment rent relief (9:40) - CMBS delinquency rates (12:11) - Multifamily 101 (15:02) - Multifamily news (25:24) - Office trading alerts (28:31) - Hotel headline (32:30) - Retail news (33:41) -Shoutouts (35:52) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

As the holiday season creates an expected slowdown for the markets, now is the time to take stock of 2023 and take a stab at what we can expect for 2024. In this week's episode of The TreppWire Podcast, we reflect on the year for commercial real estate, sharing thoughts and predictions for lending, issuance, interest rates, and distress. We also save room for some office, retail, and multifamily stories. Happy New Year to all our listeners! Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: - A review of 2023: by the numbers (0:49) - Predictions for 2024: interest rates, issuance, spreads (16:29) - Office mixed greens (24:55) - Office green shoots: the year of the sublease? (30:45) - Retail headlines (39:58) - Multifamily news (45:02) - Shoutouts (50:44) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this episode of The TreppWire Podcast, we have a surprisingly busy episode for the holiday season, with several stories to share across the major CRE property types. It was another positive week for investors, and we break down what falling rates and contracting risk premiums mean for the market. We also share the latest data for commercial mortgage maturities. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: - Economic update (0:23) - Office news (13:00) - Hotel stories (24:30) - Retail headlines (39:38) - Multifamily ( - Industrial - Shoutouts ( Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this episode of The TreppWire Podcast, we digest the Fed's decision to hold rates steady, along with the declaration that there will be three rate cuts in 2024. We share our initial reactions, the 'nirvana day' market reaction and our hot takes on what it means for CRE, CMBS issuance, and bank lending. We also share some major office and retail headlines, showing it isn't all roses in the CRE market. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: • Economic update: Fed decision and market reaction (0:23) • Other data points: CPI, PPI, jobs (6:10) • Hot takes: Impact of Fed decision on CRE (8:40) • Office crabgrass (21:45) • Office loan extensions (30:37) • Green shoots for office (33:02) • Macy's buyout (39:43) • Retail news (42:20) • Shoutouts (47:25) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC