The TreppWire Podcast: A Commercial Real Estate Show

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.

Episode notes:

Economic update (0:25)

Debt market insights (6:45)

September CMBS delinquency data (11:21)

Bank CRE loan performance (T-ALLR) Q2 2024 (15:45)

Hurricane Helene impact (27:09)

Office sector (32:05)

Multifamily transactions (41:58)

Industrial sale (44:45)

Hotel value reduction (45:25)

Shoutouts (45:11)

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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)

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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)

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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)

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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 & Chairman 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)

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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)

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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)

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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)

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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)

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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 [email protected].

Follow Trepp:

Twitter: www.twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp