The TreppWire Podcast: A Commercial Real Estate Show

The markets have had a lot to react to this week, but most of the focus was on digesting the Fed announcement. In this episode, we reflect on the news and how it can impact real estate and then cover the state of the CRE lending market. We also dive into mixed headlines (or greens) for the office, retail, and multifamily markets. Stick around to hear our March Madness picks.

Episode Notes:

• Market reactions (0:23)

• Uncertainty in equity markets (8:45)

• Impact on leveraged loans (12:23)

• State of the CRE lending market(13:50)

• Office crabgrass and mixed greens (29:21)

• Surprising retail news (36:13)

• Multifamily headlines (37:20)

• Shoutouts (42:31)

Questions or comments? Contact us at [email protected].

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In this week’s episode, we examine the latest economic news including the jobs report, potential interest rate hikes, and oil prices. Then, we discuss the impact of inflation on consumer behavior and CRE. We also review property comps across office, retail, and hotels and give an update on how CMBS loans have performed pre-and post-risk retention

Episode Notes:

• Interest rate hikes and uncertainties (1:00)

• Impact of inflation on consumer behavior (9:31)

• CMBS deals pulled or paused? (14:51)

• Risk retention loan performance (20:14)

• Office green shoots (28:58)

• Hotels: positive and negative (35:09)

• Retail (39:20)

• Shoutouts

Questions or comments? Contact us at [email protected].

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In this week’s episode, we reflect on the CMBS market, starting with the news that two commercial mortgage bonds were put on hold amid market weakness. Then, we talk about new issue pricing and the latest delinquency rates across the property types. We also highlight the top headlines in the retail, industrial, and office CRE sectors.

Episode Notes:

• Takeaways from lack of market panic (0:23)

• Meaningful financial data this week (4:24)

• Two CMBS deals pulled (7:43)

• New issue pricing (12:59)

• CMBS delinquencies shows health (15:19)

• Positive retail earnings (20:10)

• Amazon brick & mortar and fulfillment center news (26:59)

• Industrial in California(29:43)

• Why can’t all malls have happy endings? LA Rams new practice facility (32:11)

• Retail trading alert (35:48)

• Office traffic(37:43)

• Negative office news in St. Louis (42:57)

• MLB opening day (44:56)

• Shoutouts (47:51)

Questions or comments? Contact us at [email protected].

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This week, we reflect on the sobering news out of Eastern Europe, noting the world’s reaction and that it has yet to impact the commercial real estate market in terms of lending and spreads. In this week’s episode, we talk about the state of CRE, dive into some retail earnings, and then turn to student housing, mall, and RV park news. We close with an overview of the appeal of defeasances.

Episode Notes:

Market update (0:25)

The CRE side of latest market news (3:50)

Trucker demonstrations (6:30)

Macy's, TJ Maxx earnings (10:34)

Home Depot, Lowes earnings and drive-thrus (15:04)

Student housing stories (19:04)

Mall sales and a sad comp (23:21)

RV park story (29:02)

CMBS defeasances, why are they appealing? (31:17)

Shoutouts (37:39)

Questions or comments? Contact us at [email protected].

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In a special European edition of The TreppWire Podcast, Andrew Jacobs, Head of Structured Finance speaks to Vivek-Anand Dattani, Global Head of Structured Sales, and Andrew McClymont, Structured Finance Analyst, about the state of the European markets. We dive into what is happening amid the war in Eastern Europe and examine the data and headlines in the CRE, CMBS, and CLO markets at the end of 2021 and into the start of 2022. Stay tuned for our week-in-review later this week.

Episode Notes:

- Crisis in Ukraine: What is happening in Eastern Europe? (0:49)

- Impact on CRE, CMBS, and CLO markets (4:09)

- Positivity in the European CRE market (8:05)

- European stocks and bonds (9:26)

- Post-Brexit, is the UK CMBS market restarting? (10:47)

- EU CMBS Year-in-Review (12:50)

- ESG in European CMBS (17:30)

- Corporate CLO Year-in-Review (18:31)

- CRE CLO update (21:50)

- London vibe check (23:18)

Questions or comments? Contact us at [email protected].

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In this week’s episode, we cover record-breaking deals across multiple commercial real estate property types, many of which offer new benchmarks. We look at the industrial sector, noting several transactions and trends from bank CRE data. Then, we turn to the Fed’s latest stress testing scenarios, offer musings from the MBA conference, and dive into hotel and Airbnb earnings.

Episode Notes:

Inflation update (0:47)

Geopolitical: Russia, Ukraine news (5:00)

Big week for industrial deals (7:26)

Industrial trends in bank data (13:19)

Big deals across property types (15:42)

Fed stress testing scenarios (18:46)

MBA CREF22 takeaways (25:10)

Hotel earnings (29:31)

Airbnb (31:37)

Shoutouts (36:36)

Questions or comments? Contact us at [email protected].

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Inflation is the big focus right now, so how likely is it that CRE businesses absorb higher costs vs. passing them on? In this week’s episode, we talk about the inflation number and what it means for CRE, then we dive into Super Bowl hotel headwinds, a Houston office opportunity, and news for the beleaguered American Dream Mall. We also run through the hotel stories, office movies, and multifamily transactions for benchmarking.

Episode Notes:

• Inflation highest in years (0:25)

• Will CRE property owners absorb higher costs? (3:05)

• Inflation challenges on the apartment side (4:49)

• Super bowl hotel headwinds (7:12)

• Hotel stories (11:03)

• Houston office opportunity (15:14)

• Office moves from Boston to NYC (19:53)

• American Dream Mall news (22:40)

• Multifamily transactions for benchmarks (26:25)

• Shoutouts (30:53)

Questions or comments? Contact us at [email protected].

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Twitter: www.twitter.com/TreppWire

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In this week's episode, we review recent CMBS and bank CRE loan performance, examining delinquencies across property types. Then, in the latest CRE news, we discuss positive and negative office stories in Houston, Omaha, and St. Louis, dive into mall REIT, PREIT's sales and several other mall stories, and discuss some long-term viability news for the San Francisco market.

Episode Notes:

Market activity (0:50)

Spotify news (5:10)

CMBS delinquency rate (9:01)

Bank loan performance data (12:33)

Office stories: positive news in Houston (16:11)

Texas real estate sentiment (19:32)

Office green shoot in Omaha (24:24)

Crabgrass in St. Louis (26:09)

PREIT & mall news (30:55)

San Francisco news: long-term viability (36:49)

Georgia mall Trading Alert (41:19)

Multifamily quick hit (43:23)

Shoutouts (46:43)

Questions or comments? Contact us at [email protected].

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In a special guest episode, we welcome Lauren Thomas, CNBC Retail and Real Estate Reporter to give the retail rundown, sharing the latest news in retail real estate. Lauren dives into her breaking Peloton production news, gives an update on the state of Kohl’s, Amazon, and other department stores, and shares predictions for first-quarter retail earnings.

Episode Notes:

Background (0:23)

Peloton news (2:51)

Is Peloton a going concern problem? (10:30)

Kohl’s activity (12:40)

Great Q4 retail earnings, how much was e-commerce? (20:01)

Amazon update: physical stores (25:33)

Does separating e-commerce and brick-and-mortar put pressure on store closures? (28:10)

What's to come for store closures (31:22)

Sam Zell comments: retail vs. office (34:00)

Predictions for Q1 retail earnings (35:22)

Questions or comments? Contact us at [email protected].

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The markets have been on a wild ride as investors digested news this week, but how does the volatility impact CRE? In this week’s episode of The TreppWire Podcast, we dive into what matters for CRE and CMBS participants. Then, we discuss several big stories: large retail loan defeasances which represent a positive sign for CMBS investors, new hotel issuance, and our distressed hotel analysis. We close by sharing our predictions ahead of the NFL playoffs.

Episode Notes:

How does market volatility impact CRE? (0:53)

CMBS market performance (8:34)

Takeaways for non-CMBS investors (16:36)

Mall loan defeasances – positive signs for retail (18:13)

Hotel distress and losses (28:02)

Shoutouts (34:49)

NFL predictions (35:45)

Questions or comments? Contact us at [email protected].

Follow Trepp:

Twitter: www.twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp-llc

Facebook: www.facebook.com/TreppLLC