The TreppWire Podcast: A Commercial Real Estate Show

Mixed economic and commercial real estate headlines have us in a circle as we weigh the points and counterpoints of different stories impacting the markets. In this week’s episode of The TreppWire Podcast, we dive into the large decline in the CMBS delinquency rate, share several office and lodging stories, analyze hotel occupancy, review “better-than-ever” demand for several retailers that reported earnings, and give an update on the latest Eviction Moratorium news.

Episode Notes:

Economic update (0:20)

CMBS delinquencies decline (6:48)

Return to office and vaccine mandates (12:13)

Positive and negative office stories (15:10)

Lodging occupancy and travel news (24:35)

Retail stories to watch (31:57)

Manhattan street-level retail update (38:41)

Eviction Moratorium news(44:21)

Shoutouts (48:25)

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

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Access the survey results here: https://www.trepp.com/2021-cre-sentiment-survey-results

Concerns over economic conditions, the Delta variant, and inflation continue to weigh on commercial real estate market participants. But are there any blind spots that investors should be watching for? In a special episode, we reveal the results of Trepp’s 2021 CRE Sentiment Survey, highlighting some of the most important points and key takeaways from what we found.

Episode Notes:

• Joe’s return to office (0:56)

• The survey (5:37)

• Overall sentiment: bifurcated (8:30)

• Economic and regulatory impact (11:50)

• CRE delinquency predictions (15:35)

• Transaction activity (18:00)

• CRE fundamentals: effective rents and economic occupancy (19:43)

• When will people be back in the office (23:53)

• Biggest concerns (23:34)

• Audience write-ins/shoutouts (26:51)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

Take Trepp's CRE Sentiment Survey: https://www.surveymonkey.com/r/S2YNXYD

In this week’s episode, we weigh the potential catalysts for a future credit crisis and review retail earnings for Walmart, Home Depot, Target, etc. which all beat on the bottom line. In CRE and CMBS news, we cover our latest headlines on mall value reductions, loans becoming newly delinquent, office lease renewals and sales, and new hotel openings.

Episode Notes:

What could be the catalyst for the next credit crisis? (1:00)

Clues from retail earnings (11:50)

Must-Know: Amazon opening brick and mortar stores (19:20)

Mall value reductions, CMBX 6 news, newly delinquent loans (23:44)

Firms reworking return to office plans (27:11)

Office headlines (31:06)

Deal of the Week (36:37)

Airbnb earnings (38:11)

Hotel green shoot(43:18)

Shoutouts (45:17)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

In this week’s episode, our theme is a summer potpourri, a mix of retail and office headlines that are important to the commercial real estate finance market. We discuss the potential for borrowers handing back the keys, positive signs from Dillard’s earnings, WeWork’s latest partnership, upcoming foreclosure auctions, and office returns and rollbacks.

Episode Notes:

The time to taper is coming (0:55)

Dillard’s earnings (5:07)

Trading Alerts: non-core malls, borrowers handing back keys (8:46)

Retail green shoots (18:04)

Saks Fifth Avenue partners with WeWork (21:10)

The Gap’s $24M in back rent (23:55)

Employers moving ahead or rolling back return to the office (26:41)

Office leases and sales (32:46)

Upcoming foreclosure auctions (39:45)

Single-family rental update (41:35)

Shoutouts (44:08)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

In this week’s episode, we dive into the takeaways from the week's economic news and cover more earnings for giants in the hardest-hit sectors, lodging and retail. We run through the latest hotel transactions and what the sales mean for the market, discuss a tenant/mall lawsuit, and rollbacks for firms' return to the office plans. Lastly, we cover the extension of the eviction moratorium and the top markets for CRE investment.

Episode Notes:

This week's economic takeaways (1:11)

Travel earnings (7:20)

Hotel transactions (13:35)

Retail news and earnings (16:14)

Mall and tenant lawsuit (22:52)

Return to office rollbacks (25:28)

Vornado earnings: Class A office space demand (28:26)

Deal of the Week (32:00)

Must-Knows of the Week (33:29)

Multifamily: eviction ban extended (35:52)

Top markets for CRE investment (43:00)

Shoutouts (44:45)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

In this week’s episode of The TreppWire Podcast, we cover trends from the latest COVID-19 vaccine mandates and behind the tech giants’ and REIT earnings reports. We also dive into some key stories including how certain retail closures can impact a mall, more office lease and tenant moves, and the rise in hotel occupancy. Finally, we cover the latest news on the Eviction Moratorium and give a sneak peek at our secondary MSA rankings and delinquency report.

Episode Notes:

Vaccine mandates, tech earnings, economic update (1:01)

Boston Properties’ earnings (10:33)

Movie theater and student housing REIT earnings (14:51)

Preliminary delinquency rates (18:12)

Tesla showroom closings, how certain tenant closures can impact a mall (19:21)

Deal of the Week (23:26)

Office news: GSA demand decreases (25:13)

Must-Know of the Week: Chicago Law Firm Moving? (28:42)

Trading Alert: Fraud allegations for big CMBS loan (31:37)

Eviction Moratorium update (35:23)

Hotel occupancy rising (40:03)

Ranking metro areas for CRE investment (46:28)

Shoutouts (48:21)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

In this week’s episode, we give a list of retail loans that can be noted as in "purgatory." Then, we dive into mall value reductions, share a “man on the ground” view of the current state of NYC, and run through the latest office lease renewals. We also review the possibility that we may be defying normal economic measures in the current climate, with the news that the recession is over (and lasted just two months.)

Episode Notes:

National Bureau of Economic Research: “Recession is over” (1:06)

Inflation update (9:12)

Retail loans in purgatory (14:50)

Mall value reductions (21:03)

Man on the street – the state of NYC (25:35)

Office stories: lease renewals, return to work (31:23)

Deal of the Week (37:57)

Must-Know of the Week (39:56)

Shoutouts (41:16)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

In this week’s episode, we dive into our latest analysis of financial benchmarks like net operating income, revenue, and occupancy by commercial real estate property type to assess the impact of the pandemic. We also give a review of office maturity data, showing some significant tenant rollover, discuss Fed Chair Powell’s latest inflation comments, Q2 2021 bank earnings, and this week's headlines and must-know news for the CRE market.

Episode Notes:

Inflation drivers, economic update, Fed comments (0:40)

Financial benchmarks: NOI, occupancy, revenue, expense data (4:51)

Green shoots for hotels (10:10)

Mixed-bag hotel stories (12:27)

Retail round-up (15:40)

Starwood’s selling streak (19:56)

Office maturities: tenant rollover (21:25)

Major metro office stories (27:03)

Q2 2021 bank earnings (34:22)

Shoutouts (35:29)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

Issuance activity is on the upswing for 2021 and some are predicting we could set a new record for the year. In this week’s episode, Darren King, Trepp’s Head of CMBS joins to give a deep dive on what we are seeing in terms of conduit, SASB, and CRE CLO issuance trends. We also review a blend of headlines for the retail and office sectors amid a return to normalcy. Finally, with employees heading back to the office in the coming months, we debate what may change about office attire.

Episode Notes:

What’s going on with the 10-year? (0:41)

CMBS conduit, SASB, and CRE CLO issuance activity (6:11)

Are CRE CLO trends transitory? (9:42)

Positive retail news (16:30)

Crabgrass in the retail market (28:23)

The office shuffle (31:01)

Shoutouts (40:07)

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

Follow Trepp:

Twitter: twitter.com/TreppWire

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

Facebook: www.facebook.com/TreppLLC

Back in December 2020, The TreppWire Podcast team offered performance predictions for each property type as the return to normalcy began to come into focus. In this week’s episode, we are back to grade the predictions, comparing the delinquency rates for lodging, retail, multifamily, office, and industrial to what we are seeing now. We also dive into a distressed asset trading alert where we explain what it means to buy distressed bonds, how a waterfall works, and why this story is a win for some bondholders.

Episode Notes:

Economic update: jobs report, eviction moratorium, inflation (0:42)

Mixed-bag of delinquency news (5:35)

CRE market recovery: reviewing our predictions (9:00)

CMBS Spreads (19:17)

Distressed Asset Trading Alert (22:10)

Must-Knows of the Week: moves and potential vacancies (30:22)

Green shoots (33:49)

Shoutouts and Deal of the Week (36:08)