The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode, we walk through the week’s regulatory and economic headlines, dive into the Fed’s Stress Testing results, and give an update on the must-know, good, and bad news for the office sector as companies return to work. We also share our latest retail round-up, highlighting several mall loans that may need to go into witness protection due to valuation reductions, reclassifications, and more. Stick around as we tease what’s to come for next week, where we will grade our 2021 predictions (and there will be no curve).

Episode Notes:

Economic news (0:21)

FHFA Director ousted – what does it mean for investors, borrowers, lenders? (1:10)

Green CMBS deal first to meet ESG criteria (10:40)

Eviction Moratorium update (16:03)

Retail round-up: value reductions, reclassifications, and more. (18:49)

Banks return to work (25:48)

Office must-know, good, and bad news (30:02)

Quick hit: hotel story (37:41)

Fed Stress Testing results (39:16)

Shoutouts (44:29)

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

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Trepp just wrapped up our mid-year analysis (aptly called The Mid-Year Magazine) that will be published next week with Commercial Real Estate Direct. In this week’s episode, we walk through some of the mid-year analyses of the good, the bad, and the unknown for each CRE property type while sprinkling in some updates from recent TreppWire stories. We also give insights on the discussion at this week's CREFC annual conference. Listen here.

Episode Notes:

Economic news(0:25)

Retail sales (3:57)

CREFC Confidential: CRE market conversation (10:02)

Good, Bad, & Unknown: Mid-Year Analysis (19:52)

Multifamily/apartment sector review (21:43)

Office uncertainty and headlines (25:01)

'Must-Know' of the week (29:36)

Industrial sector update (31:21)

The hard-hit hotel sector (33:21)

Retail wrap-up (38:25)

Shoutouts (45:06)

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

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In this week’s episode, we welcome Mike Benz, Trepp’s Senior Vice President and Head of US Banking Solutions to discuss the regulatory shift in the banking market. We dive into takeaways from CECL and what’s to come, office headlines and stories that the market “must know,” retail news, and loan payoffs.

Episode Notes:

• Inflation growth (0:51)

• Office green shoots (8:02)

• Crab grass for the office market (12:20)

• Must-Know of the Week (13:50)

• Retail update (15:23)

• Mall loan payoffs (17:21)

• Deal of the Week (27:11)

• Regulatory shift in banking (29:44)

• CECL takeaways (46:48)

• Shoutouts (50:21)

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

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In this week’s episode, we cover the latest CMBS delinquency report and what it means for the market as the rates descend from their mid-pandemic highs. We also dive into office and multifamily occupancy rates across major metro areas, review positive and negative stories for the office sector, discuss hotel sales, cap rates, and other news, and talk about The Donut Effect.

Episode Notes:

Economic signs that we’re turning a corner (0:25)

CMBS delinquencies (5:08)

Hotels rebounding (8:35)

New York happenings (11:08)

Positive and negative stories for office (13:22)

Office occupancy rates (23:03)

Hotel sales and cap rates (28:03)

Multifamily occupancy analysis (36:59)

Eviction Moratorium update (43:06)

Deal of the Week (45:13)

Shoutouts (47:01)

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

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

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During the latest Senate hearing, Jamie Dimon acknowledged there is a housing bubble, but not like the previous one. In this week’s episode, we discuss the housing market and what can be described as an “alternative housing bubble.” We spend this episode looking on the bright side: reviewing the recent headlines for lodging, retail, and office that may show the sectors turning a corner.

Episode Notes:

Housing bubble or alternative bubble? (0:48)

Multifamily and single-family rents (7:36)

Investors’ reactions to retail earnings (12:57)

Positive CRE finance retail stories (16:42)

Commercial rents pave way for new retailers (19:21)

A hybrid model for office (22:13)

Tenant moves (26:04)

Good office news (30:21)

Hotels, payoffs, extensions, etc. (34:39)

Shoutouts (40:42)

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

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In a special guest episode, we welcome Dr. Eva Steiner, Associate Professor of Real Estate at the Penn State Smeal College of Business to discuss managing risk in commercial real estate. Professor Steiner discusses several of her studies and dives into the rate of return of real estate, private equity investments in the hotel industry, the impact of PPP loans on the competitive behavior of hotels, and more.

Episode Notes:

• Rate of return of real estate (1:00)

• Private equity investment in the hotel industry (6:49)

• Oversaturation in the markets (13:57)

• Impact of PPP loans on the competitive behavior of hotels (16:25)

• Link between credit market conditions and performance of real estate securities (24:19)

• Classes back in session (26:25)

• What’s different now in academia? (28:26)

This week, AT&T announced it will spin off WarnerMedia which is the latest installment in the streaming war news... and there is some real impact that this may have on commercial real estate. In this week’s episode, Trepp’s Head of CMBS, Darren King, joins the team to analyze what is going on in this area. We also dive into the latest retail earnings, a CMBX 6 story, more mall news, both negative and positive signs for the office market, and an update on hotels.

Episode Notes:

• Fed’s last meeting (1:37)

• Retail earnings (3:13)

• Movie theater industry: Impact on real estate (9:57)

• CMBX 6 Trading Alert (25:12)

• Office trends and predictions (35:56)

• Discouraging and encouraging signs for office(39:10)

• Hotel taxes and news (43:39)

• Life insurance commercial mortgage returns report (47:26)

• Shoutouts (48:28)

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

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

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In this guest episode, Jim Shevlin, President and COO at CWCapital and RealINSIGHT joins the team to have a conversation about liquidity in the commercial real estate market. Jim walks us through what he is seeing in terms of transaction volume, compares the current market to other financial crises, and dives into the thought process of special servicers who had to manage an influx of hotel loans. We also discuss what will happen to the office and retail markets.

Episode Notes:

• Auction marketplace and process (3:06)

• Vibe check: managing a special servicing company during covid (5:10)

• Liquidity in the CRE market (7:05)

• Comparison to other financial crises (8:33)

• Hotels in special servicing (11:07)

• What is happening to office? (15:00)

• Retail after the pandemic (21:59)

• Multifamily: will we see the same trends as in single-family homes? (26:13)

• Real estate infrastructure and software (27:30)

• Where is the distress? (32:04)

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

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In this week’s episode, we discuss the latest data that confirms inflation is a real issue. But, is it a short-term reopen shock? We also spend some time digging into the current state of the retail market: street-level retail update, mall owners throwing in the towel, REITs adding tenants, mall traffic data, and more. Lastly, we run through office stories and the April loan payoff report and what it means for investors. 

Episode Notes:

• Inflation confirmation (1:00)

• Retail round-up (11:35)

• L-brands spinoff (17:47)

• Simon Property Group earnings (19:22)

• Office stories (22:06)

• April Payoff Report (30:25)

• Why do CMBS investors care about payoffs (32:43)

• Shoutouts (36:10)

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

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In this week’s episode, Manus and Joe run through the highs and lows of the week, and the things that keep them up at night. We review a single-asset single-borrower retail deal in the works, green shoots and crabgrass in retail, more news for firms returning (or not) to their offices, and the latest delinquency rates. The team dives into an update on the Eviction Moratorium and 1031 Exchange and reviews multifamily REIT Earnings.

Episode Notes:

Highs and lows of the week (1:00)

SASB retail deal in the works (8:52)

Green shoots and crabgrass in retail (16:15)

Deal of the Week (21:06)

Delinquency rates (22:59)

Office news: WeWork (25:06)

Firms returning (or not) to their offices (28:27)

Eviction Moratorium update (31:31)

Multifamily REIT earnings (32:59)

1031 Exchange on the chopping block? (37:54)

Shoutouts (45:47)

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