Stay ConnectedLeveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking.
Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants.
Questions or comments? Please contact us at podcast@trepp.com.
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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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In this week’s episode, Pasquale Cardone II, founder of PC2 Capital joins the team to discuss the risk and reward of debt vs. equity in the commercial real estate space... given what we have seen with market, business cycle, and asset type risk. We dive into REIT equity vs. CMBS credit, predictions for interest rates and property types, contrarian market views, and property sector divergence. Episode Notes: Market predictions (0:52) Volatility: Public equity REITs vs. CMBS debt (4:00) Bullishness on spreads (8:06) Private equity’s impact (12:53) How rising rates play into REIT performance (14:25) Office sector divergence (17:30) What’s next for the b & c office operator? (19:25) Retail in 2022 (22:17) Interest in hotels (27:15) Contrarian views (31:37) Shoutouts (36:55) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
For the last few days, while attending the CREFC conference, Manus commented that the prevailing sentiment for 2022 is that the year will look like 2021... but also noted similarities to 2005. So the question is, how likely is it that? In this week’s episode, we go back and forth on this sentiment and highlight takeaways from the conference. Then, we dive into some unpleasant surprises in CRE and talk through positive stories for office and news in the hotel market. Episode Notes Economic update (0:29) Prevailing CRE sentiment from CREFC (10:47) Unpleasant surprises in CRE (25:20) NY hotel valuation reduction (26:40) CA property sold to pay off at par (28:23) CA pulls back on office leases (29:21) Hotel news (33:16) Positive office headlines (38:12) Shoutouts (44:38) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
Trepp reported that for the first time in 18 months, the CMBS delinquency rate increased, which is largely attributed to several new and significant office loans going delinquent. In this week’s episode, we dive into the rare uptick, highlight several important office stories, review the Fed minutes, and examine recent store closures for Macy’s, Bed Bath & Beyond, and the like. Episode Notes: Fed minutes (0:43) Delinquency report (11:12) Office stories (17:34) Office crabgrass (23:48) Green shoot news (25:25) Retail store closures (26:23) Retail green shoot with some caveats(29:45) Shoutouts (34:21) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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