The Walker Webcast

After taking a major hit during the pandemic, where does the air travel industry stand today?On this Walker Webcast, we were joined by Phil Washington, CEO of Denver International Airport, the third busiest airport in the world. He and Willy discussed recovery for the air travel industry, his plan to accommodate 100 million passengers in the next 5-8 years, innovative capabilities being implemented at DEN, and much more.GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

According to our webcast guest, our political system isn’t broken – it’s just not designed to serve public interest.Katherine Gehl, business leader, activist, and co-author of The Politics Industry, joins Willy to discuss the root cause of our nation’s political dysfunction, the need for competition within the political system, her case for implementing innovative changes to the voting process, and so much more.GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Peter Linneman joined Willy for another hour of insight. He shared his thoughts on the Fed, inflation, rising rates, the potential recession, and asset class performance, as well as predictions for the future.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this Walker Webcast, Willy welcomes Julia Boorstin, CNBC’s Senior Media & Tech Correspondent. Being an on-air reporter for the network since 2006, she delivers reporting, analysis, and CEO interviews on CNBC’s “Tech Check”. She launched the CNBC Disruptor 50, an annual list that highlights private companies transforming the economy. She is a contributor to CNN and Headline News and the author of "When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn From Them."GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Willy welcomes Chris Davenport. He is a two-time World Champion skier, being the first person to ski all 54 of Colorado’s 14,000-foot peaks in less than a year. With numerous first descents of peaks worldwide under his belt, including Mt. Everest, he has been credited in over 30 ski films by Warren Miller and Matchstick Productions. He has authored books about the North American mountains, such as Ski The 14ers and 50 Classic Ski Descents of North America. Recently named one of ESPN’s 10 Greatest American Freeskiers of All Time, he is the Director of the nonprofit Protect Our Winters and the Senior Director of Skiing Innovation of Peak Ski Company.GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Willy welcomes Richard Baker. Baker is currently the governor, CEO, and executive chairman of Hudson’s Bay Company (HBC), and is also the owner of National Realty and Development Corp (NRDC). In 2006, he acquired Lord & Taylor for $1.2 billion and served as its Chairman. He purchased Hudson’s Bay in 2006 and took the company public in 2012, getting it listed on the Toronto Stock Exchange. The show starts with Richard emphasizing that “We’re all born with what we’re born with,” pointing out his innate ability to see things differently from a young age and his drive to go a different route. He believes that we need to maximize our strengths to build our self-confidence. Having studied hospitality at Cornell University, he thinks hospitality applies to all fields. As a natural people-pleaser, he aimed to change how real estate developers do business by focusing on customer service. Although his plans to acquire Toys R’ Us fell through, he created NRDC. Being in the game got him the Lord & Taylor acquisition. “If you’re always hanging out by the hoop and playing the game, then you’ll make your share of baskets,” he says. He states that “We’re not investors, we’re value creators,” using intellectual leverage as a tool. The financial crisis only led him to pivot and maneuver in the right direction. Richard spotted an opportunity in Canada to turn it into a credit landscape, buying Hudson’s Bay despite initial detractors. His previous knowledge of running a department store made it easier for him to make a choice and operate the company.GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Willy welcomes Tommy Thompson. He is an American Republican politician who has served as interim president of the University of Wisconsin System (2020-2002). He was the 42nd governor of Wisconsin and the 19th United States Secretary of Health and Human Services (2001-2005) in the Cabinet of President George W Bush. Thompson is the longest-serving governor in Wisconsin history, holding office from January 1987 until February 2001, and is the only person to be elected governor four times. He was also chair of Amtrak, the nation's passenger rail service. He was chairman of the Republican Governors Association (1991-1992) and the National Governors Association (1995-1996).Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Willy welcomes Kris Mikkelsen, Ivy Zelman, and Aaron Appel. Kris Mikkelsen is the Executive Vice President of Walker & Dunlop Investment Sales and is responsible for the origination and execution of investment sales and equity capital raise for multifamily assets focusing on the Southeastern markets. Ivy Zelman is the Executive Vice President of Walker & Dunlop Research and Securities. She is also the CEO of Zelman & Associates, a leading housing research and investment banking firm acquired by Walker & Dunlop in 2021. Aaron Appel is the Senior Managing Director of Capital Markets at Walker & Dunlop. He focuses on sourcing and structuring financing for all commercial real estate asset classes nationally. The episode starts with Ivy stating that the overall underwriting has significantly changed in terms of stringency and more conservative rent assumptions due to the uncertainty of capital cost. Kris explains that negative sentiment shows across the board because of the low supply index. A hawkish stance remains unless employment figures hike up. According to Aaron, core and value-add multifamily assets have liquidity but cost more. Less is needed to pay for the asset if borrowing costs increase substantially. Talking about his recent bridge loan, Aaron mentioned a good spread for the lender in loan value versus loan amount. Ivy adds that overall rent growth is holding up at levels of renewal basis; however, renewals will be stickier. Her forecast for rent growth is above 4.5% and moderation to 2%. The data is much more optimistic compared to new move-in rates. She also describes how more competition, such as in the supply from build-for-rent (BFR) operators or investors selling single-family rentals (SFR), is expected in 2023 and puts more pressure on decelerating rents. Affordability is also a factor for for-sale builders to turn to the rental market and sell units on a scattered basis. Although there are many construction loans in the market right now, Aaron believes getting them capitalized is challenging. He predicts a decrease in leverage of 10-15% and an increase in the cost of funds by 500 basis points. Inflation is a huge factor in the disinterest in these loans. Kris shares how this makes it difficult to predict numbers and adds that able-to sellers are currently clearing the market. Instead of finding buyers and committing to six-month deals, merchants now have to de-risk the rent roll. He also explains how they are currently transacting exclusively with closed-end vehicles not subject to quarterly markets or operating with separate account capital. He says that keeping sale activity to create liquidity and fund redemptions is the responsible thing to do. Aaron chimes in about how commercial real estate is a fantastic hedge against inflation, but with the swiftness of rate increases, it will undergo a reevaluation period of assets. When it comes to inflation, “the smaller the builder, the less likely they’ll see relief,” Ivy says.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Willy welcomes Clarke Murphy. He is the Board and CEO Leadership Advisor at Russell Reynolds Associates. He leverages 30 years of experience in the executive recruiting industry to advise on critical leadership mandates across sectors. He has provided leadership advisory services to corporations, such as Duke Energy, Deutsche Bank, and Siemens. Before joining Russell Reynolds, he was a banking officer at Manufacturers Hanover Trust Company. He hosts the Redefiners podcast, interviewing daring leaders who have transformed their organizations and created extraordinary impact. Clarke Murphy begins by talking about the smooth and textbook leadership transition in Russell Reynolds, the ideal number of board members, and the biggest benefit to running a public company – a strong focus on the client. The popularity of LinkedIn did not kill off the executive search firm because Clarke believes that posting resumes isn’t recruitment and that the website is more of a career development community. With Russell Reynolds, Clarke chose to focus on advising and recruiting board members, CEOs, and C-suite candidates, concentrating on board effectiveness and leadership development. The company has also worked closely with LinkedIn, testing new products and services and leveraging each other’s communities. Clarke explains how CEO academies should be transparent to their participants that they are investing time and money in them. He was anxious that the pandemic would encourage cost-cutting and layoffs due to not being able to afford to keep their employees. However, he believes that the best companies in the world retain their best people longer than their competitors. Currently, talent wins because of the abundance of cash, resulting in the nature of a leader significantly changing in the past 20 years. “Leadership is no longer about leading. It’s about creating followership,” he says. He thinks young people are thirsty for knowledge and improvement and will stay if you assure them that they’re on a winning team. Clarke enjoys sailing and retells his near-death experience of mistaking a 40-foot steel barnacle-covered container for a whale. However, his cautious and quick-thinking skills saved him and his crew. He explains how successful leaders all had sustainability mindsets with the four competencies: multi-level system thinking, stakeholder inclusion, disruptive innovation, and long-term activation. They also achieved a balance of people, the planet, and profit.Listen to the replay!If you have any comments or questions, please reach out to your main Walker & Dunlop point of contact. We are all available to answer questions and provide assistance. Additionally, if you have topics you would like covered during one of our future webcasts, we would be happy to take your suggestions. Learn more about your ad choices. Visit megaphone.fm/adchoices