The TreppWire Podcast: A Commercial Real Estate Show

In this week's episode, we dive into the market reaction that followed Fed Chair Powell’s comments, the high stakes that surround the latest jobs data, and a proposed budget. We talk about soaring CMBS spreads and if the widening represents a buying opportunity or a sign of trouble coming for the industry. Then in CRE, we have a flurry of office crabgrass (and a few green shoots) to share. Stick around to hear our take on water cooler data and betting on WWE... Tune in now. Episode Notes: Market reactions this week (0:23) CMBS spreads soaring (9:45) Loans paying off on their maturity date (13:56) Return to office (15:39) Dumping of office space: Amazon (18:30) Flurry of negative office news (21:04) Office green shoots (33:25) Programming notes (33:40) Shoutouts (35:10) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

We may not be fluent in Fed Chair Jerome Powell, but in this special guest episode of The TreppWire Podcast, we found an expert who is. Danielle DiMartino Booth, CEO & Chief Strategist of Quill Intelligence, economist, and former Federal Reserve insider joins the team to make sense of the Fed Chair’s comments coming off the heels of the Senate Banking Committee meeting. We talk about the size of US debt, quantitative tightening, interest rates and Qe2, and how this all can impact commercial real estate. Tune in now. Episode Notes: • Danielle DiMartino Booth intro (0:23) • Making sense of Fed Chair Powell’s comments (3:30) • Has the Fed been wobbly? (5:50) • You switch seats with J. Powell? What do you do differently? (9:46) • How will the average CRE owner or lender be impacted? (11:18) • Size of US debt: is it a ‘Black Swan’ event? (13:57) • Quantitative tightening not being priced like it used to (16:20) • Buyers’ remorse… is there more to come? (19:05) • Can we quantify how high rates would be in other scenarios? (21:40) • What would trigger a 2006/2007 event? (24:15) • Industrial reaching inflection point (27:45) • Biggest risks for CRE (29:55) Questions or comments? Contact us at podcast@trepp.com. Find Danielle: https://dimartinobooth.substack.com/ https://twitter.com/DiMartinoBooth Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week’s episode of The TreppWire Podcast, it is hard to find good news. Amid treasury yield increases, economic data, consumer confidence, and retail earnings, there are negative signs all around. In commercial real estate, we report on the CMBS delinquency rate posting its second-largest increase since the start of the pandemic, discuss office obsolescence, and dive into a massive trading alert surrounding a large multifamily loan. We also examine data for hotel markets across the US, life insurance mortgage returns, and more. Tune in now. Episode Notes: • Economic news and data to watch(0:23) • Housing market and jobs(5:28) • Retail earnings (8:01) • CMBS delinquency report, rate jumps (13:02) • Massive trading alert: large multifamily loan (16:20) • Retail stories (25:30) • Industrial story (29:43) • Office obsolescence (31:26) • Office stories: sublease siege (33:52) • Hotels (38:59) • Life insurance commercial mortgage returns(43:19) • Shoutouts (44:37)

In this week's episode, there is a lot of news to digest. To start, we review economic results, Fed minutes, geopolitical tension, and company earnings that are revealing mixed messages and signs of stagflation and examine what the impact will be on CRE. In property-type news, we dive into several stories to watch for office and retail and share news for hotels. Tune in now. Episode Notes: • Geopolitical tension, Fed minutes, economic results, earnings (0:23) • Tech company news: Intel & Nvidia (13:50) • Office return to work snags: Disney & Amazon (17:04) • $1.7 billion office loan default (19:07) • Banks’ office loans in danger (22:20) • Office headlines (25:24) • Retail stories (28:00) • Hotel CRE news (36:15) • Shoutouts (39:31) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode, we cover the latest jobs and housing data, travel earnings, and share takeaways from the MBA CREF conference. We also talk about Brookfield’s defaults and office crabgrass, then share some large multifamily loan moves. In case you missed it, Trepp and CompStak released a report examining office loan maturities and lease expirations. Trepp’s Director of Research, Stephen Buschbom, and, CompStak's Director of Real Estate Intelligence, Alie Baumann, talk through some of the findings. Tune in now. Episode Notes: • Economic news of the week (0:23) • Travel earnings (7:27) • Negative stories: train derailment (9:19) • MBA CREF conference takeaways (12:12) • Office: construction; Brookfield defaults (16:16) • Office crabgrass stories (25:31) • Office loan maturities and lease expirations (27:40) • Large multifamily loan stories (40:14) • Shoutouts (42:38) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week’s episode of The TreppWire Podcast, we examine a few themes in commercial real estate: signs of improvement for the hotel market, a slowdown in industrial, and the impact of tech on the office sector. We also dive into the pricing of a new CMBS conduit deal, and cover some recent company earnings and what they mean for the markets at large. Tune in now. Episode Notes: • Economic news ( • Company earnings (6:39) • Bed Bath & Beyond • CMBS Conduit Deal (14:01) • CMBS conduit deal ~17 • Self-storage ~17:17 • Industrial (21:07) • Hotels (22:50) • Office green shoots (27:05) • Office crabgrass (31:13) • Shoutouts (45:14) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode, we present an inaugural Trading Alert recorded live on the podcast, where we dive into the news of a large real estate player handing back the keys to their office holdings and decide if it will cause a seismic shift in the CRE sector. We talk multifamily markets to watch, delinquency rates revealing it’s not all doom and gloom, and many corporate announcements and earnings. Stay tuned for green shoots and crabgrass in office and a discussion about grocery-anchored retail. Tune in now. Episode Notes: Economic news (0:23) Confusing jobs story (7:55) Corporate announcements (9:45) Podcast Trading Alert: RXR Handing Back the Keys (12:30) Redemptions (18:38) Vornado writing down portfolio value (23:06) Delinquency report (24:14) Bed Beth & Beyond closing 87 more stores (28:22) Office green shoots (33:33) Crabgrass in office (35:43) One person’s crab is another person’s green (38:58) Multifamily markets to watch (41:14) Grocery-anchored retail (43:37) Shoutouts (47:33) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode, we are reviewing what looks like a bumpy year ahead for the economic markets. We talk about the prospect of national rent control, which has sent worries through the multifamily market, company earnings, housing news, and more tech layoffs (+ some company expansions). In the CMBS market, we review historical loan spreads, which can provide a useful metric during volatile times, and talk about a conduit deal that priced this week. Stick around for office stories to watch, retail headlines, and a rare office-to-industrial conversion. Tune in now. Episode Notes: - Economic update: the bumpy year ahead (0:23) - Renters' Bill of Rights (3:27) - Housing news (4:54) - Earnings and tech layoffs (11:55) - Companies raise wages and hire (16:20) - Historical loan spreads (17:13) - CMBS deal priced this week (20:48) - Regal Cinemas and bankruptcy news (25:07) - Office occupancy and work-from-home trends (29:35) - Office CRE stories (33:23) - Retail green shoots and crabgrass (42:17) - How quickly do loans “workout" in special servicing(44:14) - Shoutouts (46:11) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode of The TreppWire Podcast, we are watching the Japanese bond market, big bank earnings, the legal debt ceiling, retail sales, and housing news. In commercial real estate finance, we talk about retailer bankruptcies, the latest sales transaction data, office loans to watch, and sublease, sales, and vacancy stories across the country. Tune in now. Episode Notes: • Economic update: Fedspeak (0:23) • Japan/debt ceiling (9:02) • Mixed bag for bank earnings (12:08) • Tech layoffs (18:01) • Party City bankruptcy (19:17) • Digging through the data: CRE transactions decline (22:37) • Office loans to watch (26:11) • Bad news for Seattle (29:06) • Brokers start your engines (34:16) • Denver trading alert (35:36) • Statefarm portfolio (37:50) • Sublease space in Columbus (39:38) • Shoutouts (41:58) 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, the podcast team was at CREFC Miami, where the sentiment surrounded “cautious optimism” (or was it “cautious pessimism?”) and the 'game of chicken' that is taking place for buyers/sellers and borrowers/lenders. In this week's episode, Orest Mandzy of CRE Direct joins the team to share our takeaways from the CRE finance industry conference, dive into what’s to come for multifamily and affordability, examine where CMBS issuance and loan payoffs stand, and share crabgrass and green shoots for retail and office. Tune in now. Episode Notes: Economic update (0:23) Good news on inflation (3:07) Housing (6:15) CREFC Confidential: Industry conference Sentiment (10:16) Multifamily and affordability panel (20:25) Year-End Magazine: CMBS issuance (25:10) December 2022 loan payoffs (29:32) Retail crabgrass (31:38) Retail positives (33:20) Sublease special (39:02) Office crabgrass (41:09) Greenies in office (44:04) Shoutouts (48:53) 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