The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode, we dive into some major stories touching the CRE and CMBS markets including office crabgrass, interesting loan modifications, hotel loan extensions, retail challenges, and industrial news. In a new segment, we introduce the Trepp unicorn, diving into a story about rare excess recovery. We also share our latest delinquency data and life insurance commercial mortgage returns. Tune in now. Episode Notes: • Market update: Fed, jobs, supply chain, housing (0:23) • Delinquency report (9:17) • Life insurance commercial returns (15:47) • Office crabgrass (18:16) • Office green shoots (19:54) • Airbnb’s listing service (24:20) • Hotel stories (27:26) • Retail CRE news (31:10) • Industrial acquisition (36:05) • Trepp unicorn: rare excess recovery (38:14) • Shoutouts (41:04) 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

This week, earnings season wound down with more retailers showing better-than-expected results and a shortened trading week due to the holiday meaning more focus on what the Fed is signaling for December. In this episode of The TreppWire Podcast, we dive into several big stories across the major property types: borrowers extending, missing balloon payments, and property valuations declining. Tune in now. Episode Notes: • Economic data (0:23) • Consumer resilience? (6:53) • Retailer earnings and store closures (8:54) • Layoffs (13:09) • NYC ground lease stories (14:56) • Kroger Albertson’s exposure (20:17) • Nordstrom vacating Minneapolis space (22:12) • Retail: missed balloon dates, values decline, loan extensions (23:30) • Multifamily (32:26) • Hotel positive news (38:15) • Student housing story(43:09) • Office news to watch(46:01) • Shoutouts (47:11)

This week, it was easier to find green shoots than Taylor Swift tickets, but CRE still can’t “shake off” higher rates. In this week’s episode, Andrew Jacobs, Head of Structured Finance, joins the team as we discuss retail earnings, the CRE CLO market, housing data, loan payoffs, and the impact on leveraged loans in a higher-rate environment. We also dive into a few major office, retail, and hotel stories to note this week. Tune in now. Episode Notes: • Economic data (0:26) • Corporate CLO market in a higher rate world (7:45) • Housing market update (10:46) • Retail earnings (12:33) • Ballooning inventory (17:10) • Loan payoffs (18:43) • CRE CLOs (20:46) • Digging through the data: lease expirations (26:27) • Office vacancies (27:27) • US banks considering office loan sales (31:20) • Office green shoots (33:13) • Manhattan office Trading Alert (34:42) • Retail stories (36:47) • Hotel news to watch (38:34) • Shoutouts (42:25) 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, Michael Flood, SVP of Commercial & Multifamily, and Borden Hoskins, AVP of Legislative & Political Affairs from the Mortgage Bankers Association (MBA) join the team to provide an update on the midterm elections and the CRE regulatory landscape. We dive into what the election results mean for CRE, how various sectors will be affected, and what regulators will focus their initiatives on in 2023. Tune in now. Episode Notes: • Midterm elections and legislative overview (0:47) • Oversight issue: CFPB (7:47) • What could happen? The lame ducks (9:05) • Where does lending come from if FHA is under threat? (13:35) • GSEs and lending caps (14:20) • Liquidity and available capital (20:08) • Tenants (26:43) • What's coming for different forms of finance? (28:36) 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

In this week’s episode, we dive into the latest news surrounding the CPI print, cracks in the housing market, and the ‘Tech Wreck’ that is dragging the markets down. In CRE, Research Director, Stephen Buschbom joins to talk through REIT earnings and student housing loan distress. We also provide recent negative multifamily and office stories. Tune in now. Episode Notes: • Economic news(0:26) • CPI numbers (11:02) • Impact of election on CRE (15:08) • Tech wreck (16:32) • REIT earnings: overview(19:20) • Office REITs (21:11) • Office news (27:43) • Crabgrass (32:23) • Multifamily price reset (39:30) • Student housing loan distress (42:44) • Shoutouts (46:41) 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

This week, investors expected the interest rate increase, but the commentary was more hawkish than predicted. In this episode of The TreppWire Podcast, we dive into the latest economic and CMBS data, highlighting the recent rise in delinquencies. In digging through the data, we found that there is about $300M worth of active "floating-rate" loans, so what is the story here? Then, we share green shoots and crabgrass for multifamily, office, and hotels.  Tune in now. Episode Notes: - Economic update (0:23) - CMBS delinquency report (10:10) - CMBS spreads (16:55) - Digging through the data (21:32) - Multifamily sale (28:03) - Multifamily headlines (33:43) - Student housing acquisition (35:57) - Hotel story (37:35) - Tech impact on office space (39:01) - Office news (40:55) - Shoutouts (45:57) 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 mixed economic data, with a focus on the latest news for the technology sector and how it will impact CRE. We discuss reasons for optimism and pessimism, discuss CMBS spreads, a cap rate analysis, and hairline fractures for the multifamily market. We also share some office headlines and give an overview of NYC's Local Law 97.  Tune in now. Episode Notes: • Economic update (0:23) • Interest rates inflection point (8:20) • Digging into tech earnings (10:32) • Impact on CRE (17:25) • Optimistic or pessimistic? (20:12) • Cap rates analysis (26:37) • CMBS spread levels (30:45) • Multifamily cracks (32:32) • Office stories (40:19) • Hotel news (42:28) • Local Law 97 (43:28) • Shoutouts (45:45) 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 a special guest episode, we welcome Tony Yousif, Director of National Accounts at SVN. We dive into the latest in commercial real estate distress, with Tony sharing a boots-on-the-ground view of asset classes to watch, trends by geography, and the difference among types of lenders. Tony shares where the opportunities are and where some may get stuck in the mud. Tune in now. Episode Notes: - Background (0:21) - Property type coverage (5:26) - Geographical trends (7:11) - What’s happening in multifamily? headwinds (9:05) - Typical timing for valuation requests and transactions (14:40) - What are lenders seeing? (17:53) - Is the extend and pretend appetite across the board? (25:35) - Office conversions (30:38) - Office occupancy sentiment (33:00) - Where's the opportunity right now? (35:48) 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

This week, we saw the 10-year yield hit its highest level since 2008. In this episode, we examine what was a rough week in terms of economic data but not for the markets, also highlighting sirens in housing, and the latest themes from bank earnings. In CRE, we go through a list of office sublease stories and we review the amount of loans maturing within the next 24 months.  Tune in now. Episode Notes: Bad economic data, markets powered through (0:23) Digging through the data: more maturities (9:25) Office subleases and crab grass (13:41) Stories to keep your eye on (19:56) Green shoots in CRE (27:56) Retail stories (38:25) Shoutouts (41:09) 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 examine how rising rates and the cost of interest rate caps are threatening to derail the commercial real estate market. Then, we dig through operational and origination statistics for multifamily across the top five markets and compare the data to the office sector statistics. We close by reviewing the latest office and retail headlines to watch. Episode Notes: Gloomy economic outlook(0:23) Perception of CPI (6:20) Labor problem (10:49) Mortgage rates (12:26) 101: Cost of interest rate caps (13:40) Digging through the data: top multifamily markets (23:13) Multifamily vs. office origination data (26:27) Office grabgrass (29:23) Mall stories: CMBX 6 loss and missed payments (35:26) Shoutouts (36:43) 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