The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode of The TreppWire Podcast, the team discusses recent tech earnings, inflation, big-box retail, and office news. Next, we dive into the delinquency rate, interest-only bonds, and hotel transactions. Then we talk about big tech giant Amazon and the Metaverse. Stick around to hear a sneak peek as we shed light on the multifamily market. Episode Notes: Market Overview (0:40) Inflation- The Fed (4:28) Big Tech- Amazon/Meta (10:05) Metaverse (18:33) CMBS Delinquency Rate (20:11) Interest Only Bonds (24:25) Office News (29:03) Retail Stories (38:40) Hotel Transactions (46:30) Multifamily Market Sneak Peak (49:38) Shoutouts (49:47) 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

There was a mixed bag of tech earnings this week, so we dive into some of the headlines and the impact on commercial real estate. In this episode of The TreppWire Podcast, we also cover recent stories about offices downsizing and record property transactions. We then follow up on our recent multifamily net operating income teaser, sharing the headlines that came from preliminary income, revenue, and expense data. Episode Notes: Investor reaction to stock selloff (0:23) Tech earnings, impact on CRE (9:02) Office crabgrass (18:51) Green shoots for office (23:35) Blackstone headlines (29:09) Multifamily NOI report(33:27) Multifamily story – record price (41:13) Retail hits: Kohl's bids (42:27) Shoutouts (48:32) 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 analyze the mixed bag of economic news, discussing CRE sentiment and the CMBS data to watch. In CRE property type news, we cover stories for office properties across the country, including space being taken off the market, new leases signed, transfers to mortgage lenders, and luxury office purchases. We then look at important headlines for retail, life science, hotels, and student housing. Listen now. Episode Notes: Market uncertainty (0:25) CRE sentiment (6:42) CMBS spreads and issuance (7:42) Green shoots for office (12:38) NYC office stories (15:28) Crabgrass in office sector (17:05) Bad news for Chicago (19:43) ‘Zombie’ office space in Cleveland (21:43) Life science interest (24:10) Brokers start your engine (26:53) CMBX mall loan news (28:27) Retail stories (31:05) Student housing deals and acquisitions (33:04) Quick hits for hotels (39:30) Shoutouts (43:51) 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, Matthew Osborne, Executive Vice President, Senior Commercial Banking Officer with Eastern Bank joins the team to dive into the world of commercial real estate lending. We discuss the booming life sciences asset class in Boston, challenges for lenders and real estate developers, the intrigue of single-family rental properties, and competitiveness in the lending landscape. Matt also walks through what he saw on the front lines of lending during COVID-19 vs. past recessions, and how unprecedented government support impacted the playbook. Episode Notes: Intro (0:39) Life-science asset class in Boston (3:10) Challenges in the Boston market (8:39) Considerations for lenders (11:01) Self-storage sector (14:40) Pandemic impact vs. past recessions (17:13) Froth in the market (20:50) Competitive lending landscape (25:04) Intriguing property types: single-family rentals (26:24) Shoutouts (32:52) 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 what the CPI and PPI numbers mean for the market and cover recent bank, retail, and airline earnings. In a segment called “brokers start your engines,” we examine the latest office sales. We then take a walk down memory lane, reporting on new data for properties we’ve been watching over the years. Finally, we give a teaser for our multifamily net operating income analysis. Episode Notes: • Inflation, CPI, PPI (0:22) • Bank and retail earnings (8:47) • Delta earnings (14:17) • Office stories and preliminary maturity data (16:20) • Brokers start your engines: sales (23:46) • Walk down memory lane: CMBS loan news (28:15) • Twitter and Elon Musk, CMBS headquarters (34:44) • Retail store closures decline and increased theft (38:16) • Crabgrass and green shoots for retail (42:17) • Multifamily financials report (48:28) • Shoutouts (54:26) 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, Andrew Jacobs shares a CMBS market update, highlighting special servicing rates, recent loan losses, and issuance numbers. Then, we discuss operators shedding retail assets, industrial interest, and office occupancy news. We close with an update on the increased demand in the single-family rental market. Stick around to hear the team talk MLB and Masters opening day, and Tiger Woods' return Episode Notes: • Economic news (0:23) • Special servicing rates (7:00) • March loan losses (10:10) • Q1 CMBS issuance (12;31) • Westfield shedding US malls (13:45) • Retail crabgrass (15:51) • Positive retail (21:29) • Industrial news (22:45) • Office occupancy (27:25) • Single-Family Rentals (32:58) • Apartment converted to hotel(37:46) • Shoutouts (39:59) 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

Matt Anderson, Managing Director at Trepp, joins the team in this week's episode to talk all things inflation, interest rates, and investment returns. We also discuss the possible yield curve inversion, preliminary bank CRE loan and CMBS delinquency numbers, and stories in the office and lodging sectors. Stick around to hear our coverage of the percentage of bank loans that are on the watchlist. Episode Notes: Market data to digest (0:27) Green shoots in CMBS (6:10) Is the curve inverted? (13:07) What have interest rate spikes done to CRE historically? (15:23) Are we in a euphoric period? (21:24) Preliminary CMBS delinquencies (26:14) Lodging quick hits (29:36) Office news (34:47) Bank loan delinquencies (37:31) Green shoots (41:20) Shoutouts (45:00) 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, the team tries to make sense of rising interest rates, cap rates, and liquidity. Diving into the CRE property types, we discuss hotel comps, retail store closures, and multifamily transactions. We also review a shopping mall Trading Alert that serves as an example of a CMBS "waterfall." Episode Notes: What's behind the Treasury moves? (0:50) Market impact on borrowers and the CRE industry (5:37) Impact on cap rates (9:38) Chicago hotel comps (12:28) Hotel valuation drops (14:57) Arizona Cardinals lodging move (18:14) Retail store closures (22:12) Vermont shopping mall, CMBS waterfall (23:25) Multifamily transactions (28:44) What's to come for office? (31:14) Shoutouts (37:34) 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 had a lot to react to this week, but most of the focus was on digesting the Fed announcement. In this episode, we reflect on the news and how it can impact real estate and then cover the state of the CRE lending market. We also dive into mixed headlines (or greens) for the office, retail, and multifamily markets. Stick around to hear our March Madness picks. Episode Notes: • Market reactions (0:23) • Uncertainty in equity markets (8:45) • Impact on leveraged loans (12:23) • State of the CRE lending market(13:50) • Office crabgrass and mixed greens (29:21) • Surprising retail news (36:13) • Multifamily headlines (37:20) • Shoutouts (42:31) 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 the latest economic news including the jobs report, potential interest rate hikes, and oil prices. Then, we discuss the impact of inflation on consumer behavior and CRE. We also review property comps across office, retail, and hotels and give an update on how CMBS loans have performed pre-and post-risk retention Episode Notes: • Interest rate hikes and uncertainties (1:00) • Impact of inflation on consumer behavior (9:31) • CMBS deals pulled or paused? (14:51) • Risk retention loan performance (20:14) • Office green shoots (28:58) • Hotels: positive and negative (35:09) • Retail (39:20) • Shoutouts 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