The TreppWire Podcast: A Commercial Real Estate Show

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

In this week’s episode, we reflect on the CMBS market, starting with the news that two commercial mortgage bonds were put on hold amid market weakness. Then, we talk about new issue pricing and the latest delinquency rates across the property types. We also highlight the top headlines in the retail, industrial, and office CRE sectors. Episode Notes: • Takeaways from lack of market panic (0:23) • Meaningful financial data this week (4:24) • Two CMBS deals pulled (7:43) • New issue pricing (12:59) • CMBS delinquencies shows health (15:19) • Positive retail earnings (20:10) • Amazon brick & mortar and fulfillment center news (26:59) • Industrial in California(29:43) • Why can’t all malls have happy endings? LA Rams new practice facility (32:11) • Retail trading alert (35:48) • Office traffic(37:43) • Negative office news in St. Louis (42:57) • MLB opening day (44:56) • Shoutouts (47:51) 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 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

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 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