399. The Apex of CapEx? AI Sticker Shock, Data Center Delays, REIT 101, & Sports-Driven CRE

410. The Plot Thickens: Inflation Rerun, AMC’s Comeback, Data Center Spreads and Corporate Real Estate Shifts

In this week’s episode of The TreppWire Podcast, we unpack the return of geopolitical and trade risks to the forefront of market discussions. We break down AMC’s latest earnings and what they reveal about the health of theater credit, and examine how companies, including Verizon, Pep Boys, and Cracker Barrel, are rethinking their real estate strategies amid changing business priorities and market conditions. In a digging through the data section, we analyze four recent data center CMBS deals that priced between May and July, finding that pricing differences were primarily driven by lease terms and tenant credit quality rather than AI-related sentiment concerns. Finally, we review notable credit stories, including major appraisal reductions on office properties in Philadelphia and New York, and discuss the potential implications of Yellowstone Real Estate Investments assuming control of the Parkmerced redevelopment project in San Francisco. Tune in now. Episode notes: * Macro Update: Geopolitical & Trade Risks (0:29) * AMC Earnings & Real Estate Impact (8:50) * Real Estate Strategies: Verizon, Pep Boys & Cracker Barrel (16:40) * Data Center Issuance Digging through the Data (24:25) * Office Credit Stories: Philadelphia & New York (34:50) * Parkmerced Apartment Complex (41:53) * Programming Notes (49:08) * Shoutouts (51:07) Questions or comments? Contact us at podcast@trepp.com [ podcast@trepp.com].      Follow Trepp: X: www.x.com/TreppWire [www.x.com/TreppWire ] LinkedIn: www.linkedin.com/company/trepp [www.linkedin.com/company/trepp ]

409. The Next Phase of CRE Capital Markets with Marty Allen of Grandbridge Real Estate Capital

In this special guest episode of The TreppWire Podcast, we’re joined by Marty Allen, Head of Capital Markets at Grandbridge Real Estate Capital, a Truist company, which recently launched a master and special servicing platform. Why now? Marty breaks down how today's commercial real estate market created the opportunity, how the shift from middle-market to institutional borrowers reshaped the business, and what he's seeing across agency, CMBS, and institutional lending. Marty also offers a servicer's perspective on the maturity wall, the move from 10-year to 5-year loan terms, why early intervention beats reacting at resolution, and how data and AI influenced the platform's launch. Plus, he shares advice for professionals looking to build a career in commercial real estate. Tune in now. Episode Notes: * Background and Path to Capital Markets (0:48) * Launching Master and Special Servicing (5:25) * CRE Cycle Outlook, SASB Growth, and 5-Year Terms (7:16) * The Maturity Wall and the Extension Debate (9:40) * Where Servicing Adds Value Through Early Intervention (14:38) * Data, AI, and the Launch Process (17:01) * Career Advice and Rethinking This Cycle (20:55) Questions or comments? Contact us at podcast@trepp.com [ podcast@trepp.com].      Follow Trepp:   X: www.x.com/TreppWire  [www.x.com/TreppWire ] LinkedIn: www.linkedin.com/company/trepp [www.linkedin.com/company/trepp  ]

408. Beneath the Headlines: AI Spending, Inflation, Bank Earnings, & Austin Multifamily

Inflation cooled, bank earnings surged, and AI spending accelerated, but are the headline numbers masking what's really happening beneath the surface? In this week's episode of The TreppWire Podcast, we discuss why softer inflation may be a head fake, what record bank earnings reveal (and what they don't), how AI infrastructure investment is creating new economic bottlenecks, and why Austin's multifamily market highlights the growing gap between occupancy and cash flow. We also break down the growing wave of data center moratoriums, walk through a Back Leverage 101 on loan-on-loan financing and its risks, and share an exclusive client trading alert on Chicago's Aon Center. Plus, in this week's Digging Through the Data, we break down Austin's multifamily watchlist trends, rent concessions, and what recent loan vintages reveal about the market. Tune in now. Episode notes: * Economic Inflation Update: Softer CPI & PPI, a Head Fake? (1:52) * Bank Earnings: JP Morgan, Goldman Sachs & Morgan Stanley (7:06) * AI Spending & IBM's Earnings Miss (15:06) * Digging Through the Data: Austin Multifamily Concessions & Watchlist Trends (18:16) * Back Leverage 101: Loan-on-Loan Financing & Its Risks (30:55) * Trading Alert: Chicago's Aon Center Reappraisal (37:45) * Data Center Moratoriums, Property Headlines & Credit Stories (45:38) * Programming Notes (50:44) * Shoutouts (54:57) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

407. Retail Isn't Dead, It's Evolving: From Outlet Centers to Lifestyle Destinations with Tanger’s Justin Stein

In this special guest episode of The TreppWire Podcast, we’re joined by Justin Stein, Executive Vice President, Chief Revenue Officer at Tanger, a leading owner and operator of open-air outlet and lifestyle shopping centers across the United States. Justin discusses Tanger's evolution from an outlet retail leader to an operator of open-air lifestyle destinations, sharing how food and beverage, experiential retail, data-driven leasing, and strategic acquisitions are redefining the modern retail experience. We also explore today's value-focused consumer, the importance of retailer partnerships and analytics, and why Justin believes the future of retail belongs to destinations that blend shopping, dining, and entertainment. Tune in now. Episode Notes * Background & Start in the Industry (1:16) * Tanger’s Retail Strategy Evolution (5:09) * How Brands Use the Outlet Channel (9:10) * Food Options to Meet Market Demands (13:18) * Organizational Structure and Land Development (16:31) * Omnichannel Strategies Post-COVID * Data-Driven Retail Partnership Strategies (19:03) * Future of Retail Real Estate (26:59) * Business Success Advice (29:38) * Closing (31:00) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

406. Challenging CRE Narratives: Mid-Year Reality Check, Office Conversion Risks & Multifamily Mixed Signals

In this week's episode of The TreppWire Podcast, we take a mid-year pulse check on the commercial real estate market and revisit some of Trepp's biggest predictions for 2026. We explore why CMBS issuance continues to exceed expectations, what persistently stable delinquency rates tell us about today's credit environment, and whether the market is finally shifting from an "extend and pretend" mindset to a more definitive "resolve and recognize" approach. We also break down several of the week's most notable headlines, including the structural and economic hurdles highlighted by a stalled Manhattan office-to-residential conversion, the Texas Stock Exchange's latest milestone on its path to launch, and what recent multifamily developments reveal about today's investment landscape and capital flows. Finally, we dive into Trepp's latest research on the Midwest-versus-Sunbelt debate, examining why investors may need to look beyond familiar market narratives and focus instead on the underlying fundamentals. Tune in now. Episode notes: * Economic Update (0:29) * Office-to-resi Conversion in NYC (8:35) * Texas Stock Exchange Launch Plans (15:37) * Mid-year Check In: CMBS Issuance Growth Trends (18:44) * S2 Capital Fund Collapse (42:22) * AvalonBay Communities’ Acquisition of a Full City-Block in Miami (50:20) * Trepp Report: Midwest Multifamily Market Analysis (52:00) * Programming Notes & Shoutouts (56:59) Questions or comments? Contact us at podcast@trepp.com [ podcast@trepp.com]. Follow Trepp: X: www.x.com/TreppWire [www.x.com/TreppWire] LinkedIn: www.linkedin.com/company/trepp [www.linkedin.com/company/trepp]