The TreppWire Podcast: A Commercial Real Estate Show

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

In this week’s episode of The TreppWire Podcast, we break down macro data pointing to a resilient economy, with Institute for Supply Management (ISM) PMIs at multi-year highs, but employment components still in contraction and the Fed firmly on hold. We dig into corporate AI sticker shock, including one company's reported $500 million monthly bill, and discuss whether data center build-out delays could slow the CapEx engine driving the economy. We then cover sports and CRE: underwhelming World Cup hotel demand, the Mavericks' planned arena at the Valley View Mall site, Samsung's HQ move to Plano, and how Midtown has transformed since the Knicks' last Finals run. To close, we do a Real Estate Investment Trust (REIT) 101 and introduce Trepp's new REIT IQ tool. Tune in now. Episode notes: • Economic Update • AI Sticker Shock & Corporate AI Spending • Data Center Build-Out Delays • Trepp MCP & AI Use Cases • World Cup Hotel Demand Underwhelms • Dallas Mavericks’ Valley View Arena & Dallas Stars’ Move to Plano, TX • Samsung HQ Relocation to Plano, TX • Knicks & Midtown’s Transformation • REIT 101 & Trepp’s REIT IQ Tool • Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

398. CRE’s New Math: Multifamily Cap Rates, Office Recovery Bets, & Capital Costs

In this week’s episode of The TreppWire Podcast, we discuss elevated rates, inflation concerns, and surprisingly resilient equity markets as capital costs continue to shape commercial real estate. We cover JPMorgan’s plan to liquidate its 24-year-old real estate fund, new NYC hotel labor agreements ahead of the World Cup, and Chicago multifamily sales surging 117%. We then break down the proposed Equity Residential and AvalonBay merger, including how to derive an implied cap rate from deal financials, and what that may signal about the disconnect between public and private market pricing in multifamily today. We also highlight key office activity, from the recapitalization of 600 California Street to a downtown Dallas departure and Braven Office Commons hitting the market. We close with two office-to-residential conversion stories, including a $114 million HUD loan from Dwight Capital for a Milwaukee project and a controversial conversion in downtown Denver. Tune in now. Episode notes: * Economic Update (2:19) * Chicago Multifamily Sales Up 117% (7:44) * JP Morgan Liquidating Real Estate Fund (11:34) * NYC Hotel Labor Agreement Ahead of the World Cup (14:08) * Equity Residential & Avalon Bay Merger Analysis (18:50) * Harvest Properties & Lone Star Form JV (32:00) * Fifth Third Leaving Downtown Dallas (35:23) * Braven Office Commons Up for Sale (39:04) * Two Office-to-Resi Conversion Headlines (41:14) * Programming Notes (51:00) * Shoutouts (52:44) 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 ]

397. What the Fed Is Really Watching, CRE’s Consolidation Wave, Why Retail Is Winning, the LA Mansion Tax Backfire & AT&T's Move to Plano

In this week's episode of The TreppWire Podcast, we unpack a sharp Treasury repricing that pushed the 10-year past 4.5% and what it means for the CRE recovery. We also cover consumer warning signs from Costco, the underwhelming results of LA's mansion tax, Google and Blackstone's new AI cloud venture, and the Ares-Scion $910 million student housing portfolio deal. In our 101 segment, "Dancing with the Stars," Stephen breaks down the Fed's hidden benchmarks (R*, U*, Y*, Pi*) and how they shape rate decisions. We also dig through the data on retail originations, cover the Equity Residential and AvalonBay's $52 billion mega-merger, and run through trading alerts on 20 Times Square, 2 Manhattan West, and AT&T's new Dallas headquarters. Tune in now. Episode notes: • Economic Update: Treasury Repricing, the 4.5% CRE Threshold and Costco Consumer Signals • Google & Blackstone AI Cloud Venture • Ares & Scion Launch JV For Student Housing Portfolio • 101 Segment: Hidden Fed Benchmark • Digging Through the Data: Retail Originations by Subtype • AvalonBay & Equity Residential $52B Merger • Trading Alerts: 20 Times Square, 2 Manhattan West, AT&T Dallas HQ • Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

396. Inside Trepp Connect: Capital Deployment, the Lending Reset & CRE’s Emerging Divide Amid AI and Data Center Growth

In this week’s episode of The TreppWire Podcast, we unpack a split picture: hotter-than-expected CPI and PPI prints set against a more constructive capital markets backdrop. We recap two days of our Trepp Connect (in NYC) conference, where the overall sentiment was positive on capital availability and deal activity, walking through the conference sessions on the economic outlook, capital deployment, property sector bifurcation, the lending reset, and AI and data centers, plus our keynote with Scott Reckler of RXR and a fireside chat with Bill Sexton, CEO of Trimont. We also discuss CBRE's report showing CRE lending at a five-year high, Blackstone's new homebuilder lending platform, the political uncertainty around build-to-rent, and a Georgia data center story that shows how infrastructure risk is becoming a bigger part of the conversation. Tune in now. Episode notes: * Economic Update: Macro Numbers (1:46) * Trepp Connect (in NYC) Recap Day 1 (10:57) * Trepp Connect (in NYC) Recap Day 2 (43:59) * CBRE Report: CRE Lending (1:04:58) * Blackstone Homebuilder Lending Program (1:06:11) * Build-to-Rent Political Uncertainty (1:06:55) * Georgia Data Center Story (1:07:37) * Programming Notes (1:11:35) * Shoutouts (1:12:49) 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]

395. Structure, Scale, & Liquidity: What’s Driving CRE Right Now (and Mall Ownership 101)

In this week’s episode of the TreppWire Podcast, we explore the market forces shaping commercial real estate, with a focus on structure, control, and optionality in today’s investment landscape. We cover several major headlines, including a potential AvalonBay–Equity Residential combination, Starwood’s pause on redemptions at its S-REIT, and KKR’s launch of a $10 billion AI-driven data center fund led by former AWS CEO Adam Selipsky, unpacking what these moves reveal about strategy and capital allocation. We also break down how mall ownership really works, explaining why regional malls often involve multiple ownership layers across anchors, inline space, and common areas, with structures ranging from ground leases to owned boxes. We preview our latest Trepp CMBS delinquency report, which shows the overall rate ticking down 1 basis point to 7.54% in April. Tune in now. Episode notes: • Economic Update • Lending Environment & Market Themes • AvalonBay–Equity Residential • Starwood Pause on Redemptions • Private Real Estate Fund Investments • KKR's $10 Billion AI Infrastructure Fund • Mall Ownership 101 • North Shore Mall Repositioning Strategy • Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp