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 &amp; Trade Risks (0:29) AMC Earnings &amp; Real Estate Impact (8:50) Real Estate Strategies: Verizon, Pep Boys &amp; Cracker Barrel (16:40) Data Center Issuance Digging through the Data (24:25) Office Credit Stories: Philadelphia &amp; 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. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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

The TreppWire Podcast: A Commercial Real Estate Show

[SPEAKER_A] Welcome to The TreppWire Podcast, the show where commercial real estate meets data and insights. This is our Week in Review for the week ending July 24th, 2026. I'm Haley Keene with Trepp, a data modeling and analytics firm for the CMBS commercial real estate and CLO markets. I'm with Lani Hendry, Chief Product Officer, and Stephen Buschbaum, Head of Applied Research and Analytics. This week, geopolitical and trade risks returned to the center of market conversation. Escalating conflict between the US and Iran pushed oil prices higher and raised new concerns about inflation, while the administration announced additional tariffs on Canadian goods. Yet stocks continued to rally, led by renewed enthusiasm for AI and semiconductor companies. As corporate earnings offered further evidence of a resilient consumer. Later in today's episode, we'll also break down AMC's earnings and what they tell us about theater credit, look at how companies like Verizon, Pep Boys, and Cracker Barrel are rethinking their real estate strategies, and in a special Digging Through the Data segment, we'll ask a simple question: are investors actually pricing AI risk into data center CMBS? Or are traditional credit fundamentals still winning the day? So, Stephen, with energy prices and tariffs both threatening to add inflationary pressure, but equities still moving higher, how are you interpreting the market's reaction?

[SPEAKER_B] Well, it's a striking combination. Brent crude settled above $91 per barrel on Tuesday. On Wednesday, it was pushing $93, $94. As this US-Iran conflict intensified and Houthi threats created another potential disruption to global shipping. So that is beginning to affect the interest rate outlook. The 10-year Treasury yield moved up to roughly 4.64%, and just generally the yield curve has shifted up.

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

Read the full transcript

The candid version is on a podcast,
not the earnings call.

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

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.