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The "extend" part might still make sense, but the "pretend" is starting to lose its appeal as rates are expected to remain high, according to Seth Fisher at Prime Finance.
RealPage says 16.5% of stabilized units carried concessions in June and the typical discount rose to 11.1% of rent, the highest level in over 25 years.
With distress almost evenly split between payment failures and failed refinancings, executives need to reassess capital stacks, cash flow, and refinancing feasibility on an asset-by-asset basis.