North America In the U.S.: February flash manufacturing PMI dipped to 50.8 versus January’s 51.9 reading. Fears over the coronavirus in China seemed to have stifled demand.In earnings, 439 companies in the S&P 500 Index have reported, 74.8% beat, 0.9% were in-line, and 24.3% missed estimates. REIT Focus: A consortium consisting of Authentic Brands Group (ABG), Simon Property Group (SPG), and Brookfield Property Partners (BPY) completed the acquisition of Forever 21 for $81M. The move is seen as a shift in strategy as mall operators double down on a retail recovery. In REIT earnings, 80 companies in the Wilshire U.S. REIT Index have reported, 53 beat, 5 were inline, and 22 missed estimates. ASIA In China: The PBOC lowered the

North America In the U.S.: Reuters highlighted comments from NY Fed President Williams stating that the US economy is in a “very, very good place.” Mr. Williams argued that last year’s rate cuts have put the economy on a path to continue its expansion. In earnings, 389 companies in the S&P 500 Index have reported, 75.8% beat, 1.0% were in-line, and 23.2% missed estimates. REIT Focus: National Storage REIT announced that it had received an unsolicited non-binding indicative proposal from Public Storage (PSA) to acquire 100% of the issued stapled securities of NSR for a cash price of A$2.40 per stapled security by way of inter-conditional company and trust schemes. The move would give Public Storage exposure to the Australian

North America In the U.S.: January nonfarm payrolls of 225K beat consensus for 161.5K gain. The unemployment rate ticked up 0.1pp to 3.6%. The strong reading is not expected to have much of a Fed decision impact. As expected, the Senate voted along party lines to acquit President Trump and end the impeachment trial. The days following the verdict saw both parties displaying their animosity toward the other, which continues to anchor the country in political turmoil. In earnings, 320 companies in the S&P 500 Index have reported, 76.0% beat, 1.0% were in-line, and 23.0% missed estimates. REIT Focus: Cousins Properties Incorporated (CUZ) announced a joint venture with Hines to develop a 287K sq. ft. class A office tower in

North America In the U.S.: As expected, the Fed held the benchmark rate at 1.50% to 1.75%. The policy statement was nearly unchanged, reiterating that job gains have been solid, and that inflation is still near target. REIT Focus: The FTC has granted Equinix, Inc. (EQIX) antitrust clearance of its proposed purchase of Packet. Equinix can now focus on integrating Packet’s platforms to accelerate the development and delivery of its interconnected edge services. ASIA In China: The number of coronavirus cases now exceeds the SARS 02-03 epidemic at near 10,000 cases internationally. The WHO declared the virus a “public health emergency of international concern” as quarantine measures increased across the globe to try and curb the spread of the virus.

North America In the U.S.: January flash manufacturing PMI was 51.7 versus December’s 52.4 reading, marking the softest reading since October. New orders were marginal as domestic and foreign demand weakened.The Senate impeachment trial of President Donald Trump kicked off this week with the Democratic managers laying out the details of their case. The republican majority will offer their rebuttal over the weekend as well as Q&A early next week. REIT Focus: W. P. Carey (WPC) announced the acquisition of a 67,500 square-meter UK Class-A logistics facility for £85M ($112M). The facility is triple-net leased for a period of 13.5 years with fixed rent increases. ASIA In China: The city of Wuhan has been locked down and officials have imposed