North America In the U.S.: The public impeachment inquiry kicked off this week with little surprises. As expected, House Republicans continued to defend the President as Democrats laid the groundwork for the inquiry with several non-direct witnesses into the allegations of a quid pro quo in Ukraine. In earnings, 462 companies in the S&P 500 Index have reported, 79.0% beat, 0.7% were in-line, and 20.3% missed estimates. REIT Focus: Welltower (WELL) announced a definitive agreement to acquire a 29-property Class-A medical office building portfolio from Hammes Partners for $787M.These acquisitions will contribute 450 properties and over 8M square feet to the company’s platform, as it continues to expand through accretive off-market acquisitions. In REIT earnings, 102 companies in the Wilshire

North America In the U.S.: Former NYC mayor Michael Bloomberg is preparing the paperwork necessary to enter the 2020 presidential race. Mr. Bloomberg’s centrist democratic views and large bank account could make him a strong candidate to challenge Trump for the 2020 race.In earnings, 446 companies in the S&P 500 Index have reported, 78.5% beat, 0.7% were in-line, and 20.8% missed estimates. REIT Focus: Rexford Industrial Realty (REXR) announced the acquisition of the 404-430 Berry Way industrial property located in Brea, CA for $27.6M. The 120K sq. ft. property consists of three buildings on 11.79 acres of land. In REIT earnings, 102 companies in the Wilshire U.S. REIT Index have reported, 73 beat, 3 were in-line, and 26 missed estimates.

North America In the U.S.: As expected, the Fed lowered rates by 25bps. However, the Fed indicated that the bar for any future rate cuts would be high as they eliminated some key language such as the “act as appropriate” pledge.In earnings, 358 companies in the S&P 500 Index have reported, 80.5% beat, 0.9% were in-line, and 18.6% missed estimates. REIT Focus: Bloomberg, citing comments from the earnings call, reported that CyrusOne (CONE) was not pursuing a sale, contradicting previous articles stating otherwise. In REIT earnings, 80 companies in the Wilshire U.S. REIT Index have reported, 60 beat, 3 were in-line, and 17 missed estimates. ASIA In China: China’s Foreign Ministry stated that they would soon announce a new location

North America In the U.S.: The Treasury Department noted that the final FY19 federal budget deficit came in at $984B, up ~26% y/y. The increased deficit was driven wider by higher spending on defense, debt, and healthcare. In earnings, 200 companies in the S&P 500 Index have reported, 80.9% beat, 0.5% were in-line, and 18.6% missed estimates. REIT Focus: Kilroy Realty (KRC) announced that it had executed a 12-year lease with Stripe, Inc. for approximately 421,000 square feet of space at Phase I of the company’s approximately 656,000 square foot South San Francisco development project. KRC acquired the approximately 40-acre, fully entitled, waterfront site in June of 2018 and started construction on the first of four phases in March 2019.

North America In the U.S.: In a mad scramble to repair the situation in Syria, US Vice President Pence and Secretary of State Pompeo were able to secure a 120 hour ceasefire from Turkish President Erdogan to enable the safe evacuation of the Kurds. The move by the US President Trump to remove forces from the region has drawn backlash from both political parties and may put him in a weaker position as the impeachment probe intensifies. REIT Focus: Columbia Property Trust (CXP) announced that it has signed an agreement to acquire Normandy Real Estate Management, LLC, a leading developer, operator and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C. for approximately $100M. The