North America In the U.S.: Tensions between Iran and the US reached a critical level as the US assassinated Iran’s top general, Soleimani, via drone strike. There was relief mid-week after Iran’s retaliatory strike yielded no casualties and helped ratchet down the war rhetoric. The US unleashed additional economic sanctions on Friday and is in the process of trying to repair the relationship with Iraq, whose parliament has requested that all US military personnel leave the country. REIT Focus: Office Properties Income Trust (OPI) announced that it has sold seven properties for an aggregate sales price of $205.4M. Office Properties plans to use the proceeds from the announced sales for general business purposes, including the repayment of debt. ASIA In

North America In the U.S.: Bloomberg reported Qassem Suleimani, general who led Iran Revolutionary Guards’ Quds force, was killed in a US airstrike near Baghdad international airport on Friday. Iranian leader Khamenei vowed ‘harsh retaliation.’ US strike comes after demonstrators attacked US embassy in Iraq last week, protesting earlier American airstrikes on Hezbollah militia bases. REIT Focus: Four Corners Property Trust announced the acquisition of five properties from Washington Prime Group for $8.6M. Four of the five properties are leased to the brand’s corporate entity in addition to a Taco Bell leased to a franchisee. ASIA In China: December Caixin manufacturing PMI fell to 51.5 versus November’s 51.8 reading. New order growth fell to a three-month low, offsetting gains in

North America In the U.S.: The House of Representatives voted to pass USMCA agreement, receiving bipartisan support as expected. The agreement replaces NAFTA and according to Treasury Secretary Steven Mnuchin, the agreement will add 0.5% to GDP growth REIT Focus: Bloomberg reported that Brookfield Asset Management Inc. is considering bundling its commercial real estate assets in India into a real estate investment trust for a listing next year. The move follows the successful April debut of Embassy Office Parks REIT backed by Blackstone Group LP. ASIA In China: Reuters noted that JCI, China’s top agriculture consultancy, stated that China can fulfill its pledge to purchase more than $40B of US ag products a year under the recently agreed phase one

North America In the U.S.: As expected, Fed officials voted to leave interest rates unchanged and would likely keep rates on hold in 2020. Fed Chairman Jerome Powell told reporters afterward that “in order to move rates up, I would want to see inflation that’s persistent and that’s significant.” REIT Focus: Rexford Industrial Realty, Inc. (REXR) acquired the Pomona Distribution Center in Pomona and 2757 E. Del Amo Boulevard in Rancho Dominguez for $99.7M. Rexford plans to perform value add upgrades and increase rents of existing tenants once the existing leases expire. ASIA In China: It looks like the US and China have agreed on a phase one trade deal. As expected, the deal focuses on tariff decreases in exchange

North America In the U.S.: November nonfarm payrolls were a strong 266K versus October’s upwardly revised 163K reading. The strong report is expected to have little Fed impact after a high bar was set for further policy rate changes.House Speaker Nancy Pelosi has asked congress to draft formal articles of impeachment which will set the stage for a full house vote sometime around the last week of December. The move was widely expected and the battle will move to the Republican led Senate. REIT Focus; On Thursday, CyrusOne (CONE) was attacked by a ransomware program which affected six managed service customers primarily serviced by a New York data center. Upon discovery of the incident, CyrusOne initiated its response and continuity