North America In the U.S.: As expected, the Fed left rates unchanged. Fed Chairman Jerome Powell stressed that it would remain patient even though some of the global risks seen in March had partly subsided.April nonfarm payrolls were a strong 263K versus March’s revised 189K. The Unemployment rate ticked down to 3.6%, a level not seen since 1969.In earnings, 389 companies in the S&P 500 Index have reported, 76.2% beat, 0.3% were in-line, and 23.5% missed estimates. REIT Focus: Marriott International, Inc. (MAR) is getting into the short term vacation home rental market by releasing over 2,000 high end homes throughout the US, Europe, and Latin America. The entry into the segment by MAR will hurt companies like Airbnb and

North America In the U.S.: Q1 GDP came in at a strong 3.2% versus Q4’s 2.2% reading. The report highlighted positive impacts from private inventory investment and foreign trade. Analysts noted some likely drag on consumption from five-week government shutdown, and suggested that the boost from inventory accumulation and exports could reverse for Q2.In earnings, 230 companies in the S&P 500 Index have reported, 77.5% beat, and 22.5% missed estimates. REIT Focus: JBG Smith Properties (JBGS) announced that it had executed an agreement with Amazon to lease an additional 47.5K square feet of office space in Northern Virginia. The new agreement now brings Amazon’s total footprint to 584.5K sq. ft. in four JBG Smith office buildings. In REIT earnings, 26

North America In the U.S.: Speaking in Mississippi, St. Louis Federal Reserve President James Bullard, a voting member, stated that the Fed would need to “tread carefully going forward in order to sustain the economic expansion”. Mr. Bullard noted that investors appeared to be betting that the inflation outlook would be subdued going forward and below the Fed’s 2% target rate. REIT Focus: Summit Hotel Properties (INN) sold 6 hotels for $135M. The sale resulted in a net gain of $36.6M, which the company has stated will be used to reduce the outstanding balance of Summit’s unsecured revolving credit facility. ASIA In China: Q1 GDP expanded by 6.4% y/y, which was unchanged from December’s reading and slightly better than the

North America In the U.S.: The March FOMC minutes suggested that the Fed would continue to stay on its current track. However, members were growing more concerned about the lackluster inflation figures. REIT Focus: Industrial Logistics Properties Trust (ILPT) announced that is has closed on the previously announced acquisition of a portfolio of 18 properties for $624.7 million from affiliates of Cole Office & Industrial REIT. This followed a portfolio acquisition of eight properties which had an aggregate purchase price of $280.0 million. ASIA In China: March export data rebounded to 14.2% y/y from February’s 20.8% decline. The data followed other positive news from the region helping support a general stabilization theme as trade talks continue. In Japan: Trade talks

North America In the U.S.: March nonfarm payrolls were up 196K versus February’s upwardly revised 33K reading. The unemployment rate remained unchanged at a healthy 3.8% and could dip even lower given the favorable initial claims data released on Thursday. REIT Focus: WashREIT (WRE) entered into a definitive agreement to purchase a 2,113 unit multifamily portfolio, consisting of seven suburban Class B apartment communities in northern Virginia and Montgomery County, Maryland, for approximately $461M. The company plans to sell select commercial assets to fund the acquisition which is expected to close in Q2 of 2019 ASIA In China: March official manufacturing PMI rose to 50.5 versus February’s 49.2 reading. Although the better than expected reading was welcome news, some analysts