In the U.S.: March nonfarm payrolls increased 98K versus the 180K consensus estimate and February’s revised 219K reading. Economists noted that winter weather played a role in the disappointing result and that a downturn in payroll growth was to be expected as the recent gains in payrolls was unsustainable. President Trump ordered a targeted military strike on Al Shayrat airfield in Syria following a chemical weapons attack on innocent civilians earlier this week. Russia condemned the attack and suspended cooperation with the US that was designed to avoid incidents between the US and Russia when carrying out aerial attacks on ISIS strongholds. REIT Focus Several notable management changes occurred this week. Of note, HCP Inc. (HCP) President Justin Hutchens resigned

In the U.S.: President Trump signed a wide-ranging executive order that rolled back environmental policies implemented by the Obama administration. Trump viewed the policies as obstructionist to American energy jobs, such as coal, while environmental activists noted that coal jobs were declining due to market forces and better alternatives in clean energy. REIT Focus: Ventas, Inc. (VTR) acquired six senior housing triple-net communities for $137M in a sale lease back transaction from west coast operator Koelsch. The acquisition gives Ventas exposure to the west coast as it is expected to focus on life science and hospital acquisitions over the medium-term. In China: March official manufacturing PMI grew to 51.8 versus February’s 51.6 reading on better than expected new orders. March

In the U.S.: At the request of President Trump, the House pulled the vote on the health care bill to repeal and replace the affordable care act, more commonly known as Obamacare, as it did not have the votes necessary to pass. The failure of the health care bill will serve as a severe blow to Trump’s presidency and house speaker Paul Ryan. REIT Focus: Marriott International’s (MAR) CEO Arne Sorenson told Bloomberg that it was in active talks to sell 6 properties. Mr. Sorenson stated that Marriott was planning on selling approx. 15 hotels over the next three years and commented that Chinese investors continued to put money into Europe, and the US. In China: In an effort to

In the U.S.: As expected, the Fed raised short-term interest rates by 25bps for the third time since the financial crisis. The Fed expressed confidence that economy was growing at a steady rate with job growth and inflation reaching their targets. REIT Focus: Ventas Inc. (VTR) purchased a life science, research, and medical campus in Providence, RI from affiliates of a Blackstone Fund for $130M. The transaction was funded using cash on hand and other capital sources. In China: Beijing City raised the down payment for second-time homebuyers to at least 60% and stopped mortgages with terms of over 25yrs. The move was aimed at slowing down the city’s rapidly rising housing prices. In Japan: The BoJ kept its loose monetary policy unchanged

In the U.S.: February nonfarm payrolls increased 235K versus January’s upwardly revised 238K gain. The solid payroll figures provided added to the likelihood of a March rate hike. REIT Focus: Alexandria Real Estate Equities, Inc. (ARE) priced 6.1M shares at $108.55 per share. The Company expects to use the net proceeds, post settlement of its forward sales agreements, to fund pending and recently completed acquisitions, near-term highly leased development projects, the redemption of its outstanding Series E Preferred Stock, and other corporate purposes. In addition, S&P Dow Jones announced that Alexandria will be one of the companies that will be added to the S&P 500 Index from the S&P MidCap 400 Index. In China: February foreign exchange reserves unexpectedly increased