North America In the U.S.: Strong rhetoric and demonstrations of military capabilities are increasing the hostilities between the US and Iran. President Trump told the defense secretary that he did not want to go to war, which will hopefully lead his staff to try and diffuse the situation. Earlier this week, Iran was accused of sabotaging four oil tankers in the Persian Gulf. REIT Focus: Senior Housing Properties Trust (SNH) announced that it has sold four properties for an aggregate sales price of $24.1M. One property is located in Colorado, and the other three in Southern California. The sales were part of SNH’s previously announced disposition plan of up to $900M of assets. ASIA In China: Trade tensions continued this

North America In the U.S.: April CPI increased 0.3% versus March’s 0.4% increase. The muted inflation reading suggested the Federal Reserve could keep interest rates unchanged for a while.In earnings, 450 companies in the S&P 500 Index have reported, 75.9% beat, 0.2% were in-line, and 23.9% missed estimates. REIT Focus: Equinix (EQIX) stated on its earnings call that they plan to open 12 new International Business Exchange (IBX) data centers and expand 23 existing IBX data centers in 2019. The plan is part of an expected $1.73 to $1.92B non-recurring capital expenditure expansion program. In REIT earnings, 85 companies in the Wilshire U.S. REIT Index have reported, 59 beat, 1 were in-line, and 25 missed estimates. ASIA In China: Following

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