In the U.S.: December headline CPI increased 0.1% m/m versus 0.4% m/m increase in November. The report pushed the y/y rate of growth down to 2.1% from 2.2%. December headline retail sales increased 0.4% m/m versus an upwardly revised 0.9% gain in November. Despite the headline miss, the result was consistent with a fairly upbeat holiday shopping season. REIT Focus: Industrial Logistics Properties Trust (ILPT) priced 20M shares at $24/share, at the low end of the offering range, raising gross proceeds of $480M. Industrial Logistics Properties Trust owns 226 industrial properties in Hawaii and 40 industrial properties located in 24 other states. Shares at Friday’s close were lower at $23.35. In China: The December trade balance was a strong $54.69B

North America In the U.S.: December nonfarm payrolls rose by 148K, below the expected 190K and much lower than November’s revised 252K gain. Of note, the retail sector lost 20K jobs, while health care, construction, and manufacturing saw gains. REIT Focus: Welltower Inc. (HCN) entered into an agreement to acquire a portfolio of Sunrise Assets for $368M. The portfolio is comprised of four communities offering a full continuum of care including independent living, assisted living, memory care and post-acute care concentrated in attractive markets within Washington D.C., Miami, and Charlottesville. The investment is projected to generate a nominal year one cap rate of 7%. ASIA In China: December official manufacturing PMI fell to 51.6 from November’s 51.8 reading. The drop

In the U.S.: President Trump’s interview with NYT largely reiterated his existing views on a range of However, Trump expressed disappointment with reports China has been shipping oil to North Korea, but was vague on how he was going to deal with the situation. REIT Focus: Welltower Inc. (HCN) has partnered with Simon Property Group (SPG) to bring world class outpatient care to The Shops at Mission Viejo. The facility will be focused primarily on cancer care but will also include other health and medical services as it has partnered with the hospital adjacent to the site. In China: Following the US cut in the corporate tax rate, the PBoC has made tax reform a key component of its proactive

In the U.S.: President Donald Trump signed the Republican tax cut bill into law, marking the first big legislative win of his presidency. In addition, Congress approved a stopgap measure that would avoid a government shutdown and will maintain spending through January 19th. REIT Focus: CyrusOne, Inc. (CONE) announced the expansion to Atlanta with plans for a new 3 data center 44-Acre Campus, which will produce over 50Megawatts of critical power. Construction will begin in 1Q2018. In China: Bloomberg, citing people familiar with the matter, stated that China was ready to support UN sanctions that sharply curtailed fuel shipments to North Korea. Deliveries of petroleum products such as diesel and kerosene would be cut by almost 90%. In Japan: The

In the U.S.: The GOP tax bill crossed over some hurdles this week as previous holdouts Marco Rubio and Jeff Flake have indicated that they are a yes vote after concessions were made regarding the expansion of the child tax credit. Although the final details are still being worked out, it is widely expected to be voted on next week. REIT Focus: DDR Corp. (DDR) announced plans to spin-off 50 of its properties through the creation of Retail Value Trust (RVT). The plan allows DDR to focus on a smaller portfolio, 236 shopping centers, made up of high quality assets with improved risk metrics. Of note, 12 of the properties being spun-off are DDR’s remaining operations in the Hurricane ravaged