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

North America In the U.S.: North Korea test fired two short range rockets during the US Thanksgiving holiday. The move was widely viewed as a sign that Kim Jong-un is growing frustrated with the lack of progress regarding denuclearization talks. REIT Focus: Rexford Industrial Realty (REXR) announced the acquisition of three industrial properties in Los Angeles for $56.1 M. Rexford’s statement regarding the transaction highlighted the over $850M in 2019 acquisitions the company has made in prime infill locations in Southern California and highlighted the expectation that these properties would significantly bolster shareholder value going forward. ASIA In China: Following the signing of the Hong Kong Human Rights and Democracy bill by US President Donald Trump, China has reiterated the

North America In the U.S.: November Markit flash manufacturing PMI was 52.2 versus October’s reading of 51.3. Production, new orders and employment all gained. REIT Focus: Terreno Realty Corporation (TRNO) acquired an industrial property in Seattle, Washington on for a purchase price of approximately $2.9M. The 0.9-acre improved land parcel is adjacent to Terreno Realty Corporation’s property at 53 South Dawson and is adjacent to Seattle’s Port and SoDo District. ASIA In China: In another week of conflicting reports over the state of the trade war negotiations, it seems both sides are back on track to negotiate a phase one deal. However, several issues still remain such as China’s insistence that some of the existing tariffs be removed and the

North America In the U.S.: The public impeachment inquiry kicked off this week with little surprises. As expected, House Republicans continued to defend the President as Democrats laid the groundwork for the inquiry with several non-direct witnesses into the allegations of a quid pro quo in Ukraine. In earnings, 462 companies in the S&P 500 Index have reported, 79.0% beat, 0.7% were in-line, and 20.3% missed estimates. REIT Focus: Welltower (WELL) announced a definitive agreement to acquire a 29-property Class-A medical office building portfolio from Hammes Partners for $787M.These acquisitions will contribute 450 properties and over 8M square feet to the company’s platform, as it continues to expand through accretive off-market acquisitions. In REIT earnings, 102 companies in the Wilshire

North America In the U.S.: Former NYC mayor Michael Bloomberg is preparing the paperwork necessary to enter the 2020 presidential race. Mr. Bloomberg’s centrist democratic views and large bank account could make him a strong candidate to challenge Trump for the 2020 race.In earnings, 446 companies in the S&P 500 Index have reported, 78.5% beat, 0.7% were in-line, and 20.8% missed estimates. REIT Focus: Rexford Industrial Realty (REXR) announced the acquisition of the 404-430 Berry Way industrial property located in Brea, CA for $27.6M. The 120K sq. ft. property consists of three buildings on 11.79 acres of land. In REIT earnings, 102 companies in the Wilshire U.S. REIT Index have reported, 73 beat, 3 were in-line, and 26 missed estimates.