North America In the U.S.: The Washington Post reported Senate Majority Leader McConnell (R-KY) released a coronavirus stimulus bill on Thursday, paving way for negotiations to begin on Friday. The bill will face some hurdles as some lawmakers have expressed reservations regarding the direct check payments to families and some of the corporate bailouts included in the bill. The Federal Reserve announced that it would drop interest rates to zero and buy at least $700 billion in government and mortgage-related bonds. The move is part of a growing emergency action to protect the economy from the impact of the coronavirus outbreak. Both California and New York issued stay at home orders to combat the coronavirus. The orders are meant to

North America In the U.S.: President Trump announced that travel from Europe to the US would be suspended for 30 days starting Friday. The administration later clarified that this was for foreign nationals traveling to the US and that the UK was exempt from this suspension.On Friday, President Trump declared a state of emergency, releasing approximately $50B in additional funding to combat the coronavirus. In the same address, Mr. Trump stated that new testing methods would be implemented to rapidly increase the access and speed of test results. REIT Focus: American Campus Communities (ACC) provided an updated regarding the impact of the coronavirus as some Universities shutter campuses and student housing for an online curriculum to stem the spread of

North America In the U.S.: The Fed enacted an emergency 50 bp rate cut on Tuesday to combat the increasing Global threat of the coronavirus. The Fed’s swift cut is expected to put pressure on other central banks to implement easing measures. February nonfarm payrolls of 273K were above the consensus estimate of 174K and the upwardly revised 222K January reading. The unemployment rate ticked back down to 3.5%. In earnings, 494 companies in the S&P 500 Index have reported, 74.4% beat, 0.8% were in-line, and 24.8% missed estimates. REIT Focus: Rexford Industrial Realty, Inc. (REXR) announced the acquisition of a ten-building industrial property portfolio for $203.2M, including assumed debt. The portfolio consists of three single-tenant and seven multi-tenant industrial

North America In the U.S.: February flash manufacturing PMI dipped to 50.8 versus January’s 51.9 reading. Fears over the coronavirus in China seemed to have stifled demand.In earnings, 439 companies in the S&P 500 Index have reported, 74.8% beat, 0.9% were in-line, and 24.3% missed estimates. REIT Focus: A consortium consisting of Authentic Brands Group (ABG), Simon Property Group (SPG), and Brookfield Property Partners (BPY) completed the acquisition of Forever 21 for $81M. The move is seen as a shift in strategy as mall operators double down on a retail recovery. In REIT earnings, 80 companies in the Wilshire U.S. REIT Index have reported, 53 beat, 5 were inline, and 22 missed estimates. ASIA In China: The PBOC lowered the

North America In the U.S.: Reuters highlighted comments from NY Fed President Williams stating that the US economy is in a “very, very good place.” Mr. Williams argued that last year’s rate cuts have put the economy on a path to continue its expansion. In earnings, 389 companies in the S&P 500 Index have reported, 75.8% beat, 1.0% were in-line, and 23.2% missed estimates. REIT Focus: National Storage REIT announced that it had received an unsolicited non-binding indicative proposal from Public Storage (PSA) to acquire 100% of the issued stapled securities of NSR for a cash price of A$2.40 per stapled security by way of inter-conditional company and trust schemes. The move would give Public Storage exposure to the Australian