North America In the U.S.: The House of Representatives voted to pass USMCA agreement, receiving bipartisan support as expected. The agreement replaces NAFTA and according to Treasury Secretary Steven Mnuchin, the agreement will add 0.5% to GDP growth REIT Focus: Bloomberg reported that Brookfield Asset Management Inc. is considering bundling its commercial real estate assets in India into a real estate investment trust for a listing next year. The move follows the successful April debut of Embassy Office Parks REIT backed by Blackstone Group LP. ASIA In China: Reuters noted that JCI, China’s top agriculture consultancy, stated that China can fulfill its pledge to purchase more than $40B of US ag products a year under the recently agreed phase one

North America In the U.S.: As expected, Fed officials voted to leave interest rates unchanged and would likely keep rates on hold in 2020. Fed Chairman Jerome Powell told reporters afterward that “in order to move rates up, I would want to see inflation that’s persistent and that’s significant.” REIT Focus: Rexford Industrial Realty, Inc. (REXR) acquired the Pomona Distribution Center in Pomona and 2757 E. Del Amo Boulevard in Rancho Dominguez for $99.7M. Rexford plans to perform value add upgrades and increase rents of existing tenants once the existing leases expire. ASIA In China: It looks like the US and China have agreed on a phase one trade deal. As expected, the deal focuses on tariff decreases in exchange

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