North America In the U.S.: Coronavirus trends continued to strengthen this week with US cases down nearly 80% over the last six weeks. Bloomberg noted that the number of vaccine doses delivered in the US should rise from the current pace of 10-15M a week to nearly 20M a week in March, more than 25M a week in April and May, and over 30M a week by June. There was very little new news concerning the $1.5T+ coronavirus relief package. The stimulus is expected to pass via budget reconciliation sometime around mid-March. REIT Focus: SL Green Realty entered a contract to sell its 25.0% interest in the commercial condominium units located at 55 West 46th Street to a Brookfield Asset

ASIA In China: Most major product groups grew, except for mobile handsets and textiles, further solidifying China’s robust recovery from COVID. In Japan: The government raised its alert for the strain on the medical system to the highest of four levels and experts warned of serious consequences if the current trends did not reverse course soon. REIT Focus: Keppel launched a second data center fund, which will focus on investing in fast-growing data center sector in Asia Pacific and Europe. The Fund will be called Keppel Data Centre Fund II and has a target size of $1B. Europe In Europe: Of note, Germany continued to experience a strong expansion in manufacturing, but the services sector continued to contract amid coronavirus

ASIA In China: The move further strains the economic relationship between both countries. In addition, the outlook of the Biden administration quickly reestablishing the status quo before the Trump administration took over, was dealt a blow this week when the New York Times reported that Biden would not remove the 25% tariffs on goods immediately. US President Elect Biden stated that he first wants to conduct a full review of the existing agreement with China and consult with America’s Asian allies in developing a coherent strategy In Japan: The news was welcomed as the nation continues to see increased infection rates and cities proposed new lockdown measures. REIT Focus: CapitaLand announced that it had divested three retail malls in Japan

ASIA In China: This comes as Australian coal imports are still being blocked and the number of coal ships waiting on China’s coast has grown to over 80 ships. In Japan: Gov. Kuroda reiterated the BOJ’s view that Japan’s economy is on track for a moderate recovery The restrictions in Tokyo are aimed at nightlife businesses and run through December 17th. REIT Focus: Mitsui Fudosan stated that it has offered $1.2 Billion to acquire Tokyo Dome. The stadium operator has faced recent pressure from activist investor Oasis Management, which has sought to remove board members and alter the management structure of the firm. Europe In Europe: The long-standing issues of fisheries, state aid and governance of the future relationship continued

ASIA In China: Pickup in resource sectors negated by slight deceleration in manufacturing and utilities. In Japan: The metropolitan government raised its virus alert to the highest of four levels. REIT Focus: SCA Property Group agreed to acquire Auburn Central Shopping Centre from Elanor Retail Property Fund for A$129.5 million. Auburn Central is anchored by Woolworths, Aldi and Tong Li supermarkets, with 52 specialty tenants heavily weighted to non-discretionary categories Europe In Europe: The WHO warned that a tough six months lies ahead for Europe, but noted new cases were declining as lockdowns curb infection. The EU’s most senior official, Ilze Juhansone, told envoys of 27 member states that the majority of the 11 key negotiation issues now had joint