*GRESB is an independent organization providing validated ESG performance data and peer benchmarks for investors and managers to improve business intelligence, industry engagement, and decision-making. PGIM Real Estate submitted 28 total funds for GRESB evaluation in 2024, of which 24 were submitted for Management & Performance; 10 were submitted for Management & Development, and two were submitted for Management only.

The GRESB ratings published in October 2024 represent AUM as of December 31, 2023, which was submitted for assessment in July 2024.   Participation is voluntary and administrative fees were paid by PGIM Real Estate’s various funds for this submission, which is a tiered, volume-based fee negotiated directly with GRESB and is required to participate in the ranking.