Background and Rationale

PGIM Real Estate is the real estate investment management business of PGIM, Inc., the global investment management business of Prudential Financial, Inc. ("PFI"). As one of the largest real estate managers in the world, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum.

PGIM Real Estate's rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world.

As an investment adviser, we act as a fiduciary, and our primary responsibility is to add economic value to our clients' portfolios over the long-term, within the constraints of applicable investment management agreements and ongoing market conditions. PGIM Real Estate's investing philosophy is to create exceptional value for our investors and partners by uncovering new opportunities within global real estate. At PGIM Real Estate, we believe that taking into consideration environmental, social and corporate governance (ESG) factors can positively impact our long-term economic performance. Throughout our real estate investment, asset management, risk management and talent management processes, we strive to engage in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world.

Our ESG Mission Statement

PGIM Real Estate believes that doing the right thing for our people, the environment and our communities leads to better results for all our stakeholders. We strive to embed environmental, social, governance and resilience (ESG) best practices throughout our real estate investment, asset management, risk management and talent management processes.
Through our commitment to responsible and sustainable real estate investing and management, we seek to deliver enhanced risk- adjusted returns for our investors, become a landlord and lender of choice and maintain our position as a practitioner of good global citizenship to all our stakeholders - investors, partners, borrowers, employees, and the communities in which we reside and invest.

Scope of Policy

This policy will apply to the global investment management business of PGIM Real Estate and the investments that we manage as part of that business. This policy is subject to all applicable local laws and regulations, including our obligations as a fiduciary to our clients. In cases where PGIM Real Estate does not have a controlling interest in the fund or a particular investment, PGIM Real Estate will use its position to influence and encourage appropriate ESG practices. This ESG Policy will be updated annually and approved by the Global ESG Council to reflect changes in the ESG Program.