UPSIDE ON THE ROAD TO REIT RECOVERY
The 2026 global REIT outlook appears increasingly constructive, with attractive valuations, stabilising interest rates, and limited supply growth contributing to a favourable backdrop. Public market discounts invite increased M&A activity, while supply-and-demand dynamics underpin opportunities in data centres, senior housing, logistics, and select retail segments.
KEY THEMES IN GLOBAL REITS
Under current conditions, PGIM is emphasising categories benefiting from defensive demand trends, including assisted living, data management and self-storage across 2025 and beyond.
A Partner with Expansive Scale, Resources and REITs Expertise
Overseeing $218 billion in global assets, PGIM is one of the world’s largest real estate investment managers. More than 1,200 employees operating in 30+ cities offer global scale and deep expertise supported by resources dedicated to both public and private real estate in a way that provides comprehensive research capabilities and unique access to opportunity.
Featured Insights
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Early Cycle Opportunities in REITSPGIM shares why now is a good time to consider REITs, where the opportunity set is broadening across regions, and why selectivity still matters.
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Q1 2026 Real Estate Securities Outlook: REITs Enter 2026 with Renewed SupportPGIM reviews the REIT market, analysing regional performance, rates, sector leadership, and opportunities ahead.
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REITs Set Sail for a Steady RecoveryPGIM’s Rick Romano, CFA, explains why potential Fed rate cuts and discounted valuations versus equities support a continued REIT recovery in 2026.
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Sources of data (unless otherwise noted) are as of 31/12/2025.
1Performance rankings by third parties: #2: PGIM Real Estate is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025 . #2: PGIM Real Estate is ranked second out of 50 firms published in PERE’s Real Estate Debt 50 third-party capital raised survey published in May 2025.
2As of December 31, 2025 net AUM is $139B and AUA is $50B. Note: Percentages may not sum to 100% due to rounding. AUM based on company estimates and are subject to change.
3PGIM is committed to the Urban Land Institute’s (ULI) Greenprint Center for Building Performance Net Zero Carbon Goal to become Net Zero by 2050 for our global portfolio of managed properties.
4Does not include properties where we service a loan only.
References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. The securities referenced may or may not be held in the portfolio at the time of publication and, if such securities are held, no representation is being made that such securities will continue to be held.
The views expressed herein are those of PGIM investment professionals at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Neither PFI, its affiliates, nor their licensed sales professionals render tax or legal advice. Clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation. Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.
Any projections or forecasts presented herein are subject to change without notice. Actual data will vary and may not be reflected here. Projections and forecasts are subject to high levels of uncertainty. Accordingly, any projections or forecasts should be viewed as merely representative of a broad range of possible outcomes. Projections or forecasts are estimated based on assumptions, subject to significant revision, and may change materially as economic and market conditions change.
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