RECOGNISING THE REIT OPPORTUNITYRECOGNISINGTHEREITOPPORTUNITY

Sources of data (unless otherwise noted) are as of 31/03/2025.​

¹PGIM Real Estate is the third largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ Top Real Estate Managers list published October 2024. This ranking represents global real estate assets under management by PGIM Real Estate as of 30/06/2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking. ​

²AUM total is reflected as gross and includes assets under administration. Net AUM is $136B and AUA is $47B.

³PGIM Real Estate 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.