Summary

• PGIM Select Real Estate Fund outperformed the benchmark, the FTSE EPRA/NAREIT Developed Real Estate Net Index, for the quarter.
• The quarter was punctuated by several notable transactions involving two top overweights of the strategy.
• PGIM Select Real Estate Fund increased its overweight to senior housing.
• The Fund also took advantage of a very strong start for the self-storage sector in 2026, shifting to a neutral position from overweight.
• The Fund is overweight the Japanese developers given positive office and condo fundamentals and improvements in shareholder returns.

Market Review

North America

Looking ahead, our outlook for U.S. real estate investment trusts (REITs) remains constructive, supported by improving relative valuations, stable fundamentals, and growing private market validation. We continue to favor property types with strong structural demand drivers and limited