Summary

• Looking ahead, our outlook for U.S. REITs remains constructive, supported by improving relative valuations, resilient operating fundamentals, and a growing recognition of real estate's role as a stabilizing portfolio allocation.
• The PGIM Global Real Estate Fund Class Z outperformed the benchmark, the FTSE EPRA/NAREI Developed Real Estate Net Index, for the month of April.
• North America contributed positively to performance, supported by strong stock selection in the office sector and a combination of positive stock selection and an overweight position in data centers.

Market Review

North America

Looking ahead, our outlook for U.S. real estate investment trusts (REITs) remains constructive, supported by improving relative valuations, resilient operating fundamentals, and a growing recognition of real estate's role as a stabilizing portfolio allocation. We continue to favor sectors