1、DIVIDER TITLE BE VISUALLorem ipsum dolor sit amet,consecteturadipiscing elit.Fusce gravida fringilla ipsum,a pretium sem luctus.2026 REAL ESTATE OUTLOOKUNITED STATESFor Professional and Institutional Investors only.All investments involve risk,including possible loss of capital.2UNITED STATESEXECUTI
2、VE SUMMARYThe views expressed in this presentation are of PGIM as of November 2025 and 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 as
3、an offer to sell or a solicitation to buy any securities mentioned herein.Any projections or forecasts presented herein are subject to change.Uncertainty is prolonging,rather than reversing,the early phase of the real estate recovery cycle.This can improve the odds of selecting attractive assets,wit
4、h mitigated downside risk and the potential for high returns.Tepid capital availability limits competition for acquisitions,development and subordinated credit.3MARKET OUTLOOKEarly-cycle investment opportunities should remain available through the year,as capital patiently re-enters real estate mark
5、ets.The lack of core buyers is both a constraint and opportunity for investors.4The Recovery Phase of the Cycle Remains IntactU.S.MARKET OUTLOOKSources:The Conference Board,Moodys Analytics,Bloomberg,Green Street,NCREIF,PGIM.As of November 2025.U.S.CycleWatch IndicatorsA time-tested suite of leading
6、 indicators signals that real estate values should continue to rise.While consumers are showing some signs of strain,broader economic and capital markets indicators remain favorable for both tenant and investor real estate demand.4INDICATOR2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q25Leading Economic Ind
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