PGIM Generally PGIM Real Estate is the real estate investment advisory unit of PGIM, Inc. (“PGIM”), an SEC registered investment adviser organized as a New Jersey corporation. Certain of its operations are conducted through PGIM Real Estate (UK) Limited (“PGIM Real Estate (UK)”), a company incorporated in England (registration number 03205768), and through PGIM Luxembourg S.A. (“PGIM Luxembourg”), which is organized as a company incorporated in the Grand Duchy of Luxembourg (registered number B28214). PGIM Real Estate (UK) and PGIM Luxembourg are both indirect, wholly owned subsidiaries of PGIM and are SEC registered investment advisers. When we use the terms “we,” “us” and “our” in this brochure, we are referring to PGIM Real Estate. In addition, any references to “our employees” or “our officers” mean officers or employees of PGIM, PGIM Real Estate (UK), PGIM Luxembourg and their affiliates who work in PGIM Real Estate. In addition to PGIM Real Estate, the other advisory units within PGIM are PGIM Fixed Income (an adviser primarily focused on public fixed income investments), PGIM Private Capital (the corporate private credit business unit of PGIM) and PGIM Institutional Advisory & Solutions (a provider of multi-asset class advisory services). Each of PGIM Fixed Income, PGIM Private Capital and PGIM Investment Advisory & Solutions has one or more separate brochures that have been filed with the SEC and provide information about the applicable advisory business. In September 2023, PGIM announced that PGIM Real Estate and PGIM Private Capital would be operated under a new unified platform called PGIM Private Alternatives to bring together PGIM’s private alternatives capabilities in order to more effectively provide global investors with a cohesive set of investment solutions across private credit, real estate equity and debt, private equity, infrastructure, and agriculture. PGIM was formed in June 1984 and was registered with the SEC as an investment adviser in December 1984. PGIM’s predecessor companies began managing fixed income portfolios for affiliates in 1875. In addition to being a registered investment adviser, PGIM, Inc. is also registered with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator and is a member of the National Futures Association. PGIM Real Estate (UK) was incorporated in 1996 and is authorized and regulated by the UK Financial Conduct Authority (“FCA”) as an Alternative Investment Fund Manager and permitted to manage and market discretionary mandates,provide investment advice, and receive and transmit orders in relation to financial instruments. PGIM Luxembourg was founded in 1988 and is authorized and regulated by the Luxembourg Commission de Surveillance du Secteur Financier (“CSSF”) as an Alternative Investment Fund Manager for the purposes of the European Alternative Investment Fund Managers Directive (“AIFMD”). In addition to managing and advising alternative investment funds, its authorization by the CSSF allows it to perform discretionary portfolio management services, provide investment advice, and receive and transmit

orders in relation to financial instruments, in accordance with Article 5, paragraph 4 of the Law of 12th July 2013 of alternative investment managers. PGIM, PGIM Real Estate (UK) and PGIM Luxembourg, along with their affiliates referenced herein are indirect, wholly owned subsidiaries of Prudential Financial, Inc., a publicly held company (“Prudential Financial”) (NYSE Ticker: PRU) headquartered in the State of New Jersey, U.S.A. None of Prudential Financial, PGIM, PGIM Real Estate (UK), PGIM Luxembourg or any of their affiliates referenced herein is affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM Real Estate PGIM Real Estate is a global real estate investment advisor,.headquartered in Newark, New Jersey. We have offices across the United States as well as in Amsterdam, Frankfurt, London, Luxembourg, Munich, Milan, Paris, Mexico City, Hong Kong, Seoul, Singapore, Shanghai, Sydney and Tokyo. As of December 31, 2023, PGIM Real Estate managed approximately $89.9 billion in gross assets $57.3 billion (net) on behalf of more than 900 clients worldwide. Of this net amount, approximately $56.9 billion is managed on a discretionary basis, and $0.4 billion (net) is managed on a non-discretionary basis. The investment strategies that we employ for our clients span private real estate, private real estate debt and publicly traded real estate securities across the risk and return spectrum (from core through core plus and value add to opportunistic) and geographically across the United States, Asia Pacific, Europe and Latin America. Our investment products generally comprise separately managed accounts and open- and closed-ended commingled private funds and are typically structured as limited partnerships, private REITs, insurance company separate accounts and other tax-efficient vehicles. We also provide discretionary and non-discretionary investment advisory services to affiliated and unaffiliated clients both directly, through express contractual relationships, and indirectly, pursuant to sub-advisory arrangements with affiliated and unaffiliated investment advisers. In addition to offering investment products and advisory services, we also prepare research, reports, and investment papers dealing with investment matters that are distributed to clients, certain prospective clients and affiliates. Our business does not include the private commercial real estate finance business carried on by PGIM Real Estate Finance, LLC (“PGIM REF”), which is an affiliate of PGIM but is not a registered investment adviser and does not provide investment advice regarding securities to any PGIM clients. Through an internal arrangement with PGIM Real Estate, PGIM REF sources and originates commercial real estate loans on behalf of certain accounts managed by PGIM Real Estate. Several officers of PGIM REF are also officers of PGIM and provide services to PGIM Real Estate in their capacities as officers of PGIM that are separate and distinct from the services they provide as officers of PGIM REF.