U.S. REIT market trades at attractive 8.9% discount to NAV. The real estate investment trust sector closed 2025 with valuations significantly below their long-term average of 1-2% discount, presenting potential opportunities for investors. PGIM Select Real Estate Fund maintains overweight positions in senior housing and data centers, capitalizing on demographic growth and artificial intelligence expansion. The fund expects sustained tailwinds from cloud computing infrastructure demand. European real estate markets show positive outlook despite macroeconomic uncertainty. Asia-Pacific delivered strong performance in 2025, with capital flows into Hong Kong and Singapore supporting lower interest rates. The fund underperformed its FTSE EPRA/NAREIT benchmark during the quarter.
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