Lincoln Property Company ("Lincoln"), a global, full-service real estate firm, and PGIM's real estate business ("PGIM"), the world's third largest real estate investment manager, today announced the formation of a strategic joint venture partnership to pursue outpatient medical investments across the United States. The joint venture extends Lincoln and PGIM's longstanding relationship and underscores a shared commitment to expanded healthcare real estate investment, uniting Lincoln's extensive operational expertise within the sector and PGIM's financial strength from over 55 years of successful real estate investment across diversified strategies and $213 billion of current AUM.

The joint venture was arranged by BlackBirch Capital, and it establishes a multi-year, national investment vehicle aimed at driving sustained growth and meaningful scale for both partners in the healthcare real estate sector. The partnership was formed to aggregate a bespoke portfolio of assets from the ground up, evidencing the mutual respect and trust between the firms to successfully execute a disciplined, long-term investment strategy.

"This partnership was a natural choice for Lincoln," said Brian Bacharach, Executive Vice President at Lincoln. "Our firm has maintained a dedicated team of real estate professionals committed to the healthcare sector for nearly 30 years, and the formation of this venture with PGIM positions us to create significant scale by investing across a broad spectrum of opportunities and diverse geographies."

"Lincoln has long held PGIM in high regard as one of the most significant and accomplished real estate investment managers, and we are thrilled about the opportunity to build an exceptional platform with their incredible team," added Bacharach.

Lincoln's national footprint and proven track record in the healthcare sector made the firm a desirable operating partner for this venture. With operations across all major U.S. markets, Lincoln brings significant scale and unparalleled access to local expertise and market intelligence.

The partnership represents a key component of PGIM's core-plus fund as it further expands its exposure to sectors benefiting from demographic and technological tailwinds. "The evolution of healthcare and powerful demographic trends are creating sustained demand for high-quality medical and wellness real estate," said John Sarokhan, Managing Director, Head of U.S. Equity Capital Markets at PGIM. "With our national platform and disciplined approach, we believe PGIM is well-positioned to capitalize on these long-term drivers. We are pleased to have a strong operating partner in Lincoln as we continue to invest in alternative sectors, including medical outpatient and senior housing, that can benefit from the growing need for accessible, modern real estate."

Since forming the partnership, Lincoln and PGIM have already executed two initial acquisitions totaling 193,000 square feet: Imperial Medical Center in Sugar Land, Texas and 400 Taylor Medical Center in Pleasant Hill, California. The venture will continue to pursue Core Plus and Value-Add opportunities across the country, focusing on properties that serve as strategic outpatient care locations for a diverse group of healthcare providers.

About Lincoln Property Company

Lincoln Property Company ("Lincoln") is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln's combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space. For more information, visit: www.lpc.com.

About PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE:PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

PGIM's real estate business is the world's third-largest real estate investment manager, with $213 billion in gross assets under management and administration,² and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. (PFI) of the United States is not 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. For more information please visit news.prudential.com.

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¹As of June 30, 2025.

²As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "Largest Real Estate Investment Managers" list published October 2024. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

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Lincoln Property Company and PGIM Launch Strategic Partnership to Scale Outpatient Medical Investments