Capital needs are significant, including modernization of aging stock and restructuring of capital stacks after shifts in values and interest rates in recent years. The retreat of banks from development-related lending is opening opportunities for private capital providers. markets, opening opportunities for private capital providers. investment, as well as low new supply growth, meaning real estate markets, opening opportunities for investors to acquire and invest in non-institutional stock, for example in ·At the same time, there is a significant volume of maturing years adding to the total approaching expiry. ago, while values are only just starting to edge up after a Sources: Mortgage Bankers Association, ECB, APRA, Bayes Business School, Cushman & Wakefield, MSCI/Real Capital Analytics, IREBS, IEIF, PGIM. restructuring are set to remain elevated throughout 2026. As regulation has increased, the share of real estate development financed by Sources: MSCI/Real Capital Analytics, Bayes Business School, APRA, PGIM. Sources: MSCl, OECD, Oxford Economics, PGIM. As of April 2026. Forecasts are not guaranteed and may not be a reliable indicator of future results.