Lincoln Property Company and PGIM Acquire St. Joseph Medical Pavilion

Partnership expands healthcare platform with acquisition of premier outpatient medical building in Denver

DALLAS--(BUSINESS WIRE)--Lincoln Property Company (“Lincoln”), a global full‑service real estate firm, and PGIM, the world’s second largest real estate investment manager with $218 billion in gross assets under management and administration,¹ today announced the acquisition of St. Joseph Medical Pavilion, a 99,503‑square‑foot, Class A outpatient medical building located on the campus of St. Joseph Hospital, operated by Intermountain Health, in Denver, Colorado. The five‑story facility, delivered in 2020, is strategically positioned within Denver’s Uptown Medical District, one of the city’s premier healthcare corridors and the only designated medical district in downtown Denver.

“This acquisition strengthens our growing national healthcare investment platform while expanding our presence and operational capabilities in Denver and the Mountain West,” said Alastair Barnes, Vice President, Healthcare Investments at Lincoln Property Company. “With modern infrastructure, strong institutional tenancy, and a compelling lease-up opportunity, St. Joseph Medical Pavilion is well‑positioned to deliver durable long‑term performance.”

“Medical outpatient is a needs-based, high-conviction sector for us, benefiting from powerful demographic trends, structural shifts in how care is delivered, and natural supply constraints,” said Soultana Reigle, managing director and head of U.S. equity for PGIM’s real estate business. “We believe the sector can provide stable income, resilient demand and defensive characteristics across cycles. St. Joseph Medical Pavilion is a prime example of a high-quality medical outpatient asset that gives top-tier providers an optimal environment to deliver best-in-class care for patients.”

The partnership represents a key component of PGIM’s core-plus investment strategy as it expands exposure to sectors supported by long-term demographic and technological tailwinds. PGIM continues to invest alongside best-in-class operating partners in alternative sectors, including medical outpatient and senior housing, where the growing need for accessible, modern real estate is driving sustained demand.

The property is currently 82% leased and features a diverse tenant roster that includes Intermountain Health and leading physician groups specializing in cardiology, oncology, pediatrics, ENT, and dentistry, reinforcing the building’s role as a key outpatient hub within the district.

“St. Joseph Medical Pavilion is a high‑quality, on‑campus facility in a tightly supplied medical district—perfectly aligned with our healthcare investment strategy,” said Brian Bacharach, Executive Vice President at Lincoln Property Company. “The strength of the tenant base and the long‑term demand drivers in the Uptown Medical District make this an ideal addition to our portfolio.”

With an active presence across Denver and the Mountain West and a growing national healthcare platform, Lincoln continues to invest in high-quality medical assets in markets supported by strong demographic growth and clinical demand. The acquisition of St. Joseph Medical Pavilion reflects the firm’s long‑term commitment to supporting leading healthcare providers and delivering best‑in‑class real estate solutions.

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 $1.5 trillion in assets², 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 alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

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.

^1 As of December 31, 2025, net AUM is \$139B and AUA is \$50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

^2 As of December 31, 2025.