PIMCO Flexible Real Estate Income Fund (REFLX)

Reflex (singular): the power to act or react quickly.

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Why REFLX?

REFLX has the power to seek out institutional-quality private real estate, supported by PIMCO's capabilities as one of the world's largest real estate managers.

Fresh Portfolio

Investing in opportunities that have undergone significant repricing post-rate hikes, REFLX aims to take advantage of fresh value across markets.

Potential Tax Efficiency

Opportunity for attractive tax-efficient distributions due to REIT taxation.

Potential Inflation Hedge

Real estate income has historically outpaced CPI.

Fund Resources

Fact Sheet

Get a quick overview of fund features and potential investor benefits.

Strategy Spotlight

Learn more about REFLX – from the PIMCO experts behind the strategy.

View Fund Performance

Investment Themes in Focus

Residential Sector

We believe the residential sector will benefit from strong longer-term tailwinds that can withstand various market cycles, including the lack of supply globally and shifting demographics. REFLX leverages our proprietary Geoscore model used to identify areas where population growth will support the need for stabilized residential real estate, while our extensive macro research capabilities helps us uncover potential value in the multi -and single-family residential space within recession-resilient markets where quality rental properties exist.

Industrial and Logistics Assets

The ongoing acceleration of e-commerce will likely increase demand for “last mile industrial facilities” in the years to come. These facilities - the final leg of the supply chain - are crucial in meeting delivery demands in a timely matter. REFLX focuses on markets that may experience an increased need for industrial real estate, such as areas with high population growth where we see heightened demand for e-commerce. As one of the largest real estate managers globally, PIMCO has the scale, infrastructure, and relationships to source and underwrite these large-scale opportunities efficiently.

Triple Net Leases Across Sectors

REFLX targets high-quality triple net (NNN) leases, which can provide diversified exposure across property types with low relative risk. In a NNN lease, a tenant promises to pay all the expenses of a property that would otherwise be the responsibility of the landlord - such as real estate taxes, insurance, and maintenance. In pursuit of durable, investment grade opportunities, REFLX applies the underwriting capabilities of our 80+ credit research analysts in order to seek stable income for our clients.

PIMCO's Expertise

REFLX benefits from the expertise of our cross-disciplinary investment committee and 290+ firm-wide real estate investment professionals.

Featured Expert

Daniel J. Ivascyn 

Group Chief Investment Officer

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Featured Expert

Christoph Donner 

CEO, Allianz Real Estate, U.S.

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Featured Expert

Devin Chen 

Portfolio Manager, Commercial Real Estate

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Featured Expert

Peggy DaSilva 

Head of Asset Management, Allianz Real Estate, U.S.

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Featured Expert

John Lee 

Portfolio Manager, Commercial Real Estate

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Featured Expert

Russell Gannaway 

Portfolio Manager, Alternative Credit

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Get in Touch

Contact our team today to learn how REFLX may complement your clients' portfolios.

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Disclosures

1 Under the Tax Cuts & Jobs Act of 2017. The description of tax consequences considered herein is limited to the U.S. federal income tax consequences to a taxable U.S. person of an investment in the Fund. At this time, the 20% deduction to individual tax rates on the ordinary income portion of distributions paid to investors is set to expire on December 31, 2025. PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.

2 Source: Green Street, Federal Reserve, PIMCO. As of 30 September 2022. For illustrative purposes only. There is no guarantee that these trends will continue. Consumer Price Index for All Urban Consumers: All Items Less Food & Energy is an aggregate of prices paid by urban consumers for a typical basket of goods, excluding food and energy.

3 Mr. Donner and Ms. DaSilva are dual personnel of Allianz Real Estate and PIMCO, and provide services to the Fund on behalf of PIMCO. Allianz Real Estate is a PIMCO company.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund's prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative or by visiting www.pimco.com. Please read them carefully before you invest or send money.

The fund is an unlisted closed-end "interval fund." Limited liquidity is provided to shareholders only through the fund's quarterly offers to repurchase between 5% to 25%, or such other amount as may be permitted under applicable rules and regulations or no-action, exemptive or other relief, of its outstanding shares at net asset value (subject to applicable law and approval of the Board of Trustees, the Fund currently expects to offer to repurchase 5% of outstanding shares per quarter). There is no secondary market for the fund's shares and none is expected to develop. Investors should consider shares of the fund to be an illiquid investment.

It is important to note that differences exist between the fund's daily internal accounting records, the fund's financial statements prepared in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. It is possible that the fund may not issue a Section 19 Notice in situations where the fund's financial statements prepared later and in accordance with U.S. GAAP or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please see the fund's most recent shareholder report for more details.

Investments in residential and commercial real estate debt are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans. The proposed Fund will also have exposure to such risks through its investments in mortgage and asset-backed securities, which are highly complex instruments that may be sensitive to changes in interest rates and subject to early repayment risk. Equity investments may decline in value due to both real and perceived general market, economic and industry conditions, while debt investments are subject to credit, interest rate and other risks. Private credit and private equity involves an investment in non-publically traded securities which are subject to illiquidity risk. Portfolios that invest in private credit and private equity may be leveraged and engage in speculative investment practices that increase the risk of investment loss. Private Credit funds will also be subject to real estate-related risks, which include new regulatory or legislative developments, the attractiveness and location of properties, the financial condition of tenants, potential liability under environmental and other laws, as well as natural disasters and other factors beyond the proposed Fund's control. The value of real estate and portfolios that invest in real estate may fluctuate due to: losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws, and operating expenses.

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage-related assets and other asset-backed instruments may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market's perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. U.S. agency mortgage-backed securities issued by Ginnie Mae (GNMA) are backed by the full faith and credit of the United States government. Securities issued by Freddie Mac (FHLMC) and Fannie Mae (FNMA) provide an agency guarantee of timely repayment of principal and interest but are not backed by the full faith and credit of the U.S. government. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged.

An investment in an interval fund is not appropriate for all investors. Unlike typical closed-end funds an interval fund's shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. There is also no secondary market for the proposed Fund's shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested proposed Fund shares in a periodic repurchase offer.

There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for along-term especially during periods of downturn in the market. An investment in the Fund is speculative involving a high degree of risk, including the risk of a substantial loss of investment. Investors should consult their investment professional prior to making an investment decision.

PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Individuals should consult their own legal and tax counsel as to matters discussed herein and before entering into any estate planning, trust, investment, retirement, or insurance arrangement.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. For Informational Purposes Only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO

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