Principal Real Estate Income Fund (the “Fund”), which is traded on the
New York Stock Exchange under the symbol “PGZ,” announced the
declaration of monthly distributions of $0.14 per common share, payable
on the dates noted below. Based on the Fund’s current share price of
$17.21 (as of market close on January 29, 2014), the distributions
represent an annualized distribution rate of 9.76%. This new rate
represents an increase over the Fund’s previous distributions.
"Since the last distributions were declared, the Fund has employed
leverage to Management's desired level and has remained fully invested
consistent with its investment strategy. The Fund has benefitted from
the initial funding at the end of June 2013 which occurred during a
period of volatility and allowed us to buy Commercial Mortgage-Backed
Securities and Global REIT Securities at yields higher than our original
targets. Since June 25, 2013, prices on the securities of the Fund's
holdings have appreciated due to improvements in the overall market,
improving real estate fundamentals, and portfolio management decisions
which have led to excess income. Based on these factors, we are pleased
to announce an increase of the monthly distributions to $0.14 per
share," said Marc Peterson, lead portfolio manager of the Fund, which is
sub-advised by Principal Real Estate Investors, LLC, and advised by ALPS
Advisors, Inc.
The following dates apply to the distributions declared:
|
|
|
|
|
|
|
|
|
Ex Date
|
|
|
|
Record Date
|
|
|
|
Payable Date
|
February 13, 2014
|
|
|
|
February 18, 2014
|
|
|
|
February 27, 2014
|
March 13, 2014
|
|
|
|
March 17, 2014
|
|
|
|
March 27, 2014
|
April 10, 2014
|
|
|
|
April 14, 2014
|
|
|
|
April 24, 2014
|
|
|
|
|
|
|
|
|
|
Principal Real Estate Investors, LLC announced today that it will hold a
conference call to discuss Principal Real Estate Income Fund. Led by a
member of the portfolio management team, the call is open to the public
and will cover the Fund’s strategy, the current state of the market, and
the portfolio management team’s investment outlook.
|
|
|
|
|
Date: February 4, 2014 at 3:00 PM EST
|
|
|
|
Toll Free Dial-In number: (800) 852-8156
|
Conference ID: 36515964
|
|
|
|
Replay number: (855) 859-2056
|
|
|
|
|
|
RISKS
_____________________
This press release is not for tax reporting purposes but is being
provided to announce the amount of the Fund’s distributions. In early
2014, after definitive information is available, the Fund will send
shareholders a Form 1099-DIV, if applicable, specifying how the
distributions paid by the Fund during the prior calendar year should be
characterized for purposes of reporting the distributions on a
shareholder’s tax return (e.g., ordinary income, long-term capital gain
or return of capital). An investment in the Fund is not appropriate for
all investors and is not intended to be a complete investment program.
The Fund is designed as a long-term investment and not as a trading
vehicle.
Investing in the Fund involves risks, including the risk that you may
receive little or no return on your investment or that you may lose part
or even all of your investment and exposure to below-investment grade
investments (i.e., “junk bonds”). The Fund’s net asset value will vary
and its distribution rate may vary and both may be affected by numerous
factors, including changes in the market spread over a specified
benchmark, market interest rates and performance of the broader equity
markets. Fluctuations in net asset value may be magnified as a result of
the Fund’s use of leverage. Therefore, before investing you should
carefully consider the risks that you assume when you invest in the
Fund's common shares.
Securities backed by commercial real estate assets are subject to
market risks similar to those of direct ownership of commercial real
estate assets including, but not limited to, declines in the value of
real estate, declines in rental or occupancy rates and risks related to
general and local economic conditions.
The Fund's investment objectives and policies are not designed to
seek to return the initial investment to investors that purchase shares.
A portion of the distribution may be treated as paid from sources
other than net income, including but not limited to short‐term capital
gain, long‐term capital gain and return of capital. The final
determination of the source of all distributions, including the
percentage of qualified dividend income, is made after year‐end.
Past performance is not guarantee of future results.
Investors should consider the Fund's investment objectives, risks,
charges and expenses carefully before investing. The prospectus contains
this and other information about the fund. For more complete information
about the Fund or to obtain a copy of the prospectus, call your
financial professional, visit the Fund’s site at www.principalcef.com
or call 855.838.9485. Please read the prospectus carefully before
investing.
Because the Fund is newly organized, its Common Shares have a limited
history of public trading. Shares of closed-end investment companies
frequently trade at a discount from their net asset value and initial
offering prices. The risks associated with this characteristic of
closed-end investment companies may be greater for for investors
expecting to sell their shares in a relatively short period after
completion of the initial public offering.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
The Fund is a closed-end fund and does not continuously issue shares for
sale as open-end mutual funds do. Since the initial public offering, the
Fund now trades in the secondary market. Investors wishing to buy or
sell shares need to place orders through an intermediary or broker. The
share price of a closed-end fund is based on the market's value.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the
Fund. Principal Real Estate Investors LLC is not affiliated with ALPS
Advisors, Inc. or any of its affiliates.
About ALPS - Advisor for the Fund
ALPS provides customized asset servicing and asset gathering solutions
to the financial services community through an entrepreneurial culture
based on the commitment to “Do Things Right.” Founded in 1985, ALPS
continues to actively promote all of its various business segments, from
asset servicing through ALPS Fund Services, Inc. to asset gathering
through ALPS Distributors, Inc. and ALPS Advisors, Inc. Headquartered in
Denver, with offices in Boston, New York, Seattle, and Toronto, ALPS, a
wholly-owned subsidiary of DST Systems, Inc., today represents more than
400 employees, over 200 clients, and an executive team that has been in
place for more than 18 years. For more information about ALPS and its
services, visit www.alpsinc.com.
Information about ALPS products is available at www.alpsfunds.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $48.7 billion in
commercial real estate assets, as of December 31, 2013. The firm’s real
estate capabilities include both public and private equity and debt
investment alternatives. Principal Real Estate Investors is the
dedicated real estate group of Principal Global Investors, a diversified
asset management organization and a member of the Principal Financial
Group®.
Copyright Business Wire 2014