DENVER, Dec. 19,
2022 /PRNewswire/ -- The Board of Trustees (the
"Board") of Principal Real Estate Income Fund (the "Fund"),
announced today that it has approved a renewal of the Fund's share
repurchase program. Under the share repurchase program, the Fund
may purchase up to approximately 3.5% of its outstanding common
shares beginning January 21, 2023, in
the open market, until January 21,
2024. As part of its evaluation of options to enhance
shareholder value, the Board has authorized ALPS Advisors, Inc.
(the "Advisor") to repurchase the Fund's common shares at such
times and in such amounts as the Advisor reasonably believes may
enhance shareholder value.
The Board and the Advisor
continually analyze options
to enhance shareholder value and potentially reduce the
discount between the market price
of the Fund's common share and the net asset value per share ("NAV").
The Board and the Advisor believe
that the share repurchase program
may further these
goals because the program allows the Fund to acquire
its shares in the open market at a discount to NAV, which will
increase the NAV and
thereby benefit remaining shareholders while potentially providing additional liquidity
in the trading of the fund shares. The
Board will monitor the repurchase program and will continue to
consider strategic options to enhance shareholder value in
the long-term.
The Fund's repurchase program will be implemented on a discretionary basis under the direction of the Advisor.
There is no assurance
that the Fund will purchase
shares at any specific discount
level or in any specific amount or that the
market price of the Fund's shares will increase as a result of any
share repurchases.
RISKS
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.
An investor should consider investment objectives, risks,
charges and expenses carefully before investing. To obtain an
annual report or semi-annual report which contains this and other
information visit www.principalcef.com or call 855.838.9485. Please
read them carefully before investing.
Shares of closed-end investment companies frequently trade
at a discount from their net asset value and initial offering
prices.
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.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member
firm.
About SS&C Technologies
SS&C is a global provider of investment and financial
software-enabled services and software for the global financial
services and healthcare industries. Founded in 1986, SS&C is
headquartered in Windsor,
Connecticut and has offices around the world. Some 18,000
financial services and healthcare organizations, from the world's
largest institutions to local firms, manage and account for their
investments using SS&C's products and services. For more
information, visit www.ssctech.com.
About SS&C ALPS Advisors
ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C
Technologies, Inc., is a leading provider of investment products
for advisors and institutions. With over $18.36 billion in assets under management as of
September 30, 2022, the firm is an
open architecture boutique investment manager offering portfolio
building blocks, active insight, and an unwavering drive to guide
clients to investment outcomes across sustainable income, thematic
and alternative growth strategies. For more information, visit
www.alpsfunds.com.
About Principal Real Estate
Investors
Principal Real Estate Investors
manages or sub-advises $98.5 billion in commercial real estate assets,
as of September 30,
2022. 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®.
PRE000361 12/19/2023
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SOURCE Principal Real Estate Income Fund