Company: PGZ
Filing Date: 2025-01-03
Form Type: N-CSR
Source: 0001398344-25-000145
Chunk: 51

Company: Principal Real Estate Income Fund
Filing Date: 2025-01-03
Form: N-CSR
Chunk 51
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| ● | changes                     
 in real property tax rates; |

| ● | changes                                                                               
 in interest rates and the availability of mortgage funds which may render the sale or 
 refinancing of properties difficult or impracticable;                                 |

| ● | changes                          
 in operating costs and expenses; |

| ● | energy                
 and supply shortages; |

| Principal               
 Real Estate Income Fund | Summary                
 of Updated Information 
 Regarding              
 the Fund               |

October 31, 2024 (Unaudited)

| ● | uninsured                                         
 losses or delays from casualties or condemnation; |

| ● | negative                                                             
 developments in the economy that depress travel or leasing activity; |

| ● | environmental 
 liabilities;  |

| ● | contingent                            
 liabilities on disposition of assets; |

| ● | uninsured                  
 or uninsurable casualties; |

| ● | acts                                                                   
 of God, including earthquakes, hurricanes and other natural disasters; |

| ● | social                                                                                  
 unrest and civil disturbances, epidemics, pandemics or other public crises; - terrorist 
 attacks and war;                                                                        |

| ● | risks                                                                                                        
 and operating problems arising out of the presence of certain construction materials,                        
 structural or property level latent defects, work stoppages, shortages of labor, strikes,                    
 union relations and contracts, fluctuating prices and supply of labor and/or other labor-related factor; and |

| ● | other                                                                   
 factors which are beyond the control of the Adviser and its affiliates. |

In addition, the Fund’s investments will be subject to various risks which could cause fluctuations in occupancy, rental rates, operating income and expenses or which could render the sale or financing of its properties difficult or unattractive. For example, following the termination or expiration of a tenant’s lease, there may be a period of time before the Fund will begin receiving rental payments under a replacement lease. During that period, the Fund will continue to bear fixed expenses such as interest, real estate taxes, maintenance and other operating expenses. In addition, declining economic conditions may impair the Fund’s ability to attract replacement tenants and achieve rental rates equal to or greater than the rents paid under previous leases. Increased competition for tenants may require the Fund to make capital improvements to properties which would not have otherwise been planned. Ultimately, to the extent that the Fund is unable to renew leases or re-let space as leases expire, decreased cash flow from tenants will result, which could adversely impact the Fund’s operating results.

REIT-Related Risk.The Fund may invest in equity and mortgage REITs. Equity RE