Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 28

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 28
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 to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by
95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share
is greater than the closing market value plus estimated brokerage commissions, the Plan Administrator will invest the Dividend amount
in Common Shares acquired on behalf of the participants in Open-Market Purchases.

In the event of a market discount on the payment date
for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on
an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase
Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases. It is contemplated that the Fund will
pay monthly income Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share
exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the
Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on
the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan
Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount
shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the
uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per Common Share at the close of business on the Last
Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount
of the Dividend will be divided by 95% of the market price on the payment date for purposes of determining the number of shares issuable
under the Plan.

| 32 | www.principalcef.com |

| Principal Real Estate Income Fund | Dividend Reinvestment Plan |

April 30, 2025 (Unaudited)

The Plan Administrator maintains all shareholders’
accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information