Company: PGZ
Filing Date: 2025-03-04
Form Type: DEFR14A
Source: 0001398344-25-004645
Chunk: 4

Company: Principal Real Estate Income Fund
Filing Date: 2025-03-04
Form: DEFR14A
Chunk 4
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. If
a quorum is present, the persons named as proxies will vote those proxies that they are entitled to vote “FOR” any proposal
in favor of such adjournment and will vote those proxies required to be voted “AGAINST” any proposal against such adjournment.

Eligibility to Vote

At the close of business on February 7, 2025 (the
“Record Date”), only shareholders of record are entitled to receive notice of the Meeting and to vote those Common Shares
for which they are the record owners, at either the Meeting or any adjournment or postponement thereof.

Shares Entitled to Vote

The Fund has one class of capital stock: common shares
of beneficial interest, no par value per share (“Common Shares”). As of the Record Date, the Fund had 6,694,109 Common Shares
outstanding.

Number of Votes per Common Share

The holders of Common Shares are entitled to one vote
for each full share and an appropriate fraction of a vote for each fractional share held.

<div align='center'>PROPOSAL 1

ELECTION OF NOMINEES TO

THE FUND’S BOARD OF TRUSTEES</div>

Nominees for the Fund’s Board of Trustees

The Fund’s Board of Trustees is divided into
three classes, each class having a term of three years. Each year the term of office for one class will expire. Listed below are the nominees
for the Board of Trustees. One nominee has been nominated by the Board of Trustees for election to a one-year term to expire at the Fund’s
2026 Annual Meeting of Shareholders or until their successors are duly elected and qualified. The other nominee has been nominated by
the Board of Trustees for election to a three-year term to expire at the Fund’s 2028 Annual Meeting of Shareholders or until their
successors are duly elected and qualified.

| Proposal                    | Class     | Expiration          
 of Term if Elected  |
| Independent Trustee/Nominee |           |                     |
| Stephanie J. Bullington     | Class I   | 2026 Annual Meeting |
| JoEllen L. Legg             | Class III | 2028 Annual Meeting |

Unless authority is withheld, it is the intention
of the persons named in the proxy to vote the proxy “FOR” the election of the nominees named above. The nominees have indicated
that they each have consented to serve as a Trustee if elected at the Meeting. However, if a