Company: PGZ
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001398344-25-003239
Chunk: 1

Company: Principal Real Estate Income Fund
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 1
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      | (4) Date Filed:                                                                                                                                                                                                                                                                     |

<div align='center'>PRINCIPAL REAL ESTATE INCOME FUND

(the “Fund”)

1290 Broadway, Suite 1000

Denver, Colorado 80203

(855) 838-9485

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON APRIL 11, 2025 AT 10:00 A.M. MOUNTAIN TIME</div>

To the Shareholders of the Fund:

Notice is hereby given that the Annual Meeting of
Shareholders (the “Meeting”) of the Fund will be held as a telephone conference call meeting at which no one will be allowed
to attend in person, on Friday, April 11, 2025, at 10:00 a.m. Mountain Time, for the following purposes:

| 1. | To elect two (2) Trustees; |

| 2. | To consider and vote upon such other matters, including adjournments, as may properly come before the Meeting or any adjournments 
 thereof.                                                                                                                          |

These items are discussed in greater detail in the attached Proxy Statement.

Shareholders of record at the close of business on February 7, 2025 are
entitled to a notice of and to vote at the Meeting and any adjournments thereof.

We will be hosting this year’s Meeting as a
telephone conference call. There is no physical location for the Meeting. To participate in the Meeting, you must email no later than 3:00 p.m. Mountain Time on April 7, 2025 and provide your full name and address.

YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR
HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE EITHER VOTE VIA THE INTERNET, BY TELEPHONE
OR COMPLETE AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE
UNITED STATES.

| By Order of the Board of Trustees of: 
 Principal Real Estate Income Fund     |
| Robert McClure                        |
| President                             |

February 21, 2025

The Meeting is important. Kindly indicate your vote as to the items to be discussed at the meeting by following the instructions in the attached proxy card or the voting instruction form. You may still attend the Meeting,