Investment adviser · CRD 109008

PRINCIPAL REAL ESTATE

Investment adviser filing (IA)

PRINCIPAL REAL ESTATE INVESTORS, LLC

DES MOINES, IA, United States · Form ADV filed Aug 19, 2026

Regulatory AUM: $106B
Client accounts: 681
Employees: 477
Advisory professionals: 310

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Government entities	52	$41,032,419,442	38.8%
Insurance companies	46	$29,340,685,539	27.8%
Investment companies	16	$9,702,679,804	9.2%
Retirement plans	39	$8,680,604,848	8.2%
Banks & thrifts	39	$8,035,710,061	7.6%
Corporations & businesses	8	$7,192,918,402	6.8%
Pooled investment vehicles	6	$591,066,125	0.6%
Charities	6	$495,991,335	0.5%
Sovereign wealth & foreign institutions	5	$387,754,080	0.4%
Individuals	427	$112,841,277	0.1%
High-net-worth individuals	37	$74,259,681	0.1%

Filing source

Form ADV 2124905 · Aug 19, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

22 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

PRINCIPAL ENHANCED PROPERTY FUND, L.P.Hedge Fund · Last reported Aug 19, 2026$5.15BGross asset value

Auditor DELOITTE & TOUCHE DES MOINES, Iowa, United States

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. FOLSOM, California, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: No
Administrator other than the adviser: No
External marketing: Yes

DELOITTE & TOUCHE
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Fund details & source

Fund ID: 805-7887164422
Reported beneficial owners: 158
Minimum commitment: $250K
Form D file number: 021-1293213

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PRINCIPAL DATA CENTER GROWTH & INCOME FUND, L.P.Hedge Fund · Last reported Aug 19, 2026$1.84BGross asset value

Form D fundraising filings

Principal Data Center Growth & Income Fund, L.P.

Fund administrator ALTER DOMUS CARMEL, Indiana, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor DELOITTE AND TOUCHE, LLP DES MOINES, Iowa, United States

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Marketer PRINCIPAL SECURITIES, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: No
Administrator other than the adviser: Yes
External marketing: Yes

DELOITTE AND TOUCHE, LLP
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

PRINCIPAL SECURITIES, INC.
CRD 1137 · SEC 801-54949

Fund details & source

Fund ID: 805-7012473358
Reported beneficial owners: 46
Minimum commitment: $0
Form D file number: 021-487341

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PRINCIPAL REAL ESTATE OPEN-END DEBT FUND, L.P.Hedge Fund · Last reported Aug 19, 2026$549MGross asset value

Form D fundraising filings

Principal Real Estate Open-End Debt Fund, L.P.

Fund administrator ALTER DOMUS CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE, LLP DES MOINES, Iowa, United States

Custodian COMPUTERSHARE TRUST COMPANY N.A. MINNEAPOLIS, Minnesota, United States Related to adviser: No

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

DELOITTE & TOUCHE, LLP
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Fund details & source

Fund ID: 805-1517211908
Reported beneficial owners: 12
Minimum commitment: $5M
Form D file number: 021-486944

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PRINCIPAL DIGITAL REAL ESTATE FUND, LPHedge Fund · Last reported Aug 19, 2026$353MGross asset value

Form D fundraising filings

Principal Digital Real Estate Fund, LP

Feeder funds

PRINCIPAL DIGITAL REAL ESTATE FUND EMPLOYEES, LP

Auditor DELOITTE & TOUCHE, LLP DES MOINES, Iowa, United States

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: No
Administrator other than the adviser: No
External marketing: Yes

DELOITTE & TOUCHE, LLP
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Fund details & source

Fund ID: 805-6385835679
Reported beneficial owners: 13
Minimum commitment: $0
Form D file number: 021-384957

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PRINCIPAL DATA CENTER GROWTH & INCOME FUND (CAYMAN PARALLEL), L.P.Hedge Fund · Last reported Aug 19, 2026$302MGross asset value

Form D fundraising filings

Principal Data Center Growth & Income Fund (Cayman Parallel), L.P.

Fund administrator ALTER DOMUS CHICAGO, Illinois, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor DELOITTE AND TOUCHE, LLP DES MOINES, Iowa, United States

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: No
Administrator other than the adviser: Yes
External marketing: Yes

DELOITTE AND TOUCHE, LLP
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Fund details & source

Fund ID: 805-9854349789
Reported beneficial owners: 10
Minimum commitment: $0
Form D file number: 021-526862

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PRINCIPAL U.S. PROPERTY FUND, LPOther Private Fund · Last reported Aug 19, 2026$164MGross asset value

Form D fundraising filings

PRINCIPAL U.S. PROPERTY FUND, L.P.

Feeder funds

PRINCIPAL U.S. PROPERTY CAYMAN FEEDER FUND, L.P.

Fund administrator NORTHEAST RETIREMENT SERVICES, LLC WOBURN, Massachusetts, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE, LLP DES MOINES, Iowa, United States

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: No
Administrator other than the adviser: Yes
External marketing: Yes

DELOITTE & TOUCHE, LLP
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Fund details & source

Fund ID: 805-4475282798
Reported beneficial owners: 15
Minimum commitment: $5M
Form D file number: 021-447939

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PRINCIPAL REAL ESTATE STRATEGIC DEBT FUND I LPHedge Fund · Last reported Aug 19, 2026$106MGross asset value

Auditor ERNST & YOUNG DES MOINES, Iowa, United States

Custodian BNY MELLON ASSET SERVICING NEW YORK, New York, United States Related to adviser: No

Custodian WELLS FARGO BANK, N.A. SAN FRANCISCO, California, United States Related to adviser: No

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: No
External marketing: Yes

ERNST & YOUNG
PCAOB 42

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Fund details & source

Fund ID: 805-4324764420
Reported beneficial owners: 2
Minimum commitment: $300K
Form D file number: 021-1459994

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Aug 19, 2026. View historical filings

Reported services

Individual portfolio management · Investment company portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Fixed · Performance-based

Principal office

801 GRAND AVE
DES MOINES, IA, 50392-0001, United States

CRD 109008

Filing source

Form ADV 2124905 · Aug 19, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.