Business Context and Reporting Period
This Form 8-K filing by Principal Real Estate Income Fund (PGZ) reports a corporate governance event dated November 1, 2023. The Fund is a Delaware corporation listed on the New York Stock Exchange.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures. The primary financial impact disclosed is a reduction in operating expenses through a fee waiver.
- Advisory Fee Waiver: 0.15% of average daily Managed Assets.
- Sub-Advisor Fee Reduction: 0.075% of average daily Managed Assets.
- Waiver Duration: One year.
Material Changes
Effective November 1, 2023, the Board of Trustees recommended, and ALPS Advisors, Inc. (the Adviser) agreed to, a voluntary waiver of a portion of the investment advisory fee. Principal Real Estate Investors, LLC (the Sub-advisor) agreed to share this waiver equally. This action reduces the total fees payable by the Fund compared to the prior period's contractual rate.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on market outlook, or discussion of new risks or contingencies. The event is a unilateral cost-saving measure by the investment adviser.
Investor Verification Checklist
- Confirm the effective date of the fee waiver (November 1, 2023) and its one-year duration.
- Verify the total reduction in the expense ratio (0.15% of assets) in upcoming quarterly reports.
- Check subsequent filings to ensure the waiver is renewed or extended after the one-year term.
- Review the Fund's latest 10-Q or 10-K for the baseline expense ratio to calculate the net impact on net asset value.