Principal Real Estate Income Fund combines commercial mortgage-backed securities with real-estate company shares, including REITs. Property borrowers provide interest and property companies can pay dividends, while real-estate values create risk to NAV.
Business
Real-estate income CEF
Listing
PGZ · New York Stock Exchange
Reporting period
2026-04-30
Dividend schedule
Monthly
How the business works
Mortgage interest and property-company dividends become net investment income after expenses and financing. Property credit changes and security-price moves affect NAV and broader investment results separately.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
Net investment income$0.35
Nov 1, 2025 to Apr 30, 2026
$0.00$0.35
Distribution yield13.15%Sourced distributions divided by dated market priceReported annual income yield6.74%Reported net investment income $0.7000 per share for 2024-11-01 to 2025-10-31, divided by approved 2025-10-31 market price $10.3900. Excludes capital gains; historical, not a current yield or forecast.Reported annual investment income$0.70Per share for 2025 FY. Excludes investment gains.Annual dividend$1.26Current regular payment annualized per share
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.
NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.
How to read PGZ income
The fund receives distributions from property investments and pays its own expenses. Fund income is different from the operating earnings of the properties it owns.
Watch property exposure, refinancing costs and NAV. Distribution tax components and investment gains need separate attention.
Income and distributions
Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. The fund receives distributions from property investments and pays its own expenses. Fund income is different from the operating earnings of the properties it owns.
Fund net investment income per common share; actual reporting period, not annualized$0.3500
$0.00$0.40
For the six months ended April 30, 2026, PGZ reported $0.35 of net investment income per common share and $0.63 of distributions. NAV moved from $11.36 to $11.24. Income contributed more than half the cash paid, but the rest needs payment-source and investment-result context, especially with NAV slightly lower.
Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
The portfolio information checked September 11, 2026 reports effective leverage of 30.94%.
Financing can increase earning assets, but its cost reduces income available to common shareholders. When borrowing costs rise or portfolio income falls, the distribution can become harder to sustain.
Principal Real Estate Income Fund reported $0.3500 per share for 2025-11-01 through 2026-04-30, measured as Fund net investment income per common share; actual reporting period, not annualized.
Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.
Losses or weaker cash generation in commercial mortgages and real-estate securities can reduce the resources available for future distributions.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
A maintained payment can exceed investment results. Review NAV and reported income together rather than treating distribution yield as total return.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Compare the next matching income and cash figures with property credit, REIT performance, financing costs and NAV.
Net asset value (NAV)
NAV per share$10.31Sep 29, 2026Market price$8.93Sep 29, 2026PREMIUM / DISCOUNT TO NAV13.39% discountCalculated from the displayed same-date values.
NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.
CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.
Compare the next matching income and cash figures with property credit, REIT performance, financing costs and NAV.
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U.S. federal · Tax year 2025
Dividend tax treatment
For PGZ's December 31, 2025 payment, the company estimated that 38.19% came from return of capital.
Total ordinary dividends
Not confirmed
Qualified dividends
Not confirmed
Capital-gain distributions
Not confirmed
Return of capital
38.19%
This is a close look at the payment dates named above, not a verdict on every distribution paid in 2025. Other payments can have a different mix. Use this estimate to understand those checks, then compare the whole year with your tax statement.
The company calls this breakdown an estimate. This covers only the $0.1050 December payment, not the full year. The company described the other 61.81% as net investment income, which does not by itself prove the final ordinary-dividend tax amount. Your Form 1099-DIV may show a different final mix. See the company's estimate.
Tax year: 2025.
Tax details and source
Total ordinary dividends (includes qualified)
Not confirmed
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
Not confirmed
Reporting form
Form 1099-DIV
Source date
2025-12-31
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
