Real estate

AI is transforming the data center

February 7, 2024

Sebastian Dooley, CFA

Senior Fund Manager

Casey Miller

Managing Director, Portfolio Management

Paul Lewis

Director - European Data Centres

Ben Wobschall

Managing Director, Portfolio Manager, Principal Real Estate Investors

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At-a-glance

Artificial intelligence has been around since the 1950s but has only recently begun to infuse daily life. Driving this evolution is exponential growth in data, advancements in computing architecture and chip performance, and AI’s increasingly broad applicability and accessibility.

The impacts of AI on the data center result from the differences between AI workloads and traditional workloads.

Compared to traditional workloads, AI workloads have distinct computational demands. They’re considerably more power intensive and their power consumption is more highly variable. That drives new power infrastructure and management requirements.
AI deployments are typically higher density, which drives the need for new approaches to cooling.
The importance of latency varies depending on the AI application, driving unique facility and size decisions.

Artificial intelligence (AI), formerly relegated to the pages of scientific journals and science fiction narratives, is now permeating the fabric of our everyday lives—and transforming the data center in the process. Because AI workloads are quite different from traditional workloads, supporting them demands a new approach to data center design and operation. As AI applications progress—for example, from training models to decision-making—its impact on the data center industry will continue to evolve.

Adding to the pressure on data center operators, demand for data centers to support AI is additive to demand for data centers to support traditional workloads. Data center operators will have to support these very different demand profiles— sometimes even within the same facility. This paper explores how.

AI has been around since the 50s. So what’s new?

For decades, artificial intelligence has been—at least according to popular media—poised to take over the world. And yet it’s only recently that AI has begun to infuse daily life. (It’s still not taking over the world. But it is affecting how data centers are designed and operated.)

As far back as the 1950s, early AI pioneers laid the groundwork for AI as we know it with the development of rudimentary neural networks, inspired by the human brain. In 1997, AI burst into the public eye when IBM’s Deep Blue defeated chess grandmaster Garry Kasparov, showcasing the potential of AI in complex decision-making and strategy. In 2011, IBM’s Watson demonstrated the power of AI in understanding and generating natural language when it beat Jeopardy’s reigning champion Ken Jennings. This evolution has accelerated in recent years. Today, with generative AI we’re witnessing the rise of AI that can not only analyze and process information but also create original content.

The increasingly rapid evolution of AI is driven by:

The data deluge—The recent exponential growth in data generation, primarily driven by big data analytics and the Internet of Things (IoT), has provided AI algorithms with the extensive datasets necessary for effective learning and development.
Advancements in computing architecture and chip performance—Processors like GPUs (Graphics Processing Units) and TPUs (Tensor Processing Units) are specifically designed for parallel processing, significantly boosting performance compared to traditional CPUs.
AI’s increasingly broad applicability and accessibility— Powerful AI capabilities are becoming accessible to developers of all levels through user-friendly interfaces and cloud-based services. As a result, AI is more accessible and applicable to individuals and enterprises across various sectors.

EXHIBIT 1: The accelerating evolution of AI

1951 Marvin Minsky and Dean Edmonds develop the first artificial neural network
1966 Stanford Research Institute develops Shakey, the world’s first mobile intelligent robot
1981 MIT grad student Danny Hillis designs massively parallel computer consisting of a million processors, each similar to a modern GPU
1997 IBM’s Deep Blue defeats Garry Kasparov in a historic chess rematch
2006 IBM Watson originates with the initial goal of beating a human on the quiz show Jeopardy!
2011 Apple releases Siri, a voice-powered personal assistant that can generate responses and take actions in response to voice requests
2014 Facebook develops the deep learning facial recognition system DeepFace, which identifies human faces in digital images with near-human accuracy

2016 DeepMind’s AlphaGo defeats top Go player Lee Sedol
2018 OpenAI releases its first Generative Pre- trained Transformer (GPT), paving the way for subsequent large language models (LLMs)
2019 Microsoft launches the Turing Natural Language Generation generative language model with 17 billion parameters
2020 Open AI releases the GPT-3 LLM consisting of 175 billion parameters to generate humanlike text models
2021 OpenAI introduces the Dall-E multimodal AI system that can generate images from text prompts
2022 OpenAI releases ChatGPT to provide a chat-based interface to its GPT-3.5 LLM
2023 Google releases its AI chatbot, Bard

Source: TechTarget, The history of artificial intelligence: Complete AI timeline, 16 August 2023.

AI workloads are different than traditional workloads

The impact of AI on the data center is driven by the differences between AI workloads and traditional workloads. Compared to traditional workloads, AI workloads have distinct computational demands. They are considerably more power intensive and their power consumption is more highly variable. AI deployments are typically higher density. And for certain types of AI workloads, low latency (between where the data is produced and consumed and where it is processed) may be a secondary consideration compared to capacity or scale.

AI workloads have distinct computational demands

AI involves computationally intense tasks such as machine learning, deep learning, and neural network training. Unlike traditional workloads that may rely more heavily on CPU-based processing, AI workloads demand high levels of processing power, often necessitating the use of specialized hardware like GPUs and TPUs. AI workloads leverage these advanced processors to handle massive datasets and perform complex calculations at high speeds.

Another distinguishing factor of AI workloads is their data storage and access requirements. AI applications often involve large volumes of data, requiring high-capacity storage solutions with fast data retrieval capabilities. This necessitates the deployment of advanced storage technologies, such as all-flash arrays, and high-speed interconnects to facilitate rapid data access and processing.

AI workloads are considerably more power intensive than traditional workloads

AI tasks involve processing large volumes of data and running complex models, which necessitates continuous operation of high-performance computing systems at or near full capacity for extended periods—leading to substantial power consumption. Generative AI is particularly power intensive as large language models like those underpinning OpenAI’s ChatGPT can be up to 100 times larger than other AI models.

Specialized processors such as GPUs and TPUs are designed to handle parallel processing at a large scale, which is essential for the rapid processing of vast datasets typical in AI tasks. But high power usage is not just a function of the sheer volume of computations; it also stems from the nature of AI algorithms. Many AI processes involve iterative and complex calculations that require these processors to work at peak performance repeatedly over the course of the workload.

Using GPUs and TPUs for computationally intense workloads consumes more power compared to standard CPUs used in traditional workloads, and these processors themselves are increasingly powerful. For example, the maximum power consumption of NVIDIA’s latest GPU is 160% higher than that of the company’s previous generation chips.

EXHIBIT 2: Rising server power consumption

: 1U average watts at 100% of target load
: 2U average watts at 100% of target load

: Polynomial (1U average watts at 100% of target load)
: Polynomial (2U average watts at 100% of target load)

The data shows the sustained maximum power consumption of two-socket servers when running the SPECpower_ssj2008, which simulates a Java- based business logic. Results for 1U and 2U form factors. Data as at June 27, 2022.

Source: Uptime Institute, Too hot to handle? Operators to struggle with new chips, 15 March 2023.

AI workloads’ power consumption is more variable than traditional workloads

Power requirements are highly variable because AI workloads can vary significantly in their computational intensity over time. For instance, a deep learning model may require intense computational power during its training phase but much less during inference or testing phases. This leads to fluctuating power demands, with sharp increases during periods of high computational activity. For example, an AI model may run in excess of 100% of design utilization during training and only 30% of design utilization during inference or testing.

AI deployments are higher density than traditional workloads

AI workloads often require higher density than traditional data center workloads due to the nature of the computational and storage resources they demand. Specialized hardware is physically dense and consumes more power per unit area than traditional CPUs. The physical arrangement of GPUs in a pod, designed to act as a single computer, increases density. Furthermore, processing vast amounts of data necessitates a substantial amount of high-speed storage and memory, which contributes to the overall density.

The integration of this high-performance computing equipment in a relatively compact space leads to increased rack densities in data centers. While average server deployments in existing data centers remain approximately 10 kW per rack, recent deployments catering to AI are reaching five or even ten times that level. Over the next three to five years as AI continues to advance and become more prevalent and the next generation of technology infrastructure is deployed, high density will be the norm.

EXHIBIT 3: Rising rack densities

Demonstrates that processing vast amounts of data necessitates a substantial amount of high-speed storage and memory.

Source: Uptime Institute, Global Data Center Survey 2022, 14 September 2022

For certain types of AI workloads, low latency is critical

In an AI model’s training phase, low latency connectivity to end users is typically not as important as other data center deployments. Training involves processing large datasets where the focus is on throughput and accuracy rather than immediate response times. When most AI workloads are training, data center location is not dependent on where the data is generated or consumed. But once an AI model begins inference—real-time data processing and decision- making—low latency becomes critical. Then, the AI deployment will likely have to be located in a data center close to where the data is developed or the model’s outputs are utilized by end-users.

Supporting AI workloads demands a new approach to data center design and operation

The differences between AI workloads and traditional workloads drive new requirements for the data center. The fact that AI workloads are generally more power intensive but with wide variability drives new power infrastructure and management requirements. The fact that AI workloads are typically deployed in higher density configurations drives the need for new approaches to cooling. And the fact that some AI workloads are latency sensitive drives facility location and size decisions.

Supporting AI workloads demands new power infrastructure and approaches to power management

The scale of data centers is growing, with many data centers being built today over 50 megawatts. Data center campuses can be in the 100s of megawatts, with some over a gigawatt.

These massive power requirements are making new data center capacity increasingly hard to come by in many major markets, where utility power is increasingly constrained. As CBRE reports, “Sourcing enough power is a top priority of data center operators. Certain secondary markets with robust power supplies stand to attract more data center operators.”¹

Where there is sufficient utility grid capacity, an existing data center can be retrofit to increase power capacity. This involves a systematic upgrade of the power infrastructure—adding transformers, expanding electrical backup systems (uninterruptible power supplies and standby generators), and installing additional switchgear and power distribution units (PDUs).

Retrofitting a data center to enhance its power capacity in the absence of sufficient grid capacity presents a more complex challenge. The data center operator might consider on- site power generation or the development of a microgrid, which can operate independently or in conjunction with the main power grid. Ultimately, the operator may have to work with the local utility to enhance the grid’s capacity through distribution infrastructure upgrades or the construction of new power generation facilities.

EXHIBIT 4: Rising data center power consumption
Data center power consumption by providers/enterprises², gigawatts

: Hyperscalers
: Colocation companies
: Enterprises

This chart shows the continued rise in data center power consumption and the need for possible upgrades or new construction.

Source: McKinsey & Company, Investing in the rising data center economy, 17 January 2023.

In addition to demanding more power than traditional workloads, AI workloads are also more highly variable. Accommodating power usage spikes may require new power infrastructure as well as new approaches to data center power management.

To effectively support AI workloads, data centers must be capable of handling more variable loads with higher peaks. Accomplishing that might involve upgrading transformers, PDUs, and wiring to handle the increased power draw without compromising safety or efficiency. Intelligent power distribution systems can monitor and dynamically adjust the power supply to different racks or zones based on real-time demand, ensuring that AI workloads receive sufficient power during peak processing times.

Incorporating energy storage solutions, like battery banks, can help in smoothing out the power spikes. During periods of lower demand, these batteries can store energy, which can then be utilized during periods of high demand, thereby reducing the strain on the primary power infrastructure.

Beyond new power infrastructure, new approaches to data center power management are essential to supporting highly variable AI workloads. Power monitoring and management software can predict power usage patterns, monitor real-time consumption, and provide alerts for potential issues. Such predictive analysis helps in optimizing power usage and planning for future capacity needs.

Supporting AI workloads demands new cooling infrastructure and strategies

Because AI workloads are typically deployed in higher density configurations, the cooling requirements for AI workloads are substantially higher than for traditional workloads—driving the need for new cooling infrastructure and strategies.

Traditional forced air cooling, which operates by circulating cool air and expelling warm air, can encounter several challenges at higher densities. The sheer volume of heat generated in a high-density rack can overwhelm the air cooling capacity. Air has a lower specific heat capacity compared to liquid coolant, meaning air can carry less heat per unit volume. This limitation necessitates larger volumes of air to be circulated at a higher velocity.

Moving the heat exchange closer to the servers can increase cooling efficiency and provide supplemental cooling to localized loads, augmenting a more traditional “flooded room” cooling strategy. A more effective solution for high- density racks, liquid cooling systems work by circulating a coolant directly through heat exchangers or cold plates positioned close to heat-generating components. This approach allows for more direct and efficient heat transfer.

Retrofitting a data center equipped with forced air cooling to accommodate liquid cooling at the rack level is feasible. For facilities that already have a chilled water loop, the transition from traditional forced air cooling to liquid cooling is easier, as the existing chilled water loop can be extended directly to the racks. This extension typically involves the installation of specialized piping and heat exchangers within or adjacent to the racks to facilitate the direct transfer of heat from the high-density computing equipment to the water.

One of Principal’s assets—a data center commissioned in 2009—provides a great example of the feasibility of retrofitting an existing facility to support more power (and the requisite additional cooling) with relatively modest infrastructure additions. A data hall originally designed to support 2.7 MW of capacity is currently being retrofit to support 12.5 MW, in the same footprint and with the original mechanical equipment.

Supporting AI workloads demands different facility location and size decisions

The fact that some AI workloads are latency sensitive drives facility location and size decisions. In some cases, that will mean smaller data centers in edge locations.

The impact of latency on AI workloads varies depending on the specific application and its requirements. Data center providers catering to AI applications must therefore optimize their infrastructure accordingly, whether it’s through the use of edge computing to reduce latency for real-time applications or optimizing network and storage systems for high-throughput, latency-tolerant tasks.

Because AI model training, for example, may not require low latency, such workloads can be located in very large data centers where power is plentiful and inexpensive. But because inference requires low latency, once an AI model is trained it may need to be moved to a data center closer to where the data is produced and consumed. In many cases these data centers will be at the edge—whether that’s the city where autonomous vehicles are operating or the availability zone where the enterprise keeps its data. They may also be smaller than most of today’s deployments (e.g. 3 MW instead of 50 MW).

There’s an added benefit to moving some workloads to smaller data centers. The bigger the data center is, the more expensive it is. The concentration of investment into a campus with hundreds of megawatts or even a gigawatt of capacity can make capitalization more difficult.

AI doesn’t make existing data centers obsolete

Many AI deployments will be in facilities dedicated to AI. Deploying AI in a data center outfitted for traditional cloud or enterprise use would typically likely require at least some retrofitting to support the unique network architecture and deployment densities of AI workloads—for example, re-racking the space to widen cold rows or install new network backbone, or the kind of power and cooling infrastructure upgrades mentioned previously.

When a data center has been designed to be future-proof, retrofitting it to support new AI workloads is feasible and may be the most cost-effective option. One of Principal’s assets—originally a bank-owned data center commissioned nearly 15 years ago—provides a great example. To support the workloads of the time, the facility was designed for high redundancy and low density. But the data center had the ability to deliver significant amounts of power and cooling so retrofitting it to support modern workloads was feasible. In fact, the retrofit data center was leased to a specialty cloud service provider to deploy an AI/ML strategy that at full deployment will be one of the largest supercomputers in the world. (Learn more in our recent short paper, Data centers: Viable for the long term.)

While running multiple types of workloads in a single facility can make efficiency more difficult to achieve, a data center may be able to efficiently support both traditional workloads and AI workloads. For example, one data hall could have forced air cooling supporting traditional workloads at relatively low density while another data hall in the same building could have liquid immersion cooling to support an extremely high density deployment running AI workloads.

Bottom line

AI has ushered in a new era in data center design and operation. The unique demands of AI workloads, from increased power consumption and cooling requirements to the need for continual learning and updating, require a reimagining of traditional data center architectures. This evolution, while challenging, presents an opportunity for innovation and growth in the data center industry.

As AI continues to advance, it will be imperative for businesses and technology leaders to stay abreast of these changes and adapt their strategies accordingly. The future of data centers lies in their ability to effectively support the dynamic, power-intensive, and ever-evolving workloads.

AI has ushered in a new era in data center design and operation. Download the paper for the full perspective.

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The information in this website, and on pages linked by this website, is general information only and is not intended to constitute financial product advice or a recommendation to buy, sell or hold any particular security or investment. It does not take into account any investor's investment objectives, particular needs or financial situation. Any investor should consider whether an investment fits their investment objectives, particular needs and financial situation before making any investment decision.

While the information on this website is updated from time to time, it is subject to change in the intervening period. None of Principal Global Investors (Australia) Limited or its related entities (together "Principal") guarantee the accuracy, completeness or timeliness of the information on this website. Information may become outdated and opinions may change, including as a result of new information becoming available or changes in the markets. To the extent permitted by law, Principal does not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, this information.

We offer financial products only to wholesale investors (as defined in sections 761G and 761GA of the Corporations Act) and to persons investing through an investor directed portfolio service under the product disclosure statements that can be accessed from this website.

The information contained in this website is intended only for Australian residents and investors and is not intended for use in any country or jurisdiction where such use would constitute a violation of law. There is no intention to offer or sell products in countries or jurisdictions where such offer or sale would be unlawful under the relevant domestic law.

Protecting Your Privacy

At Principal Global Investors (Australia) Ltd, we give priority to protecting the privacy of your personal information. We do this by handling personal information in a responsible manner and in accordance with the Privacy Act 1988 (Cth).

If it is reasonable and practicable to do so, we collect personal information directly from you. How we collect your information will depend upon how you interact with us. We may collect it through application forms, telephone, email and internet contact, from correspondence with you or your consultant and in person.

The information collected may include what time you visited our website, how long you were on our site, if you've been to the site before, what web pages you visited, and what type of browser you used to access our website. This information is collected through the use of cookies.

Use of cookies on this site is outlined in the Principal Online Privacy Policies, Information Collected by Use of Cookies and Spotlight Tags. In accepting these terms and conditions, you accept the terms of the use of cookies from this site. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent. Refer to your browser instructions or help screens to learn about these functions. If you reject all cookies, you may not be able to use our web sites.

We may collect, hold and use personal information in order to process applications, administer the investments and provide related services. If you do not provide your personal information to us, we may not be able to process and administer your investment. We may also use your personal information to tell you about other products and services offered by us or other members of the Principal Financial Group. Please contact us if you do not wish to receive this ongoing information.

We may disclose your personal information to other related companies within the Principal Financial Group®, agents and other external service providers (who supply administrative, financial or other services), some of which are located overseas. Where this occurs, we take steps to protect personal information against misuse or loss however you should be aware that in the event the overseas recipient fails to handle the personal information consistently with the Australian Privacy Principles, we will not be accountable under the Privacy Act and you will not be able to seek redress under the Act. The countries this information may be disclosed to will vary from time to time, but may include Brazil, Chile, China, Hong Kong, India, Japan, Malaysia, Singapore, the United Kingdom and the United States and other countries where the Principal Financial Group® has a presence. A list of locations in which the Principal Financial Group® operates can be found at https://www.principal.com/about-us/our-company/company-overview/worldwide-locations. Our Privacy Policy contains information about how you can gain access to the personal information that we hold about you and seek correction of that information, subject to certain exemptions under law. Our Privacy Policy also contains information about how you may raise concerns regarding privacy with us and how we will deal with your concerns.

You can obtain a copy of our Privacy Policy by clicking on the link below:

Privacy at Principal Global Investors (Australia) Limited

By clicking "Accept", you consent to us dealing with your personal information in the manner set out in our Privacy Policy. You also acknowledge and understand that by providing such consent that we will not be required to take such steps as are reasonable in the circumstances to ensure overseas recipients of your personal information comply with the Australian Privacy Principles.

"Principal Financial Group is a global organization that operates in many different jurisdictions worldwide. Principal Financial Group’s diversified group of companies and affiliates provide comprehensive asset management solutions for institutional investors, investment funds and individuals in key markets around the world. Principal Financial Group has investment offices in the United States, [Mexico, South America, Europe, the Middle East, and throughout Asia]. Where appropriate, Principal Financial Group entities are registered with appropriate regulatory authorities in the jurisdictions in which they are required to be registered to carry on their respective business activities.

All products or services provided to you by any Principal Financial Group company shall only be available in the jurisdiction(s) within which the company providing the product or service is authorized to operate. The relevant Principal Financial Group company reserves the right to make the final determination on whether or not you are eligible for any particular product or service. If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that Site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction.

Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information . What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (EU) Limited, Sobo Works, Windmill Lane, Dublin D02 K156, Ireland. Principal Global Investors (EU) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click ""Accept."""

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"Principal Global Investors, LLC, the issuer of this website, is a branch registered in the Dubai International Financial Centre and is authorized by the Dubai Financial Services Authority as a representative office.

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Principal Global Investors, LLC and the other member firms of Principal Global Investors (collectively, the ""Firms"")* do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client's investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor's investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for ""sophisticated institutional investors/professional clients"". If you are not a ""sophisticated institutional investor/professional client"", you may not access this website and you should select the ""Decline"" link below.

By selecting the ""Accept"" button below, and entering this website, you agree to these terms and confirm and represent that you are a "" sophisticated institutional investor/professional client""."