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Strategy differentiators

  • Stable leadership
    Kelly Rush founded our REIT capabilities over 20 years ago and Tony Kenkel and Keith Bokota have 20 years and 14 years working on the strategy, respectively. 

  • Thoughtful portfolio construction
    “Quality at a reasonable price” investment style favors above average companies trading at average or discounted valuations.

  • Exploiting market inefficiencies
    We use our knowledge of the various commercial real estate security property sectors and regions to exploit market inefficiencies and generate alpha for our clients.

  • Consistent and attractive returns
    Track record of consistent and attractive risk-adjusted returns generated through bottom-up stock selection.

Strategy facts

  • Manager
    Principal Real Estate
  • Inception
    1 January 1998
  • Index
    MSCI US REIT Index
  • Targeted number of holdings
    35-45
  • Expected turnover
    < 100%
  • Investment vehicles
    CIT, IMA, SMA, U.S. Mutual Fund

Portfolio management

Principal Real Estate

Our experienced investment teams provide comprehensive, specialized, and sustainable capabilities across all four quadrants of commercial real estate—public equity, private equity, public debt, and private debt—and more recently, infrastructure investing. Whatever real estate strategy or combination of strategies you believe is right for your objectives, we can help.

PM Title
Chief Executive Officer, Public Real Assets & Chief Investment Officer, Real Estate
Name
Kelly D. Rush, CFA
38 years of experience
PM Title
Global Portfolio Manager, Real Estate Securities
Name
Anthony Kenkel, CFA, FRM
25 years of experience
PM Title
Portfolio Manager, Real Estate Securities
Name
Keith Bokota, CFA
17 years of experience
Learn more

Get the latest insights.

Real estate

Case for REITs

Understand the potential benefits of allocating to listed REITs and how Principal can help.

Real estate

The Case For Active REITs

The importance and effect of active management of REITs.

Real estate

Insights into REITs in 2022

Listed REITs and financial markets are under pressure from the forces of rising rates, recession fears, and elevated valuations.

Past performance does not guarantee future results.

Real estate investment options are subject to some risks inherent in real estate and real estate investment trusts (REITs), such as risks associated with general and local economic conditions. Investing in REITs involves special risks, including interest rate fluctuation, credit risks, and liquidity risks, including interest conditions on real estate values and occupancy rates.

Investment guidelines are subject to change.

Not all investment options are available in all jurisdictions. Certain vehicles have not been registered with the United States Securities and Exchange Commission under the United States Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States or to any United States person.

MSCI U.S. REIT Index is a capitalization-weighted benchmark index of most actively traded Real Estate Investment Trusts (REITs),designed to measure real estate performance.

Principal Real Estate is a trade name of Principal Real Estate Investors, LLC, an affiliate of Principal Global Investors.