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Strategy differentiators

  • Active management matters
    Leveraging a 360° view of real estate markets and our extensive market presence, our specialized investment approach seeks to capitalize on mispriced opportunities in U.S. listed securities.

  • Disciplined stock selection focused on quality at the right price
    Rigorous, fundamental analysis identifies quality businesses we believe are undervalued.

  • Proven, consistent portfolio management
    Listed REIT experience spans 25+ years, combined with long tenured leadership and philosophy, backed by one of the largest dedicated REIT investment teams.

  • Attractive returns
    Established track record of delivering attractive risk-adjusted excess returns through bottom-up stock selection and diversifying across a large number of medium-sized active weight positions.

Strategy facts

  • Manager

    Principal Real Estate

  • Inception

    1 January 1998

  • Index

    U.S. REIT Linked Index

  • Targeted number of holdings


  • Expected turnover

    < 100%

  • Investment vehicles

    CIT, IMA, SMA, U.S. Mutual Fund

The opportunity for investors

  • Increased total return potential: REITs have the potential to enhance portfolio returns with historical outperformance compared with U.S. equities and bonds.

  • Historical inflation hedge: REITs have outperformed equities during high inflation environments1, with dividends from a durable and often growing income-stream tied to contractual leases and capital appreciation tied to real asset ownership.

  • Multiple diversification benefits: Exposure to diversified property types with low correlations to other asset classes; complementary to a private real estate allocation.

  • Liquidity: More liquid than direct ownership of property and provides immediate exposure to diversified real estate.

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 Securities
Kelly D. Rush, CFA
39 years of experience
PM Title
Deputy Chief Investment Officer, Real Estate Securities
Anthony Kenkel, CFA, FRM
26 years of experience
PM Title
Portfolio Manager – Head of the Americas, Real Estate Securities
Keith Bokota, CFA
18 years of experience
Learn more

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1 FactSet, U.S. Bureau of Labor Statistics, CPI ex-food and energy as of 31 December 2022. Listed infrastructure (represented by the MSCI ACWI Utilities Index from 2003 through 2006, a 50/50 blend of MSCI ACWI Utilities Index and the Alerian MLP Index from 2007 through 2015, and the FTSE Global Core Infrastructure 50/50 Index thereafter) delivered average returns of 12.5% in periods of above median U.S. inflation vs. 7.0% delivered by global equities (represented by MSCI All Country World Index).

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.