Principal Real Estate Income Fund (PGZ)
The Principal Real Estate Income Fund (PGZ) operates as a closed-end, balanced mutual fund, managed by ALPS Advisers, Inc., with Principal Real Estate Investors, LLC acting as co-manager. This fund primarily allocates capital to public equity and fixed-income securities within the United States. Its portfolio specifically targets commercial mortgage-backed securities, real estate investment trusts (REITs), and analogous entities, favoring value-oriented companies. To enhance its investment strategies, the fund employs a variety of financial derivatives, including credit default swaps, interest rate swaps, caps, floors, collars, currency futures and forwards, rate forwards, and interest rate futures. Its investment methodology is rooted in fundamental analysis, integrating both top-down macroeconomic perspectives and bottom-up security selection. This analytical framework assesses factors such as the broader economic outlook, the real estate cycle, core real estate fundamentals, and makes tactical allocation adjustments based on ongoing market valuations, quantitative analysis, and technical indicators. The fund was established on August 31, 2012, and is domiciled in the United States.
Industry: Asset Management - Income
Principal Real Estate Income Fund
NYSE:PGZFinancial Services · Asset Management - Income
+0.02%$8.72
AH Close$8.72+0.00%vs close
AH$8.72+0.00%vs close
Mkt Cap$58.37M
Float6.69M
O/S6.69M
Inst Own27.3%
Div Yield14.45%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$6.06M
Net Income$5.13M
Total Assets$109.9M
Free Cash Flow$3.96M
Debt & Equity
Debt 30%
Equity 70%
Total Debt$32M
Total Equity$76.03M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in PGZ's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$109.9M
Liabilities$33.86M
Accounts Receivable$700K
Accounts Payable$1.63M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | 2020-10-31 | 2019-10-31 | 2018-10-31 | 2017-10-31 |
| Revenue | $6.06M | $4.42M | -$2.9M | $6.22M | $8.98M | -$5.78M | $32.78M | $10.83M | $15.09M |
| YoY Growth | 37.3% | -252.4% | -146.6% | -30.7% | -255.5% | -117.6% | 202.6% | -28.2% | - |
| Cost of Revenue | $1.56M | $1.41M | $1.66M | $2.15M | $2.13M | $2.26M | $2.68M | $0 | $0 |
| Gross Profit | $4.5M | $3M | -$4.56M | $4.07M | $6.85M | -$8.04M | $30.1M | $10.83M | $15.09M |
| Gross Margin | 74.2% | 68.0% | 157.3% | 65.5% | 76.3% | 139.1% | 91.8% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | -$4 | $4 | $9 | $0 | $0 | $0 |
| Selling, General, and Administrative | $748K | $1.1M | $755K | $751K | $741K | $696K | $749K | $760K | $660K |
| Other | -$3.19M | -$133K | $29K | $62K | $25K | $93K | $25K | $30K | $41K |
| Total Operating Expenses | -$2.44M | $968K | $784K | $813K | $766K | $789K | $774K | $790K | $701K |
| Operating Income (EBIT) | $6.94M | $24.13M | -$9.52M | -$24.77M | $33.91M | -$52.08M | $32.01M | $11.81M | $15.68M |
| Operating Margin | 114.5% | 546.5% | 328.7% | -398.1% | 377.6% | 901.8% | 97.6% | 109.0% | 103.9% |
| Interest Expense | $1.81M | $2.05M | $2.16M | $964K | $510K | $959K | $2.07M | $1.77M | $1.29M |
| Interest Income | $8.4M | $6.38M | $6.19M | $8.53M | $6.72M | $8.43M | $10.13M | $8.72M | $8.42M |
| Other Income (Expense) | -$1.81M | -$2.09M | -$2.21M | -$1.01M | -$557K | -$1.02M | $0 | $0 | $0 |
| Income Before Tax (EBT) | $5.13M | $22.05M | -$11.73M | -$25.78M | $33.35M | -$53.1M | $32.01M | $10.04M | $14.39M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$161K | -$53K |
| Net Income | $5.13M | $22.05M | -$11.73M | -$25.78M | $33.35M | -$53.1M | $32.01M | $10.04M | $14.39M |
| Net Income Margin | 84.7% | 499.3% | 404.8% | -414.4% | 371.4% | 919.4% | 97.6% | 92.7% | 95.4% |
| Supplementary Data | |||||||||
| EPS | 0.77 | 3.29 | -1.74 | -3.79 | 4.90 | -7.70 | 4.64 | 1.46 | 2.09 |
| Diluted EPS | 0.77 | 3.29 | -1.74 | -3.79 | 4.90 | -7.70 | 4.64 | 1.46 | 2.09 |
| Weighted Average OS | 6.69M | 6.69M | 6.74M | 6.80M | 6.81M | 6.90M | 6.90M | 6.88M | 6.89M |
| EBITDA | $6.94M | $24.13M | -$9.52M | -$24.77M | $33.91M | -$52.08M | $32.01M | $0 | $0 |
| EBITDA Margin | 114.5% | 546.5% | 328.7% | -398.1% | 377.6% | 901.8% | 97.6% | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | 2020-10-31 | 2019-10-31 | 2018-10-31 | 2017-10-31 |
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and Cash Equivalents | $4K | $0 | $17K | $3.67M | $28K | $7K | $12K | $32K | $561K |
| Short-Term Investments | $4.33M | $2.7M | $3.14M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $4.34M | $2.7M | $3.16M | $3.67M | $28K | $7K | $12K | $32K | $561K |
| Accounts Receivable | $700K | $543K | $929K | $5.77M | $700K | $723K | $795K | $1.02M | $1.25M |
| Inventory | $0 | $0 | $4.09M | $9.45M | $2.28M | $0 | $2.79M | $0 | $0 |
| Other Current Assets | -$5.04M | -$543K | -$4.09M | -$9.45M | -$728K | $1.67M | -$807K | $0 | $0 |
| Total Current Assets | $4K | $2.7M | $946K | $5.79M | $728K | $0 | $807K | $1.05M | $1.81M |
| Long-Term Assets | |||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $113.49M | $97.41M | $124.62M | $170.94M | $137.63M | $217.42M | $194.15M | $192.9M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$194.15M | -$192.9M |
| Total Long-Term Assets | $109.89M | $113.49M | $97.41M | $124.62M | $170.94M | $137.63M | $217.42M | $194.15M | $192.9M |
| Other Assets | $109.9M | -$2.11M | $47K | $50K | $39K | $138.4M | $40K | $22K | $53K |
| Total Assets | $109.9M | $114.08M | $98.4M | $130.46M | $171.71M | $138.4M | $218.27M | $195.22M | $194.76M |
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | $1.63M | $2.48M | $468K | $3.13M | $383K | $2.12M | $178K | $87K | $588K |
| Short-Term Debt | $32M | $32M | $32M | $40M | $50M | $40.5M | $60M | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | -$36.87M | -$49.62M | -$38.38M | -$59.82M | $0 | $0 |
| Other Current Liabilities | $1.86M | -$32.27M | -$32.22M | -$3.45M | -$679K | -$4.5M | -$554K | -$314K | -$290K |
| Total Current Liabilities | $33.86M | $2.48M | $468K | $3.13M | $383K | $0 | $178K | $87K | $588K |
| Long-Term Liabilities | |||||||||
| Long-Term Debt | $0 | $32M | $32M | $40M | $50M | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $273K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $32M | $32.27M | $32M | $40M | $50M | $40.5M | $60M | $60M | $60M |
| Other Liabilities | $0 | $0 | $216K | $314K | $296K | $42.88M | $376K | $314K | $290K |
| Total Liabilities | $33.86M | $34.75M | $32.68M | $43.45M | $50.68M | $42.88M | $60.55M | $60.4M | $60.88M |
| Stockholders' Equity | |||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $111.14M | $114.63M | $119.14M | $125.17M | $125.96M | $127.1M | $129.05M | $129.19M | $130.18M |
| Retained Earnings | -$35.11M | -$35.3M | -$53.43M | -$38.15M | -$4.93M | -$31.58M | $28.67M | $5.63M | -$1.77M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.48M |
| Total Equity | $76.03M | $79.33M | $65.72M | $87.02M | $121.03M | $95.51M | $157.72M | $134.82M | $133.89M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $109.9M | $114.08M | $98.4M | $130.46M | $171.71M | $138.4M | $218.27M | $195.22M | $194.76M |
| Supplementary Data | |||||||||
| Total Debt | $32M | $32M | $32M | $40M | $50M | $40.5M | $60M | $60M | $60M |
| Net Debt | $32M | $32M | $31.98M | $36.33M | $49.97M | $40.49M | $59.99M | $59.97M | $59.44M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | 2020-10-31 | 2019-10-31 | 2018-10-31 | 2017-10-31 |
| Operating Activities | |||||||||
| Net Income | $5.13M | $22.05M | -$11.73M | -$25.78M | $33.35M | -$53.1M | $32.01M | $10.04M | $14.39M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||
| Accounts Receivable | -$156K | -$28K | $131K | $54K | -$20K | $115K | $155K | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$10K | $20K | -$62K | -$13K | $34K | -$72K | $28K | $0 | $0 |
| Other Working Capital | -$29K | $36K | $21K | $80K | -$12K | -$81K | $12K | $0 | $0 |
| Total Working Capital Change | -$195K | $28K | $90K | $121K | $1K | -$38K | $195K | $16K | $42K |
| Other Non-Cash Items | -$979K | -$19.19M | $15.41M | $31.56M | -$27.6M | $58.56M | -$23.11M | -$1.48M | -$2.11M |
| Net Cash from Operating | $3.96M | $2.89M | $3.77M | $5.9M | $5.76M | $5.43M | $9.09M | $8.58M | $12.32M |
| Investing Activities | |||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$27M | -$28.56M | -$44.6M | -$26.1M | -$68M | -$62.39M | -$34.29M | $0 | $0 |
| Sales of Investments | $33.11M | $33.64M | $57.88M | $40.56M | $59.73M | $85.97M | $35.89M | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $6.11M | $5.08M | $13.28M | $14.47M | -$8.27M | $23.59M | $1.59M | $0 | -$12.32M |
| Financing Activities | |||||||||
| Debt Repaid | - | - | $8M | $10M | -$9.5M | $19.5M | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$1.08M | -$108K | -$1.12M | $0 | $0 | $0 | $0 |
| Dividends Paid | -$8.43M | -$8.43M | -$8.49M | -$8.12M | -$6.72M | -$9.11M | -$9.11M | -$9.11M | -$11.76M |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$8.43M | -$8.43M | -$17.57M | -$18.23M | $1.66M | -$28.61M | -$9.11M | -$9.11M | -$11.76M |
| Forex Effect | -$1.64M | $447K | $505K | -$2.15M | $881K | -$416K | $42 | -$172 | $171 |
| Net Change in Cash | $4K | -$17K | -$8K | -$16K | $34K | -$5K | -$20K | -$529K | -$11.76M |
| Supplementary Data | |||||||||
| Operating Cash Flow | $3.96M | $8.42M | $17.56M | $18.23M | -$1.64M | $28.6M | $9.09M | $8.58M | $12.32M |
| Capital Expenditure | $0 | $0 | $0 | $4 | $0 | -$4 | $0 | $0 | $0 |
| Free Cash Flow | $3.96M | $8.42M | $17.56M | $18.23M | -$1.64M | $28.6M | $9.09M | $8.58M | $12.32M |
| Cash at Beginning | $0 | $17K | $25K | $41K | $7K | $12K | $32K | $561K | $12.32M |
| Cash at End | $4K | $0 | $17K | $25K | $41K | $7K | $12K | $32K | $561K |