Gateway to real estate. opportunities & expertise

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1 Gateway to real estate opportunities & expertise

2 Meeting clients needs is always top of mind. The strength of our market connections and of our insights makes it possible for us to do that. Todd Everett, Senior Managing Director - Commercial Real Estate, Principal Real Estate Investors

3 Overview At Principal Real Estate Investors 1, our specialized market knowledge, dedicated and experienced teams, and powerful connections within and across all four quadrants of the market, help our clients get the most out of the opportunities available today. Our reputation as a trusted advisor was earned over six decades of investing in commercial real estate. 2 We ve built a top-tier investment platform, and we offer a wide range of capabilities that maximize our distinct perspective on real estate space and capital markets. In addition to managing select commingled portfolios, we work with clients to tailor investment strategies that best fit their specific risk and return objectives. Commercial real estate plays an important role in helping investors achieve their investment objectives. 1 Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors. 2 Principal Real Estate Investors became registered with the SEC in November Activities noted prior to this date above were conducted beginning with the real estate investment management area of Principal Life Insurance Company and later Principal Capital Real Estate Investors, LLC, the predecessor firm to Principal Global Investors Real Estate.

4 Real estate capabilities and expertise Comprehensive market coverage provides benefits beyond relative-value perspective We invest in all four quadrants of the commercial real estate market: public equity, private equity, public debt, and private debt. Our holistic understanding of the market allows us to make a comprehensive risk-adjusted return assessment, across all quadrants. Multiple risk-return options Return Core-Plus REITs Private Equity CMBS Bridge Loans Value-Added REITs Private Equity CMBS B-Notes Mezzanine Debt Preferred Equity Opportunistic REITs Private Equity CMBS Distressed Debt REOCs Core REITs Private Equity Core Mortgages CMBS Risk For discussion purposes only. The various investment strategies set forth above are subject to various risks; none of which are outlined above. This information is not intended to predict an investment s return, but instead to show the investor a general risk profile. An investor must be prepared to bear capital losses, including a loss of all capital invested.

5 Four quadrants that deliver... Core, Value-Added and Opportunistic Properties Private Equity Public Equity Real Estate InvestmentTrust Securities (REITS) Principal Real Estate Investors Commercial Mortgages, Bridge & Mezzanine Loans Private Debt Public Debt Commercial Mortgage-backed Securities (CMBS) Seasoned and stable investment teams We have teams of experienced investment professionals located throughout the United States and in London, Singapore, and Sydney that provide us with comprehensive research and market coverage. Our investment professionals average nearly 18 years of industry experience and 15 years of firm experience, which demonstrates the stability of our investment teams. Extensive and deep-rooted market connections Our team is actively involved throughout the investment cycle. On the equity side, we tactically execute a property s business plan, with the focused objective of creating and realizing value for our clients. We are able to do this through our extensive relationships with local brokers, property managers, partners, owners, and peers. Within the debt space, we also build and foster relationships with borrowers and other lenders to enhance our already extensive sourcing and underwriting network. Data as of 30 June 2017 unless otherwise noted.

6 Proudly serving investors across the globe Principal Real Estate Investors clients Principal Real Estate Investors locations Principal Global Investors locations3 Committed to innovation 1959 Began Credit Tenant Lending Program 1963 Established Private Equity Real Estate Division 1982 Principal U.S. Property Separate Account (USPA) First nonaffiliated domestic mortgage client Developed proprietary commercial mortgage credit risk rating model First nonaffiliated international client 1993 Commercial MortgageBacked Securities Investment Program ConstructionPermanent Lending Program 3 Includes trading desks, legal, compliance, and marketing professionals 4 The Principal U.S. Property Separate Account (the Principal U.S. Property Account or the Account) is an open-end, commingled real estate account available to retirement plans meeting the requirements for qualification under Section 401(a) of the Internal Revenue Code of 1986 ( Code ), as amended, and governmental plans meeting the requirements of Section 457 of the Code, as amended, since The Account is an insurance company separate account sponsored by Principal Life Insurance Company and managed by Principal Real Estate Investors. U.S. Real Estate Securities Strategy Principal Development Investors, office development

7 Reach To give our clients access Our preferred access to commercial real estate opportunities is a result of: the scope and scale of our commercial real estate business; the size and geographic diversity of our investment team; and, most importantly, the depth of our relationships within the industry. We serve more than 350 institutional clients We rank among the top 10 managers of real estate assets worldwide 5 We draw upon six decades of real estate investment experience 6 We engage the market with more than 200 real estate investment professionals, covering over 50 U.S. metropolitan markets Research To assess relative value Research is fundamental in our ability to assess the relative value of each investment opportunity, both within and across the market quadrants. It s also the key to delivering on our clients investment outcomes. We base our investment decisions on a combination of top-down economic and sector analyses, and bottom-up asset analysis. This is a combination that gives our investment professionals the insights they need to successfully execute strategies. Returns To help meet desired outcomes Our goal is to deliver consistent, risk-appropriate performance that offers strong relative value to meet the desired investment outcomes of our clients. Our market reach and research are vital to helping achieve that goal, but so is our commitment to innovation, whether it be sustainable investing or other next-generation investment strategies Australian Real Estate Securities Strategy open-end, Private Core-Plus Real Estate Strategy Global Real Estate Securities Strategy a dedicated closed-end Green Fund for Private Real Estate Equity CMBS Institutional Commingled Trust High Yield Real Estate Debt Fund Retirement REdirect, suite of real estate solutions a Real Estate equity and debt allocation mutual fund a Real Estate debt-focused mutual fund Successor Fund for Private Real Estate Equity Green Strategy Successor Fund for Private Real Estate Debt High Yield Debt Strategy Data as of 30 June 2017 unless otherwise noted. 5 Managers ranked by total worldwide assets (net of leverage), as of 30 June Largest Real Estate Managers, PENSIONS & INVESTMENTS, 03 October Principal Real Estate Investors became registered with the SEC in November Activities noted prior to this date above were conducted beginning with the real estate investment management area of Principal Life Insurance Company and later Principal Capital Real Estate Investors, LLC, the predecessor firm to Principal Global Investors Real Estate.

8 Real Estate Private Equity We offer expertise in all areas of the private equity real estate market, including acquisitions, dispositions, asset management, and development. With in-depth knowledge of more than 50 U.S. markets, longstanding relationships, and preferred access to transactions, we can source and close a significant volume of high quality investments to effectively meet the targeted outcomes of our investors. A key attribute of our platform is our strength of leasing across property sectors. We have executed more than 22,500 leases across 380 million square feet since We utilize an integrated approach to ensure clear focus on each investor s goals and objectives, relying on in-house researchers, appraisers, engineers, and LEED-certified professionals to obtain real-time feedback that offers greater value to investors. Our private equity capabilities Our real estate private equity platform provides a range of investment capabilities, from traditional core strategies to opportunistic property development and redevelopment. Core: Our core strategies comprise stabilized, income-producing properties, primarily in major markets, that generate strong riskadjusted returns. USPA is one of our long-established core offerings. We launched this diversified, open-end, core private equity portfolio in Today, it is among the most widely used private commercial real estate investment vehicles in the United States. USPA is also available for the defined contribution (DC) market via custom target date or other sponsordirected multi-asset class portfolios. Since inception, USPA has offered daily valuation and daily liquidity under normal market conditions. Core-plus and value-add: Our core-plus and value-add strategies include a combination of stabilized, income-producing assets, along with value-add and development projects that offer the opportunity for greater appreciation. We consider repositioning, significantly renovating or repurposing properties to help boost their occupancy, values, and returns. Sustainable strategies are implemented when they create competitive advantages or cost savings. Data as of 30 June 2017 unless otherwise noted.

9 Real Estate Public Equity We have successfully managed commercial real estate securities since We strive to generate alpha for our clients by using our specialized knowledge of various property sectors and regions to exploit market inefficiencies. Our real estate securities team specializes in fundamental research to analyze securities. The portfolio management team takes this fundamental research and leverages our in-house resources in private debt/equity real estate professionals and equity analysts. The team then combines this research with quantitative analysis when building portfolios. The result is higher conviction in a company s performance potential an important ingredient to help clients achieve desired outcomes. Our public equity securities capabilities Our dedicated investment team manages a range of strategies focused in the following areas: U.S. real estate securities Global real estate securities Global real estate securities income preference Global concentrated real estate securities Custom real estate securities strategies We use our specialized knowledge of regional property markets to exploit inefficiencies and generate alpha for our clients.

10 Real Estate Private Debt Controlling the timing and quality of every aspect of a commercial mortgage deal is critical in delivering the best outcomes for investors. This is possible because of our vertically integrated debt platform, which includes underwriting, closing, appraisal, engineering, research, and servicing. As the complexity of real estate transactions has increased, we have expanded our team s expertise to specialize in intricate transactions (e.g., B-notes, mezzanine loans, construction loans, and bridge loans) in the same manner as traditional loans. This has allowed us to effectively and efficiently tap into a broader set of private debt opportunities for our clients. All of these factors, combined with more than 55 years of commercial mortgage loan investment experience, have earned us recognition as a leader in the commercial mortgage market. 7 Our private debt capabilities Fixed- and variable-rate loans Subordinated debt Construction/permanent lending Office, retail, industrial, multi-family, hotel lending Self-storage and manufactured housing lending Preferred equity To meet the needs of investors, we offer debt strategies through a variety of vehicles, including closed-end funds, separately managed accounts, and co-lending. 7 Principal Real Estate Investors became registered with the SEC in November Activities noted prior to this date above were conducted beginning with the real estate investment management area of Principal Life Insurance Company and later Principal Capital Real Estate Investors, LLC, the predecessor firm to Principal Global Investors Real Estate. Our scale is a distinct advantage when it comes to real estate private debt. It means that we are able to participate optimally anywhere along the private debt spectrum.

11 Real Estate Public Debt As one of the early investors in the commercial mortgage-backed securities (CMBS) market, our public debt team has modeled every fixed-rate conduit deal since Today, we conduct independent research on more than 1,000 CMBS issuances every year, both seasoned and new-issue pools. We strive to achieve consistent outperformance, and believe that superior security selection, combined with disciplined surveillance and monitoring, is key to achieving that goal. While CMBS often straddles fixed income and real estate, the placement of our team within our real estate division is a key contributor to our analysis of CMBS. This offers substantial qualitative benefits in analyzing various CMBS pools and the underlying commercial mortgage loans. Our proprietary, dynamic CMBS default model is another key component of our analysis. The model allows us to analyze the potential returns from a bond under 2,000 different economic scenarios. This granular loan-level analysis is essential to our investment process, and incorporates insights from our real estate debt, equity, and fixed income professionals. Our dedicated CMBS team s ability to analyze the fine details of the loans in a CMBS pool, while leveraging insights provided by our real estate investment professionals, is critical to our investment process, and ultimately drives our potential to deliver consistent, risk-adjusted outperformance for our clients. Our public debt capabilities Total return Yield-oriented Balanced High yield Opportunistic Asset-liability matching Our ability to analyze the underlying commercial real estate properties, our access to real estate debt and equity professionals, and our ability to leverage the expertise of fixed income professionals helps our team meet the specific investment objectives of our clients.

12 Sustainability innovation Sustainable real estate practices offer compelling opportunities to fulfill investment objectives. That s because improved operations, new technologies, and green buildings can help reduce risk, improve a property s competitive stature, and increase tenant interest and retention ultimately providing a foundation for higher rents. As fiduciaries for our investors, it is our responsibility to understand, quantify, and act on this knowledge and we do that through our Pillars of Responsible Property Investing (PRPI) initiative. Our PRPI initiative aims to strengthen financial performance of real estate investments by employing strategies that focus on market resilience, corporate governance, and property performance. We track the progress of our efforts, and since the start of our sustainability focus in 2009, we have realized over US$34 million in cumulative energy savings. 8 Because of reduced energy costs, our PRPI portfolio is saving over US$7 million annually, contributing to an estimated US$115 million in incremental asset value. 9 We increasingly see the alignment between environmental, social, and governance issues with our role as fiduciaries, and how we can add value to our clients. Todd Everett, Senior Managing Director - Commercial Real Estate, Principal Real Estate Investors Data as of 30 June 2017 unless otherwise noted. 8 The information provided in this report is based on data input by individual property teams as of August 2017 into ENERGY STAR Portfolio Manager, with select review and validation. The office portfolio includes whole-building energy consumption and costs, while the residential and retail portfolios primarily include common area consumption and costs. Office property performance is normalized by ENERGY STAR Portfolio Manager for weather and operating characteristics, residential performance is normalized for weather alone, and retail performance is not normalized. Performance results may undergo some moderate variability as property teams continue to update utility, space use, and occupancy data. Baseline is generally viewed as December of 2008, the year before Principal Real Estate Investors joined ENERGY STAR, launched the first Green Fund, and accelerated sustainability efforts. Many properties have individual baselines set according to unique circumstances, with office building baselines dating as far back as December Retail and multifamily baselines are generally set in December of 2012 when they were brought into the PRPI initiative. Avoided costs are generally calculated as the difference in normalized energy consumption between the time a building entered the PRPI initiative and the current time period, multiplied by the local energy rate. The investments described in this section are not comprehensive and do not include all investments made by Principal or all investments within Principal Real Estate Investors responsible property investing initiatives. In particular, this Portfolio excludes industrial and land investments and excludes certain office, retail and multifamily investments. The energy savings performance figures are being provided for illustrative purposes. Such figures are estimates with respect to the Portfolio and have been calculated in good faith and are based on original sources and data, as applicable, including information derived from sources other than Principal or its affiliates that is believed to be reliable. 9 Estimated incremental increase in asset value is calculated with a 6.5% capitalization rate applied to the estimated rate of annual costs avoided. Avoided costs are generally calculated as the difference in normalized energy consumption between the time a building entered the PRPI initiative and the current time period, multiplied by the local energy rate, as described in note 9. The avoided energy costs across the properties included in the study are assumed to increase the properties net operating incomes on a dollar for dollar basis and dividing that amount by the assumed capitalization rate yields the estimated incremental increase in value. The financial costs to make the property improvements necessary to reduce these properties energy consumption are not factored into this incremental increase in value, and those costs will decrease the property owners overall profit margin if the property is sold with a gain in valuation, and increase the property owner s loss if the opposite occurs. The avoidance of energy costs are not a quantifiable component in any of the properties third party valuation and appraisal of their potential sales price. We do believe that in cases where income producing properties are not triple net leased to the tenants and the owner is paying the energy costs, then there can be a direct relation between energy costs avoided and net operating income to the property owner and consequently this can result in an increased estimate of a property s value using the income method.

13 Bringing our clients closer to their outcomes is our ultimate goal. As we strive to do that, we ve been recognized for our sustainability efforts along the way. Milestones and awards Awarded the EPA s ENERGY STAR Partner of the Year Award (2016, 2017) 10 Received a performance band score of A by earning 47 out of 51 points in the UNPRI 2016 Assessment (2017) 11 Recognized as a Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy s Better Buildings Alliance (2017) 12 Charter member of the U.S. Department of Energy Data Lab, and leading participant in a pilot study on the link between real estate sustainability and improved financial performance (2016) Achieved a perfect score in the management category from the Global Real Estate Sustainability Benchmark (GRESB) Survey ( ) 13 Received the Green Star designation from the GRESB Survey ( ) 14 Our core-plus commingled real estate strategy ranked in the top eight among U.S. diversified property funds ( ) 15 Our core property fund ranked in the top eight among U.S. diversified property funds ( ) Each year, the EPA honors organizations that have made outstanding contributions to protecting the environment through energy efficiency. 28 March 2016, U.S. Environmental Protection Agency. 11 Released July For further details please refer to the PRI Assessment Methodology, Principal Global Investors full Assessment Report and Transparency Report, all of which is available upon request. 12 Commercial Property Executive rankings - Ranked #4 (2015), #3 (2014), #2 (2012, 2013) Global Real Estate Sustainability Benchmark (GRESB) survey, GRESB Foundation, data as of December 31, Global Real Estate Sustainability Benchmark (GRESB) survey, GRESB Foundation, data as of December 31, Principal Real Estate Investors core plus commingled fund ranked 6th among U.S. diversified property funds. Rankings out of 39 U.S. diversified property funds. (2017 Global Real Estate Sustainability Benchmark (GRESB) survey, GRESB Foundation, data as of December 31, 2016) 16 Principal Global Investors core property fund ranked 8th among U.S. diversified property funds. Rankings out of 39 U.S. diversified property funds. (2017 Global Real Estate Sustainability Benchmark (GRESB) survey, GRESB Foundation, data as of December 31, 2016)

14 Four quadrants. Your choice. Your portfolio. The investor of today increasingly wants an investment solution that is uniquely theirs. We invest in all four quadrants of the commercial real estate market, which means our investors are not limited to one commercial real estate strategy. This allows us to customize a commercial real estate portfolio to help meet unique risk and return objectives. So, whatever commercial real estate strategy or combination of strategies you believe is right for your objectives we can help. Unless otherwise noted, the information in this document has been derived from sources believed to be accurate as of October Information derived from sources other than Principal Global Investors or its affiliates is believed to be reliable; however, we do not independently verify or guarantee its accuracy or validity. Past performance is not necessarily indicative or a guarantee of future performance and should not be relied upon to make an investment decision. The information in this document contains general information only on investment matters. It does not take account of any investor s investment objectives, particular needs or financial situation and should not be construed as specific investment advice, an opinion or recommendation or be relied on in any way as a guarantee, promise, forecast or prediction of future events regarding a particular investment or the markets in general. All expressions of opinion and predictions in this document are subject to change without notice. Any reference to a specific investment or security does not constitute a recommendation to buy, sell, or hold such investment or security, nor an indication that Principal Global Investors or its affiliates has recommended a specific security for any client account. Principal Financial Group, Inc., Its affiliates, and its officers, directors, employees, agents, disclaim any express or implied warranty of reliability or accuracy (including by reason of negligence) arising out of any for error or omission in this document or in the information or data provided in this document. Any representations, example, or data not specifically attributed to a third party herein, has been calculated by, and can be attributed to Principal Global Investors. Principal Global Investors disclaims any and all express or implied warranties of reliability or accuracy arising out of any for error or omission attributable to any third party representation, example, or data provided herein. All figures shown in this document are in U.S. dollars unless otherwise noted. Third party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be constructed as an endorsement of the advisor by any client nor are they representative of any one client s evaluation. This document is issued in: The United States by Principal Global Investors, LLC, which is regulated by the U.S. Securities and Exchange Commission. Europe by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London EC2V 7JB, registered in England, No , which has approved its contents, and which is authorised and regulated by the Financial Conduct Authority. Singapore by Principal Global Investors (Singapore) Limited (ACRA Reg. No H), which is regulated by the Monetary Authority of Singapore and is directed exclusively at institutional investors as defined by the Securities and Futures Act (Chapter 289). Hong Kong by Principal Global Investors (Hong Kong) Limited, which is regulated by the Securities and Futures Commission and is directed exclusively at professional investors as defined by the Securities and Futures Ordinance. Australia by Principal Global Investors (Australia) Limited (ABN , AFS License No ), which is regulated by the Australian Securities and Investment Commission and is only directed at wholesale investors (as defined in sections 761G and 761GA of the Corporations Act) This document is issued by Principal Global Investors LLC, a branch registered in the Dubai International Financial Centre and authorized by the Dubai Financial Services Authority as a representative office and is delivered on an individual basis to the recipient and should not be passed on or otherwise distributed by the recipient to any other person or organization. This document is intended for sophisticated institutional and professional investors only. In Europe, this document is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by MiFID). In connection with its management of client portfolios, Principal Global Investors (Europe) Limited may delegate management authority to affiliates that are not authorised and regulated within Europe. In any such case, the client may not benefit from all protections offered by rules and regulations enacted under MiFID. This material is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration. Real Estate investment options are subject to investment and liquidity risk and other risks inherent in real estate such as those associated with general and local economic conditions. Property values can decline due to environmental and other reasons. In addition, fluctuation in interest rates can negatively impact the performance of real estate investment options. Fixed-income investment options that invest in mortgage securities, such as commercial mortgage-backed securities, are subject to increased risk due to real estate exposure. Investing involves risk, including loss of principal. Separate Accounts are available through a group annuity contract with Principal Life Insurance Co. Insurance products and plan administrative services provided through Principal Life Insurance Company, a member of the Principal Financial Group, Des Moines, IA See the group annuity contract for the full name of the Separate Account. Certain investment options may not be available in all states or U.S. commonwealths. Principal Life Insurance Company reserves the right to defer payments or transfers from Principal Life Separate Accounts as permitted by the group annuity contracts providing access to the Separate Accounts or as required by applicable law. Such deferment will be based on factors that may include situations such as: unstable or disorderly financial markets; investment conditions which do not allow for orderly investment transactions; or investment, liquidity, and other risks inherent in real estate (such as those associated with general and local economic conditions). If you elect to allocate funds to a Separate Account, you may not be able to immediately withdraw them. The Separate Account is a diversified real estate equity portfolio consisting primarily of high quality, well-leased real estate properties in the multifamily, industrial, office, retail and hotel sectors. Insurance products and plan administrative services provided through Principal Life Insurance Co. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., , Member SIPC and/or independent broker/dealers. Principal Life, Principal Funds Distributor, Inc. and Principal, Des Moines, IA Principal Financial Services, Inc. Principal, Principal and symbol design and Principal Financial Group are registered trademarks and service marks of Principal Financial Services, Inc., a Principal Financial Group company. Principal Global Investors leads global asset management at Principal. Principal Real Estate Investors is the dedicated investment manager for Principal Global Investors. MM9479 t z3

15 Experience the best of both worlds: A dedicated team with focused experience in each quadrant, combined with the insights and potential added value from cross-team collaboration.

16 Principal Real Estate Investors is the dedicated real estate investment arm of Principal Global Investors. Our experience in real estate investing traces back six decades.

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