# Principal Real Estate

Principal Real Estate is an Asset Manager based in Des Moines, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Des Moines, United States
- **Region:** North America
- **Address:** Des Moines, Iowa, United States
- **Founded:** 1998
- **Assets under management:** $95B–$105B (Altss estimate)
- **Website:** principalrealestateinvestors.com

## Regulatory record

- **CRD number:** 109008
- **SEC file number:** 801-55618
- **Registration status:** Registered
- **Latest Form ADV filing:** 2026-05-27T00:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/109008

## About

PRINCIPAL REAL ESTATE is an SEC-registered investment adviser in DES MOINES, IA, registered since 1999. The firm manages $105.6 billion in assets, with $73.9 billion on a discretionary basis. It has 477 employees and 310 investment advisers.

## Sectors

- Real Estate
- Private Credit
- Infrastructure

## Offices

- New York
- London
- Singapore
- Sydney
- Hong Kong
- Santiago
- Mexico City

## People

- Todd J. Everett — Chief Executive Officer
- Patrick Halter — Chief Operating Officer

## Questions

### Who runs investment decisions at Principal Real Estate?

Todd J. Everett serves as CEO. The firm operates separate investment committees for equity and debt strategies, drawing on regional chief investment officers and dedicated research teams. Decision authority on large direct acquisitions and loan originations rests with the relevant IC, which includes senior portfolio managers and risk officers.

### What investment stages does Principal Real Estate typically target?

The equity platform covers the full lifecycle — core stabilized assets for income return, core-plus properties with modest value-add programs, and ground-up development through the opportunistic and build-to-core strategies. The debt business centers on senior mortgage origination with a smaller allocation to mezzanine and preferred equity.

### Which sectors does Principal Real Estate explicitly avoid?

The firm has publicly reduced exposure to regional mall retail and suburban office over the past decade, reflecting the general-account liability constraints that penalize secularly challenged property types. It maintains no meaningful hospitality or casino exposure in core accounts.

### How is Principal Real Estate's debt platform structured relative to competitors?

The commercial-mortgage origination platform operates as a direct lender, sourcing loans through a network of correspondent relationships and internal origination officers. It securitizes much of its fixed-rate production through the CMBS market and retains floating-rate debt on the insurance balance sheet — a model that separates it from pure asset-light debt fund managers.

## Related profiles

- [Diversified Portfolios](https://altss.com/profile/diversified-portfolios-inc)
- [Richard Ney & Associates Asset Management](https://altss.com/profile/richard-ney-and-associates-asset-management-inc)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/principal-real-estate

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