{
  "crd_number": 109008,
  "slug": "principal-real-estate-des-moines-ia-109008",
  "primary_business_name": "PRINCIPAL REAL ESTATE",
  "legal_name": "PRINCIPAL REAL ESTATE INVESTORS, LLC",
  "dbas": [
    "PRINCIPAL ASSET MANAGEMENT"
  ],
  "city": "Des Moines",
  "state": "IA",
  "country": "United States",
  "cbsa_code": "19780",
  "metro": {
    "cbsa_code": "19780",
    "common_name": "Des Moines",
    "msa_name": "Des Moines-West Des Moines, IA",
    "path": "/advisors/ia/des-moines"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1999-11-04",
  "years_registered": 26,
  "period": "2026-10-01",
  "filing_date": "2026-08-19",
  "carried_forward": false,
  "raum_total": 105646930594.0,
  "raum_discretionary": 73925518808.0,
  "raum_non_discretionary": 31721411786.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 477,
  "advisory_employees": 310,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 495991335.0,
      "count": 6
    },
    "individuals": {
      "raum": 112841277.0,
      "count": 427
    },
    "banking_thrift": {
      "raum": 8035710061.0,
      "count": 39
    },
    "state_municipal": {
      "raum": 41032419442.0,
      "count": 52
    },
    "insurance_companies": {
      "raum": 29340685539.0,
      "count": 46
    },
    "investment_companies": {
      "raum": 9702679804.0,
      "count": 16
    },
    "pension_profit_sharing": {
      "raum": 8680604848.0,
      "count": 39
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 74259681.0,
      "count": 37
    },
    "pooled_investment_vehicles": {
      "raum": 591066125.0,
      "count": 6
    },
    "corporations_other_businesses": {
      "raum": 7192918402.0,
      "count": 8
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 387754080.0,
      "count": 5
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 2,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://linkedin.com/company/principal-asset-management",
    "https://principalam.com",
    "https://principalcef.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109008",
  "disclosure_items": [
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    }
  ],
  "city_as_filed": "DES MOINES",
  "url": "https://advisorcensus.com/firm/principal-real-estate-des-moines-ia-109008",
  "display_name": "Principal Real Estate",
  "summary": "Principal Real Estate is an SEC-registered investment advisory firm in Des Moines, IA, registered since 1999, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 19, 2026.",
  "citation": "AdvisorCensus. Principal Real Estate (CRD 109008): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Principal Real Estate compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Principal Real Estate reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Principal Real Estate located?",
      "a": "Principal Real Estate's principal office is in Des Moines, IA, according to its Form ADV; the September 2026 filing also lists 15 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Principal Real Estate registered with the SEC or a state?",
      "a": "Principal Real Estate is an SEC-registered investment advisory firm, registered since 1999. Status as filed: Approved. CRD 109008."
    },
    {
      "q": "How much does Principal Real Estate manage?",
      "a": "Principal Real Estate reports $105,646,930,594 in regulatory assets under management in its Form ADV filing dated August 19, 2026 (70% discretionary)."
    },
    {
      "q": "How have Principal Real Estate's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Principal Real Estate: Regulatory assets under management: $29,735,480,458 in the October 2021 data and $105,646,930,594 in the October 2026 data, up 255%. Total employees: 424 in October 2021 and 477 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Principal Real Estate serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (427); state or municipal government entities (including government pension plans) (52); insurance companies (46)."
    },
    {
      "q": "Which custodians does Principal Real Estate use?",
      "a": "Principal Real Estate's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Wells Fargo Bank as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Principal Real Estate report any disciplinary disclosures?",
      "a": "Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109008"
    },
    {
      "q": "What changed in Principal Real Estate's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 307 to 310. Changed its office addresses in Atlanta, GA. Changed its office addresses in Lisbon. Changed its office addresses in Madrid. Changed its office addresses in Milan. Changed its office addresses in Paris. Changed its office addresses in Schiphol. Changed its office addresses in Singapore. Added an office in Chiyoda-Ku,tokyo. Added an office in Irvine, CA. Added an office in Lake Oswego, OR. Added an office in Minnetonka, MN. No longer lists an office in Costa Mesa, CA. No longer lists an office in Sydney. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 29735480458.0,
      "total_employees": 424,
      "filing_date": "2021-08-24"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 36973306206.0,
      "total_employees": 440,
      "filing_date": "2022-05-10"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 93670595774.0,
      "total_employees": 484,
      "filing_date": "2023-04-06"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 93913367327.0,
      "total_employees": 645,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 99416799408.0,
      "total_employees": 464,
      "filing_date": "2025-07-03"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 105646930594.0,
      "total_employees": 477,
      "filing_date": "2026-08-19"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 307 to 310.",
        "Changed its office addresses in Atlanta, GA.",
        "Changed its office addresses in Lisbon.",
        "Changed its office addresses in Madrid.",
        "Changed its office addresses in Milan.",
        "Changed its office addresses in Paris.",
        "Changed its office addresses in Schiphol.",
        "Changed its office addresses in Singapore.",
        "Added an office in Chiyoda-Ku,tokyo.",
        "Added an office in Irvine, CA.",
        "Added an office in Lake Oswego, OR.",
        "Added an office in Minnetonka, MN.",
        "No longer lists an office in Costa Mesa, CA.",
        "No longer lists an office in Sydney.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Wells Fargo Bank",
      "name_as_filed": "WELLS FARGO BANK",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/principal-real-estate-des-moines-ia-109008.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 427,
      "fewer_than_5": false,
      "raum": 112841277.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 37,
      "fewer_than_5": false,
      "raum": 74259681.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 39,
      "fewer_than_5": false,
      "raum": 8035710061.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 16,
      "fewer_than_5": false,
      "raum": 9702679804.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 6,
      "fewer_than_5": false,
      "raum": 591066125.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 39,
      "fewer_than_5": false,
      "raum": 8680604848.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 6,
      "fewer_than_5": false,
      "raum": 495991335.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 52,
      "fewer_than_5": false,
      "raum": 41032419442.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 46,
      "fewer_than_5": false,
      "raum": 29340685539.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 5,
      "fewer_than_5": false,
      "raum": 387754080.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 8,
      "fewer_than_5": false,
      "raum": 7192918402.0
    }
  ],
  "disclosure_line": "Reports 2 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109008",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}