Principal Real Estate Income Fund
PGZFinancial Services · Stock · monthly payer
Forward Yield
13.61%
Annual Dividend
$1.26
Payout Ratio
129%
5-Yr Growth
0.0%
Ex-Date
Oct 16, 2026
Frequency
Monthly
Summary
As of September 2026, Principal Real Estate Income Fund (PGZ) yields 13.61% ($1.26 per share annually), with a blended fair-value estimate of $15.53 — +68% upside, so it screens as undervalued. Dividend safety grade: C (57/100).
Is PGZ a good dividend stock?
MixedPrincipal Real Estate Income Fund (PGZ) pays a monthly dividend yielding 13.61% ($1.26/yr), with 0 years of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2021
- Elevated payout ratio (129%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 13.61%
- Payout Ratio
- 129%
- Annual Dividend
- $1.26
- 5-Yr Avg Growth
- 0.0%
- Ex-Dividend Date
- Oct 16, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- —
- Market Cap
- $61.9M
- P/E Ratio
- 9.4
- 5-Yr Total Return
- -40%
- 52-Week Range
- $9.22 – $10.60
- Dividend Safety
- C · 57/100
- Ever Cut?
- Yes (2021)
Frequently Asked Questions
PGZ Price — Last 12 Months
Daily close
Price Return
1 Year
-11%
3 Years
+6%
5 Years
-40%
52-Week Range
$9.22 – $10.60
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is PGZ worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Principal Real Estate Income Fund is $15.53 per share, versus a market price of $9.23. That implies 68% of upside — a margin of safety of about 41%.
Fair Value
$15.53
Current Price
$9.23
Upside
+68%
Margin of Safety
41%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about -10.0% annual free-cash-flow growth. We model -0.9% — below our estimate, leaving room for upside if the business executes.
Assumptions: 9.3% discount rate (CAPM), -0.9% stage-1 growth, 2.5% terminal growth, $0.98 EPS, $1.26 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
PGZ Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 16, 2026 | — | $0.1050 | regular |
| Aug 17, 2026 | — | $0.1050 | regular |
| Jul 17, 2026 | — | $0.1050 | regular |
| Jun 15, 2026 | — | $0.1050 | regular |
| May 14, 2026 | — | $0.1050 | regular |
| Apr 16, 2026 | — | $0.1050 | regular |
| Mar 17, 2026 | — | $0.1050 | regular |
| Feb 12, 2026 | — | $0.1050 | regular |
| Jan 15, 2026 | — | $0.1050 | regular |
| Dec 16, 2025 | — | $0.1050 | regular |
| Nov 7, 2025 | — | $0.1050 | regular |
| Oct 17, 2025 | — | $0.1050 | regular |
| Sep 16, 2025 | — | $0.1050 | regular |
| Aug 15, 2025 | — | $0.1050 | regular |
Income Calculator
At $1.26 / yr per share
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