Principal Real Estate Income Fund Common Shares of Beneficial Interest (PGZ)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the close on 2026-10-13, the price was $8.81. FairStock's Graham Number is $15.75, implying a 44.06% margin of safety. FairStock's P/E calculation is 9.08, and the dividend yield is 14.30%. On those figures, the fund looks statistically cheap. But I must ask what backs those numbers. PGZ is a small closed-end fund with a $68.5M market cap, managed by ALPS and co-managed by Principal Real Estate Investors. It invests in commercial mortgage-backed securities, REITs, and derivatives. There is no obvious durable moat; returns depend on manager skill, credit selection, leverage, and derivatives. The data gives no ROE, ROCE, D/E, revenue growth, or profit growth. The Lynch category is none because only 0 years of filed results are available. That limits conviction. Financial-health calculations are weak: FairStock's Piotroski F-Score is 2/9 and Altman Z-Score is 0.77. Altman is not designed for a fund, but the low Piotroski is a caution. The FairStock Score is 38/100. The 52-week range is $8.73-$10.58, so the price sits near the low. A 14.30% yield may compensate for risk, but it may also signal credit stress or an unsustainable distribution. With P/B N/A, I cannot tell whether the fund trades at a discount to net asset value. Cheap on Graham Number, weak on quality. I would want more filed history before trusting the apparent margin of safety.

In plain English: This is a small closed-end fund that invests in real estate debt and real estate-related securities. The business looks mixed: it has a high payout and some cheap-looking valuation signals, but also weak financial-health signs and very little filed history to judge. Compared with its numbers, the price looks cheap on one value measure, though the lack of book value and growth data makes that cheapness uncertain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer