Principal Real Estate Income Fund Adopts Share Repurchase Program
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DENVER, Dec. 16, 2020 /PRNewswire/ The Board of Trustees (the Board ) of Principal Real Estate Income Fund (the Fund ), announced today that it has approved a share repurchase program. Under the share repurchase program, the Fund may purchase up to 5% of its outstanding common shares beginning January 19, 2021, in the open market, until January 19, 2022. As part of its evaluation of options to enhance shareholder value, the Board has authorized ALPS Advisors, Inc. (the Advisor ) to repurchase the Fund s common shares at such times and in such amounts as the Advisor reasonably believes may enhance shareholder value.
MIDSTREAM RISES LAST WEEK WHILE RENEWABLES LAG
Last week, the Alerian MLP ETF (AMLP) surged over 9% on the heels of a 16% gain from its Gathering & Processing MLPs. Crude oil gained roughly 2% last week after OPEC + (Organization of the Petroleum Exporting Cooperation + Russia) agreed to a smaller than expected increase in its daily crude output with planned monthly meetings to reassess the quota as the pandemic plays out into 2021.
Since the end of October, AMLP has returned over 40% as midstream energy infrastructure continues its price recovery with the market’s rotation to value stocks. The price of crude oil has jumped over 27% during the same period with optimism growing that COVID-19 vaccines will begin to be rolled out by year-end.