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      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001218333</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
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      <investmentCompanyType/>
      <periodOfReport>06/30/2026</periodOfReport>
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      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2026</reportCalendarYear>
      <reportingPerson>
        <name>Principal Real Estate Investors LLC</name>
        <phoneNumber>515-247-5111</phoneNumber>
        <address>
          <com:street1>711 HIGH STREET</com:street1>
          <com:city>DES MOINES</com:city>
          <com:stateOrCountry>IA</com:stateOrCountry>
          <com:zipCode>50392-0300</com:zipCode>
        </address>
      </reportingPerson>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER NOTICE REPORT</reportType>
        <noticeExplanation>ALL VOTES BY OTHER PERSONS</noticeExplanation>
        <confidentialTreatment>N</confidentialTreatment>
      </reportInfo>
      <fileNumber>028-10400</fileNumber>
      <reportingCrdNumber>000109008</reportingCrdNumber>
      <reportingSecFileNumber>801-55618</reportingSecFileNumber>
      <leiNumber>549300MQOXJ8V8FMMS34</leiNumber>
      <otherManagersInfo>
        <otherManager>
          <icaOr13FFileNumber>028-01549</icaOr13FFileNumber>
          <crdNumber>000109002</crdNumber>
          <otherFileNumber>801-55959</otherFileNumber>
          <leiNumberOM>549300BABIOZPCNHMB89</leiNumberOM>
          <managerName>PRINCIPAL GLOBAL INVESTORS</managerName>
        </otherManager>
      </otherManagersInfo>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
      </explanatoryInformation>
    </coverPage>
    <signaturePage>
      <reportingPerson>Principal Real Estate Investors LLC</reportingPerson>
      <txSignature>J. Markham Penrod</txSignature>
      <txPrintedSignature>J. Markham Penrod</txPrintedSignature>
      <txTitle>Chief Compliance Officer - North America</txTitle>
      <txAsOfDate>08/05/2026</txAsOfDate>
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