{
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            "text": "Principal",
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            "level": 2
        },
        {
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                    "order": 3,
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                    "text": "Frequently Asked Questions",
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                    "order": 4,
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                    "text": "Principal U.S. Property Separate Account structure changes\nOctober 6, 2020"
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            ]
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        {
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            "text": "What are the specifics of the new structure?",
            "attrs": {
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        },
        {
            "id": "p17.4",
            "order": 6,
            "type": "text",
            "bbox": {
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            },
            "text": "Three new entities will be created:"
        },
        {
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            "type": "text",
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            "text": "1. A new operating partnership—The Principal U.S. Property Portfolio (\"Portfolio\")"
        },
        {
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            "type": "text",
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            "text": "The Portfolio will own a one-hundred percent economic interest in multiple limited liability companies (\"REIT LLCs\") that intend to elect REIT status at a later date. In some cases, the REIT LLCs will create subsidiaries (\"REIT Subs\") in which the REIT LLCs will have a one-hundred percent economic interest."
        },
        {
            "id": "p17.7",
            "order": 9,
            "type": "text",
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            "text": "Most Principal U.S. Property Separate Account (\"Separate Account\") properties will be transferred to the REIT LLCs or REIT Subs held by the Portfolio. Cash and other non-real estate assets and liabilities also will be transferred to the Portfolio."
        },
        {
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            "type": "text",
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            "text": "In exchange, the Separate Account will receive a limited partnership interest in the Portfolio, initially valued at an amount equal to the value of all assets and liabilities transferred by the Separate Account to the Portfolio and REIT subsidiaries. Subsequent valuations will be made in accordance with the Portfolio valuation policy, which mirrors that of the Separate Account."
        },
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            "order": 11,
            "type": "text",
            "bbox": {
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            "text": "2. A new commingled fund—The Principal U.S. Property Fund (\"Fund\")"
        },
        {
            "id": "p17.10",
            "order": 12,
            "type": "text",
            "bbox": {
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            "text": "In conjunction with the creation of the Portfolio, REIT LLCs and REIT Subs, the GP will also create the Fund."
        },
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            "order": 13,
            "type": "text",
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            "text": "The Fund will be structured as an open-end, commingled privately placed investment option offered to investors who are otherwise not qualified to invest in the Separate Account. The Fund will invest in the Portfolio and together with the Separate Account, will be a limited partner in the Portfolio."
        },
        {
            "id": "p17.12",
            "order": 14,
            "type": "text",
            "bbox": {
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            "text": "The Fund and the Separate Account will hold interests in the Portfolio. The Fund's and Separate Account's ownership interests in the Portfolio will be proportionate to the value of the contributions by the Separate Account and the Fund to the Portfolio."
        },
        {
            "id": "p17.13",
            "order": 15,
            "type": "text",
            "bbox": {
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            "text": "3. A new single member limited liability company, or LLC, that will act as the general partner, called the Principal U.S. Property GP, LLC (\"GP\")"
        },
        {
            "id": "p17.14",
            "order": 16,
            "type": "text",
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            "text": "Principal Real Estate Investors LLC (\"PrinREI\") will form the GP. The GP will not have an economic interest in the Fund or the Portfolio. The GP will be the General Partner of the Portfolio and the Fund."
        },
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            "type": "text",
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            "text": "～",
            "attrs": {
                "block_label": "number"
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