{ "document_id": 10395, "page": 19, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 10508, "item_count": 17, "counts_by_type": { "footer": 1, "heading": 5, "text": 11 }, "build_ms": 2, "items": [ { "id": "p19.1", "order": 1, "type": "text", "bbox": { "l": 76.32, "t": 691.2, "r": 540.96, "b": 642.24 }, "text": "The proposed creation of the Portfolio, transfer of approximately 95% of the assets currently held by the Separate Account to the Portfolio, and maintenance of the Retained Asset portfolio are consistent with the investment objectives of the Separate Account." }, { "id": "p19.2", "order": 2, "type": "text", "bbox": { "l": 76.56, "t": 649.92, "r": 541.2, "b": 587.04 }, "text": "The properties selected by Principal Life Insurance Company for the Retained Assets portfolio and held directly by the Separate Account are of the same high quality as the assets that will be transferred to the Portfolio and can be reasonably expected to produce returns similar to that of the Portfolio." }, { "id": "p19.3", "order": 3, "type": "text", "bbox": { "l": 75.36, "t": 594.96, "r": 541.68, "b": 530.88 }, "text": "The existing Separate Account investors will benefit by the enhanced structure, which will allow for broader investor participation, contributing to the potential for increased property diversification, increased scale, greater liquidity, and investor capital diversification." }, { "id": "p19.4", "order": 4, "type": "text", "bbox": { "l": 59.76, "t": 527.04, "r": 542.88, "b": 435.6 }, "text": "On an ongoing basis, the Separate Account will generally maintain at least 5% of assets directly and outside of its interests in the Portfolio. Such assets will include the Retained Assets and, possibly, other assets the Separate Account purchases. Principal Life will test annually whether the Separate Account meets the 5% requirement based on the five-year rolling average value of the Retained Assets and any other assets directly held by the Separate Account for the prior five calendar years." }, { "id": "p19.5", "order": 5, "type": "heading", "bbox": { "l": 60.72, "t": 431.76, "r": 507.12, "b": 409.44 }, "text": "Will this structure impact unit value or the valuation of Separate Account properties?", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p19.6", "order": 6, "type": "text", "bbox": { "l": 59.28, "t": 418.8, "r": 542.16, "b": 340.32 }, "text": "No. The value of your Plan's units of the Separate Account will not change as a result of the transfer. On the date of the transfer, unitholders of the Separate Account will have the same economic ownership of assets as they did prior to the transfer as the Separate Account will continue to own all of the economic interest in the Portfolio and the Retained Assets. In addition, the Portfolio will follow the same valuation policy currently in place for the Separate Account." }, { "id": "p19.7", "order": 7, "type": "heading", "bbox": { "l": 60.48, "t": 331.44, "r": 216.24, "b": 315.36 }, "text": "When will this change occur?", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p19.8", "order": 8, "type": "text", "bbox": { "l": 60.24, "t": 322.8, "r": 526.56, "b": 285.84 }, "text": "The Separate Account changes will be effective Jan. 4, 2021 or upon receipt of all necessary regulatory approvals." }, { "id": "p19.9", "order": 9, "type": "heading", "bbox": { "l": 60.72, "t": 276.48, "r": 176.16, "b": 260.88 }, "text": "Is there a fee impact?", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p19.10", "order": 10, "type": "text", "bbox": { "l": 60, "t": 268.56, "r": 515.52, "b": 204 }, "text": "The amount of fees paid by unitholders of the Separate Account will not change. Further, unitholders of the Separate Account will not bear any initial or ongoing expenses or costs related to this structure change. Principal Life, its affiliates and Fund investors will be responsible for such expenses and costs." }, { "id": "p19.11", "order": 11, "type": "heading", "bbox": { "l": 61.2, "t": 202.32, "r": 451.2, "b": 181.92 }, "text": "What is the relationship between Principal Life, PrinREI, the Fund, and GP?", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p19.12", "order": 12, "type": "text", "bbox": { "l": 60.96, "t": 190.32, "r": 542.4, "b": 139.68 }, "text": "PrinREI is a sub-advisor of the Principal Life and a direct subsidiary of Principal Global Investors Holding Company (US), LLC. Principal Global Investors Holding Company (US), LLC and Principal Life are brother-sister subsidiaries of Principal Financial Services, Inc." }, { "id": "p19.13", "order": 13, "type": "text", "bbox": { "l": 60.48, "t": 136.08, "r": 531.36, "b": 98.88 }, "text": "PrinREI is the sole member of the Principal U.S. Property GP, LLC. The GP will be the general partner of both the Fund and the Portfolio." }, { "id": "p19.14", "order": 14, "type": "heading", "bbox": { "l": 61.68, "t": 91.92, "r": 342.72, "b": 73.44 }, "text": "How will oversight of the new structure be managed?", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p19.15", "order": 15, "type": "text", "bbox": { "l": 61.44, "t": 83.04, "r": 539.28, "b": 45.12 }, "text": "The Separate Account will continue as an insurance company separate account maintained by Principal Life and managed by PrinREI. As it does today, Principal Life will continue to act as" }, { "id": "p19.16", "order": 16, "type": "text", "bbox": { "l": 607.2, "t": 494.4, "r": 612, "b": 425.28 }, "text": ".", "attrs": { "block_label": "aside_text" } }, { "id": "p19.17", "order": 17, "type": "footer", "bbox": { "l": 62.4, "t": 33.12, "r": 70.32, "b": 24 }, "text": "3", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }