Data centers: Viable for the long term

Will big advancements in technology—like artificial intelligence—render existing data centers obsolete? Consensus is no.

August 8, 2023

Sebastian Dooley, CFA

Senior Fund Manager

Paul Lewis

Director - European Data Centres

Casey Miller

Managing Director, Portfolio Management

There’s a chip war going on. Semiconductor manufacturers continue to release increasingly powerful processors designed to manage new types of workloads, including artificial intelligence (AI) and machine learning (ML). Frequent headlines about this ‘semiconductor arms race’ have understandably made some investors concerned about whether the facilities supporting these servers—data centers— will become obsolete.

In an effort to address these concerns, we’ve gathered perspective from four of our data center experts around the world. As we’ve written before, innovation will indeed impact data centers, but we believe these risks are both limited and manageable. In fact, the global economy’s increasing reliance on data has only made these facilities more attractive real estate investments.

I have always taken great comfort from the vast quantum of capital investment being spent by the largest cloud companies (AWS, Google, Microsoft) on the basis of current data center technology. This is investment for the long term.

Paul Lewis, Director, European Data Centres

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IT infrastructure has always evolved rapidly, and even data centers built 25+ years ago have not been rendered obsolete.
Because the purpose of a data center is to power, cool, and connect IT equipment, its fundamental value is driven by power capacity and network connectivity—factors not likely to change unless new processing technologies such as quantum and biological computing are widely commercialized, and that is still decades away.
There are innovations that affect data center design—including increasing density and evolving approaches to sustainability. But those won’t make existing data centers obsolete.
Leading data center developers build configurability into their facilities to support innovations like higher density and new approaches to sustainability.
Even if the data center wasn’t designed to be configurable, retrofitting an existing facility to support innovations is a much more likely course of action than decommissioning the data center entirely—in no small part because demand for data center capacity far outstrips supply. Old and new will continue to coexist.

Rapid evolution in IT infrastructure has not rendered data centers obsolete

IT infrastructure has been evolving rapidly—exponentially, in fact—for over half a century. (Intel co-founder Gordon Moore observed this exponential evolution in 1965 and predicted it would continue, which it has.)

Moore's Law: The number of transistors on microchips has doubled every two years

Moore's law describes the empirical regularity that the number of transistors on integrated circuits doubles approximately every two years. This advancement is important for other aspects of technological progress in computing—such as processing speed or the price of computers.

Plot chart showing the transistor count from 1970-2020, demonstrating Moore's Law in which it doubles every two years.

Source: Our World in Data, What is Moore's Law?, March 2023

Moore’s Law—the doubling of components in a dense integrated circuit every two years—is the reason IT leaders ‘refresh’ (i.e., replace) their servers every 3-5 years. The cost is substantial—about $20 million per MW of IT gear—but worth it, because that doubling every two years means server performance dramatically improves, and IT leaders have worked out that the cost of equipment replacement is worth the value of improved performance about every 3-5 years.

But even while IT leaders have been refreshing their servers every 3-5 years, they tend to stay in the data centers that house the servers for 15 years or more.

The value of a data center is driven by its fundamentals

Rather than seeing innovation as a threat to data center demand, we view it as critical to driving demand. Our focus is on three universal factors that make good investment traits: Good connectivity to fiber cable networks; access to a power supply that can support the data center’s capabilities; and proximity to the population it serves. For investors, owning properties with these difficult-to-find attributes will help ensure the data center will retain its relevance over time.

Sebastian Dooley, CFA, Senior Fund Manager

A data center’s purpose is to facilitate the secure storage, processing, and transfer of data. That involves power (computers work by sending electrons around a circuit board), cooling (moving electrons around a circuit board creates heat), and connectivity (moving data from one place to another). The particular approaches for powering, cooling, and connecting a data center have and will continue to evolve. Some of these innovations do affect data center design. But we believe none of them will make existing data centers obsolete.

Unless new processing technologies such as quantum and biological computing are widely commercialized— still decades away—the data center fundamentals of power, cooling, and connectivity will persist, and in our opinion, the facilities that fulfil those obligations will remain in high demand.

Rich Miller, Editor at Data Center Frontier, offers an illuminating anecdote:

“On Oct. 22, 2009, CNBC personality Jim Cramer warned his legions of viewers that the data center industry was ready for a fall. ‘Get out of the data center stocks,’ Cramer told viewers. ‘I think the data center industry is in decline. I see an industry that’s about to be brought low by new technology, so I think you should sell, sell, sell.’

Short version: Cramer’s ‘Sell, Sell, Sell’ was Wrong, Wrong, Wrong. Investors who followed his advice missed out on a historic rally in data center stocks, with Equinix gaining 88% in value during that period, and looking like a laggard compared to industry rivals Terremark (up 172%), NaviSite (up 151%), Rackspace (up 139%) and Savvis (up 122%). Digital Realty, DuPont Fabros and Akamai were all between 50-65% higher.

Cramer seemingly didn’t understand the historic relationship between faster chips and data center demand. He noted strong sales for Intel’s new family of Nehalem DP processors, one of which can ‘take the place of eight to nine older- generation servers.’ Cramer did some math and concluded that data centers will soon be seven-eighths empty.

Nehalem was the latest in a series of regular technology updates from Intel, each of which introduced faster and more powerful processors, and none of which emptied out data centers. Here, history could have been an aid to Cramer. It would have been simple to compare the launch of faster Intel chips and data center growth to test his thesis.

There are innovations that affect data center design, but they won't make existing data centers obsolete

Rapid evolution in IT infrastructure has not rendered data centers obsolete, in part because the value of a data center is in its fundamental ability to power, cool, and connect IT equipment. However, that’s not to say data centers haven’t evolved. They have. Rising density, for example, has led to innovations in both power and cooling infrastructure. Cooling infrastructure has also evolved as approaches to sustainability have changed. But none of these innovations have made existing data centers—even facilities built 25+ years ago—obsolete.

Rising density does affect data center design, but doesn't make existing data centers obsolete

When the components in a dense integrated circuit double every two years, the practical effect is increased performance—the ability for a given chip, or server, to do more compute work or store more data. All else equal, refreshing IT equipment with higher- performance gear increases the amount of work a set of servers in a rack can do, and since ‘work’ is moving electrons around a circuit board and therefore directly proportional to power input, it increases the power input to a given server rack (i.e., density).

Average density per rack is rising

Chart of average server rack density from 2011-2020, showing a steady increase.

Source: Uptime Institute Member Research, December 2020.

Average server rack density has been rising steadily. And while the average server deployments remain under 10 kW per rack, some more recent deployments are reaching five times that level. Applications such as artificial intelligence run at those much higher densities, as they require more power-intensive computations from servers and storage systems than traditional workloads.

Generally, as time has progressed, facilities have become larger and the power density increased. But the original facilities are far from redundant and utilization from the operator perspective is high.

Paul Lewis, Director, European Data Centres

Density affects data center infrastructure in two ways: power and cooling.

Density affects power infrastructure

Data center density is a measure of how much power is delivered to each server rack. From a pure power perspective (ignoring cooling for a moment), a data center’s ability to support higher density deployments depends on two factors: the amount of utility power capacity it has, and the capacity of its existing power infrastructure.

If there is unused utility power and infrastructure, the data center can support tenants’ higher density deployments with minimal modifications. In many cases, a data center may have additional utility power available but needs to deploy additional power infrastructure such as transformers and electrical backup systems to support increased density. If there is no extra utility power capacity, then supporting higher density deployments would require either bringing more utility power to the facility or reducing the number of servers to keep the total power consumption the same even as each server consumes more power.

We are increasingly focused on sites that have or allow for the development of a dedicated power substation, as they generally provide for more flexibility in terms of power access and delivery. Sites with dedicated substations commonly enable more room for rapid expansion.

Casey Miller, Managing Director, Portfolio Manager

In any case, the facility is not rendered obsolete. Actually, the fact that utility power is an increasingly scarce resource, especially in primary data center markets, is one reason existing data centers have a distinct advantage over new construction.

Density also affects cooling infrastructure

In reality, we can’t ignore cooling, and because increasing density means more power in, it also means more heat out. So, for most data centers the bigger challenge associated with rising density is cooling (or more accurately, heat removal). Each cooling technology has limits on how much heat it can remove from the environment, and technologies have evolved over the years to remove more heat.

In the early 2000s, most data centers were designed with air-conditioning-like systems that cooled the entire data hall—not very efficient, but sufficient for rack densities under 2 kW. Then many data centers adopted new technologies where heat emitted from servers is drawn away by fans and then cooled with water or a refrigerant—much more efficient and effective for rack densities up to 20 kW or so.

Immersion cooling is still a very new technology. I have only heard of a few instances of it being commercially used. But even immersion cooling systems can likely be retrofitted into existing data centers, and the other end of the cooling system (i.e., dispelling the heat from the data center as a whole) remains the same or similar. The floor loading would likely have to be higher as the units are heavier than existing racks, but this is something we believe can be worked around.

Sebastian Dooley, CFA, Senior Fund Manager

Supporting significantly higher densities, the likes of which we see with AI workloads, for example, will likely require either liquid cooling to the rack or immersion cooling. In liquid cooling to the rack, a cooling medium (typically chilled water) is piped to the server racks and then utilized by heat exchangers in the row or mounted on the server racks; or piped into cooling plates attached to servers or into plates and pipes integrated into the computing equipment itself. Immersion cooling is a very different technology; specially designed servers are fully immersed in a cooled, nonconductive refrigerant, although the building’s heat-rejection equipment remains fairly similar for all cooling strategies.

Many modern data centers are designed to accommodate water to the rack, a cooling technique that is likely to see more widespread adoption for today’s high performance computing deployments. Liquid immersion is a very different process that requires entirely different server equipment as it needs to be designed specifically for immersion in the cooling medium. This will likely put a damper on the rapid growth of liquid immersion as it's not compatible with most existing tenant equipment, including the GPUs that are driving today's AI compute.

Ben Wobschall, Managing Director, Portfolio Manager

New approaches to sustainability do affect data center design, but don't make existing data centers obsolete

Besides density innovations that demand new approaches to cooling, sustainability concerns also impact the choice of cooling systems. For a long time, sustainability in the data center meant optimizing energy efficiency, as measured by Power Usage Effectiveness (PUE). More recently, data center operators and tenants have added measures of water efficiency to their ESG goals.

There are tradeoffs between energy efficiency and water efficiency. All else equal, water-based evaporative cooling systems are the most energy efficient, but more water intensive. Closed-loop air-cooled chillers are the most water efficient, but more energy intensive. Especially in water-contrained markets and markets where renewable energy is readily available, leading data center developers are increasingly relying on air-cooled chillers.

A data center designed for a water-based evaporative cooling system can be retrofitted to support closed- loop air-cooled chillers. Even where the operator doesn’t retrofit the facility, most manage a mixed portfolio of both water-based evaporative cooling systems and closed-loop air-cooled chillers. In other words, evaporatively cooled data centers are not obsolete—especially considering the ESG implications of decommissioning an entire evaporatively cooled facility in favor of a new facility that uses a closed loop chiller.

As ESG considerations become increasingly important, the desire to break ground for a new data center instead of using what has already been built will likely fade, again supporting the supply-demand imbalance benefiting investors in this space.

Sebastian Dooley, CFA, Senior Fund Manager

A revolution in how computers work will dramatically change data center design, but it's decades away

As long as computers in the data center rely on electrons, the data center fundamentals of power, cooling, and connectivity will remain. (Even quantum computing depends on those same fundamentals, though its widespread commercialization would require significant changes to data center design, in large part because quantum computers must be kept very cold.) There is one innovation that could render existing data centers obsolete: computers that rely on biological media rather than electrons. But biological computers only exist in the simplest form today, and commercial viability—much less widespread adoption—is likely decades away.

Molecular and biological data storage and quantum computing could help minimize the amount of electricity needed to store data. However, game-changing technologies such as these are likely decades away, let alone commercially feasible, while demand for data transmission and storage continues to increase exponentially.

Casey Miller, Managing Director, Portfolio Manager

Leading data center developers design for configurability

Because there are innovations—like rising density and new approaches to sustainability—that affect optimal data center design, leading data center developers build configurability into their facilities to support innovation without rendering existing facilities obsolete. So even if higher density requires changes to how a data hall is laid out or cooled, those changes can be made within the existing data center—ensuring its usability for many years to come.

Leading data center developers are very focused on future proofing their facilities and have a close relationship with their key customers to understand their current and future requirements. The major industry players all of course have a long term interest in the viability of their facilities

Paul Lewis, Director, European Data Centres

Existing facilities can be (and are often) retrofitted to support innovations

Even if a data center wasn’t designed to be configurable, retrofitting it to support innovations like higher density and a focus on water efficiency is a much more likely course of action than decommissioning the data center entirely—in no small part because the industry needs all the capacity it can get. (The average vacancy rate of the top 10 North American data center markets is 2.88% according to datacenterHawk, and “demand is still outpacing providers' ability to deliver new capacity.”)

A great example of the long term functionality of data centers is a facility we own which was originally commissioned nearly 15 years ago. It had been a bank-owned data center, originally designed to meet the highly redundant, low-density attributes characteristic of its time and for its use—nothing like today’s hyperscale deployments. The key is that it had the functionality to deliver significant amounts of power and cooling. With some updating, this asset was retrofit and fully leased to a specialty cloud service provider to deploy an AI/ML strategy that at full deployment will be one of the largest supercomputers in the world.

Ben Wobschall, Managing Director, Portfolio Manager

Old and new will continue to coexist

Data center developers are already innovating the design of new facilities to support higher density and evolving approaches to sustainability. For example, Meta, which both leases and develops its own facilities, recently announced that its new generation of data centers will be liquid cooled, to support AI workloads at scale.

But even as more data centers run AI or other workloads that require higher density, old workloads will continue to run, and need existing data centers to support them.

It’s not an either/or discussion. The workloads of today aren't going away anytime soon, so users aren't giving up existing capacity in exchange for the next big thing. And while we think of technology changing very quickly, changes at the data center infrastructure level are gradual; mission-critical workloads aren't conducive to rapid transition to new, unproven technology. Being on the front line with tenants we're going to see these changes being implemented in plenty of time to position our portfolios appropriately.

Ben Wobschall, Managing Director, Portfolio Manager

Bottom line

IT infrastructure has always evolved rapidly, and even data centers built 25+ years ago have not been rendered obsolete. Because the purpose of a data center is to power, cool, and connect IT equipment, its fundamental value is driven by power capacity and network connectivity. These factors are not likely to change unless new processing technologies such as quantum and biological computing are widely commercialized, and that is still decades away.

Innovations that do affect data center design, including increasing density and evolving approaches to sustainability, won’t make existing data centers obsolete. That’s because leading data center developers build configurability into their facilities to support innovations. And even data centers not designed to be configurable can be retrofitted— much more likely than decommissioning, especially as industry demand for data center capacity far outstrips supply.

So, will big advancements in technology—like AI—render existing data centers obsolete? Quite the opposite; more likely, technological advancements will further increase the value of existing assets as they drive increased demand for data center capacity. For Public Distribution in the United States. For Institutional, Professional, Qualified, and/or Wholesale Investor Use Only in other Permitted

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While the information on this website is updated from time to time, it is subject to change in the intervening period. None of Principal Global Investors (Australia) Limited or its related entities (together "Principal") guarantee the accuracy, completeness or timeliness of the information on this website. Information may become outdated and opinions may change, including as a result of new information becoming available or changes in the markets. To the extent permitted by law, Principal does not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, this information.

We offer financial products only to wholesale investors (as defined in sections 761G and 761GA of the Corporations Act) and to persons investing through an investor directed portfolio service under the product disclosure statements that can be accessed from this website.

The information contained in this website is intended only for Australian residents and investors and is not intended for use in any country or jurisdiction where such use would constitute a violation of law. There is no intention to offer or sell products in countries or jurisdictions where such offer or sale would be unlawful under the relevant domestic law.

Protecting Your Privacy

At Principal Global Investors (Australia) Ltd, we give priority to protecting the privacy of your personal information. We do this by handling personal information in a responsible manner and in accordance with the Privacy Act 1988 (Cth).

If it is reasonable and practicable to do so, we collect personal information directly from you. How we collect your information will depend upon how you interact with us. We may collect it through application forms, telephone, email and internet contact, from correspondence with you or your consultant and in person.

The information collected may include what time you visited our website, how long you were on our site, if you've been to the site before, what web pages you visited, and what type of browser you used to access our website. This information is collected through the use of cookies.

Use of cookies on this site is outlined in the Principal Online Privacy Policies, Information Collected by Use of Cookies and Spotlight Tags. In accepting these terms and conditions, you accept the terms of the use of cookies from this site. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent. Refer to your browser instructions or help screens to learn about these functions. If you reject all cookies, you may not be able to use our web sites.

We may collect, hold and use personal information in order to process applications, administer the investments and provide related services. If you do not provide your personal information to us, we may not be able to process and administer your investment. We may also use your personal information to tell you about other products and services offered by us or other members of the Principal Financial Group. Please contact us if you do not wish to receive this ongoing information.

We may disclose your personal information to other related companies within the Principal Financial Group®, agents and other external service providers (who supply administrative, financial or other services), some of which are located overseas. Where this occurs, we take steps to protect personal information against misuse or loss however you should be aware that in the event the overseas recipient fails to handle the personal information consistently with the Australian Privacy Principles, we will not be accountable under the Privacy Act and you will not be able to seek redress under the Act. The countries this information may be disclosed to will vary from time to time, but may include Brazil, Chile, China, Hong Kong, India, Japan, Malaysia, Singapore, the United Kingdom and the United States and other countries where the Principal Financial Group® has a presence. A list of locations in which the Principal Financial Group® operates can be found at https://www.principal.com/about-us/our-company/company-overview/worldwide-locations. Our Privacy Policy contains information about how you can gain access to the personal information that we hold about you and seek correction of that information, subject to certain exemptions under law. Our Privacy Policy also contains information about how you may raise concerns regarding privacy with us and how we will deal with your concerns.

You can obtain a copy of our Privacy Policy by clicking on the link below:

Privacy at Principal Global Investors (Australia) Limited

By clicking "Accept", you consent to us dealing with your personal information in the manner set out in our Privacy Policy. You also acknowledge and understand that by providing such consent that we will not be required to take such steps as are reasonable in the circumstances to ensure overseas recipients of your personal information comply with the Australian Privacy Principles.

"Principal Financial Group is a global organization that operates in many different jurisdictions worldwide. Principal Financial Group’s diversified group of companies and affiliates provide comprehensive asset management solutions for institutional investors, investment funds and individuals in key markets around the world. Principal Financial Group has investment offices in the United States, [Mexico, South America, Europe, the Middle East, and throughout Asia]. Where appropriate, Principal Financial Group entities are registered with appropriate regulatory authorities in the jurisdictions in which they are required to be registered to carry on their respective business activities.

All products or services provided to you by any Principal Financial Group company shall only be available in the jurisdiction(s) within which the company providing the product or service is authorized to operate. The relevant Principal Financial Group company reserves the right to make the final determination on whether or not you are eligible for any particular product or service. If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that Site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction.

Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"Principal Global Investors, LLC, the issuer of this website, is a branch registered in the Dubai International Financial Centre and is authorized by the Dubai Financial Services Authority as a representative office.

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Principal Global Investors, LLC and the other member firms of Principal Global Investors (collectively, the ""Firms"")* do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client's investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor's investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for ""sophisticated institutional investors/professional clients"". If you are not a ""sophisticated institutional investor/professional client"", you may not access this website and you should select the ""Decline"" link below.

By selecting the ""Accept"" button below, and entering this website, you agree to these terms and confirm and represent that you are a "" sophisticated institutional investor/professional client""."