Principal Asset Management - Commercial Real Estate Intern (Summer 2027)

What You'll Do Firm Overview Principal Real Estate ("PrinRE") is the dedicated real estate investment platform of Principal Asset Management, a subsidiary of Principal Financial Group (Nasdaq: PFG). With 65+ years of real estate investment experience, PrinRE manages a comprehensive platform spanning public equity, private equity, public debt, and private debt on behalf of institutional clients globally. More than 730 clients across 32 countries rely on the firm’s integrated investment capabilities and local market expertise. As a top-10 global real estate investment manager, PrinRE employs more than 480 professionals across 12 countries and provides clients with diversified real estate solutions across asset classes and strategies. Intern Responsibilities & Expectations Principal Real Estate Investors is offering a high-impact internship opportunity for students interested in a career in commercial real estate investments. Interns will work alongside investment professionals as integral members of the investment team, contributing to live investment opportunities through underwriting, market research, investment analysis, portfolio strategy, and transaction execution across the firm. As a top-10 global real estate investment manager, Principal Real Estate offers interns exposure to a leading institutional real estate investment platform. Interns will participate in professional development opportunities, networking events, mentorship programs, and training sessions. Interns will gain exposure to live transactions throughout the internship while developing technical expertise through hands-on ARGUS Enterprise and advanced Excel modeling. The experience will conclude with a real-world investment opportunity case study, where interns apply underwriting, investment analysis, market research, collaboration and presentation skills. High-performing summer interns may also be considered for full-time employment opportunities upon graduation. Interns will work with one of the dedicated teams listed below. Acquisitions & Dispositions: Interns will assist the team in evaluating acquisition opportunities through financial modeling, cash flow analysis, valuation, and investment underwriting using ARGUS and Excel, while supporting due diligence efforts and the assessment of prospective investments across all asset types. Asset Management & Development: Interns will support the team through financial analysis, budget and business plan reviews, portfolio reporting, market research, and property-level performance monitoring. Interns will also gain exposure to development underwriting, land and zoning due diligence, asset stabilization initiatives, and investor reporting spanning the entire real estate lifecycle. Private Debt Originations: Interns will support the underwriting and evaluation of commercial real estate debt investments through cash flow analysis, financial statement review, appraisal analysis, market research, and transaction due diligence. Responsibilities also include performing sensitivity and valuation analyses and assisting with materials required for loan underwriting and execution. By the end of the internship, interns should expect to be prepared for an entry level analyst role. You will strengthen your understanding of real estate investment analysis, including how to evaluate property-level performance, assess market fundamentals, support due diligence efforts, and communicate investment recommendations. Who You Are Working towards or have a bachelor’s or graduate level degree in real estate, finance, accounting, economics, or a related field. Previous internship, coursework, or work experience related to commercial real estate Strong communication and leadership skills, demonstrated through formal positions in student organizations, community involvement, or employment experiences. Intermediate to advanced Excel skills. Skills That Help You Stand Out Current or previous participation in the Sponsors for Educational Opportunity (SEO) Real Estate Program or another formal real estate program 3.25 GPA or higher Salary Range Information Salary ranges below reflect targeted base salaries. Non-sales positions have the opportunity to participate in a bonus program. Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance. Actual compensation for all roles will be based upon geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer. Salary Range (Non-Exempt expressed as hourly; Exempt expressed as yearly) $23 - $25 / hour Time Off Program Paid company holidays and any time off required in your state. Pension Eligible No Location and Work Environment The internship will be based at Principal’s global headquarters in Des Moines, Iowa. The role is expected to be primarily in-person, with interns working in-office four days per week and coordinating with their leader regarding remote work flexibility based on business needs. Principal maintains a business casual dress code. Check out our global headquarters here: Our Internship Culture Join an established program that provides hands-on experiences for 200+ interns each year! You'll learn new skills with dedicated teams and mentors, build your professional network and collaborate across a global Fortune 500 company. We care about offering you diverse experiences and exciting challenges that push you to reach for bigger life goals, all while enjoying our flexibility and work life balance. Join us for events such as our Executive Speaker Series, gain career direction, and much more! https://www.principal.com/about-us/careers/internships Hours This is a Monday-Friday, 40 hours/week internship for the summer of 2027. Work Authorization/Sponsorship At this time, we're not considering applicants that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States. This includes, but IS NOT LIMITED TO: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc. For additional information around work authorization needs please use the following links. Nonimmigrant Workers and Green Card for Employment-Based Immigrants Investment Code of Ethics For Principal Asset Management positions, you’ll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization. Experience Principal At Principal, we value connecting on both a personal and professional level. Together, we’re imagining a more purpose-led future for financial services – and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our interns. Principal is an Equal Opportunity Employer All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status. Posting Window We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline. Original Posting Date 9/2/2026 Most Recently Posted Date 10/6/2026 Principal uses artificial intelligence tools to assist in reviewing and evaluating job applications, fraud prevention, and candidate matching and comparisons. These AI tools support our human recruiters in the initial review process but do not make final hiring decisions without human involvement. By submitting your application, you acknowledge this use of AI in our recruitment process. Please review our Workforce (U.S.) Privacy Notice for more details on our practices and your data privacy rights.Firm Overview Principal Real Estate ("PrinRE") is the dedicated real estate investment platform of Principal Asset Management, a subsidiary of Principal Financial Group (Nasdaq: PFG). With 65+ years of real estate investment experience, PrinRE manages a comprehensive platform spanning public equity, private equity, public debt, and private debt on behalf of institutional clients globally. More than 730 clients across 32 countries rely on the firm’s integrated investment capabilities and local market expertise. As a top-10 global real estate investment manager, PrinRE employs more than 480 professionals across 12 countries and provides clients with diversified real estate solutions across asset classes and strategies. Intern Responsibilities & Expectations Principal Real Estate Investors is offering a high-impact internship opportunity for students interested in a career in commercial real estate investments. Interns will work alongside investment professionals as integral members of the investment team, contributing to live investment opportunities through underwriting, market research, investment analysis, portfolio strategy, and transaction execution across the firm. As a top-10 global real estate investment manager, Principal Real Estate offers interns exposure to a leading institutional real estate investment platform. Interns will participate in professional development opportunities, networking events, mentorship programs, and training sessions. Interns will gain exposure to live transactions throughout the internship while developing technical expertise through hands-on ARGUS Enterprise and advanced Excel modeling. The experience will conclude with a real-world investment opportunity case study, where interns apply underwriting, investment analysis, market research, collaboration and presentation skills. High-performing summer interns may also be considered for full-time employment opportunities upon graduation. Interns will work with one of the dedicated teams listed below. Acquisitions & Dispositions: Interns will assist the team in evaluating acquisition opportunities through financial modeling, cash flow analysis, valuation, and investment underwriting using ARGUS and Excel, while supporting due diligence efforts and the assessment of prospective investments across all asset types. Asset Management & Development: Interns will support the team through financial analysis, budget and business plan reviews, portfolio reporting, market research, and property-level performance monitoring. Interns will also gain exposure to development underwriting, land and zoning due diligence, asset stabilization initiatives, and investor reporting spanning the entire real estate lifecycle. Private Debt Originations: Interns will support the underwriting and evaluation of commercial real estate debt investments through cash flow analysis, financial statement review, appraisal analysis, market research, and transaction due diligence. Responsibilities also include performing sensitivity and valuation analyses and assisting with materials required for loan underwriting and execution. By the end of the internship, interns should expect to be prepared for an entry level analyst role. You will strengthen your understanding of real estate investment analysis, including how to evaluate property-level performance, assess market fundamentals, support due diligence efforts, and communicate investment recommendations.Working towards or have a bachelor’s or graduate level degree in real estate, finance, accounting, economics, or a related field. Previous internship, coursework, or work experience related to commercial real estate Strong communication and leadership skills, demonstrated through formal positions in student organizations, community involvement, or employment experiences. Intermediate to advanced Excel skills. Skills That Help You Stand Out Current or previous participation in the Sponsors for Educational Opportunity (SEO) Real Estate Program or another formal real estate program 3.25 GPA or higher