Michael Herrera
About Michael Herrera
Michael Herrera (born 1985) serves as Assistant Treasurer of Principal Real Estate Income Fund (NYSE: PGZ), having been appointed in September 2024. He is Manager of Fund Operations at ALPS Advisors, Inc. (“AAI”) since 2022 and previously held fund controller roles at ALPS Fund Services (Assistant Fund Controller 2013–2016; Fund Controller 2016–2018) . Officers employed by ALPS/AAI receive no compensation or expense reimbursement from the Fund; executive pay structures, performance metrics, and equity awards for fund officers are not disclosed in PGZ’s proxy materials . PGZ officers are elected annually by the Board of Trustees .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ALPS Advisors, Inc. (AAI) | Manager, Fund Operations | 2022–present | Oversight of fund operations supporting treasury/control functions |
| ALPS Fund Services | Fund Controller | 2016–2018 | Fund financial reporting and controls |
| ALPS Fund Services | Assistant Fund Controller | 2013–2016 | Support for fund accounting and controls |
External Roles
| Organization | Role | Years |
|---|---|---|
| ALPS ETF Trust | Assistant Treasurer | Since February 2024 |
Fixed Compensation
Officers of PGZ who are employed by ALPS or ALPS Advisors receive no compensation or expense reimbursement from the Fund or any other fund in the Fund Complex .
| Component | Value |
|---|---|
| Base salary (from PGZ) | $0 (Fund-paid) |
| Target bonus % (Fund-paid) | Not disclosed; Fund does not pay officers |
| Actual bonus paid (Fund-paid) | Not disclosed; Fund does not pay officers |
| Perquisites (Fund-paid) | Not disclosed; Fund does not pay officers |
Note: Compensation, incentives, and employment terms for Herrera are governed by ALPS/AAI and are not included in PGZ’s proxy statements .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
No performance metrics, equity incentives, or vesting schedules are disclosed for Fund officers; officers employed by ALPS/AAI receive no compensation from the Fund .
Equity Ownership & Alignment
| Holder | Shares Owned | Ownership % | Notes |
|---|---|---|---|
| All Trustees and Executive Officers as a group | 2,000 (beneficial) | <1% of outstanding | Table lists the PEO (Robert McClure) and PFO (Erich Rettinger); Assistant Treasurer ownership is not disclosed |
| Michael Herrera | Not disclosed | Not disclosed | No individual beneficial ownership data disclosed for Assistant Treasurer |
Beneficial ownership ranges are shown for Trustees elsewhere in the proxy; individual officer holdings beyond PEO/PFO are not provided .
Employment Terms
- Role and start date: Assistant Treasurer; has served since September 2024 .
- Officer election/term: Officers are elected annually and serve until successors are elected by the Board of Trustees .
- Contract specifics (non-compete, severance, change-of-control, clawbacks, tax gross-ups, deferred comp, pension/SERP): Not disclosed for Fund officers in PGZ’s proxy; Fund does not have a compensation committee .
Investment Implications
- Pay-for-performance visibility is limited: PGZ’s proxy does not disclose officer compensation structures, performance metrics, or equity awards; as an ALPS/AAI-employed officer, Herrera’s compensation is off-proxy and not Fund-paid, constraining analysis of incentives tied to PGZ performance .
- Insider selling pressure appears low from Fund-level disclosure: PGZ reports aggregate ownership of 2,000 shares (<1%) for Trustees and Executive Officers (PEO/PFO listed); no individual ownership data for Herrera, and no pledging/hedging disclosures for Fund officers are provided .
- Governance context: The Fund lacks a compensation committee, and officers are elected annually, indicating standard closed-end fund governance reliant on service-provider arrangements (ALPS/AAI) rather than Fund-level executive compensation structures .
- Retention risk assessment requires ALPS/AAI documents: Key levers (severance, change-of-control, vesting schedules, ownership guidelines) for Herrera reside with ALPS/AAI and are not disclosed in PGZ filings, limiting the ability to infer trading or incentive signals from PGZ documents alone .