12/31—FALSE0000946155Non-accelerated Filer2020Q3YesfalsefalsefalsetruefalseP1DP2DAlso, the Independent Fiduciary may require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified previously) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The Independent Fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Loans Payable). The Independent Fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and mortgage loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal.P12M00009461552020-01-012020-09-30xbrli:shares00009461552020-09-30iso4217:USD00009461552019-12-31iso4217:USDxbrli:shares00009461552020-07-012020-09-3000009461552019-07-012019-09-3000009461552019-01-012019-09-3000009461552020-06-3000009461552019-06-3000009461552018-12-3100009461552019-09-30xbrli:pure0000946155srt:MinimumMember2020-01-012020-09-300000946155srt:MaximumMember2020-01-012020-09-300000946155tiaareal:MRAHub34HoldingLLCMemberus-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2020-09-300000946155tiaareal:MRAHub34HoldingLLCMemberus-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2019-12-310000946155tiaareal:MRAHub34HoldingLLCMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2020-01-012020-09-300000946155tiaareal:THPStudentHousingLLCMemberus-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2020-09-300000946155tiaareal:THPStudentHousingLLCMemberus-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2019-12-310000946155us-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2020-09-300000946155us-gaap:LoansReceivableMembersrt:AffiliatedEntityMember2019-12-31tiaareal:limited_partnership0000946155tiaareal:WestMembertiaareal:OfficeMember2020-01-012020-09-300000946155tiaareal:EastMembertiaareal:OfficeMember2020-01-012020-09-300000946155tiaareal:SouthMembertiaareal:OfficeMember2020-01-012020-09-300000946155tiaareal:MidwestMembertiaareal:OfficeMember2020-01-012020-09-300000946155tiaareal:OfficeMember2020-01-012020-09-300000946155tiaareal:ApartmentMembertiaareal:WestMember2020-01-012020-09-300000946155tiaareal:EastMembertiaareal:ApartmentMember2020-01-012020-09-300000946155tiaareal:SouthMembertiaareal:ApartmentMember2020-01-012020-09-300000946155tiaareal:ApartmentMembertiaareal:MidwestMember2020-01-012020-09-300000946155tiaareal:ApartmentMember2020-01-012020-09-300000946155us-gaap:RetailMembertiaareal:WestMember2020-01-012020-09-300000946155tiaareal:EastMemberus-gaap:RetailMember2020-01-012020-09-300000946155tiaareal:SouthMemberus-gaap:RetailMember2020-01-012020-09-300000946155us-gaap:RetailMembertiaareal:MidwestMember2020-01-012020-09-300000946155us-gaap:RetailMember2020-01-012020-09-300000946155tiaareal:WestMembertiaareal:IndustrialMember2020-01-012020-09-300000946155tiaareal:EastMembertiaareal:IndustrialMember2020-01-012020-09-300000946155tiaareal:SouthMembertiaareal:IndustrialMember2020-01-012020-09-300000946155tiaareal:MidwestMembertiaareal:IndustrialMember2020-01-012020-09-300000946155tiaareal:IndustrialMember2020-01-012020-09-300000946155tiaareal:OthersMembertiaareal:WestMember2020-01-012020-09-300000946155tiaareal:EastMembertiaareal:OthersMember2020-01-012020-09-300000946155tiaareal:SouthMembertiaareal:OthersMember2020-01-012020-09-300000946155tiaareal:OthersMembertiaareal:MidwestMember2020-01-012020-09-300000946155tiaareal:OthersMember2020-01-012020-09-300000946155tiaareal:WestMember2020-01-012020-09-300000946155tiaareal:EastMember2020-01-012020-09-300000946155tiaareal:SouthMember2020-01-012020-09-300000946155tiaareal:MidwestMember2020-01-012020-09-300000946155us-gaap:LandMember2020-09-300000946155us-gaap:LandMember2019-12-310000946155us-gaap:LandMember2020-01-012020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000946155us-gaap:FairValueMeasurementsRecurringMember2020-09-300000946155us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-09-300000946155us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2020-09-300000946155us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2020-09-300000946155us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310000946155us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2019-12-310000946155us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2019-12-310000946155us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:MunicipalBondsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2020-06-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2020-06-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2020-06-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2020-06-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2020-06-300000946155us-gaap:LineOfCreditMember2020-06-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2020-07-012020-09-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2020-07-012020-09-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2020-07-012020-09-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2020-07-012020-09-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2020-07-012020-09-300000946155us-gaap:LineOfCreditMember2020-07-012020-09-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2020-09-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2020-09-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2020-09-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2020-09-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:LineOfCreditMember2020-09-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2019-12-310000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2019-12-310000946155tiaareal:LoansReceivableIncludingDisposalsMember2019-12-310000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2019-12-310000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2019-12-310000946155us-gaap:LineOfCreditMember2019-12-310000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2020-01-012020-09-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2020-01-012020-09-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2020-01-012020-09-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2020-01-012020-09-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2020-01-012020-09-300000946155us-gaap:LineOfCreditMember2020-01-012020-09-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2019-06-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2019-06-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2019-06-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2019-06-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2019-06-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2019-07-012019-09-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2019-07-012019-09-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2019-07-012019-09-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2019-07-012019-09-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2019-07-012019-09-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2019-09-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2019-09-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2019-09-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2019-09-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2018-12-310000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2018-12-310000946155tiaareal:LoansReceivableIncludingDisposalsMember2018-12-310000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2018-12-310000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2018-12-310000946155tiaareal:RealEstatePropertiesIncludingDisposalsMember2019-01-012019-09-300000946155tiaareal:RealEstateJointVenturesIncludingDisposalsMember2019-01-012019-09-300000946155tiaareal:LoansReceivableIncludingDisposalsMember2019-01-012019-09-300000946155tiaareal:TotalLevel3InvestmentsIncludingDisposalsMember2019-01-012019-09-300000946155tiaareal:MortgageLoansPayableAndLoansPayableMember2019-01-012019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:OfficeMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:OfficeMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMembertiaareal:OfficeMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MaximumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:HotelMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembersrt:HotelMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:HotelMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembersrt:HotelMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:HotelMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMembersrt:HotelMemberus-gaap:MeasurementInputCapRateMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembertiaareal:OfficeMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembertiaareal:OfficeMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:OfficeMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembertiaareal:OfficeMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembertiaareal:OfficeMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:OfficeMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembertiaareal:IndustrialMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembertiaareal:IndustrialMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembertiaareal:IndustrialMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembertiaareal:IndustrialMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembertiaareal:IndustrialMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembertiaareal:IndustrialMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMembertiaareal:LoantoValueRatioMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMembertiaareal:LoantoValueRatioMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMembertiaareal:LoantoValueRatioMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:ApartmentMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:ApartmentMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:ApartmentMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:ApartmentMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:RetailAndHospitalityMembersrt:MinimumMembertiaareal:LoantoValueRatioMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:RetailAndHospitalityMembersrt:MaximumMembertiaareal:LoantoValueRatioMember2020-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:RetailAndHospitalityMembertiaareal:LoantoValueRatioMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:RetailAndHospitalityMembersrt:MinimumMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:RetailAndHospitalityMembersrt:MaximumMember2020-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Membertiaareal:LoansReceivableIncludingRelatedPartyMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:RetailAndHospitalityMember2020-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembertiaareal:OfficeMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:OfficeMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:OfficeMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:OfficeMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMembertiaareal:OfficeMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembertiaareal:IndustrialMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCapRateMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MaximumMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMemberus-gaap:RetailMemberus-gaap:MeasurementInputCapRateMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:EquivalencyRateMembertiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:EquivalencyRateMembertiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:EquivalencyRateMembertiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:OfficeAndIndustrialMemberus-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMembertiaareal:MortgageLoansPayableAndLoansPayableMembertiaareal:ApartmentMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:EquivalencyRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:LoantoValueRatioMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MinimumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:MaximumMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155us-gaap:FairValueInputsLevel3Membertiaareal:WeightedAverageCostofCapitalRiskPremiumMultipleMembertiaareal:NetPresentValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:RetailMembertiaareal:MortgageLoansPayableAndLoansPayableMember2019-09-300000946155tiaareal:ApartmentIndustrialOfficeRetailAndStorageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMembertiaareal:LoantoValueRatioMemberus-gaap:LoansReceivableMember2019-09-300000946155tiaareal:ApartmentIndustrialOfficeRetailAndStorageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMembertiaareal:LoantoValueRatioMemberus-gaap:LoansReceivableMember2019-09-300000946155tiaareal:ApartmentIndustrialOfficeRetailAndStorageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertiaareal:LoantoValueRatioMemberus-gaap:LoansReceivableMember2019-09-300000946155tiaareal:EquivalencyRateMembertiaareal:ApartmentIndustrialOfficeRetailAndStorageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:LoansReceivableMember2019-09-300000946155tiaareal:EquivalencyRateMembertiaareal:ApartmentIndustrialOfficeRetailAndStorageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:LoansReceivableMember2019-09-300000946155tiaareal:EquivalencyRateMembertiaareal:ApartmentIndustrialOfficeRetailAndStorageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:LoansReceivableMember2019-09-300000946155tiaareal:RealEstatePropertiesMember2020-07-012020-09-300000946155tiaareal:RealEstateJointVenturesMember2020-07-012020-09-300000946155us-gaap:LoansReceivableMember2020-07-012020-09-300000946155tiaareal:RealEstatePropertiesMember2020-01-012020-09-300000946155tiaareal:RealEstateJointVenturesMember2020-01-012020-09-300000946155us-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:RealEstatePropertiesMember2019-07-012019-09-300000946155tiaareal:RealEstateJointVenturesMember2019-07-012019-09-300000946155us-gaap:LoansReceivableMember2019-07-012019-09-300000946155tiaareal:RealEstatePropertiesMember2019-01-012019-09-300000946155tiaareal:RealEstateJointVenturesMember2019-01-012019-09-300000946155us-gaap:LoansReceivableMember2019-01-012019-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembertiaareal:LCSSHIPVentureILLCMember2020-01-012020-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembertiaareal:LCSSHIPVentureILLCMember2020-09-300000946155tiaareal:SPVIILLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300000946155tiaareal:SPVIILLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155tiaareal:TaconicNewYorkCityGPFundLPMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300000946155tiaareal:TaconicNewYorkCityGPFundLPMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155tiaareal:VeritasTrophyVILLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300000946155tiaareal:VeritasTrophyVILLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembertiaareal:IDRCorePropertyIndexFundLLCMember2020-01-012020-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembertiaareal:IDRCorePropertyIndexFundLLCMember2020-09-300000946155tiaareal:TownsendGroupValueAddFundMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300000946155tiaareal:TownsendGroupValueAddFundMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembertiaareal:SilverpeakREAAltInvFundLPMember2020-01-012020-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembertiaareal:SilverpeakREAAltInvFundLPMember2020-09-300000946155tiaareal:GrubbSoutheastRealEstateFundVILLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300000946155tiaareal:GrubbSoutheastRealEstateFundVILLCMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155tiaareal:JCRCapitalREAPreferredEquityParallelFundMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300000946155tiaareal:JCRCapitalREAPreferredEquityParallelFundMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300000946155srt:OfficeBuildingMember2020-09-300000946155srt:OfficeBuildingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:OfficeBuildingMember2019-12-310000946155srt:OfficeBuildingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:IndustrialPropertyMember2020-09-300000946155srt:IndustrialPropertyMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:IndustrialPropertyMember2019-12-310000946155srt:IndustrialPropertyMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155us-gaap:RetailMember2020-09-300000946155us-gaap:CreditConcentrationRiskMemberus-gaap:RetailMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155us-gaap:RetailMember2019-12-310000946155us-gaap:CreditConcentrationRiskMemberus-gaap:RetailMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:StorageMember2020-09-300000946155tiaareal:StorageMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:StorageMember2019-12-310000946155tiaareal:StorageMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:ApartmentBuildingMember2020-09-300000946155srt:ApartmentBuildingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:ApartmentBuildingMember2019-12-310000946155srt:ApartmentBuildingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:HotelMember2020-09-300000946155srt:HotelMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:HotelMember2019-12-310000946155srt:HotelMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-3100009461552019-01-012019-12-310000946155srt:StandardPoorsDRatingMember2020-01-012020-09-30tiaareal:loan00009461552020-09-302020-09-300000946155srt:StandardPoorsAARatingMember2020-09-300000946155srt:StandardPoorsAARatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:StandardPoorsAARatingMember2019-12-310000946155srt:StandardPoorsAARatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:StandardPoorsBBBRatingMember2020-09-300000946155us-gaap:CreditConcentrationRiskMembersrt:StandardPoorsBBBRatingMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:StandardPoorsBBBRatingMember2019-12-310000946155us-gaap:CreditConcentrationRiskMembersrt:StandardPoorsBBBRatingMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:StandardPoorsBBRatingMember2020-09-300000946155srt:StandardPoorsBBRatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:StandardPoorsBBRatingMember2019-12-310000946155srt:StandardPoorsBBRatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:StandardPoorsBRatingMember2020-09-300000946155us-gaap:CreditConcentrationRiskMembersrt:StandardPoorsBRatingMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:StandardPoorsBRatingMember2019-12-310000946155us-gaap:CreditConcentrationRiskMembersrt:StandardPoorsBRatingMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:StandardPoorsCRatingMember2020-09-300000946155us-gaap:CreditConcentrationRiskMembersrt:StandardPoorsCRatingMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:StandardPoorsCRatingMember2019-12-310000946155us-gaap:CreditConcentrationRiskMembersrt:StandardPoorsCRatingMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:StandardPoorsDRatingMember2020-09-300000946155srt:StandardPoorsDRatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155srt:StandardPoorsDRatingMember2019-12-310000946155srt:StandardPoorsDRatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:NRNotAssignedInternalCreditRatingMember2020-09-300000946155tiaareal:NRNotAssignedInternalCreditRatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:NRNotAssignedInternalCreditRatingMember2019-12-310000946155tiaareal:NRNotAssignedInternalCreditRatingMemberus-gaap:CreditConcentrationRiskMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155srt:AffiliatedEntityMember2020-09-300000946155srt:AffiliatedEntityMember2019-12-310000946155tiaareal:RedCanyonAtPalominoParkMember2020-01-012020-09-300000946155tiaareal:RedCanyonAtPalominoParkMember2020-09-300000946155tiaareal:RedCanyonAtPalominoParkMember2019-12-310000946155tiaareal:GreenRiverAtPalominoParkMember2020-09-300000946155tiaareal:GreenRiverAtPalominoParkMember2020-01-012020-09-300000946155tiaareal:GreenRiverAtPalominoParkMember2019-12-310000946155tiaareal:BlueRidgeAtPalominoParkMember2020-01-012020-09-300000946155tiaareal:BlueRidgeAtPalominoParkMember2020-09-300000946155tiaareal:BlueRidgeAtPalominoParkMember2019-12-310000946155tiaareal:AshfordMeadowsMember2020-01-012020-09-300000946155tiaareal:AshfordMeadowsMember2020-09-300000946155tiaareal:AshfordMeadowsMember2019-12-310000946155tiaareal:TheKnollMember2020-09-300000946155tiaareal:TheKnollMember2020-01-012020-09-300000946155tiaareal:TheKnollMember2019-12-310000946155tiaareal:AscentatWindwardMember2020-09-300000946155tiaareal:AscentatWindwardMember2020-01-012020-09-300000946155tiaareal:AscentatWindwardMember2019-12-310000946155tiaareal:ThePalatineMember2020-01-012020-09-300000946155tiaareal:ThePalatineMember2020-09-300000946155tiaareal:ThePalatineMember2019-12-310000946155tiaareal:TheForumatCarlsbadMember2020-01-012020-09-300000946155tiaareal:TheForumatCarlsbadMember2020-09-300000946155tiaareal:TheForumatCarlsbadMember2019-12-310000946155tiaareal:Fusion1560Member2020-01-012020-09-300000946155tiaareal:Fusion1560Member2020-09-300000946155tiaareal:Fusion1560Member2019-12-310000946155tiaareal:SanDiegoOfficePortfolioMember2020-09-300000946155tiaareal:SanDiegoOfficePortfolioMember2020-01-012020-09-300000946155tiaareal:SanDiegoOfficePortfolioMember2019-12-310000946155tiaareal:TheColoradoMember2020-01-012020-09-300000946155tiaareal:TheColoradoMember2020-09-300000946155tiaareal:TheColoradoMember2019-12-310000946155tiaareal:TheLegacyatWestwoodMember2020-01-012020-09-300000946155tiaareal:TheLegacyatWestwoodMember2020-09-300000946155tiaareal:TheLegacyatWestwoodMember2019-12-310000946155tiaareal:RegentsCourtMember2020-01-012020-09-300000946155tiaareal:RegentsCourtMember2020-09-300000946155tiaareal:RegentsCourtMember2019-12-310000946155tiaareal:PennsylvaniaAvenue1001Member2020-09-300000946155tiaareal:PennsylvaniaAvenue1001Member2020-01-012020-09-300000946155tiaareal:PennsylvaniaAvenue1001Member2019-12-310000946155tiaareal:BiltmoreatMidtownMember2020-01-012020-09-300000946155tiaareal:BiltmoreatMidtownMember2020-09-300000946155tiaareal:BiltmoreatMidtownMember2019-12-310000946155tiaareal:CherryKnollMember2020-09-300000946155tiaareal:CherryKnollMember2020-01-012020-09-300000946155tiaareal:CherryKnollMember2019-12-310000946155tiaareal:LoftsatSoDoMember2020-01-012020-09-300000946155tiaareal:LoftsatSoDoMember2020-09-300000946155tiaareal:LoftsatSoDoMember2019-12-310000946155us-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:PacificCityMember2020-01-012020-09-300000946155tiaareal:PacificCityMember2020-09-300000946155tiaareal:PacificCityMember2019-12-310000946155tiaareal:PacificCityMember2020-01-012020-09-300000946155tiaareal:BirkdaleVillageMember2020-09-300000946155tiaareal:BirkdaleVillageMember2020-01-012020-09-300000946155tiaareal:BirkdaleVillageMember2019-12-310000946155tiaareal:HStreet1401Member2020-01-012020-09-300000946155tiaareal:HStreet1401Member2020-09-300000946155tiaareal:HStreet1401Member2019-12-310000946155tiaareal:LoanAMembertiaareal:TheDistrictatLaFronteraMember2020-09-300000946155tiaareal:LoanAMembertiaareal:TheDistrictatLaFronteraMember2020-01-012020-09-300000946155tiaareal:LoanAMembertiaareal:TheDistrictatLaFronteraMember2019-12-310000946155tiaareal:LoanBMembertiaareal:TheDistrictatLaFronteraMember2020-09-300000946155tiaareal:LoanBMembertiaareal:TheDistrictatLaFronteraMember2020-01-012020-09-300000946155tiaareal:LoanBMembertiaareal:TheDistrictatLaFronteraMember2019-12-310000946155tiaareal:CircaGreenLakeMember2020-09-300000946155tiaareal:CircaGreenLakeMember2020-01-012020-09-300000946155tiaareal:CircaGreenLakeMember2019-12-310000946155tiaareal:UnionSouthLakeUnionMember2020-01-012020-09-300000946155tiaareal:UnionSouthLakeUnionMember2020-09-300000946155tiaareal:UnionSouthLakeUnionMember2019-12-310000946155tiaareal:HollyStreetVillageMember2020-01-012020-09-300000946155tiaareal:HollyStreetVillageMember2020-09-300000946155tiaareal:HollyStreetVillageMember2019-12-310000946155tiaareal:HenleyAtKingstowneMember2020-01-012020-09-300000946155tiaareal:HenleyAtKingstowneMember2020-09-300000946155tiaareal:HenleyAtKingstowneMember2019-12-310000946155tiaareal:SouthStateStreet32Member2020-01-012020-09-300000946155tiaareal:SouthStateStreet32Member2020-09-300000946155tiaareal:SouthStateStreet32Member2019-12-310000946155tiaareal:VistaStationOfficePortfolioMembertiaareal:LoanAMember2020-01-012020-09-300000946155tiaareal:VistaStationOfficePortfolioMembertiaareal:LoanAMember2020-09-300000946155tiaareal:VistaStationOfficePortfolioMembertiaareal:LoanAMember2019-12-310000946155tiaareal:SevenEightyThirdAvenueMembertiaareal:LoanAMember2020-01-012020-09-300000946155tiaareal:SevenEightyThirdAvenueMembertiaareal:LoanAMember2020-09-300000946155tiaareal:SevenEightyThirdAvenueMembertiaareal:LoanAMember2019-12-310000946155tiaareal:LoanBMembertiaareal:SevenEightyThirdAvenueMember2020-09-300000946155tiaareal:LoanBMembertiaareal:SevenEightyThirdAvenueMember2020-01-012020-09-300000946155tiaareal:LoanBMembertiaareal:SevenEightyThirdAvenueMember2019-12-310000946155tiaareal:LoanBMembertiaareal:VistaStationOfficePortfolioMember2020-01-012020-09-300000946155tiaareal:LoanBMembertiaareal:VistaStationOfficePortfolioMember2020-09-300000946155tiaareal:LoanBMembertiaareal:VistaStationOfficePortfolioMember2019-12-310000946155tiaareal:A701BrickellAvenueMember2020-09-300000946155tiaareal:A701BrickellAvenueMember2020-01-012020-09-300000946155tiaareal:A701BrickellAvenueMember2019-12-310000946155tiaareal:MarketplaceAtMillCreekMember2020-09-300000946155tiaareal:MarketplaceAtMillCreekMember2020-01-012020-09-300000946155tiaareal:MarketplaceAtMillCreekMember2019-12-310000946155tiaareal:OverlookAtKingOfPrussiaMember2020-09-300000946155tiaareal:OverlookAtKingOfPrussiaMember2020-01-012020-09-300000946155tiaareal:OverlookAtKingOfPrussiaMember2019-12-310000946155tiaareal:WinslowBayMember2020-01-012020-09-300000946155tiaareal:WinslowBayMember2020-09-300000946155tiaareal:WinslowBayMember2019-12-310000946155tiaareal:KStreet1900Member2020-01-012020-09-300000946155tiaareal:KStreet1900Member2020-09-300000946155tiaareal:KStreet1900Member2019-12-310000946155tiaareal:HighStreet99Member2020-09-300000946155tiaareal:HighStreet99Member2020-01-012020-09-300000946155tiaareal:HighStreet99Member2019-12-31tiaareal:agreement0000946155us-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMember2020-09-300000946155tiaareal:LineOfCreditTwoMembertiaareal:UnsecuredRevolvingCreditFacilityMember2018-09-200000946155tiaareal:UnsecuredRevolvingCreditFacilityMembertiaareal:LineOfCreditOneMember2018-09-200000946155us-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMembertiaareal:EurodollarLoanMember2018-09-200000946155tiaareal:AlternateBaseRateLoanMemberus-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMember2018-09-200000946155us-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMembertiaareal:EurodollarLoanMember2018-09-202018-09-200000946155tiaareal:AlternateBaseRateLoanMemberus-gaap:FederalFundsEffectiveSwapRateMemberus-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMember2018-09-202018-09-200000946155us-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:AlternateBaseRateLoanMemberus-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMember2018-09-202018-09-200000946155us-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMember2020-07-012020-09-300000946155us-gaap:LineOfCreditMembertiaareal:UnsecuredRevolvingCreditFacilityMember2020-01-012020-09-300000946155tiaareal:UnsecuredRevolvingCreditFacilityMembertiaareal:LineOfCreditOneMember2020-09-300000946155tiaareal:LineOfCreditTwoMembertiaareal:UnsecuredRevolvingCreditFacilityMember2020-09-300000946155us-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MinimumMembertiaareal:EurodollarLoanMembertiaareal:LineOfCreditOneMember2020-01-012020-09-300000946155us-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MaximumMembertiaareal:EurodollarLoanMembertiaareal:LineOfCreditOneMember2020-01-012020-09-300000946155tiaareal:LineOfCreditTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MinimumMembertiaareal:EurodollarLoanMember2020-01-012020-09-300000946155tiaareal:LineOfCreditTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MaximumMembertiaareal:EurodollarLoanMember2020-01-012020-09-300000946155us-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:AlternateBaseRateLoanMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MinimumMembertiaareal:LineOfCreditOneMember2020-01-012020-09-300000946155us-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:AlternateBaseRateLoanMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MaximumMembertiaareal:LineOfCreditOneMember2020-01-012020-09-300000946155tiaareal:LineOfCreditTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:AlternateBaseRateLoanMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MinimumMember2020-01-012020-09-300000946155tiaareal:LineOfCreditTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMembertiaareal:AlternateBaseRateLoanMembertiaareal:UnsecuredRevolvingCreditFacilityMembersrt:MaximumMember2020-01-012020-09-300000946155tiaareal:UnsecuredRevolvingCreditFacilityMembertiaareal:LineOfCreditOneMember2020-01-012020-09-300000946155tiaareal:LineOfCreditTwoMembertiaareal:UnsecuredRevolvingCreditFacilityMember2020-01-012020-09-30tiaareal:term00009461552017-12-3100009461552018-01-012018-12-3100009461552017-01-012017-12-3100009461552016-12-310000946155us-gaap:RealEstateFundsMembertiaareal:TaconicNewYorkCityGPFundMember2020-01-012020-09-300000946155us-gaap:RealEstateFundsMembertiaareal:TaconicNewYorkCityGPFundMember2019-01-012019-12-310000946155tiaareal:LCSSHIPVentureILLCMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:LCSSHIPVentureILLCMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155tiaareal:TownsendStrategicVenturesLPMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:TownsendStrategicVenturesLPMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155tiaareal:SilverpeakNREFundCoLLCMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:SilverpeakNREFundCoLLCMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155us-gaap:RealEstateFundsMembertiaareal:TREAFlaglerVentureLLCMember2020-01-012020-09-300000946155us-gaap:RealEstateFundsMembertiaareal:TREAFlaglerVentureLLCMember2019-01-012019-12-310000946155us-gaap:RealEstateFundsMembertiaareal:GrubbSoutheastRealEstateFundVILLCMember2020-01-012020-09-300000946155us-gaap:RealEstateFundsMembertiaareal:GrubbSoutheastRealEstateFundVILLCMember2019-01-012019-12-310000946155tiaareal:ColonyZeusPartnersLPMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:ColonyZeusPartnersLPMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155tiaareal:VeritasTrophyVILLCMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:VeritasTrophyVILLCMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155tiaareal:SPVIILLCMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:SPVIILLCMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155tiaareal:JCRCapitalREAPreferredEquityParallelFundMemberus-gaap:RealEstateFundsMember2020-01-012020-09-300000946155tiaareal:JCRCapitalREAPreferredEquityParallelFundMemberus-gaap:RealEstateFundsMember2019-01-012019-12-310000946155us-gaap:RealEstateFundsMember2020-01-012020-09-300000946155us-gaap:RealEstateFundsMember2019-01-012019-12-310000946155tiaareal:SCGOaklandPortfolioMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:SCGOaklandPortfolioMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:BREPVIIIIndustrialMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:BREPVIIIIndustrialMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:ThreeHundredElevenSouthWackerMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:ThreeHundredElevenSouthWackerMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:RosemontTowsonMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:RosemontTowsonMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155us-gaap:LoansReceivableMembertiaareal:LibertyParkMezzanineMember2020-01-012020-09-300000946155us-gaap:LoansReceivableMembertiaareal:LibertyParkMezzanineMember2019-01-012019-12-310000946155us-gaap:LoansReceivableMembertiaareal:SanDiegoOfficePortfolioSeniorLoanMember2020-01-012020-09-300000946155us-gaap:LoansReceivableMembertiaareal:SanDiegoOfficePortfolioSeniorLoanMember2019-01-012019-12-310000946155us-gaap:LoansReceivableMembertiaareal:SanDiegoOfficePortfolioMezzanineMember2020-01-012020-09-300000946155us-gaap:LoansReceivableMembertiaareal:SanDiegoOfficePortfolioMezzanineMember2019-01-012019-12-310000946155tiaareal:MRAHub34HoldingLLCMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:MRAHub34HoldingLLCMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:OneThousandThreeHundredThirtyBroadwayMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:OneThousandThreeHundredThirtyBroadwayMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:ColonyNewEnglandHotelPortfolioSeniorLoanMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:ColonyNewEnglandHotelPortfolioSeniorLoanMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:ColonyNewEnglandHotelPortfolioMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:ColonyNewEnglandHotelPortfolioMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:ExoApartmentsSeniorLoanMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:ExoApartmentsSeniorLoanMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155us-gaap:LoansReceivableMembertiaareal:ExoApartmentsMezzanineMember2020-01-012020-09-300000946155us-gaap:LoansReceivableMembertiaareal:ExoApartmentsMezzanineMember2019-01-012019-12-310000946155tiaareal:FiveOakMezzanineMemberus-gaap:LoansReceivableMember2020-01-012020-09-300000946155tiaareal:FiveOakMezzanineMemberus-gaap:LoansReceivableMember2019-01-012019-12-310000946155us-gaap:LoansReceivableMember2020-01-012020-09-300000946155us-gaap:LoansReceivableMember2019-01-012019-12-310000946155tiaareal:VeritasTrophyVILLCMemberus-gaap:RealEstateFundsMember2019-08-012019-08-310000946155us-gaap:SubsequentEventMembertiaareal:ColonyIndustrialPortfolioMember2020-10-050000946155us-gaap:SubsequentEventMembertiaareal:ColonyIndustrialPortfolioMember2020-10-052020-10-050000946155us-gaap:SubsequentEventMember2020-10-022020-10-020000946155us-gaap:SubsequentEventMember2020-10-052020-10-050000946155us-gaap:SubsequentEventMembertiaareal:UnsecuredRevolvingCreditFacilityMembertiaareal:LineOfCreditOneMember2020-10-062020-10-060000946155us-gaap:SubsequentEventMember2020-10-082020-10-080000946155us-gaap:SubsequentEventMember2020-11-092020-11-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020.

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to __________

Commission file number: 33-92990; 333-237134

TIAA REAL ESTATE ACCOUNT

(Exact name of registrant as specified in its charter)

NEW YORK

(State or other jurisdiction

of incorporation or organization)

NOT APPLICABLE

(I.R.S. Employer Identification No.)

C/O TEACHERS INSURANCE AND

ANNUITY ASSOCIATION OF AMERICA

730 THIRD AVENUE

NEW YORK, NEW YORK 10017-3206

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (212) 490-9000

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES ý  NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES ý  NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o						Accelerated filer o
Non-accelerated filer ý (Do not check if a smaller reporting company)						Smaller Reporting Company o
						Emerging Growth Company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES o  NO ý

---

TABLE OF CONTENTS

									Page
Part I			Financial Information
			Item 1.			Unaudited Consolidated Financial Statements
						Consolidated Statements of Assets and Liabilities			3
						Consolidated Statements of Operations			3
						Consolidated Statements of Changes in Net Assets			4
						Consolidated Statements of Cash Flows			5
						Notes to the Consolidated Financial Statements			6
						Consolidated Schedules of Investments			31
			Item 2.			Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations			47
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			70
			Item 4.			Controls and Procedures			71
Part II			Other Information
			Item 1.			Legal Proceedings			73
			Item 1A.			Risk Factors			73
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			73
			Item 3.			Defaults Upon Senior Securities			73
			Item 4.			Mine Safety Disclosures			73
			Item 5.			Other Information			73
			Item 6.			Exhibits			74
Signatures									76

---

PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In millions, except per accumulation unit amounts)

			September 30,									December 31,
			2020									2019
			(Unaudited)
ASSETS
Investments, at fair value:
Real estate properties (cost: $14,201.5 and $13,048.5)			$	16,715.0								$	15,835.0
Real estate joint ventures and funds        (cost: $5,163.8 and $6,244.4)			6,348.0									7,516.0
Marketable securities:
Real estate-related (cost: $634.7 and $686.0)			662.2			(1)						825.7			(1)
Other (cost: $690.0 and $4,144.7)			689.9									4,150.2
Loans receivable (principal: $1,533.0 and $1,504.5)			1,500.2									1,503.1
Loans receivable with related parties (principal: $69.3 and $69.3)			69.4									69.0
Total investments (cost: $22,292.3 and $25,697.4)			$	25,984.7								$	29,899.0
Cash and cash equivalents			8.0									15.1
Due from investment manager			—									5.5
Other			329.8			(2)						290.3			(2)
TOTAL ASSETS			$	26,322.5								$	30,209.9
LIABILITIES
Loans payable, at fair value (principal outstanding: $2,462.6 and $2,338.0)			2,495.7									2,365.0
Line of credit, at fair value			91.0									250.0
Due to investment manager			1.8									—
Accrued real estate property expenses			265.2									225.9
Payable for collateral for securities loaned			2.1									25.7
Other			38.4									35.4
TOTAL LIABILITIES			$	2,894.2								$	2,902.0
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund			22,911.0									26,759.1
Annuity Fund			517.3									548.8
TOTAL NET ASSETS			$	23,428.3								$	27,307.9
NUMBER OF ACCUMULATION UNITS OUTSTANDING			52.8									60.8
NET ASSET VALUE, PER ACCUMULATION UNIT			$	434.164								$	440.422

(1) Includes securities loaned of $2.0 million at September 30, 2020 and $25.2 million at December 31, 2019.

(2) Includes cash collateral for securities loaned of $2.1 million at September 30, 2020 and $25.7 million at December 31, 2019.

See notes to the consolidated financial statements

3

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions)

(Unaudited)

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
INVESTMENT INCOME
Real estate income, net:
Rental income			$	295.0					$	282.6					$	906.0					$	823.6
Real estate property level expenses and taxes:
Operating expenses			66.5						64.5						196.6						181.8
Real estate taxes			53.3						46.9						157.3						138.9
Interest expense			24.1						27.1						74.0						80.1
Total real estate property level expenses and taxes			143.9						138.5						427.9						400.8
Real estate income, net			151.1						144.1						478.1						422.8
Income from real estate joint ventures and funds			33.1						61.4						110.5						170.9
Interest			20.7						43.5						85.0						129.7
Dividends			6.0						5.9						17.1						17.5
TOTAL INVESTMENT INCOME			210.9						254.9						690.7						740.9
Expenses:
Investment management charges			16.4						17.3						46.6						53.6
Administrative charges			10.9						12.1						34.2						37.6
Distribution charges			5.8						7.5						18.1						24.1
Mortality and expense risk charges			0.3						0.3						0.9						1.0
Liquidity guarantee charges			14.3						15.3						45.4						41.4
TOTAL EXPENSES			47.7						52.5						145.2						157.7
INVESTMENT INCOME, NET			163.2						202.4						545.5						583.2
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND LOANS PAYABLE
Net realized gain (loss) on investments:
Real estate properties			(3.0)						300.0						(61.0)						300.0
Real estate joint ventures and funds			—						—						(460.5)						(43.7)
Marketable securities			19.7						27.5						41.0						280.6
Loans receivable			—						—						(1.6)						—
Net realized gain (loss) on investments			16.7						327.5						(482.1)						536.9
Net change in unrealized appreciation (depreciation) on:
Real estate properties			(89.1)						(83.2)						(273.0)						161.0
Real estate joint ventures and funds			(56.7)						(138.0)						2.6						(94.3)
Marketable securities			1.5						37.3						(120.5)						19.8
Loans receivable			(9.2)						(1.0)						(31.4)						(3.8)
Loans receivable with related parties			0.4						(0.4)						0.4						(0.4)
Loans payable			(42.4)						(32.1)						(6.1)						(98.4)
Net change in unrealized depreciation on investments and loans payable			(195.5)						(217.4)						(428.0)						(16.1)
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND LOANS PAYABLE			(178.8)						110.1						(910.1)						520.8
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$	(15.6)					$	312.5					$	(364.6)					$	1,104.0

See notes to the consolidated financial statements

3

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(In millions)

(Unaudited)

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
FROM OPERATIONS
Investment income, net			$	163.2					$	202.4					$	545.5					$	583.2
Net realized gain (loss) on investments			16.7						327.5						(482.1)						536.9
Net change in unrealized depreciation on investments and loans payable			(195.5)						(217.4)						(428.0)						(16.1)
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS			(15.6)						312.5						(364.6)						1,104.0
FROM PARTICIPANT TRANSACTIONS
Premiums			401.1						641.6						1,533.0						1,990.1
Annuity payments			(11.8)						(11.6)						(35.9)						(35.0)
Withdrawals and death benefits			(1,158.2)						(638.4)						(5,012.1)						(1,865.0)
NET CHANGE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS			(768.9)						(8.4)						(3,515.0)						90.1
NET CHANGE IN NET ASSETS			(784.5)						304.1						(3,879.6)						1,194.1
NET ASSETS
Beginning of period			24,212.8						26,732.6						27,307.9						25,842.6
End of period			$	23,428.3					$	27,036.7					$	23,428.3					$	27,036.7

See notes to the consolidated financial statements

4

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, Unaudited)

			For the Nine Months Ended September 30,
			2020						2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net (decrease) increase in net assets resulting from operations			$	(364.6)					$	1,104.0
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by operating activities:
Net realized loss (gain) on investments			482.1						(536.9)
Net change in unrealized depreciation on investments and loans payable			428.0						16.1
Purchase of real estate properties			(1,092.7)						(491.8)
Capital improvements on real estate properties			(179.7)						(219.4)
Proceeds from sale of real estate properties			350.3						813.0
Purchases of long term investments			(852.0)						(1,047.2)
Proceeds from long term investments			1,658.2						1,145.2
Purchases and originations of loans receivable			(114.8)						(356.9)
Purchases and originations of loans receivable with related parties			—						(69.3)
Proceeds from sales of loans receivable			63.0						—
Proceeds from payoffs of loans receivable			20.0						27.1
Decrease (Increase) in other investments			3,447.9						(133.0)
Change in due to (from) investment manager			7.3						(1.7)
Increase in other assets			(43.2)						(14.9)
Decrease (Increase) in other liabilities			18.3						(70.4)
NET CASH PROVIDED BY OPERATING ACTIVITIES			3,828.1						163.9
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit			540.0						—
Payments on line of credit			(699.0)						—
Mortgage loan proceeds received			—						47.5
Payments of mortgage loans			(165.0)						(290.0)
Premiums			1,533.0						1,990.1
Annuity payments			(35.9)						(35.0)
Withdrawals and death benefits			(5,012.1)						(1,865.0)
NET CASH USED IN FINANCING ACTIVITIES			(3,839.0)						(152.4)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(10.9)						11.5
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash			40.4						47.3
Net (decrease) increase in cash, cash equivalents and restricted cash			(10.9)						11.5
End of period cash, cash equivalents and restricted cash			$	29.5					$	58.8
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest			$	74.0					$	82.2
Mortgage loan assumed as part of real estate acquisition			$	289.6					$	110.0
Loan receivable converted to equity in real estate investment			$	(1.7)					$	—
Loan assignment as part of a real estate disposition			$	—					$	(285.4)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in millions):

			As of September 30,
			2020						2019
Cash and cash equivalents			$	8.0					$	13.6
Restricted cash(1)			21.5						45.2
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH			$	29.5					$	58.8

(1) Restricted cash is included within other assets in the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements

5

---

TIAA REAL ESTATE ACCOUNT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1—Organization and Significant Accounting Policies

Business: The TIAA Real Estate Account (“Account”) is an insurance separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and was established by resolution of TIAA’s Board of Trustees (the “Board”) on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance.

The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures and funds, as well as investments in loans receivable with real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions).

The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material.

The Consolidated Financial Statements of the Account as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. As a result, these Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Account’s annual report on Form 10-K for the year ended December 31, 2019.

The following is a summary of the significant accounting policies of the Account.

Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the sole benefit of the Account. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated.

The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions.

Determination of Investments at Fair Value: The Account reports all investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946—Financial Services—Investment Companies ("ASC 946"). Further in accordance with the adoption of the fair value option allowed under ASC 825—Financial Instruments, and at the election of Account management, loans payable and a line of credit are reported at fair value. The FASB has defined fair value as the price that would be received to sell

6

---

an asset or paid to transfer a liability in an orderly transaction between market participants excluding transaction costs.

The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and investment related loans payable.

Valuation of Real Estate Properties—Investments in real estate properties are stated at fair value, as determined in accordance with policies and procedures reviewed by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Accordingly, the Account does not record depreciation. Determination of fair value involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction.

The Account’s primary objective when valuing its real estate investments is to produce a valuation that represents a reasonable estimate of the fair value of its investments. Implicit in the Account’s definition of fair value are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

•Buyer and seller are similarly motivated;

•Both parties are well informed or well advised, and acting in what they consider their best interests;

•A reasonable time is allowed for exposure in the open market;

•Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and

•The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include rental income and expense amounts, related rental income and expense growth rates, capital expenditures, discount rates and capitalization rates. Valuation techniques include discounted cash flow analysis, prevailing market capitalization rates or multiples applied to earnings from the property, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Amounts ultimately realized from each investment may vary significantly from the fair value presented.

Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Independent Fiduciary, RERC, LLC (the "Independent Fiduciary"), at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs).

Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s Independent Fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period.

Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Independent Fiduciary (the Independent Fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the Independent

7

---

Fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal).

The Independent Fiduciary was initially appointed in March 2006 by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the entire appraisal process. In March 2018, RERC, LLC, was re-appointed as the Account's Independent Fiduciary for a term expiring in February 2021. The Independent Fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation.

Also, the Independent Fiduciary may require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified previously) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The Independent Fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Loans Payable). The Independent Fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and mortgage loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal.

Valuation of Real Estate Joint Ventures—Real estate joint ventures are stated at the fair value of the Account’s ownership interests of the underlying entities. The Account’s ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate and loans payable held by joint ventures is determined in the same manner described above in Valuation of Real Estate Properties. The Independent Fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account. Upon the disposition of all real estate investments by an investee entity, the Account will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, which occurs prior to the dissolution of the investee entity.

Valuation of Real Estate Funds—Real estate fund interests are stated at the fair value of the Account’s ownership in

the real estate fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from limited partners on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and determines whether the net asset values provided are an appropriate representation of the fair value of the Account's interests in the real estate funds and makes valuation adjustments as necessary. Valuation of real estate funds proceeds under the direction of the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole.

Valuation of Marketable Securities—Equity securities listed or traded on any national market or exchange are valued at the last sale price as of the close of the principal securities market or exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such market or exchange, exclusive of transaction costs.

Valuation of Debt Securities—Debt securities with readily available market quotations, other than money market instruments, are generally valued at the most recent bid price or the equivalent quoted yield for such securities (or

8

---

those of comparable maturity, quality and type). Debt securities for which market quotations are not readily available, are valued at fair value as determined by management and the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole.

Short-term investments are valued in the same manner as debt securities, as described above.

Money market instruments are valued at amortized cost, which approximates fair value.

Valuation of Loans Receivable (i.e., the Account as a creditor)—Loans receivable are stated at fair value and are initially valued at the face amount of the loan funding. Subsequently, loans receivable are valued at least quarterly by TIAA’s internal valuation department based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan- to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The Independent Fiduciary reviews and approves all loan receivable valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each loan receivable to calculate the Account’s daily net asset value until the next valuation review.

Valuation of Loans Payable (i.e., the Account as a debtor)—Mortgage or other loans payable, including the Account's line of credit, are stated at fair value. The estimated fair value of loans payable is generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs. Fair values are estimated based on market factors, such as market interest rates and spreads on comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the maturity date of the loan, the return demands of the market, and the credit quality of the Account. Different assumptions or changes in future market conditions could significantly affect estimated fair values. At times, the Account may assume debt in connection with the purchase of real estate (including under the Account's line of credit or additional credit facilities). The Independent Fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account.

See Note 5—Assets and Liabilities Measured at Fair Value on a Recurring Basis for further discussion and disclosure regarding the determination of the fair value of the Account’s investments.

Accumulation and Annuity Funds: The accumulation fund represents the net assets attributable to participants in the accumulation phase of their investment (“Accumulation Fund”). The annuity fund represents the net assets attributable to the participants currently receiving annuity payments (“Annuity Fund”). The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. In addition, the contracts pursuant to which the Account is offered are required to stipulate the maximum expense charge for all Account level expenses that can be assessed, which is not to exceed 2.5% of average net assets per year. The Account pays a fee to TIAA to assume mortality and expense risks.

Accounting for Investments: The investments held by the Account are accounted for as follows:

Real Estate Properties—Rent from real estate properties consists of all amounts earned under tenant leases, including base rent, recoveries of real estate taxes and other expenses and charges for miscellaneous services provided to tenants. Rental income is recognized in accordance with the billing terms of the lease agreements. The Account bears the direct expenses of the real estate properties owned. These expenses include, but are not limited to, fees to local property management companies, property taxes, utilities, maintenance, repairs, insurance, and other operating and administrative costs. An estimate of the net operating income earned from each real estate property is accrued by the Account on a daily basis and such estimates are adjusted when actual operating results are determined.

Real Estate Joint Ventures—The Account has ownership interests in various real estate joint ventures (collectively, the “joint ventures”). The Account records its contributions as increases to its investments in the joint ventures, and distributions from the joint ventures are treated as income within income from real estate joint ventures and funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are

9

---

recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Income distributions from the joint ventures are recorded based on the Account’s proportional interest of the income distributed by the joint ventures. Income and losses incurred but not yet distributed or realized from the Account by the joint ventures are recorded as unrealized gains and losses.

Real Estate Funds—The Account has ownership interests in various private real estate funds. The Account records its contributions as increases to the investments, and distributions from the investments are treated as income within income from real estate joint ventures and funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Unrealized gains and losses are recorded based upon the changes in the net asset values of the real estate funds as determined from the financial statements of the real estate funds when received by the Account. Prior to the receipt of the financial statements from the real estate funds, the Account estimates the value of its interest using information provided by the fund managers. Changes in value based on such estimates are recorded by the Account as unrealized gains and losses.

Marketable Securities—Transactions in marketable securities are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date within dividend income. Dividends that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas dividends identified as capital gains or losses are recorded as realized gains or losses. Realized gains and losses on securities transactions are accounted for on the specific identification method.

Loans Receivable—The Account may originate, purchase or sell loans collateralized by real estate. The cost basis of originated loans is comprised of the principal balance and direct costs incurred that represent a component of the loan’s reported fair value. The cost basis of purchased loans consists of the purchase price of the loan and additional direct costs incurred that represent a component of the loan’s reported fair value. Additional costs incurred by the Account to originate or purchase loans that do not represent a component of a loan’s fair value are recorded as expenses in the period incurred. Nonrefundable origination fees paid by borrowers are recognized as interest income once all activities required to execute the loan are completed. Prepayment fees received from the payoff of loans in advance of their maturity date are recognized as interest income on the date the payoff occurs. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans.

Interest income accruals are suspended when a loan becomes a non-performing loan, defined as a loan more than ninety days in arrears or at any point when management believes the full collection of principal is doubtful. Interest income on non-performing loans is recognized only as cash payments are received. Loans can be rehabilitated to accrual status once all past due interest has been collected and management believes the full collection of principal is likely.

Realized and Unrealized Gains and Losses—Realized gains and losses are recorded at the time an investment is sold or a distribution is received in relation to an investment sale from a real estate joint venture or fund. Real estate and loan receivable transactions are accounted for as of the date on which the purchase or sale transactions close (settlement date). The Account recognizes a realized gain on the sale of an investment to the extent that the contract sales price exceeds the cost-to-date of the investment being sold. A realized loss occurs when the cost-to-date exceeds the sales price. Realized gains and losses from partial sales of non-financial assets are recognized in accordance with ASC 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets. Realized gains and losses from the sale of financial assets are recognized in accordance with ASC 860 - Transfers and Servicing. Unrealized gains and losses are recorded as the fair values of the Account’s investments are adjusted, and as discussed within the Real Estate Joint Ventures, Real Estate Funds and Loans Receivable sections above.

Unrealized gains and losses are recorded as the fair values of the Account’s investments are adjusted, and as discussed within the Real Estate Joint Ventures and Real Estate Funds sections above.

Net Assets—The Account’s net assets as of the close of each valuation day are valued by taking the sum of:

•the value of the Account’s cash, cash equivalents, and short-term and other debt instruments;

10

---

•the value of the Account’s other securities and other non-real estate assets;

•the value of the individual real properties (based on the most recent valuation of that property) and other real estate-related investments owned by the Account;

•an estimate of the net operating income accrued by the Account from its properties, other real estate-related investments and non-real estate-related investments (including short-term marketable securities) since the end of the prior valuation day; and

•actual net operating income earned from the Account’s properties, other real estate-related investments and non-real estate-related investments (but only to the extent any such item of income differs from the estimated income accrued for on such investments),

and then reducing the sum by liabilities held within the Account, including the daily investment management fee, administration and distribution fees, mortality and expense fee, liquidity guarantee fee, and certain other expenses attributable to operating the Account. Daily estimates of net operating income are adjusted to reflect actual net operating income on a monthly basis, at which time such adjustments (if any) are reflected in the Account’s unit value.

After the end of every quarter, the Account reconciles the amount of expenses deducted from the Account (which is established in order to approximate the costs that the Account will incur) with the expenses the Account actually incurred. If there is a difference, the Account adds it to or deducts it from the Account in equal daily installments over the remaining days of the following quarter. Material differences may be repaid in the current calendar quarter. The Account’s at cost deductions are based on projections of Account assets and overall expenses, and the size of any adjusting payments will be directly affected by the difference between management’s projections and the Account’s actual assets or expenses.

Variable Interest Entities: Variable interests are financial relationships which expose a reporting entity to the risks and rewards of variability in the entity's assets and operations. When variable interests exist, they are subject to evaluation under the variable interest entity ("VIE") model if any one of the following four characteristics are present: (a) the entity is insufficiently capitalized; (b) the equity holders do not have power to control the activities that most significantly impact the entity's financial performance; (c) the voting rights of the equity holders are not proportionate to their economic interests; or (d) the equity holders are not exposed to the residual losses or benefits that would normally be associated with equity interests.

ASC 810 - Consolidation prohibits a reporting entity that qualifies as an investment company under ASC 946 from consolidating an investee that is not an investment company. This scope exception does not apply to situations in which an investment company has an interest in another investment company. Accordingly, the Account's investments in other investment companies (e.g., real estate funds) are subject to evaluation under the VIE model.

The Account consolidates a VIE if it concludes that the Account is the primary beneficiary of the VIE. The primary beneficiary has both: (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The following activities have been identified by the Account as having the most significant impact on a VIE's economic performance:

•control over the ability to acquire and dispose of investments held by the entity;

•the ability to kick out a managing entity without cause, either unilaterally or with a group of equity investors;

•the ability to modify the power of the managing entity without its consent; and

•control over the day-to-day decision making of the underlying investments

An equity investor in a VIE may not actively be involved in the significant activities (i.e., it may cede day-to-day decision making to a third party), but if the equity investor has approval rights or some other mechanism to retain ultimate control, the equity investor with these rights would be concluded as having power over the activity. On a quarterly basis, the Account evaluates all involvements with VIEs, including any changes to governing powers of continuing VIEs. The consolidation status of VIEs may change as a result of such continued evaluation. At the

11

---

reporting date, the Account was not deemed to be the primary beneficiary of any VIEs. Refer to Note 7—Investments in Real Estate Funds for additional detail.

Cash and Cash Equivalents: Cash and cash equivalents are balances held by the Account in bank deposit accounts which, at times, exceed federally insured limits. The Account’s management monitors these balances to mitigate the exposure of risk due to concentration and has not experienced any losses from such concentration.

Other Assets and Other Liabilities: Other assets and other liabilities consist of operating assets and liabilities utilized and held at each individual real estate property investment. Other assets consist of, amongst other items, cash, tenant receivables and prepaid expenses; whereas other liabilities primarily consist of security deposits. Other assets also include cash collateral held for securities on loan.

Federal Income Taxes: Based on provisions of Section 817 of the Internal Revenue Code of 1986, as amended, the Account is taxed as a segregated asset account of TIAA and as such, the Account incurs no material federal income tax attributable to the net investment activity of the Account. The Account’s federal income tax return is generally subject to examination for a period of three years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account’s Consolidated Financial Statements.

Restricted Cash: The Account held restricted cash in escrow accounts for security deposits, as required by certain states, as well as for property taxes, insurance, and various other property related matters as required by certain creditors related to outstanding loans payable collateralized by certain real estate investments. These amounts are recorded within other assets on the Consolidated Statements of Assets and Liabilities. See Note 9—Loans Payable for additional information regarding the Account’s outstanding loans payable.

Changes in Net Assets: Premiums include premiums paid by existing accumulation unit holders in the Account and transfers into the Account. Withdrawals and death benefits include withdrawals out of the Account which include transfers out of the Account and required minimum distributions.

Due to/from Investment Manager: Due to/from investment manager represents amounts that are to be paid or received by TIAA on behalf of the Account. Amounts generally are paid or received by the Account within one or two business days and no interest is contractually charged on these amounts.

Securities Lending: The Account may lend securities to qualified borrowers to earn additional income. The Account receives cash collateral against the loaned securities and maintains cash collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account is invested exclusively in an interest-bearing deposit account. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Consolidated Statements of Assets and Liabilities. When loaning securities, the Account retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the securities. All income generated by the securities lending program is reflected within interest income on the Consolidated Statements of Operations.

Securities lending transactions are for real estate-related equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of interest earned on cash collateral and lending fees, net of any rebates to the borrower and compensation to the agent. Such income is reflected within interest income on the Consolidated Statements of Operations.  In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk that the agent may default on its contractual obligations to the Account. The agent bears the risk that the borrower may default on its obligation to return the loaned securities as the agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

Accounting Pronouncement: In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging

12

---

relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Management does not expect the guidance to materially impact the Account.

Note 2—Related Party Transactions

Investment management, administrative and distribution services are provided to the Account at cost by TIAA. Services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly.

Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management decisions for the Account are subject to review by the Independent Fiduciary. TIAA also provides various portfolio accounting and related services for the Account.

The Account is a party to the Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account (the “Distribution Agreement”), dated January 1, 2008, by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”). Services is a direct wholly-owned subsidiary of TIAA, and is registered with the SEC as a broker-dealer and a registered investment adviser and is a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof.

In addition to providing the services described above, TIAA charges the Account fees to bear certain mortality and expense risks, and risks with providing the liquidity guarantee (described below). These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually.

Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk expenses are contractual charges for TIAA’s assumption of this risk.

TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet participant redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 (96-76) from the U.S. Department of Labor (the “PTE 96-76”). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account’s net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent participant withdrawal activity and the Account’s expected working capital, debt service and cash needs, and subject to the oversight of the Independent Fiduciary. If the Account cannot fund participant withdrawal or redemption requests from the Account’s own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as “liquidity units”). TIAA guarantees that participants can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account’s participants.

13

---

Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in Note 11—Financial Highlights.

The Account has loans receivable outstanding with related parties as of September 30, 2020. The loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies. The following table presents the key terms of the loans as of the reporting date (in millions):

												Related Party						Equity Ownership Interest						Interest Rate						Maturity Date						Fair Value at
Principal																																				September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
36.5						36.5						MRA Hub 34 Holding, LLC						95.00%						2.50% + LIBOR						9/1/2022						$	36.5					$	36.5
32.8						32.8						THP Student Housing, LLC						97.00%						3.20%						9/1/2024						32.9						32.5
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES																																				$	69.4					$	69.0

Note 3—Concentrations of Risk

The outbreak of the novel coronavirus (commonly known as “COVID-19”) and the subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the first quarter of 2020. During the second and third quarters of 2020, the Account received multiple requests for rent and loan payment relief as a result of the COVID-19 pandemic. Requests have generally been comprised of deferrals, with payments postponed for a brief period (i.e., less than six months) and then repaid over the remaining duration of the contract. As of September 30, 2020, the Account has not had material exposure to rent concessions, tenant defaults or loan defaults. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of the COVID-19 pandemic and the extent to which the COVID-19 pandemic impacts the Account’s business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict.

Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry.

As of September 30, 2020, the Account had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Account. Moreover, the Account's tenants have no notable concentration present in any one industry. There are no significant lease expirations scheduled to occur over the next twelve months.

The Account’s wholly-owned real estate investments and investments in joint ventures are located in the United States. The following table represents the diversification of the Account’s portfolio by region and property type as of September 30, 2020 (unaudited):

Diversification by Fair Value(1)
			West						East						South						Midwest						Total
Office			13.4		%				18.8		%				5.5		%				—		%				37.7		%
Apartment			9.9		%				6.6		%				8.0		%				1.1		%				25.6		%
Retail			6.6		%				3.7		%				7.6		%				0.8		%				18.7		%
Industrial			9.5		%				1.7		%				4.8		%				0.5		%				16.5		%
Other(2)			0.5		%				0.4		%				0.6		%				—		%				1.5		%
Total			39.9		%				31.2		%				26.5		%				2.4		%				100.0		%

(1)Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

(2)Represents interests in Storage Portfolio investments, a hotel investment and land.

Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY.

14

---

Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV.

Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX.

Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI.

Note 4—Leases

The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of September 30, 2020 (unaudited) and December 31, 2019 are as follows (millions):

						As of
Years Ended						September 30, 2020						December 31, 2019
2020						$	164.5		(1)			$	550.4
2021						627.3						505.0
2022						555.6						442.1
2023						479.8						381.2
2024						401.1						316.6
Thereafter						1,333.7						1,078.4
Total						$	3,562.0					$	3,273.7

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2020.

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively.

The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (millions):

						As of
						September 30, 2020						December 31, 2019
						(Unaudited)
Assets:
Right-of-use assets, at fair value						$	37.5					$	25.7
Liabilities:
Ground lease liabilities, at fair value						$	37.5					$	25.7

						As of
						September 30, 2020						December 31, 2019
Key Terms:						(Unaudited)
Weighted-average remaining lease term (years)						69.0						84.4
Weighted-average discount rate(1)						7.70		%				6.15		%

(1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.

15

---

For the nine months ended September 30, 2020, operating lease costs related to ground leases were $1.6 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions):

						As of
Years Ended						September 30, 2020						December 31, 2019
						(Unaudited)
2020(1)						$	0.6		(1)			$	1.2
2021						2.3						1.2
2022						2.3						1.2
2023						2.3						1.2
2024						2.3						1.3
Thereafter						416.0						375.9
Total						$	425.8					$	382.0

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2020.

Note 5—Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows:

•Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges.

•Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations.

•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

An investment’s categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See Note 1—Organization and Significant Accounting Policies for further discussion regarding the use of a practical expedient for the valuation of real estate funds.

The Account’s determination of fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon vendor-provided, evaluated prices or internally developed models that primarily use market-based or independently sourced market data, including interest rate yield curves, market spreads, and currency rates. Valuation adjustments will be made to reflect changes in credit quality, a counterparty’s creditworthiness, the Account’s creditworthiness, liquidity, and other observable and unobservable inputs that are applied consistently over time.

The methods described above are considered to produce fair values that represent an estimate by management of what an unaffiliated buyer in the marketplace would pay to purchase the asset or would receive to transfer the liability. Since fair value calculations involve significant professional judgment in the application of both observable and unobservable attributes, actual realizable values or future fair values may differ from amounts reported. Furthermore, while the Account believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments, while reasonable, could result in different estimates of fair value at the reporting date. As discussed in Note 1—Organization and Significant Accounting Policies in more detail, the Account generally obtains independent third party appraisals on a quarterly basis, and there may be circumstances in the interim in which the true realizable value of a property is not reflected in the Account’s daily net asset value calculation or in the Account’s periodic Consolidated Financial Statements. This disparity may be more apparent when the

16

---

commercial and/or residential real estate markets experience an overall and possibly dramatic decline (or increase) in property values in a relatively short period of time between appraisals.

The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 (unaudited) and December 31, 2019, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and fair value using the practical expedient (millions):

Description						Level 1: Quoted Prices in Active Markets for Identical Assets						Level 2: Significant Other Observable Inputs						Level 3: Significant Unobservable Inputs						Fair Value Using Practical Expedient						Total at September 30, 2020
Real estate properties						$	—					$	—					$	16,715.0					$	—					$	16,715.0
Real estate joint ventures						—						—						5,993.8						—						5,993.8
Real estate funds						—						—						—						354.2						354.2
Marketable securities:
Real estate-related						662.2						—						—						—						662.2
United States Treasury securities						—						689.9						—						—						689.9
Loans receivable(1)						—						—						1,569.6						—						1,569.6
Total Investments at September 30, 2020						$	662.2					$	689.9					$	24,278.4					$	354.2					$	25,984.7
Loans payable						$	—					$	—					$	(2,495.7)					$	—					$	(2,495.7)
Line of credit						$	—					$	—					$	(91.0)					$	—					$	(91.0)

Description						Level 1: Quoted Prices in Active Markets for Identical Assets						Level 2: Significant Other Observable Inputs						Level 3: Significant Unobservable Inputs						Fair Value Using Practical Expedient						Total at December 31, 2019
Real estate properties						$	—					$	—					$	15,835.0					$	—					$	15,835.0
Real estate joint ventures						—						—						7,204.2						—						7,204.2
Real estate funds						—						—						—						311.8						311.8
Marketable securities:
Real estate-related						825.7						—						—						—						825.7
Government agency notes						—						259.6						—						—						259.6
United States Treasury securities						—						2,589.1						—						—						2,589.1
Corporate bonds						—						1,268.3						—						—						1,268.3
Municipal bonds						—						33.2						—						—						33.2
Loans receivable(1)						—						—						1,572.1						—						1,572.1
Total Investments at December 31, 2019						$	825.7					$	4,150.2					$	24,611.3					$	311.8					$	29,899.0
Loans payable						$	—					$	—					$	(2,365.0)					$	—					$	(2,365.0)
Line of credit						$	—					$	—					$	(250.0)					$	—					$	(250.0)

(1) Amount shown is reflective of loans receivable and loans receivable with related parties.

17

---

The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2020 and 2019 (millions, unaudited):

						Real Estate Properties						Real Estate Joint Ventures						Loans Receivable(3)						Total Level 3 Investments						Loans Payable						Line of Credit
For the three months ended September 30, 2020
Beginning balance July 1, 2020						$	16,748.6					$	6,024.6					$	1,578.2					$	24,351.4					$	(2,457.0)					$	(291.0)
Total realized and unrealized losses included in changes in net assets						(92.1)						(45.6)						(8.8)						(146.5)						(42.4)						—
Purchases(1)						55.4						15.0						3.5						73.9						—						—
Sales(4)						3.1						—						—						3.1						—						—
Settlements(2)						—						(0.2)						(3.3)						(3.5)						3.7						200.0
Ending balance September 30, 2020						$	16,715.0					$	5,993.8					$	1,569.6					$	24,278.4					$	(2,495.7)					$	(91.0)

						Real Estate Properties						Real Estate Joint Ventures						Loans Receivable(3)						Total Level 3 Investments						Loans Payable						Line of Credit
For the nine months ended September 30, 2020
Beginning balance January 1, 2020						$	15,835.0					$	7,204.2					$	1,572.1					$	24,611.3					$	(2,365.0)					$	(250.0)
Total realized and unrealized losses included in changes in net assets						(334.0)						(422.1)						(32.6)						(788.7)						(6.1)						—
Purchases(1)						1,564.3						57.0						114.8						1,736.1						(289.6)						(540.0)
Sales						(350.3)						—						(64.7)						(415.0)						—						—
Settlements(2)						—						(845.3)						(20.0)						(865.3)						165.0						699.0
Ending balance September 30, 2020						$	16,715.0					$	5,993.8					$	1,569.6					$	24,278.4					$	(2,495.7)					$	(91.0)

						Real Estate Properties						Real Estate Joint Ventures						Loans Receivable(3)						Total Level 3 Investments						Loans Payable						Line of Credit
For the three months ended September 30, 2019
Beginning balance July 1, 2019						$	16,471.9					$	6,720.3					$	1,105.1					$	24,297.3					$	(2,774.7)					$	—
Total realized and unrealized gains (losses) included in changes in net assets						216.8						(131.5)						(1.4)						83.9						(32.1)						—
Purchases(1)						126.3						366.9						207.2						700.4						(47.5)						—
Sales						(1,095.3)						—						—						(1,095.3)						—						—
Settlements(2)						—						(0.5)						(3.0)						(3.5)						565.8						—
Ending balance September 30, 2019						$	15,719.7					$	6,955.2					$	1,307.9					$	23,982.8					$	(2,288.5)					$	—

18

---

						Real Estate Properties						Real Estate Joint Ventures						Loans Receivable(3)						Total Level 3 Investments						Loans Payable						Line of Credit
For the nine months ended September 30, 2019
Beginning balance January 1, 2019						$	15,531.1					$	6,356.6					$	913.0					$	22,800.7					$	(2,608.0)					$	—
Total realized and unrealized gains (losses) included in changes in net assets						461.0						(145.1)						(4.2)						311.7						(98.4)						—
Purchases(1)						826.0						750.8						426.2						2,003.0						(157.5)						—
Sales						(1,098.4)						—						—						(1,098.4)						—						—
Settlements(2)						—						(7.1)						(27.1)						(34.2)						575.4						—
Ending balance September 30, 2019						$	15,719.7					$	6,955.2					$	1,307.9					$	23,982.8					$	(2,288.5)					$	—

(1)Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of loans payable.

(2)Includes operating income for real estate joint ventures net of distributions, principal payments and payoffs of loans receivable, and principal payments and extinguishment of loans payable.

(3)Amount shown is reflective of loans receivable and loans receivable with related parties.

(4)Amount shown is inclusive of post closing realized losses.

19

---

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of September 30, 2020 (unaudited).

Type

Asset Class

Valuation Technique(s)

Unobservable Inputs(1)

Range (Weighted Average)

Real Estate Properties and Joint Ventures

Office

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.8% - 9.0% (6.7%) 4.0% - 8.3% (5.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0% - 8.0% (5.0%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.2% - 9.0% (6.6%) 4.3% - 7.3% (5.4%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.8% - 7.0% (4.8%)

Apartment

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.3% - 7.8% (6.4%) 4.3% - 6.8% (5.1%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.8% - 6.0% (4.6%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.3% - 11.8% (6.8%) 5.0% - 9.4% (5.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0% - 11.5% (5.1%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

10.3% (10.3%) 7.8% (7.8%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.5% (7.5%)

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

34.5% - 55.4% (45.1%) 2.4% - 3.4% (3.0%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

34.5% - 55.4% (45.1%) 1.2 - 1.4 (1.3)

Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

31.4% - 59.2% (52.9%) 3.5% - 4.3% (3.6%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

31.4% - 59.2% (52.9%) 1.2 - 1.5 (1.4)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

29.8% - 68.7% (47.9%) 2.6% - 3.4% (3.0%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

29.8% - 68.7% (47.9%) 1.2 - 1.6 (1.4)

Retail

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

42.0% - 65.1% (46.5%) 2.8% - 3.9% (3.1%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

42.0% - 65.1% (46.5%) 1.3- 1.6 (1.3)

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

49.5% - 91.8% (74.6%) 3.5% - 9.5% (6.4%)

Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

31.2% - 90.2% (61.8%) 4.3% - 12.4% (8.1%)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

47.5% - 74.7% (63.5%) 3.2% - 7.0% (4.9%)

Retail & Hospitality

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

52.8% - 93.0% (84.7%) 5.3% - 9.3% (6.0%)

20

---

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of September 30, 2019 (unaudited).

Type

Asset Class

Valuation Technique(s)

Unobservable Inputs(1)

Range (Weighted Average)

Real Estate Properties and Joint Ventures

Office

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.5% - 8.5% (6.6%) 4.0% - 7.5% (5.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.9% - 7.0% (5.0%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.3% - 9.3% (6.7%) 4.3% - 8.3% (5.4%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.9% - 7.8% (4.9%)

Apartment

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.3% - 7.8% (6.5%) 4.3% - 6.8% (5.1%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.8% - 6.0% (4.6%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.0% - 11.7% (6.6%) 4.3% - 9.2% (5.4%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.3% - 11.0% (4.9%)

Loans Payable

Office and Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

31.6% - 59.9% (46.6%) 3.2% - 4.4% (3.6%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

31.6% - 59.9% (46.6%) 1.2 - 1.4 (1.3)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

30.5% - 61.2% (47.3%) 3.2% - 3.6% (3.4%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

30.5% - 61.2% (47.3%) 1.2 - 1.5 (1.3)

Retail

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

32.1% - 63.3% (40.9%) 3.2% - 4.4% (3.6%)

Net Present Value

Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple

32.1% - 63.3% (40.9%) 1.2 - 1.5 (1.3)

Loans Receivable

Apartment, Industrial, Office, Retail and Storage

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

49.7% - 86.2% (75.6%) 3.6% - 8.7% (6.8%)

(1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.

Real Estate Properties and Joint Ventures: The significant unobservable inputs used in the fair value measurement of the Account’s real estate property and joint venture investments are the selection of certain investment rates (Discount Rate, Terminal Capitalization Rate, and Overall Capitalization Rate). Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively.

Loans Payable: The significant unobservable inputs used in the fair value measurement of the Account’s loans payable are the loan to value ratios and the selection of certain credit spreads and weighted average cost of capital risk premiums. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value, respectively.

Loans Receivable: The significant unobservable inputs used in the fair value measurement of the Account’s loans receivable are the loan to value ratios and the selection of certain credit spreads. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value, respectively.

During the nine months ended September 30, 2020 and 2019, there were no transfers between Levels 1, 2 or 3.

21

---

The amount of total net unrealized gains (losses) included in changes in net assets attributable to the change in net unrealized gains (losses) relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions, unaudited):

			Real Estate Properties						Real Estate Joint Ventures						Loans Receivable(1)						Total Level 3 Investments						Loans Payable
For the three months ended September 30, 2020			$	(89.1)					$	(10.0)					$	(8.8)					$	(107.9)					$	(42.4)
For the nine months ended September 30, 2020			$	(322.0)					$	(328.2)					$	(31.0)					$	(681.2)					$	(6.1)
For the three months ended September 30, 2019			$	183.9					$	(131.6)					$	(1.4)					$	50.9					$	(16.7)
For the nine months ended September 30, 2019			$	428.1					$	(143.8)					$	(4.2)					$	280.1					$	(83.0)

(1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Note 6—Investments in Joint Ventures

The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At September 30, 2020, the Account held investments in joint ventures with ownership interest percentages that ranged from 33.3% to 98.0%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold.

A condensed summary of the results of operations of the joint ventures are shown below (millions, unaudited):

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
Operating Revenue and Expenses
Revenues			$	246.6					$	287.7					$	782.9					$	825.6
Expenses			134.8						151.7						434.7						446.4
Excess of revenues over expenses			$	111.8					$	136.0					$	348.2					$	379.2

Note 7—Investments in Real Estate Funds

The Account has ownership interests in real estate funds (each a "Fund", and collectively the "Funds"). The Funds are setup as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a VIE as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies for a description of the methodology used to determine the primary beneficiary of a VIE.

No financial support (such as loans or financial guarantees) was provided to the Funds during the three and nine months ended September 30, 2020. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are identified in Note 13—Commitments and Contingencies.

22

---

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Company holds a variable interest but is not the primary beneficiary were as follows at September 30, 2020 (in millions, unaudited):

Fund Name			Carrying Amount						Maximum Exposure to Loss						Liquidity Provisions						Investment Strategy
LCS SHIP Venture I, LLC (90.0% Account Interest)			$	184.5					$	184.5					Redemptions prohibited prior to liquidation.						To invest in senior housing properties.
															Liquidation estimated to begin no earlier than 2025.
															The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.
SP V - II, LLC (61.8% Account Interest)			$	26.5					$	26.5					Redemptions prohibited prior to liquidation.						To invest in medical office properties in the U.S.
															Liquidation estimated to begin no earlier than 2022.
															The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.
Taconic New York City GP Fund, LP (60.0% Account Interest)			$	31.7					$	31.7					Redemptions prohibited prior to liquidation.						To invest in real estate and real estate-related assets in the New York City metropolitan statistical area ("MSA").
															Liquidation estimated to begin no earlier than 2024.
															The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner.
Veritas - Trophy VI, LLC (90.4% Account Interest)			$	45.1					$	45.1					Redemptions prohibited prior to liquidation.						To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles MSA.
															The Account is not permitted to sell or transfer its interest in the fund until August 2022. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager.
IDR - Core Property Index Fund, LLC (1.9% Account Interest)			$	24.7					$	24.7					Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability.						To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed.
															The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager.
Townsend Group Value-Add Fund (99.0% Account Interest)			$	6.2					$	6.2					Redemptions prohibited prior to liquidation.						To invest in value-add real estate investment opportunities in the U.S. market.
															Liquidation estimated to begin no earlier than 2027.
															The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion
Silverpeak - REA Alt Inv Fund LP (90.0% Account Interest)			$	14.0					$	14.0					Redemptions prohibited prior to liquidation.						To invest in alternative real estate investments primarily in major U.S. metropolitan markets.
															Liquidation estimated to begin no earlier than 2028.
															The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)			$	16.5					$	16.5					Redemptions prohibited prior to liquidation.						To acquire office investments across the Southeast.
															Liquidation estimated to begin no earlier than 2026.
															The Account is not permitted to sell or transfer its interest in the fund until June 2021. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager.

23

---

Fund Name			Carrying Amount						Maximum Exposure to Loss						Liquidity Provisions						Investment Strategy
JCR Capital - REA Preferred Equity Parallel Fund (49.2% Account Interest)			$	5.0					$	5.0					Redemptions prohibited prior to liquidation.						To invest primarily in multi-family properties.
															Liquidation estimated to begin no earlier than 2026.
															The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion
Total			$	354.2					$	354.2

Note 8—Loans Receivable

The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s direct and indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):

						September 30, 2020																		December 31, 2019
						(Unaudited)
						Principal Outstanding						Fair Value						% of Fair Value						Principal Outstanding						Fair Value						% of Fair Value
Office(1)						$	791.3					$	777.5					49.6		%				$	769.3					$	768.0					48.8		%
Industrial						195.4						195.4						12.4		%				199.6						199.6						12.7		%
Retail						136.1						133.7						8.5		%				158.5						158.5						10.1		%
Storage						82.0						73.8						4.7		%				82.0						82.0						5.2		%
Apartments(1)						262.2						259.3						16.5		%				229.1						228.8						14.6		%
Hotel						135.3						129.9						8.3		%				135.3						135.2						8.6		%
						$	1,602.3					$	1,569.6					100.0		%				$	1,573.8					$	1,572.1					100.0		%

(1) Includes loans receivable with related parties.

The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are more than 90 days past due are classified as delinquent and assigned a D rating. Mezzanine debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers' having adequate financial resources to service their financial commitments, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay.

24

---

All borrowers of loans rated C or higher are current as of September 30, 2020. Two of the Account's loans are currently in forbearance. The forbearance allows for the deferral of the June, July and August 2020 debt service payments. The deferred payments will be repaid in equal installments over the 12 month period from January 9, 2021 to December 9, 2021, at which time the forbearance period will end. Interest income continues to be accrued during the deferral period so long as future collection of the deferred payments are probable.

The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of September 30, 2020 (in millions, unaudited), listed in order of the strength of the risk rating (from strongest to weakest):

						September 30, 2020																		December 31, 2019
						(Unaudited)
						Number of Loans						Fair Value						% of Fair Value						Number of Loans						Fair Value						% of Fair Value
AA						—						$	—					—		%				1						$	48.3					3.1		%
BBB						3						86.6						5.5		%				7						456.1						29.0		%
BB						15						960.0						61.2		%				13						787.4						50.1		%
B						4						232.8						14.8		%				3						205.0						13.0		%
C						2						147.0						9.4		%				—						—						—		%
D						1						73.8						4.7		%				—						—						—		%
NR(1)						2						69.4						4.4		%				3						75.3						4.8		%
						27						$	1,569.6					100.0		%				27						$	1,572.1					100.0		%

(1) "NR" designates loans not assigned an internal credit rating. As of September 30, 2020 and December 31, 2019, this is comprised of two loans with related parties. The loans are collateralized by equity interests in real estate investments.

The following table represents loans receivable in nonaccrual status as of September 30, 2020 (in millions, unaudited). Loans are placed in nonaccrual status when a loan is more than 90 days in arrears or at any point when management believes the full collection of principal is doubtful.

Aging						Number of Loans						Principal Outstanding						Fair Value
Past Due - 90 Days +						1						$	82.0					$	73.8

25

---

Note 9—Loans Payable

At September 30, 2020, the Account had outstanding loans payable secured by the following assets (millions):

Property						Annual Interest Rate and Payment Frequency(2)						Principal Amounts Outstanding as of												Maturity
												September 30, 2020						December 31, 2019
												(Unaudited)
Red Canyon at Palomino Park						5.34% paid monthly						$	—					$	27.1					August 1, 2020
Green River at Palomino Park						5.34% paid monthly						—						33.2						August 1, 2020
Blue Ridge at Palomino Park						5.34% paid monthly						—						33.4						August 1, 2020
Ashford Meadows Apartments						5.17% paid monthly						—						44.6						August 1, 2020
The Knoll						3.98% paid monthly						—						16.4						December 5, 2020
Ascent at Windward						3.51% paid monthly						34.6						34.6						January 1, 2022
The Palatine(1)						4.25% paid monthly						74.8						75.9						January 10, 2022
The Forum at Carlsbad(1)						4.25% paid monthly						84.4						85.7						March 1, 2022
Fusion 1560						3.42% paid monthly						37.4						37.4						June 10, 2022
San Diego Office Portfolio(4)						3.62% paid monthly						50.7						48.2						August 15, 2022
The Colorado(1)						3.69% paid monthly						86.8						88.1						November 1, 2022
The Legacy at Westwood(1)						3.69% paid monthly						44.2						44.9						November 1, 2022
Regents Court(1)						3.69% paid monthly						37.5						38.1						November 1, 2022
1001 Pennsylvania Avenue(1)						3.70% paid monthly						315.9						320.7						June 1, 2023
Biltmore at Midtown						3.94% paid monthly						36.4						36.4						July 5, 2023
Cherry Knoll						3.78% paid monthly						35.3						35.3						July 5, 2023
Lofts at SoDo						3.94% paid monthly						35.1						35.1						July 5, 2023
Pacific City						2.00 + LIBOR paid monthly						105.0						—						October 1, 2023
Birkdale Village(1)						4.30% paid monthly						77.5						—						April 1, 2024
1401 H Street, NW						3.65% paid monthly						115.0						115.0						November 5, 2024
The District at La Frontera(1)						3.84% paid monthly						38.8						39.3						December 1, 2024
The District at La Frontera(1)						4.96% paid monthly						4.3						4.4						December 1, 2024
Circa Green Lake						3.71% paid monthly						52.0						52.0						March 5, 2025
Union - South Lake Union						3.66% paid monthly						57.0						57.0						March 5, 2025
Holly Street Village						3.65% paid monthly						81.0						81.0						May 1, 2025
Henley at Kingstowne(1)						3.60% paid monthly						70.6						71.0						May 1, 2025
32 South State Street						4.48% paid monthly						24.0						24.0						June 6, 2025
Vista Station Office Portfolio(1)						4.00% paid monthly						20.1						20.5						July 1, 2025
780 Third Avenue						3.55% paid monthly						150.0						150.0						August 1, 2025
780 Third Avenue						3.55% paid monthly						20.0						20.0						August 1, 2025
Vista Station Office Portfolio(1)						4.20% paid monthly						44.0						44.7						November 1, 2025
701 Brickell Avenue						3.66% paid monthly						184.0						184.0						April 1, 2026
Marketplace at Mill Creek						3.82% paid monthly						39.6						—						September 11, 2027
Overlook At King Of Prussia						3.82% paid monthly						40.8						—						September 11, 2027
Winslow Bay Commons						3.82% paid monthly						25.8						—						September 11, 2027
1900 K Street, NW						3.93% paid monthly						163.0						163.0						April 1, 2028
99 High Street						3.90% paid monthly						277.0						277.0						March 1, 2030
Total Principal Outstanding												$	2,462.6					$	2,338.0
Fair Value Adjustment(3)												33.1						27.0
Total Loans Payable												$	2,495.7					$	2,365.0

(1)The mortgage is adjusted monthly for principal payments.

(2)All interest rates are fixed except for Pacific City, which has a variable interest rate based on a spread above the one month London Interbank Offered Rate, as published by ICE Benchmark Administration Limited. Some mortgages held by the Account are structured to begin principal and interest payments after an initial interest only period.

(3)The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1—Organization and Significant Accounting Policies.

(4)The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above.

26

---

Note 10—Lines of Credit

The Account has two unsecured revolving credit agreements (“Lines of Credit”), each with a maximum total commitment of $500.0 million. Draws against the Lines of Credit can take the form of Eurodollar Loans or Alternate Base Rate Loans (“ABR Loans”). Eurodollar Loans and ABR Loans require a minimum funding of $5.0 million.

Eurodollar Loans are issued for a term of twelve months or less and bear interest during the period (“Interest Period”) at a rate equal to the Adjusted London Interbank Offered Rate (“Adjusted LIBOR”) plus a spread (the “Eurodollar Applicable Rate”), with the spread dependent upon the leverage ratio of the Account. Adjusted LIBOR is calculated by multiplying the Statutory Reserve Rate, as determined by the Federal Reserve Board for Eurodollar liabilities, by LIBOR, as determined by the Intercontinental Exchange on the date of issuance that corresponds to the length of the Interest Period. The Account may prepay Eurodollar Loans at any time during the life of the loan without penalty. The Account is limited to five active Eurodollar Loans on each Line of Credit; however, the Account may retire and initiate new Eurodollar Loans without restriction so long as the total number of loans in active status does not exceed the limit.

ABR Loans are issued for a specific length of time and bear interest at a rate equal to the highest rate among the following calculations plus a spread (the "ABR Applicable Rate"), with the spread dependent on the leverage ratio of the Account: (i) the Prime Rate on the date of issuance, with the Prime Rate being defined as the rate of interest last quoted by the Wall Street Journal as the Prime Rate; (ii) the Federal Reserve Bank of New York (“NYFRB”) rate as provided by the NYFRB on the date of issuance plus 0.5%; or (iii) the Adjusted LIBOR rate plus 1.0%. The Account may prepay ABR Loans at any time during the life of the loan without penalty.

For the three and nine months ended September 30, 2020, expenses charged to the Account related to the Lines of Credit were $0.7 million and $2.3 million , respectively. As of September 30, 2020, the Account was in compliance with all covenants required by the Lines of Credit.

The following table provides a summary of the key characteristics of the Lines of Credit as of September 30, 2020:

									Line of Credit I									Line of Credit II
Current Balance (in millions)									$	91.0								$	—
Maximum Capacity (in millions)									$	500.0								$	500.0
Inception Date									September 20, 2018									August 18, 2020
Maturity Date									September 20, 2021									August 16, 2021
Extension Option									Yes						(1)			No
Eurodollar Applicable Rate Range									0.85% - 1.05%									1.60% - 1.80%
ABR Applicable Rate Range									0.85% - 1.05%									0.60% - 0.80%
Unused Fee (2)									0.20% per annum									0.25% per annum
(1)			The line of credit expires on September 20, 2021, with an option to extend for two consecutive twelve month terms at the Account’s election. The Account may request an additional $250.0 million in commitments from the Lenders at any time; however, this request is subject to approval at the sole discretion of the Lenders and is not a guarantee that an expansion beyond the original $500.0 million commitment will be granted.
(2)			The Account is charged a fee on the unused portion of the Lines of Credit.

27

---

Note 11—Financial Highlights

Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding.

			For the Nine Months Ended September 30, 2020						Years Ended December 31,
									2019						2018						2017
			(Unaudited)
Per Accumulation Unit Data:
Rental income			$	15.951					$	18.165					$	17.757					$	17.132
Real estate property level expenses and taxes			7.533						8.734						8.548						7.722
Real estate income, net			8.418						9.431						9.209						9.410
Other income			3.742						6.752						6.162						4.762
Total income			12.160						16.183						15.371						14.172
Expense charges(1)			2.556						3.439						3.161						3.318
Investment income, net			9.604						12.744						12.210						10.854
Net realized and unrealized (loss) gain on investments and loans payable			(15.862)						10.262						6.877						5.839
Net (decrease) increase in Accumulation Unit Value			(6.258)						23.006						19.087						16.693
Accumulation Unit Value:
Beginning of period			440.422						417.416						398.329						381.636
End of period			$	434.164					$	440.422					$	417.416					$	398.329
Total return(3)			(1.42)		%				5.51		%				4.79		%				4.37		%
Ratios to Average net assets(2):
Expenses(1)			0.77		%				0.78		%				0.76		%				0.83		%
Investment income, net			2.89		%				2.90		%				2.95		%				2.72		%
Portfolio turnover rate(3):
Real estate properties(4)			5.5		%				7.8		%				11.8		%				2.7		%
Marketable securities(5)			91.1		%				28.7		%				5.1		%				5.7		%
Accumulation Units outstanding at end of period (millions)			52.8						60.8						60.7						61.3
Net assets end of period (millions)			$	23,428.3					$	27,307.9					$	25,842.6					$	24,942.6

(1)Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year to date Account level expenses and exclude real estate property level expenses which are included in real estate income, net.

(2)Percentages for the nine months ended September 30, 2020 are annualized.

(3)Percentages for the nine months ended September 30, 2020 are not annualized.

(4)Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period.

(5)Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

28

---

Note 12—Accumulation Units

Changes in the number of Accumulation Units outstanding were as follows (in millions):

			For the Nine Months Ended September 30, 2020						For the Year Ended December 31, 2019
			(Unaudited)
Outstanding:
Beginning of period			60.8						60.7
Credited for premiums			3.5						6.2
Annuity, other periodic payments, withdrawals and death benefits			(11.5)						(6.1)
End of period			52.8						60.8

Note 13—Commitments and Contingencies

Commitments—As of September 30, 2020 and December 31, 2019, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions):

						Commitment Expiration						September 30, 2020						December 31, 2019
												(Unaudited)
Real Estate Funds(1)
			Taconic New York City GP Fund			11/2020						$	6.0					$	11.4
			LCS SHIP Venture I, LLC			12/2020						28.1						28.1
			Townsend Strategic Ventures LP			12/2020						243.8						250.0
			Silverpeak NRE Fund Co, LLC			01/2021						86.1						—
			TREA Flagler Venture, LLC			02/2021						50.0						—
			Grubb Southeast Real Estate Fund VI, LLC			06/2021						82.7						86.6
			Colony Zeus Partners LP			09/2021						250.0						—
			Veritas Trophy VI, LLC(2)			08/2022						39.2						35.8
			SP V - II, LLC			09/2022						73.8						74.9
			JCR Capital - REA Preferred Equity Parallel Fund			12/2022						94.5						100.0
												954.2						586.8
Loans Receivable(3)
			SCG Oakland Portfolio Mezzanine			03/2021						$	6.7					$	7.0
			BREP VIII Industrial Mezzanine			03/2021						14.4						14.1
			311 South Wacker Mezzanine			06/2021						5.7						7.6
			Rosemont Towson Mezzanine			09/2021						1.2						1.2
			Liberty Park Mezzanine			11/2021						4.1						5.0
			San Diego Office Portfolio Senior Loan			08/2022						7.5						10.0
			San Diego Office Portfolio Mezzanine			08/2022						2.5						3.3
			MRA Hub 34 Holding, LLC			09/2022						1.5						1.5
			1330 Broadway Mezzanine			09/2022						11.7						14.0
			Colony New England Hotel Portfolio Senior Loan			11/2022						14.1						14.1
			Colony New England Hotel Portfolio Mezzanine			11/2022						4.7						4.7
			Exo Apartments Senior Loan			01/2023						7.1						7.1
			Exo Apartments Mezzanine			01/2023						2.4						2.4
			Five Oak Mezzanine			03/2023						2.4						—
												86.0						92.0
			TOTAL COMMITMENTS									$	1,040.2					$	678.8

(1)Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements.

29

---

(2)The fund manager is granted 18 months from the initial contribution date, August 2019, to make its first capital call. If none have occurred, the Account's commitment will be reduced by $15.0 million. If a capital call occurs during the initial 18 month window, the commitment period will be modified to three years from the first capital call date.

(3)Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term.

Contingencies—In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Note 14—Subsequent Events

The following transactions occurred subsequent to September 30, 2020 (in millions, unaudited):

Sales - Properties

Property Name

Sales Date

Ownership Percentage

Sector

Location

Net Sales Price(1)

Realized Gain on Sale(2)

Colony Industrial Portfolio

10/5/2020

100.0%

Industrial

Various

$

153.4

$

25.1

(1) The net sales price represents the sales price, less selling expenses.

(2) Majority of the realized gain has been previously recognized as unrealized gains(losses) in the Account's Consolidated Statements of Operations.

Transactions - Other

Description

Transaction Date

Transaction Type

Transaction Amount

Real estate-related marketable securities

10/2/2020

Sale

$

100.0

Real estate-related marketable securities

10/5/2020

Sale

$

100.0

Line of Credit I

10/6/2020

Payoff

$

91.0

Real estate-related marketable securities

10/8/2020

Sale

$

100.0

Real estate-related marketable securities

11/9/2020

Sale

$

200.0

30

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

REAL ESTATE PROPERTIES—64.3% and 53.0%

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
Alabama:
River Ridge						Retail						$	29.6								$	—
Riverchase Village						Retail						38.3									40.3
Arizona:
Camelback Center						Office						50.0									49.0
Riverside 202 Industrial						Industrial						30.3									29.6
California:
88 Kearny Street						Office						217.3									221.0
101 Pacific Coast Highway						Office						94.0									96.1
200 Middlefield Road						Office						61.0									68.0
30700 Russell Ranch						Office						36.7									39.0
Allure at Camarillo						Apartments						64.1									63.9
Almond Avenue						Land						11.6									9.5
BLVD63						Apartments						147.0									158.0
Bridgepointe Shopping Center						Retail						127.0									129.0
Centre Pointe and Valley View						Industrial						60.4									60.7
Cerritos Industrial Park						Industrial						166.0									164.0
Charleston Plaza						Retail						98.0									100.0
Creekside at Alta Loma						Apartments						84.6									85.2
Frontera Industrial Business Park						Industrial						95.3									90.0
Great West Industrial Portfolio						Industrial						208.3									203.0
Holly Street Village						Apartments						155.1			(1)						158.1			(1)
Larkspur Courts						Apartments						145.0									155.0
Northern CA RA Industrial Portfolio						Industrial						116.9									111.9
Oakmont IE West Portfolio						Industrial						116.3									109.2
Oceano at Warner Center						Apartments						91.8									94.4
Ontario Industrial Portfolio						Industrial						518.7									506.9
Ontario Mills Industrial Portfolio						Industrial						77.0									65.4
Otay Mesa Industrial Portfolio						Industrial						36.5									33.7
Pacific City						Retail						162.1			(1)						—
Pacific Plaza						Office						111.0									112.7
Rancho Cucamonga Industrial Portfolio						Industrial						90.8									88.3
Rancho Del Mar						Apartments						93.7									94.7
Regents Court						Apartments						103.0			(1)						105.0			(1)
Southern CA RA Industrial Portfolio						Industrial						158.2									151.8
Stella						Apartments						173.0									175.1
Stevenson Point						Industrial						74.6									66.6
Terra House						Apartments						141.4									146.0
The Forum at Carlsbad						Retail						203.0			(1)						224.0			(1)
The Legacy at Westwood						Apartments						149.1			(1)						149.1			(1)
West Lake North Business Park						Office						58.1									62.3
Westcreek						Apartments						54.3									57.1
Westwood Marketplace						Retail						150.0									150.0
Wilshire Rodeo Plaza						Office						313.1									336.4
Colorado:
1600 Broadway						Office						118.0									116.0
Palomino Park						Apartments						350.1									361.0			(1)
South Denver Marketplace						Retail						67.2									71.2

31

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
Connecticut:
Wilton Woods Corporate Campus						Office						$	102.1								$	112.1
Florida:
5 West						Apartments						61.1									62.3
701 Brickell Avenue						Office						422.6			(1)						406.6			(1)
Boca Arbor Club						Apartments						63.5									62.9
Broward Industrial Portfolio						Industrial						68.8									67.7
Casa Palma						Apartments						98.7									102.0
Cypress Trace						Retail						36.2									—
Fusion 1560						Apartments						74.5			(1)						84.1			(1)
Lakepointe at Jacaranda						Apartments						49.1									48.8
Lofts at SoDo						Apartments						61.0			(1)						64.7			(1)
Market Square						Retail						20.3									—
Orion on Orpington						Apartments						51.1									52.4
Publix at Weston Commons						Retail						69.5									74.5
Seneca Industrial Park						Industrial						127.6									126.7
Shoppes at Lake Mary						Retail						18.9									—
Sole at Brandon						Apartments						75.4									79.0
Sole at City Center						Apartments						101.1									—
The Manor Apartments						Apartments						48.1									51.5
The Manor at Flagler Village						Apartments						132.1									138.1
The Residences at the Village of Merrick Park						Apartments						69.5									72.3
Weston Business Center						Industrial						79.3									75.0
Georgia:
Ascent at Windward						Apartments						69.0			(1)						68.4			(1)
Atlanta Industrial Portfolio						Industrial						40.5									41.0
Biltmore at Midtown						Apartments						73.6			(1)						73.5			(1)
Eisenhower Crossing						Retail						13.4									—
Fayette Pavilion						Retail						101.3									—
Glen Lake						Apartments						56.8									55.3
Heritage Pavilion						Retail						40.5									—
Marketplace at Mill Creek						Retail						76.4			(1)						—
Newnan Pavilion						Retail						40.2									—
Shawnee Ridge Industrial Portfolio						Industrial						99.8									99.9
Woodstock Square						Retail						32.0									—
Illinois:
32 South State Street						Retail						48.4			(1)						51.4			(1)
803 Corday						Apartments						92.5									93.8
Chicago Caleast Industrial Portfolio						Industrial						86.3									85.6
Chicago Industrial Portfolio						Industrial						33.1									30.1
Village Crossing						Retail						143.5									—
Maryland:
Cherry Knoll						Apartments						57.7			(1)						60.1			(1)
Landover Logistics Center						Industrial						47.7									44.7
The Shops at Wisconsin Place						Retail						63.7									65.6
Massachusetts:
99 High Street						Office						545.2			(1)						543.7			(1)
350 Washington						Retail						124.0									134.0
Fort Point Creative Exchange Portfolio						Office						265.0									275.0

32

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
Northeast RA Industrial Portfolio						Industrial						$	44.2								$	43.5
One Beeman Road						Industrial						35.8									34.6
Minnesota:
The Bridges						Apartments						66.0									67.2
The Knoll						Apartments						37.2									37.3			(1)
New Jersey:
10 New Maple Avenue						Industrial						21.5									21.9
200 Milik Street						Industrial						57.6									56.4
Marketfair						Retail						101.1									106.2
South River Road Industrial						Industrial						133.2									133.5
New York:
21 Penn Plaza						Office						310.4									334.9
250 North 10th Street						Apartments						—									138.1
780 Third Avenue						Office						373.5			(1)						389.1			(1)
837 Washington Street						Office						211.0									232.0
The Colorado						Apartments						247.0			(1)						259.0			(1)
North Carolina:
Alexander Place						Retail						40.0									—
Birkdale Village						Retail						113.6			(1)						—
Birkdale Village - Residential						Apartments						71.7									—
Centric Gateway						Apartments						72.7									75.0
Winslow Bay Commons						Retail						47.0			(1)						—
Oregon:
The Cordelia						Apartments						41.1									43.2
Pennsylvania:
1619 Walnut Street						Retail						22.5									23.0
Overlook at King of Prussia						Retail						60.4			(1)						—
Rhode Island:
Warwick Shopping Center						Retail						17.9									—
South Carolina:
Columbiana Station						Retail						46.7									—
Greene Crossing						Apartments						80.5									79.7
Tennessee:
Bellevue Place						Retail						8.6									—
Pavilion at Turkey Creek						Retail						51.3									—
Southside at McEwen						Retail						47.9									49.2
Town and Country						Retail						30.7									—
Texas:
3131 McKinney						Office						38.6									46.4
Beltway North Commerce Center						Industrial						—									30.2
Carrington Park						Apartments						66.0									67.3
Churchill on the Park						Apartments						71.8									73.0
Cliffs at Barton Creek						Apartments						45.6									47.2
Dallas Industrial Portfolio						Industrial						254.1									237.9
District on La Frontera						Apartments						71.7			(1)						76.6			(1)
Houston Apartment Portfolio						Apartments						157.7									162.3
Lincoln Centre						Office						434.2									413.2
Lincoln Centre - Hilton Dallas						Hotel						66.0									76.5
Northwest Houston Industrial Portfolio						Industrial						75.0									77.2

33

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
Park 10 Distribution						Industrial						$	12.0								$	11.1
Park Creek Apartments						Apartments						42.8									—
Pinnacle Industrial Portfolio						Industrial						68.7									66.7
Pinto Business Park						Industrial						153.9									154.1
The Maroneal						Apartments						55.6									56.4
Utah:
Vista Station Office Portfolio						Office						115.9			(1)						115.4			(1)
Virginia:
8270 Greensboro Drive						Office						45.8									49.6
Ashford Meadows Apartments						Apartments						102.2									105.3			(1)
Creeks at Virginia Center						Retail						47.4									—
Henley at Kingstowne						Apartments						103.1			(1)						103.0			(1)
Plaza America						Retail						96.7									113.3
The Ellipse at Ballston						Office						79.5									82.2
The Palatine						Apartments						123.0			(1)						128.0			(1)
Washington:
Circa Green Lake						Apartments						97.0			(1)						102.0			(1)
Northwest RA Industrial Portfolio						Industrial						49.5									49.7
Pacific Corporate Park						Industrial						64.5									62.5
Prescott Wallingford Apartments						Apartments						67.4									70.6
Rainier Corporate Park						Industrial						167.3									161.3
Regal Logistics Campus						Industrial						131.0									121.0
Union - South Lake Union						Apartments						109.0			(1)						115.0			(1)
Washington D.C.:
1001 Pennsylvania Avenue						Office						798.5			(1)						798.4			(1)
1401 H Street, NW						Office						223.4			(1)						211.4			(1)
1900 K Street, NW						Office						344.2			(1)						335.4			(1)
Mass Court						Apartments						166.1									169.0
The Ashton						Apartments						29.8									30.6
The Louis at 14th						Apartments						160.1									164.2
The Woodley						Apartments						—									180.3
Various:
Colony Industrial Portfolio						Industrial						160.2			(3)						135.9			(3)
TOTAL REAL ESTATE PROPERTIES
(Cost $14,201.5 and $13,048.5)												$	16,715.0								$	15,835.0

REAL ESTATE JOINT VENTURES AND FUNDS—24.5% and 25.1%

REAL ESTATE JOINT VENTURES—23.1% and 24.1%

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
California:
CA—Colorado Center LP Colorado Center (50% Account Interest)						Office						$	356.4		(2)						$	384.5		(2)
PC Borrower, LLC Pacific City (70% Account Interest)						Retail						—									62.2			(2)
TREA GM Industrial Road Investor Member LLC 150 Industrial Road (98% Account Interest)						Office						99.5									98.0

34

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
TREA 9625 Towne Center, LLC 9625 Towne Centre Drive (49.9% Account Interest)						Office						$	59.6								$	53.1
TREA Campus Pointe 1, LLC Campus Pointe 1 (45% Account Interest)						Office						170.3									163.5
TREA Campus Pointe 2 & 3, LLC Campus Pointe 2 & 3 (45% Account Interest)						Office (5)						146.9									143.6
TREA Campus Pointe 4, LLC Campus Pointe 4 (45% Account Interest)						Office						10.4									9.6
TREA Campus Pointe 5, LLC Campus Pointe 5 (45% Account Interest)						Office						41.3									37.4
ARE-SD Regions NO. 58, LLC Campus Pointe 6 (45% Account Interest)						Office						125.5									116.6
T-C 1500 Owens, LLC 1500 Owens Street (49.9% Account Interest)						Office						84.5									81.5
TREA JP Venture Fairfield LLC Fairfield Tolenas Development (95% Account Interest)						Land						9.4									—
T-C Foundry Square II Venture LLC Foundry Square II (50.1% Account Interest)						Office						323.2									318.4
T-C Illinois Street, LLC 409-499 Illinois Street (40% Account Interest)						Office						247.9									237.5
Valencia Town Center Associates LP Valencia Town Center (50% Account Interest)						Retail						114.6			(2)						136.4			(2)
Florida:
Florida Mall Associates, Ltd The Florida Mall (50% Account Interest)						Retail						672.1			(2)						748.3			(2)
TREA Florida Retail, LLC Florida Retail Portfolio (80% Account Interest)						Retail						156.8									158.4
West Dade County Associates Miami International Mall (50% Account Interest)						Retail						110.1			(2)						157.5			(2)
Maryland:
WP Project Developer The Shops at Wisconsin Place (33.33% Account Interest)						Retail						27.1									29.9
Massachusetts:
One Boston Place REIT One Boston Place (50.25% Account Interest)						Office						243.6									246.8
T-C 225 Binney, LLC 225 Binney Street (70% Account Interest)						Office						232.0									231.5
T-C 501 Boylston Street Member, LLC 501 Boylston (50.1% Account Interest)						Office						204.7			(2)						206.9			(2)
Nevada:
Fashion Show Holding I, LLC Fashion Show (50% Account Interest)						Retail						578.5			(2)						706.9			(2)
New York:
401 West 14th Street, LLC 401 West 14th Street (42.19% Account Interest)						Retail						31.3			(2)						44.8			(2)
440 Ninth Avenue Owner, LLC 440 Ninth Avenue (88.52% Account Interest)						Office						129.6			(2)						133.1			(2)
817 Broadway Owner, LLC 817 Broadway (61.46% Account Interest)						Office						23.5			(2)						33.7			(2)
MRA Hub 34 Holding, LLC The Hub (95% Account Interest)						Office						78.3			(2)						74.8			(2)
RGM 42, LLC MiMA (70% Account Interest)						Apartments						101.9			(2)						113.0			(2)

35

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Location/Description						Type						Fair Value at
												September 30, 2020									December 31, 2019
												(Unaudited)
North Carolina:
CC 101 North Tryon, LLC 101 N. Tryon Street (85% Account Interest)						Office						$	57.9		(2)						$	47.9		(2)
Tennessee:
West Town Mall, LLC West Town Mall (50% Account Interest)						Retail						122.3			(2)						144.0			(2)
Texas:
Four Oaks Venture LP Four Oaks Place LP (51% Account Interest)						Office						341.7			(2)						352.8			(2)
TREA I-35 Logistics Investor Member, LLC I-35 Logistics Center (95% Account Interest)						Land						25.9									6.9
Washington:
TREA 4th and Madison Investor Member, LLC Fourth and Madison (51% Account Interest)						Office						170.5			(2)						167.3			(2)
Various:
DDRTC Core Retail Fund, LLC SITE Centers Joint Venture (85% Account Interest)						Retail						—									878.0			(2,3)
Simpson Housing LLP Simpson Housing Portfolio (80% Account Interest)						Apartments						429.4			(2,3)						431.2			(2,3)
THP Student Housing, LLC THP Student Housing Portfolio (97% Account Interest)						Apartments						188.9			(2,3)						186.8			(2,3)
Storage Portfolio I, LLC Storage Portfolio I (66.02% Account Interest)						Storage						96.4			(2,3)						93.6			(2,3)
Storage Portfolio II, LLC Storage Portfolio II (90% Account Interest)						Storage						129.2			(2,3)						130.5			(2,3)
Storage Portfolio III, LLC Storage Portfolio III (90% Account Interest)						Storage						52.6			(3)						37.3			(3)
TOTAL REAL ESTATE JOINT VENTURES (Cost $4,818.0 and $5,971.1)												$	5,993.8								$	7,204.2
REAL ESTATE FUNDS—1.4% and 1.0%
LCS SHIP Venture I, LLC (90.0% Account Interest)												$	184.5								$	216.1
Veritas - Trophy VI, LLC (90.4% Account Interest)												45.1									4.2
Taconic New York City GP Fund, LP (60.0% Account Interest)												31.7									29.8
SP V - II, LLC (61.8% Account Interest)												26.5									23.3
IDR - Core Property Index Fund, LLC (1.9% Account Interest)												24.7									25.0
Townsend Group Value-Add Fund (99.0% Account Interest)												6.2									—
Silverpeak - REA Alt Inv Fund LP (90.0% Account Interest)												14.0									—
Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)												16.5									13.4
JCR Capital (49.2% Account Interest)												5.0									—
TOTAL REAL ESTATE FUNDS (Cost $345.8 and $273.3)												$	354.2								$	311.8
TOTAL REAL ESTATE JOINT VENTURES AND FUNDS (Cost $5,163.8 and $6,244.4)												$	6,348.0								$	7,516.0

36

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

MARKETABLE SECURITIES—5.2% and 16.7%

REAL ESTATE-RELATED MARKETABLE SECURITIES—2.5% and 2.8%

Shares												Issuer						Fair Value at
																		September 30, 2020									December 31, 2019
2020						2019
																		(Unaudited)
25,073						25,333						Acadia Realty Trust						$	0.3								$	0.7
72,132						77,213						Agree Realty Corporation						4.6									5.4
21,307						20,424						Alexander & Baldwin, Inc.						0.2									0.4
633						635						Alexander's, Inc.						0.2									0.2
93,551						114,902						Alexandria Real Estate Equities, Inc.						15.0									18.6
14,876						14,387						American Assets Trust, Inc.						0.4									0.7
40,698						40,898						American Campus Communities, Inc.						1.4									1.9
32,275						31,822						American Financial Trust, Inc.						0.2									0.4			(7)
288,780						241,918						American Homes 4 Rent						8.2									6.3
261,881						298,037						American Tower Corp.						63.3									68.5
171,575						247,312						Americold Realty Trust						6.1									8.7
44,017						44,204						Apartment Investment and Management Company						1.5									2.3
62,320						62,827						Apple Hospitality Inc.						0.6									1.0
16,581						15,666						Armada Hoffler Properties Inc.						0.2									0.3
—						26,793						Ashford Hospitality Trust, Inc.						—									0.1
77,855						106,486						Avalonbay Communities, Inc.						11.6									22.3
6,887						7,650						Bluerock Residential Growth, Inc.						0.1									0.1
93,143						106,065						Boston Properties, Inc.						7.5									14.6
—						8,938						Braemar Hotels & Resorts, Inc.						—									0.1
50,095						52,132						Brandywine Realty Trust						0.5									0.8
142,974						88,801						Brixmore Property Group Inc						1.7									1.9
13,576						19,539						Brookfield Property REIT						0.2			(7)						0.4
59,447						27,796						Camden Property Trust						5.3									2.9
28,242						28,420						CareTrust REIT Inc.						0.5									0.6
14,406						14,592						Catchmark Timber Trust, Inc.						0.1									0.2
—						50,454						CBL & Associates Properties, Inc.						—									0.1			(7)
—						25,522						Cedar Shopping Centers, Inc.						—									0.1
13,700						13,659						Chatham Lodging Trust						0.1									0.3
13,872						15,789						City Office REIT Inc.						0.1									0.2
5,720						5,192						Clipper Realty, Inc.						—									0.1
143,518						492,974						Colony Capital, Inc.						0.4									2.3
33,852						34,825						Columbia Property Trust Inc.						0.4									0.7
6,229						5,492						Community Healthcare Trust, Inc.						0.3									0.2
35,356						35,462						CoreCivic, Inc.						0.3									0.6
4,974						3,830						Corenergy Infrastructure Trust, Inc.						—									0.2
11,604						11,903						Corepoint Lodging, Inc.						0.1									0.1
11,984						11,149						CoreSite Realty Corporation						1.4									1.3
33,373						33,505						Corporate Office Properties Trust						0.8									1.0
44,005						43,565						Cousins Properties, Inc.						1.3									1.8
221,349						248,664						Crown Castle International Corporation						36.8									35.3
57,436						57,474						Cubesmart						1.9									1.8
67,494						60,485						CyrusOne Inc.						4.7									4.0
59,040						59,944						DiamondRock Hospitality Company						0.3									0.7
153,741						94,906						Digital Realty Trust, Inc.						22.6									11.4
70,104						—						Diversified Healthcare Trust						0.2									—
49,461						49,622						Douglas Emmett, Inc.						1.2									2.2
215,078						244,465						Duke Realty Corporation						7.9									8.5

37

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Shares												Issuer						Fair Value at
																		September 30, 2020									December 31, 2019
2020						2019
																		(Unaudited)
23,594						22,034						Easterly Government Properties, Inc.						$	0.5								$	0.5
34,924						41,238						EastGroup Properties, Inc.						4.5									5.5
43,479						44,235						Empire State Realty Trust						0.3									0.6
21,944						23,023						EPR Properties						0.6									1.6
56,313						60,851						Equinix Inc.						42.8									35.5
247,605						256,618						Equity Lifestyle Properties, Inc.						15.2									18.1
220,359						283,999						Equity Residential						11.3									23.0
40,399						188,894						Essential Properties Realty						0.7									4.7
30,746						54,492						Essex Property Trust, Inc.						6.2									16.4
76,604						107,410						Extra Space Storage, Inc.						8.2									11.3
7,718						8,142						Farmland Partners, Inc.						0.1			(7)						0.1
22,373						66,222						Federal Realty Investment Trust						1.6									8.5
37,527						37,538						First Industrial Realty Trust, Inc.						1.5									1.6
20,802						20,389						Four Corners Property Trust						0.5									0.6
30,706						30,896						Franklin Street Properties Corp.						0.1									0.3
14,805						14,739						Front Yard Residential Corp.						0.1									0.2
197,372						180,230						Gaming and Leisure Properties, Inc.						7.3									7.8
58,800						160,000						GDS Holdings LTD ADR						4.8									4.0			(7)
34,822						35,427						GEO Group Inc./The						0.4									0.6
9,977						9,933						Getty Realty Corp.						0.3									0.3
9,944						9,121						Gladstone Commercial Corporation						0.2									0.2
5,607						6,226						Gladstone Land Corporation						0.1									0.1
12,135						9,380						Global Medical REIT, Inc.						0.2									0.1
26,651						26,663						Global Net Lease, Inc.						0.4									0.5
39,943						39,221						Healthcare Realty Trust Inc.						1.2									1.3
107,725						60,957						Healthcare Trust of America						2.8									1.8
406,778						496,493						Healthpeak Properties, Inc.						11.0									17.1
10,062						10,385						Hersha Hospitality Trust						0.1									0.2
58,079						30,535						Highwoods Properties, Inc.						1.9									1.5
13,400						—						Hilton Worldwide Holdings						1.1									—
391,981						661,737						Host Hotels & Resorts, Inc.						4.2									12.3
44,652						275,440						Hudson Pacific Properties, Inc.						1.0									10.4
28,014						26,784						Independence Realty Trust, Inc.						0.3									0.4
19,191						19,292						Industrial Logics Properties						0.4									0.4
—						134,775						Interxion Holding NV						—									7.0
3,791						3,467						Investors Real Estate Trust						0.2									0.3
550,440						559,204						Invitation Homes, Inc.						15.4									16.8
85,040						84,852						Iron Mountain Inc.						2.3									2.7
15,700						163,782						iShares Dow Jones US Real Estate Index Fund						1.3									15.2			(7)
36,211						36,559						JBG Smith Properties						1.0									1.5
6,583						—						Jernigan Capital Inc.						0.1									—
67,058						95,936						Kilroy Realty Corporation						3.5									8.0
181,606						120,171						Kimco Realty Corporation						2.0									2.5
24,550						24,663						Kite Realty Group Trust						0.3									0.5
43,653						25,456						Lamar Advertising Corporation						2.9									2.3
23,500						—						Las Vegas Sands Corporation						1.1									—
80,643						71,595						Lexington Realty Trust						0.8									0.8
—						46,357						Liberty Property Trust						—									2.8
13,865						13,885						Life Storage, Inc.						1.5									1.5
11,494						11,718						LTC Properties, Inc.						0.4									0.5

38

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Shares												Issuer						Fair Value at
																		September 30, 2020									December 31, 2019
2020						2019
																		(Unaudited)
25,596						25,783						Mack-Cali Realty Corporation						$	0.3								$	0.6
9,400						—						Marriott Internationsl						0.9									—
225,132						152,801						Medical Properties Trust, Inc.						4.0									3.2
266,400						220,000						Megaport, LTD						3.1									1.7
78,400						85,000						MGM Growth Properties, L.L.C.						2.2									2.6
66,600						—						MGM Resorts International						1.4									—
92,586						103,823						Mid-America Apartment Communities, Inc.						10.7									13.7
28,064						27,502						Monmouth Real Estate Investment Corporation						0.4									0.4
12,719						12,615						National Health Investors, Inc.						0.8									1.0
50,917						50,907						National Retail Properties, Inc.						1.8									2.7
18,309						17,663						National Storage Affiliates Trust						0.6									0.6
24,224						24,918						New Senior Investment Group						0.1									0.2
6,412						5,632						Nexpoint Residential Trust, Inc.						0.3									0.3
215,500						—						NEXTDC LTD						1.9									—
14,139						14,200						Office Properties Income Trust, Inc.						0.3									0.5
145,294						64,786						Omega Healthcare Investors, Inc.						4.4									2.7
4,669						4,628						One Liberty Properties, Inc.						0.1									0.1
78,036						42,727						Outfront Media Inc.						1.1									1.1
56,251						58,127						Paramount Group Inc.						0.4									0.8
245,999						71,359						Park Hotels & Resorts, Inc.						2.5									1.8
65,974						38,713						Pebblebrook Hotel Trust						0.8									1.0			(7)
—						20,665						Pennsylvania Real Estate Investment Trust						—									0.1
61,538						55,271						Physicians Realty Trust						1.1									1.0
37,307						37,274						Piedmont Office Realty Trust, Inc.						0.5									0.8
4,353						3,863						Plymouth Industrial REIT, Inc.						0.1									0.1
19,371						19,688						Potlatch Corporation						0.8									0.9
14,060						13,220						Preferred Apartment Communities, Inc.						0.1									0.2
481,188						472,201						ProLogis						48.3									42.1
5,942						5,958						PS Business Parks, Inc.						0.7									1.0
81,548						82,126						Public Storage, Inc.						18.2									17.5
36,153						105,041						QTS Realty Trust, Inc.						2.3									5.7
39,104						38,741						Rayonier, Inc.						1.0									1.3
203,950						197,129						Realty Income Corporation						12.4									14.4
159,800						159,520						Regency Centers Corporation						6.1									10.1
33,743						33,519						Retail Opportunity Investment						0.4									0.6
63,396						63,727						Retail Properties of America						0.4									0.9
4,850						4,440						Retail Value, Inc.						0.1									0.2
299,126						282,611						Rexford Industrial Realty Inc.						13.7									12.8
48,523						50,071						RLJ Lodging Trust						0.4									0.9
23,850						23,246						RPT Realty						0.1									0.3
14,916						13,660						Ryman Hospitality Properties						0.5									1.2
178,227						167,181						Sabra Health Care REIT Inc.						2.5									3.6
5,111						3,168						Safe Hold, Inc.						0.3			(7)						0.1
3,527						3,537						Saul Centers, Inc.						0.1									0.2
68,913						76,914						SBA Communications Corporation						21.8									18.5
—						70,465						Senior Housing Properties Trust						—									0.6
48,468						48,715						Service Properties Trust						0.4									1.2
188,182						200,628						Simon Property Group, Inc.						12.2									29.9
154,971						394,633						Site Centers Corporation						1.1									5.5
62,444						115,766						SL Green Realty Corp.						2.9			(7)						10.6

39

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Shares												Issuer						Fair Value at
																		September 30, 2020									December 31, 2019
2020						2019
																		(Unaudited)
50,179						29,513						Spirit Realty Capital Inc.						$	1.7								$	1.5
44,309						39,632						Stag Industrial, Inc.						1.4									1.3
135,689						228,776						STORE Capital Corporation						3.7									8.5
30,564						30,813						Summit Hotel Properties, Inc.						0.2									0.4
125,070						123,951						Sun Communities, Inc.						17.6									18.6
63,544						66,821						Sunstone Hotel Investors, L.L.C.						0.5			(7)						0.9			(7)
26,770						27,198						Tanger Factory Outlet Centers, Inc.						0.2									0.4
31,238						39,475						Taubman Centers, Inc.						1.0									1.2
113,712						139,538						Terreno Realty Corporation						6.2									7.6
87,283						42,266						The Macerich Company						0.6			(7)						1.1			(7)
87,107						86,400						UDR, Inc.						2.8									4.0
10,834						10,668						UMH Properties, Inc.						0.1									0.2
112,027						150,082						UNITI Group, Inc.						1.2									1.2			(7)
3,794						3,816						Universal Health Realty Income Trust						0.2									0.4
34,307						34,264						Urban Edge Properties						0.3									0.7
8,790						8,803						Urstadt Biddle Properties, Inc.						0.1									0.2
15,700						85,000						Vanguard Real Estate ETF						1.2			(7)						7.9
259,633						190,949						Ventas, Inc.						10.9									11.0
321,061						318,132						VEREIT, Inc.						2.1									2.9
397,575						377,486						Vici Properties, Inc.						9.3									9.6
96,868						51,469						Vornado Realty Trust						3.3									3.4
54,997						55,611						Washington Prime Group, Inc.						0.1			(7)						0.2			(7)
24,389						23,876						Washington Real Estate Investment Trust						0.5									0.7
36,058						36,198						Weingarten Realty Investors						0.6									1.1
288,574						300,767						Welltower Inc.						15.9									24.5
456,736						386,918						Weyerhaeuser Company						13.0									11.7
11,775						11,404						Whitestone Real Estate Investment Trust B						0.1									0.2
69,680						50,897						WP Carey Inc.						4.5									4.1
11,800						—						Wynn Resorts LTD						0.8									—
33,491						33,741						Xenia Hotels & Resorts, Inc.						0.3									0.7
TOTAL REAL ESTATE-RELATED MARKETABLE SECURITIES (Cost $634.7 and $686.0)																		$	662.2								$	825.7

40

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

OTHER MARKETABLE SECURITIES—2.7% and 13.9%

U.S. GOVERNMENT AGENCY NOTES—0.0% and 0.7%

												Issuer						Yield(4)						Maturity Date						Fair Value at
Principal																														September 30, 2020						December 31, 2019
2020						2019
																														(Unaudited)
$	—					$	65.4					Federal Home Loan Bank						1.734%						11/19/2021						$	—					$	65.5
—						50.0						Federal Home Loan Bank						1.700%						12/20/2021						—						50.0
—						4.8						Federal Home Loan Bank Discount Notes						1.521%-1.572%						1/6/2020						—						4.8
—						21.2						Federal Home Loan Bank Discount Notes						1.680%						1/10/2020						—						21.2
—						26.0						Federal Home Loan Bank Discount Notes						1.700%						1/15/2020						—						26.0
—						43.0						Federal Home Loan Bank Discount Notes						1.575%-1.593%						1/31/2020						—						42.9
TOTAL U.S. GOVERNMENT AGENCY NOTES (Cost $— and $210.2)																														$	—					$	210.4

FOREIGN GOVERNMENT AGENCY NOTES— 0.0% and 0.2%

Principal												Issuer						Yield(4)						Maturity Date						Fair Value at
																														September 30, 2020						December 31, 2019
2020						2019
																														(Unaudited)
$	—					$	49.3					Japan Bank for International Cooperation						1.625%						10/17/2022						$	—					$	48.9
—						0.2						Korea Development Bank						1.908%						10/1/2022						—						0.3
TOTAL FOREIGN GOVERNMENT AGENCY NOTES (Cost $— and $49.5)																														$	—					$	49.2

UNITED STATES TREASURY SECURITIES—2.7% and 8.7%

Principal												Issuer						Yield / Coupon Rate(4)									Maturity Date						Fair Value at
																																	September 30, 2020						December 31, 2019
2020						2019
																																	(Unaudited)
$	—					$	11.9					United States Treasury Bills						1.540%									1/2/2020						$	—					$	11.9
—						40.0						United States Treasury Bills						1.537%									1/14/2020						—						40.0
—						238.3						United States Treasury Bills						1.530%									1/21/2020						—						238.3
—						10.1						United States Treasury Bills						1.629%									1/23/2020						—						10.1
—						26.1						United States Treasury Bills						1.526%									1/30/2020						—						26.1
—						39.9						United States Treasury Bills						1.538%									2/4/2020						—						39.9
—						20.0						United States Treasury Bills						1.550%									2/6/2020						—						20.0
—						149.7						United States Treasury Bills						1.503%									2/11/2020						—						149.8
—						49.9						United States Treasury Bills						1.575%									2/13/2020						—						49.9
—						13.0						United States Treasury Bills						1.554%									2/20/2020						—						13.0
—						49.9						United States Treasury Bills						1.583%									2/27/2020						—						49.9
—						46.1						United States Treasury Bills						1.515%									3/5/2020						—						46.1
—						54.5						United States Treasury Bills						1.576%									3/12/2020						—						54.5
—						44.8						United States Treasury Bills						1.780%									3/19/2020						—						44.9
—						38.9						United States Treasury Bills						1.515%									4/2/2020						—						38.8
62.0						—						United States Treasury Bills						0.213%									10/8/2020						62.0						—
61.0						—						United States Treasury Bills						0.111%									10/22/2020						61.0						—
86.5						—						United States Treasury Bills						0.097%									11/5/2020						86.5						—
34.5						—						United States Treasury Bills						0.101%									11/19/2020						34.5						—
100.0						—						United States Treasury Bills						0.098%									12/17/2020						100.0						—

41

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Principal												Issuer						Yield / Coupon Rate(4)									Maturity Date						Fair Value at
																																	September 30, 2020						December 31, 2019
2020						2019
																																	(Unaudited)
$	84.0					$	—					United States Treasury Bills						0.091%									1/21/2021						$	84.0					$	—
80.0						—						United States Treasury Cash Management Bill						0.115%									12/15/2020						80.0						—
50.0						—						United States Treasury Cash Management Bill						0.097%									1/5/2021						50.0						—
132.0						—						United States Treasury Cash Management Bill						0.108%									1/12/2021						131.9						—
—						99.8						United States Treasury Notes						1.375%									5/31/2020						—						99.9
—						100.4						United States Treasury Notes						2.625%									7/31/2020						—						100.6
—						249.5						United States Treasury Notes						1.500%									8/15/2020						—						249.8
—						653.1						United States Treasury Notes						2.625%									8/15/2020						—						653.9
—						100.8						United States Treasury Notes						2.250%									4/30/2021						—						100.8
—						199.4						United States Treasury Notes						1.625%									6/30/2021						—						200.0
—						99.9						United States Treasury Notes						1.750%									7/31/2021						—						100.2
—						49.6						United States Treasury Notes						1.250%									10/31/2021						—						49.7
—						100.0						United States Treasury Notes						1.750%									7/15/2022						—						100.3
—						100.7						United States Treasury Notes						1.875%									7/31/2022						—						100.7
TOTAL UNITED STATES TREASURY SECURITIES (Cost $690.0 and $2,586.3)																																	$	689.9					$	2,589.1

CORPORATE BOND SECURITIES—0.0% and 4.2%

Principal												Issuer						Coupon Rate						Credit Rating(8)						Maturity Date						Fair Value at
																																				September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
$	—					$	11.5					Air Lease Corporation						2.250%						BBB						1/15/2023						$	—					$	11.5
—						13.8						American Honda Finance						1.700%						A						9/9/2021						—						13.7
—						19.7						American Honda Finance						2.050%						A						1/10/2023						—						19.7
—						27.7						Apple, Inc.						1.700%						AA+						9/11/2022						—						27.7
—						29.2						Banco Santander SA						3.500%						A-						4/11/2022						—						30.0
—						12.0						Bank of America Corporation						2.369%						A-						7/21/2021						—						12.0
—						21.6						Bank of America Corporation						2.503%						A-						10/21/2022						—						21.8
—						29.5						Bank of New York Mellon Corporation						1.950%						A						8/23/2022						—						29.6
—						8.1						BB+T Corporation						2.150%						A-						2/1/2021						—						8.1
—						3.5						Berkshire Hathaway Energy						2.400%						A-						2/1/2020						—						3.5
—						10.0						Boeing Co.						1.650%						BBB						10/30/2020						—						10.0
—						28.9						Boeing Co.						2.300%						BBB						8/1/2021						—						29.0
—						10.9						BPCE SA						2.750%						A+						12/2/2021						—						11.0
—						8.0						Canadian National Railway						2.400%						A						2/3/2020						—						8.0
—						21.8						Capital One, NA						2.150%						BBB+						9/6/2022						—						21.8
—						4.8						Caterpillar Financial Service						1.850%						A						9/4/2020						—						4.7
—						42.5						Caterpillar Financial Service						1.299%						A						3/8/2021						—						42.6
—						12.0						Centerpoint Energy Resource						4.500%						BBB+						1/15/2021						—						12.2
—						32.9						Citigroup, Inc.						2.312%						BBB+						11/4/2022						—						32.9
—						27.0						Columbia Pipeline Group						3.300%						A3						6/1/2020						—						27.1
—						24.5						Diageo Capital PLC						4.828%						A-						7/15/2020						—						24.9
—						19.6						DTE Energy Corporation						2.250%						BBB						11/1/2022						—						19.6
—						34.5						Exxon Mobil Corporation						1.902%						AA+						8/16/2022						—						34.7
—						14.0						Fifth Third Bank						2.875%						BBB+						7/27/2020						—						14.1

42

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Principal												Issuer						Coupon Rate						Credit Rating(8)						Maturity Date						Fair Value at
																																				September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
$	—					$	5.0					Fifth Third Bank						2.250%						A-						6/14/2021						$	—					$	5.0
—						4.0						General Dynamics Corporation						2.875%						A						5/11/2020						—						4.0
—						2.3						Georgia Power Company						2.000%						A-						3/30/2020						—						2.3
—						15.0						Georgia Power Company						2.000%						A-						9/8/2020						—						15.0
—						8.0						Georgia Power Company						2.400%						A-						4/1/2021						—						8.0
—						7.5						Goldman Sachs Group, Inc.						2.600%						BBB+						4/23/2020						—						7.5
—						12.2						Goldman Sachs Group, Inc.						2.600%						BBB+						12/27/2020						—						12.2
—						25.0						Goldman Sachs Group, Inc.						2.350%						BBB+						11/15/2021						—						25.1
—						10.5						HSBC Bank USA, NA						4.875%						A						8/24/2020						—						10.7
—						11.7						John Deere Capital Corporation						1.950%						A						6/13/2022						—						11.7
—						25.0						JP Morgan Chase Bank, NA						2.604%						A+						2/1/2021						—						25.0
—						20.0						JP Morgan Chase Bank, NA						3.086%						A+						4/26/2021						—						20.1
—						65.0						Mitsubishi UFJ Financial Group						2.190%						A-						9/13/2021						—						65.2
—						9.2						Morgan Stanley						2.650%						BBB+						1/27/2020						—						9.2
—						20.0						Morgan Stanley						2.800%						BBB+						6/16/2020						—						20.1
—						8.3						Morgan Stanley						2.500%						BBB+						4/21/2021						—						8.4
—						7.0						Morgan Stanley						2.625%						BBB+						11/17/2021						—						7.1
—						18.4						MPLX LP						1.899%						BBB						9/9/2021						—						18.5
—						20.0						MUFG Union Bank, NA						2.100%						A						12/9/2022						—						20.0
—						50.8						Nextera Energy Capital						2.403%						BBB+						9/1/2021						—						51.2
—						20.0						Occidental Petroleum Corporation						2.854%						BBB						2/8/2021						—						20.1
—						14.9						Occidental Petroleum Corporation						2.600%						BBB						8/13/2021						—						15.0
—						31.1						Occidental Petroleum Corporation						2.700%						BBB						8/15/2022						—						31.4
—						35.0						Omnicom GP/Omnicom CAP						4.450%						BBB+						8/15/2020						—						35.5
—						20.0						Oracle Corporation						1.900%						A+						9/15/2021						—						20.0
—						11.6						Paccar Financial Corporation						2.000%						A+						9/26/2022						—						11.7
—						19.3						Paypal Holdings, Inc.						2.200%						BBB+						9/26/2022						—						19.4
—						20.0						PNC Bank, NA						2.315%						A						12/9/2022						—						20.0
—						20.0						PNC Bank, NA						2.028%						A						12/9/2022						—						20.0
—						20.0						Skandinaviska Enskilda						1.875%						A+						9/13/2021						—						19.9
—						5.0						Sumitomo Mitsui Financial Group						2.934%						A-						3/9/2021						—						5.1
—						5.0						Sumitomo Mitsui Financial Group						2.058%						A-						7/14/2021						—						5.0
—						101.4						Swedish Export Credit						1.625%						AA+						11/14/2022						—						101.0
—						23.0						The Walt Disney Company						1.830%						A						9/1/2021						—						23.1
—						17.1						Toronto Dominion Bank						2.500%						AA-						12/14/2020						—						17.2
—						14.5						Toronto Dominion Bank						2.170%						A						3/17/2021						—						14.5
—						10.0						Toronto Dominion Bank						1.900%						A						12/1/2022						—						10.0
—						20.0						United Technologies Corporation						1.900%						BBB+						5/4/2020						—						20.0
—						12.8						Wells Fargo Bank, NA						3.325%						A+						7/23/2021						—						12.9
—						30.0						Wells Fargo Bank, NA						2.082%						A+						9/9/2022						—						30.0
TOTAL CORPORATE BOND SECURITIES (Cost $— and $1,265.4)																																				$	—					$	1,268.3

43

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

MUNICIPAL BOND SECURITIES—0.0% and 0.1%

Principal																																				Fair Value at
												Issuer						Coupon Rate						Credit Rating(8)						Maturity Date						September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
$	—					$	0.7					Broward County Florida Airport System Revenue						1.844%						A+						10/1/2020						$	—					$	0.6
—						0.6						Broward County Florida Airport System Revenue						1.874%						A+						10/1/2021						—						0.5
—						0.6						Broward County Florida Airport System Revenue						1.936%						A+						10/1/2022						—						0.6
—						2.0						California State Health Facilities Financing Authority						1.896%						AA-						6/1/2021						—						2.0
—						1.0						California State Health Facilities Financing Authority						1.893%						AA-						6/1/2022						—						1.0
—						1.3						Colorado State Health Facilities Authority HOS						2.075%						A+						11/1/2020						—						1.2
—						0.8						Colorado State Health Facilities Authority HOS						2.185%						A+						11/1/2021						—						0.8
—						1.1						Colorado State Health Facilities Authority HOS						2.237%						A+						11/1/2022						—						1.1
—						0.8						Florida State Municipal Power Agency						1.966%						A2						10/1/2020						—						0.8
—						1.1						Florida State Municipal Power Agency						1.986%						A2						10/1/2021						—						1.2
—						1.0						Florida State Municipal Power Agency						2.064%						A2						10/1/2022						—						1.0
—						0.6						Hamilton County Ohio Healthcare Facilities						2.135%						AA						6/1/2020						—						0.6
—						0.9						Harris County Texas Cultural Education Facilities						2.015%						AA-						5/15/2020						—						0.9
—						1.3						Harris County Texas Cultural Education Facilities						2.065%						AA-						5/15/2021						—						1.3
—						1.3						Harris County Texas Cultural Education Facilities						2.102%						AA-						5/15/2022						—						1.3
—						0.5						Indiana State Finance Authority						2.242%						AA-						3/1/2020						—						0.5
—						1.1						Lansing Michigan Board of Water and Light Utility System						1.952%						AA-						7/1/2022						—						1.2
—						7.1						Massachusetts State Water Resources						1.661%						AA+						8/1/2020						—						7.1
—						1.2						Massachusetts State Water Resources						1.702%						AA+						8/1/2021						—						1.2
—						2.9						Massachusetts State Water Resources						1.734%						AA+						8/1/2022						—						2.9
—						0.3						Matanuska-Susitna Borough Alaska						2.016%						AA+						3/1/2023						—						0.3
—						0.5						Midland County Texas Fresh Water Supply						1.872%						AA-						9/15/2021						—						0.5
—						0.5						Midland County Texas Fresh Water Supply						1.910%						AA-						9/15/2022						—						0.5
—						0.2						Park Creek Metropolitan District Revenue						2.292%						AA						12/1/2022						—						0.2
—						0.2						Stockton California Public Financing Authority						1.942%						AA						10/1/2020						—						0.2
—						0.2						Stockton California Public Financing Authority						2.048%						AA						10/1/2021						—						0.2
—						0.1						Stockton California Public Financing Authority						2.145%						AA						10/1/2022						—						0.1
—						0.7						Texas State University System Revenue Finance						1.760%						Aa2						3/15/2020						—						0.7

44

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

Principal																																				Fair Value at
												Issuer						Coupon Rate						Credit Rating(8)						Maturity Date						September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
$	—					$	0.5					Texas State University System Revenue Finance						1.810%						Aa2						3/15/2021						$	—					$	0.5
—						1.7						Texas State University System Revenue Finance						1.839%						Aa2						3/15/2022						—						1.7
—						0.5						University of Akron						1.976%						A1						1/1/2021						—						0.5
TOTAL MUNICIPAL BOND SECURITIES (Cost $— and $33.3)																																				$	—					$	33.2
TOTAL OTHER MARKETABLE SECURITIES      (Cost $690.0 and $4,144.7)																																				$	689.9					$	4,150.2
TOTAL MARKETABLE SECURITIES      (Cost $1,324.7 and $4,830.7)																																				$	1,352.1					$	4,975.9

LOANS RECEIVABLE—5.7% and 5.0%

												Borrower						Property Type						Interest Rate(6)						Maturity Date						Fair Value at
Principal																																				September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
$	—					$	6.3					DJM Capital Partners Mezzanine						Retail						5.00%						3/9/2020						$	—					$	6.3
54.1						53.8						SCG Oakland Portfolio						Office						4.25% + LIBOR						3/1/2021						54.1						53.8
—						20.0						Crest at Las Colinas Station Mezzanine						Apartments						5.11% + LIBOR						5/10/2021						—						20.0
89.5						87.5						311 South Wacker Mezzanine						Office						4.70% + LIBOR						6/7/2021						86.0						86.8
60.0						60.0						River North Point Junior Mezzanine						Office						4.30% + LIBOR						7/9/2021						59.0						60.0
76.1						92.2						Blackstone RioCan Retail Portfolio Mezzanine						Retail						4.65% + LIBOR						7/9/2021						73.7						92.2
60.0						60.0						SoNo Collection Mezzanine						Retail						6.75% + LIBOR						8/6/2021						60.0						60.0
124.7						128.6						Project Glacier Mezzanine						Industrial						4.40% + LIBOR						10/9/2021						124.7						128.6
15.6						14.7						Liberty Park Mezzanine						Office						6.08%						11/9/2021						15.6						14.7
125.0						125.0						State Street Financial Center Mezzanine						Office						0.065						11/10/2021						124.6						124.4
20.0						20.0						Modera Observatory Park Mezzanine						Apartments						4.34% + LIBOR						6/10/2022						19.6						20.0
16.9						16.2						San Diego Office Portfolio Mezzanine						Office						2.45% + LIBOR						8/9/2022						15.8						16.1
50.7						48.2						San Diego Office Portfolio Senior Loan						Office						2.45% + LIBOR						8/9/2022						51.2						48.2
20.8						20.8						Rosemont Towson Mezzanine						Apartments						4.15% + LIBOR						9/9/2022						20.6						20.8
33.8						33.8						Colony New England Hotel Portfolio Mezzanine						Hotel						2.80% + LIBOR						11/9/2022						30.5						33.8
101.4						101.4						Colony New England Hotel Portfolio Senior Loan						Hotel						2.80% + LIBOR						11/9/2022						99.4						101.4
33.9						33.9						Exo Apartments Mezzanine						Apartments						2.30% + LIBOR						1/9/2023						31.8						33.9
101.6						101.6						Exo Apartments Senior Loan						Apartments						2.30% + LIBOR						1/9/2023						103.1						101.6
13.3						—						Five Oak Mezzanine						Office						2.35% + LIBOR						4/9/2023						13.3						—
29.8						27.5						1330 Broadway Mezzanine						Office						5.01% + LIBOR						8/10/2023						29.3						27.5
82.0						82.0						Great Value Storage Portfolio Mezzanine						Storage						7.88%						12/6/2023						73.8						82.0
85.0						85.0						Park Avenue Tower Mezzanine						Office						4.35% + LIBOR						3/9/2024						85.0						85.0

45

---

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

												Borrower						Property Type						Interest Rate(6)						Maturity Date						Fair Value at
Principal																																				September 30, 2020						December 31, 2019
2020						2019
$	70.7					$	71.0					BREP VIII Industrial Loan Facility Mezzanine						Industrial						5.00% + LIBOR						3/9/2026						$	70.7					$	71.0
20.0						20.0						Aspen Lake Office Portfolio Mezzanine						Office						8.25%						3/10/2028						20.0						20.0
95.0						95.0						Merritt on the River Office Portfolio Mezzanine						Office						8.00%						8/1/2028						87.0						95.0
100.0						100.0						Charles River Plaza North Mezzanine						Office						6.08%						4/6/2029						100.0						100.0
53.0						—						Sol y Luna						Apartments						6.55%						1/6/2030						51.4						—
TOTAL LOANS RECEIVABLE (Cost $1,533.0 and $1,504.5)																																				$	1,500.2					$	1,503.1

LOANS RECEIVABLE WITH RELATED PARTIES—0.3% and 0.2%

												Related Party						Property Type						Interest Rate(6)						Maturity Date						Fair Value at
Principal																																				September 30, 2020						December 31, 2019
2020						2019
																																				(Unaudited)
$	36.5					$	36.5					MRA Hub 34 Holding, LLC						Office						2.50% + LIBOR						9/1/2022						$	36.5					$	36.5
32.8						32.8						THP Student Housing, LLC						Apartment						3.20%						9/1/2024						32.9						32.5
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES     (Cost $69.3 and $69.3)																																				$	69.4					$	69.0
TOTAL INVESTMENTS     (Cost $22,292.3 and $25,697.4)																																				$	25,984.7					$	29,899.0

(1)The investment has a loan payable outstanding, as indicated in Note 9—Loans Payable.

(2)The fair value reflects the Account’s interest in the joint venture and is net of debt.

(3)Properties within this investment are located throughout the United States.

(4)For zero-coupon securities issued at a discount or premium to par, yield represents the annualized yield to maturity. For all other securities, the coupon rate is presented.

(5)A portion of this investment consists of land currently under development.

(6)Fixed interest rate loans are represented with a single rate. Variable interest rate loans are presented with their base spread and the corresponding index rate. All variable interest loans currently held by the Account use the one month LIBOR rate on U.S. dollar deposits as the index rate, as published by ICE Benchmark Administration Limited.

(7)All or a portion of these securities are out on loan. The aggregate value of securities on loan September 30, 2020 and December 31, 2019 were $2.1 million and $25.2 million, respectively.

(8)Credit ratings are sourced from S&P Global Ratings ("S&P"), Moody's Investors Services or Fitch Ratings, Inc. Ratings for sold bonds reflect the credit rating as of the last reporting period.

46

---

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the Account’s financial condition and results of operations should be read together with the Consolidated Financial Statements and notes contained in this report and with consideration to the sub-section entitled “Forward-Looking Statements,” which begins below, and the section of the Account’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “Form 10-K”) entitled “Item 1A. Risk Factors.” The past performance of the Account is not indicative of future results.

Forward-looking Statements

Some statements in this Form 10-Q which are not historical facts may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about management’s expectations, beliefs, intentions or strategies for the future, include the assumptions and beliefs underlying these forward-looking statements, and are based on current expectations, estimates and projections about the real estate industry, domestic and global economic conditions, including conditions in the credit and capital markets, the sectors, and markets in which the Account invests and operates, and the transactions described in this Form 10-Q. While management believes the assumptions underlying any of its forward-looking statements and information to be reasonable, such information may be subject to uncertainties and may involve certain risks which may be difficult to predict and are beyond management’s control. These risks and uncertainties could cause actual results to differ materially from those contained in any forward-looking statement. These risks and uncertainties include, but are not limited to, the risks associated with the following:

•General Risks of Acquiring and Owning Real Property. The risks associated with acquiring and owning real property, including general economic and real estate market conditions, the availability of, and economic cost associated with, financing the Account’s properties, the risk that the Account’s properties become too concentrated (whether by geography, sector or by tenant mix), competition for acquiring real estate properties, leasing risk (including tenant defaults) and the risk of uninsured losses at properties (including due to terrorism, natural disasters, and acts of violence);

•COVID-19 Risks. In response to the ongoing COVID-19 pandemic, governmental authorities throughout the world, including the United States, have continued to take significant measures to inhibit the spread of the disease. Such ongoing measures include prohibiting people from congregating in heavily populated areas, instituting localized quarantines, restricting nonessential travel, issuing “stay-at-home” orders, closing schools, and most notably, restricting the types of businesses that may continue to operate. While some of these restrictions were eased in the third quarter of 2020, many such restrictions continue to remain and have had an adverse impact on economic and market conditions across the United States during the third quarter. It is possible that public health officials and governmental authorities in the markets in which we own properties may impose additional restrictions, or slow the lifting of existing restrictions, in an effort to further slow the spread of the COVID-19 pandemic or address any rise in infection rates. Such officials may also relax or revoke existing restrictions too quickly, which could, in either case, exacerbate the continued severity of adverse impacts of the pandemic on the economy. The COVID-19 pandemic, including these responsive measures, will likely have an adverse effect on the Account. For example, the negative impact of the COVID-19 pandemic on our tenants may include an immediate reduction in cash flow available to pay rent under our leases which, in turn, could adversely affect our own liquidity, and there can be no guarantee that additional liquidity will be readily available or available on favorable terms and could result in the Account exercising the liquidity guarantee. Moreover, the market volatility and economic uncertainty surrounding the COVID-19 pandemic may negatively impact our liquid investments, such as those in real estate investment trusts ("REIT") securities and mortgage backed securities ("MBS"). These and other consequences of the COVID-19 pandemic are expected to have an adverse effect on the Account’s business and results of operations;

•General Risks of Selling Real Estate Investments. The risk that the sales price of a property might differ, perhaps significantly, from its estimated or appraised value, leading to losses or reduced profits to the Account, the risk that the Account might not be able to sell a property at a particular time for a price which management believes represents its fair or full value, the risk of a lack of availability of financing (for potential purchasers of the Account’s properties), risks associated with disruptions in the credit and capital markets, and the risk that

47

---

the Account may be required to make significant expenditures before the Account is able to market and/or sell a property;

•Valuation and Appraisal Risk. The risks associated with property valuations, including the fact that appraisals can be subjective in a number of respects and the fact that the Account’s appraisals are generally obtained on a quarterly basis and there may be periods in between appraisals of a property during which the value attributed to the property for purposes of the Account’s daily accumulation unit value may be more or less than the actual realizable value of the property;

•Borrowing Risk. Risks associated with financing the Account’s properties, including the risk of default on loans secured by the Account’s properties (which could lead to foreclosure), the risk of default under unsecured lines of credit or credit facilities underwritten by third-party lenders, the risk associated with high loan-to-value ratios on the Account’s properties (including the fact that the Account may have limited, or zero net value in such a property), the risk that significant sums of cash could be required to make principal and interest payments on the loans and the risk that the Account may not have the ability to obtain financing or refinancing on favorable terms (or at all), which may be aggravated by general disruptions in credit and capital markets;

•Investment and Cash Management Risks Associated with Participant Transactions. Investment risk associated with participant transactions, in particular that (i) significant net participant transfers out of the Account may impair our ability to pursue or consummate new investment opportunities that are otherwise attractive to the Account and/ or may result in sales of real estate-related assets to generate liquidity, (ii) significant net participant transfers into the Account may result, on a temporary basis, in our cash holdings and/or holdings in liquid non-real estate-related investments exceeding our long-term targeted holding levels and (iii) high levels of cash and liquid non-real estate-related investments in the Account during times of appreciating real estate values can impair the Account’s overall return;

•Joint Venture Investment Risk. The risks associated with joint ventures and real estate funds, including the risk that a co-venturer or fund manager may have interests or goals inconsistent with that of the Account, the risk that a co-venturer or fund manager may have financial difficulties, and the risk that the Account may have limited rights with respect to operation of the property and transfer of the Account’s interest;

•Real Estate Regulatory Risk. Uncertainties associated with environmental liability and regulations and other governmental regulatory matters such as zoning laws, rent control laws, and property taxes;

•Environmental Risk. The risks that the Account may be liable for damage to the environment or injury to individuals caused by hazardous substances used or found on its properties. Federal and state environmental laws may also impose restrictions on the manner in which a property may be used, impose significant costs for environmental clean-up relating to certain real property investments (including remediating contaminated property), and require the Account to acquire third-party insurance related to environmental risks, all of which could adversely impact the Account’s investment returns;

•Uninsurable Loss Risk. Certain catastrophic losses (e.g., from earthquakes, wars, terrorist acts, nuclear accidents, hurricanes, tsunamis, high winds, wildfires, inland or coastal floods, rising sea levels or environmental or industrial hazards or accidents) may be uninsurable or so expensive to insure against that it is economically disadvantageous for the Account to buy insurance to cover such losses. In such an event, the catastrophic losses could adversely impact the Account’s investment returns;

•Physical Climate Change Related Financial Risk. Many of the Account’s commercial real estate assets are located within geographical regions in the United States and foreign jurisdictions that currently are, and in the future will continue to be, adversely impacted by increasingly severe and adverse weather conditions across the globe, including, among others, earthquakes, hurricanes, tsunamis, high winds, wildfires, inland or coastal flooding, and rising sea levels. Any resulting losses from such climate-related changes and hazards could adversely impact the Account’s investment returns;

•Global Economic Risks. National and regional economies and financial markets have become increasingly interconnected, which has increased the probability that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses, pandemics or other public health emergencies may adversely affect the global economy and the securities, local commercial real estate markets and issuers in which the Account invests. Recent examples of such events include the COVID-19 pandemic that was first

48

---

detected in Wuhan, China in December 2019 and has since spread worldwide, resulting in government imposed shutdowns across the globe. These events have and could continue to reduce consumer demand and economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy, and, as a result, have an adverse effect on the Account’s business;

•ESG Criteria Risk. The risks that the Account’s utilization of environmental, social and governance ("ESG") criteria in its commercial real estate underwriting may result in the Account foregoing some commercial real estate market opportunities that could be beneficial to the Account. Consequently, the Account may underperform other investment vehicles that do not utilize such ESG criteria in selecting portfolio properties;

•Foreign Real Property Investment Risk. Foreign commercial real properties, foreign real estate loans, and foreign debt investments may experience unique risks such as changes in currency exchange rates, imposition of market controls or currency exchange controls, seizure, expropriation or nationalization of assets, political, social or diplomatic events or unrest, regulatory and taxation risks and risks associated with enforcing judgments in foreign countries that could cause the Account to lose money. The risks described above often increase in countries with emerging markets;

•Risk of Investing in REIT Securities. Investments in REIT securities are subject to many of the same general risks associated with direct real property ownership. In particular, equity REITs may be affected by changes in the value of the underlying properties owned by the entity, while mortgage REITs may be affected by the quality of any credit extended. In addition to these risks, because REIT investments are securities and generally publicly traded, they may be exposed to market risk and potentially significant price volatility due to changing conditions in the financial markets and, in particular, changes in overall interest rates, regardless of the value of the underlying real estate such REIT may own;

•Risks of Mortgage-Backed Securities. The Account from time to time has invested in mortgage-backed securities and may in the future invest in such securities. Mortgage-backed securities, such as commercial mortgage-backed securities ("CMBS") and residential mortgage-backed securities ("RMBS"), are subject to many of the same general risks inherent in real estate investing, making mortgage loans and investing in debt securities. The underlying mortgage loans may experience defaults, are subject to prepayment risk or extension risk and are highly sensitive to changes in interest rates, liquidity of the secondary market, economic conditions impacting financial institutions and the credit markets generally, and changes in governmental policies impacting Fannie Mae and Freddie Mac and/or U.S. Government programs related to mortgages that may be implemented in the future;

•Risks of Investing in Mortgage Loans and Related Investments. Because the Account’s investment strategy includes investments in mortgage loans (i.e., the Account serving as lender), the Account will be subject to the risks inherent in making mortgage loans, including, among others, (i) borrower default, bankruptcy and insolvency that results in the Account being unable to recover some or all of its original investment, (ii) mechanic’s or tax liens that may have priority over the Account’s security interest, (iii) a deterioration in the financial condition of tenants, (iv) changes in interest rates for the Account’s variable-rate mortgage loans and other debt instruments that may increase or decrease the investment’s yield, (v) the risk that borrowers pay off their mortgage loans earlier or later than expected resulting in a decline in income, and (vii) the costs of hedging strategies for domestic and foreign loans or securities that may increase the Account’s transactions costs and reduce its performance;

•Risks of U.S. Government and Government Agency Securities.Risks associated with investment securities issued by U.S. Government agencies and U.S. Government-sponsored entities, including the risk that the issuer may not have their securities backed by the full faith and credit of the U.S. Government, which could adversely affect the pricing and value of such securities. Such securities are also subject market movements, regulatory changes, changes in political or economic conditions or downgrades or threatened downgrades of the credit rating for U.S. Government obligations generally that could negatively impact the value of the securities and the Account’s ability to dispose of the security at a favorable time. U.S. Government securities generally present limited credit risk compared to other types of debt securities but are not free from risk;

•Risks of Corporate Obligations. The Account’s investment in corporate obligations (such as commercial paper and other types of corporate debt) may be subject to general dislocations in the finance or credit markets, fluctuations in transaction activity that could impair the Account’s ability to dispose of a corporate debt security

49

---

at a favorable time, and the risk that the credit quality of the corporate issuer will deteriorate, any of which could have a negative impact on the value of the investment; and

•Risks of Liquid, Fixed-Income Investments and Other Securities. Risks associated with investments in liquid, fixed-income investments and real estate-related liquid assets (which could include, from time to time, registered or unregistered REIT securities and CMBS), and non-real estate-related liquid assets, including:

•Issuer Risk (Financial risk)-The risk that the issuer will not be able to pay principal and interest when due or that the issuer’s earnings will fall;

•Credit Risk (a type of Issuer Risk)-The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due;

•Credit Spread Risk-The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds or other fixed-income securities generally have a greater risk of default, which could result in a decline in the market values of the Account’s debt or other fixed-income securities;

•Market Volatility, Liquidity and Valuation Risk (types of Market Risk)-The risk that the changing conditions in financial markets may cause the Account’s investments to experience price volatility;

•Interest Rate Risk (a type of Market Risk)-The risk that interest rate volatility may affect the Account’s current income from an investment or the pricing of that investment. In general, changing interest rates could have unpredictable effects on the markets and may expose markets to heightened volatility;

•Downgrade Risk-The risk that securities are subsequently downgraded should TIAA and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated;

•Income Volatility Risk-The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;

•Call Risk-The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Account’s income;

•Prepayment Risk-The risk that, during periods of falling interest rates, borrowers may pay off their loans sooner than expected, forcing the Account to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;

•Extension Risk-The risk that, during periods of rising interest rates, borrowers may pay off their mortgage and other loans later than expected, preventing the Account from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;

•U.S. Government Securities Risk-Securities issued by the U.S. Government or one of its agencies or instrumentalities may receive varying levels of support from the U.S. Government, which could affect the Account’s ability to recover should they default. To the extent the Account invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Account invests may negatively impact the Account’s performance;

•State and Municipal Investment Risk-The risk that events affecting states and municipalities, including severe financial difficulties and continued budget deficits, may adversely impact the Account’s investments and its performance;

•Foreign Securities Risk-Foreign securities investments may experience unique risks such as changes in currency exchange rates, imposition of market controls or currency exchange controls, seizure, expropriation or nationalization of assets, and political, social or diplomatic events or unrest that could cause the Account to lose money. The risks described above often increase in countries with emerging markets;

•Emerging and Frontier Markets Risk-The risk of foreign investment often increases in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may be less liquid than

50

---

those of issuers in more developed countries. In addition, foreign investments are subject to a variety of special restrictions in many emerging market countries. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets;

•Fixed-Income Foreign Investment Risk-Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to the Account or impair the Account’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign fixed-income investments may also be less liquid and more difficult to value than fixed-income investments in U.S. issuers;

•Sovereign Debt Risk-The risk that the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling, due to social, political or economic factors, to repay principal or interest when due, resulting in losses to the Account;

•Supranational Debt Risk-The risk that the issuer of multinational or supranational foreign debt (e.g., the European Union or the International Monetary Fund (IMF)) that controls the repayment of such debt may be unable or unwilling, due to social, political or economic factors such as the sudden or gradual disintegration of the multinational or supranational organization, to repay principal or interest when due, resulting in losses to the Account;

•Active Management Risk-The risk that the Account’s investment strategy, investment selection or trading execution may cause the Account to underperform relative to a comparison index or accounts or issuers with similar investment objectives;

•Currency Risk-The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Account’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies;

•Derivatives Risk-The risks associated with investing in derivatives and other types of hedging strategies may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Account may use futures, options, or forwards, and the Account may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Account may lose more than the principal amount invested;

•Currency Management Strategies Risk-Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Account’s exposure to currencies and currency exchange rates and could result in losses to the Account if currencies do not perform as anticipated;

•Counterparty and Third Party Risk-The Account’s transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction;

•Regulation S and Rule 144A Securities Risk-The risk that SEC Regulation S and Rule 144A securities may be less liquid, and have less disclosure and investor protections, than publicly traded securities. Such securities may involve a high degree of business and financial risk and may result in losses to the Account;

•Illiquid Investments Risk-The risk that illiquid investments may be difficult for the Account to sell for the value at which they are carried, if at all, or at any price within the desired time frame; and

•Deposit/Money Market Risk-The risk that the Account could experience losses if banks fail.

More detailed discussions of certain of these risk factors are contained in the section of the Form 10-K entitled “Item 1A. Risk Factors” and "Part II, Item 1A, Risk Factors" in this Report and also in the section below entitled “Quantitative and Qualitative Disclosures About Market Risk.” These risks could cause actual results to differ materially from historical experience or management’s present expectations.

51

---

Caution should be taken not to place undue reliance on management’s forward-looking statements, which represent management’s views only as of the date that this report is filed. Neither management nor the Account undertake any obligation to update publicly or revise any forward-looking statement, whether as a result of new information, changed assumptions, future events or otherwise.

Commercial real estate market statistics discussed in this section are obtained by the Account from sources that management considers reliable, but some of the data are preliminary for the period ended September 30, 2020 and may be subsequently revised. Prior period data may have been adjusted to reflect updated calculations. Investors should not rely exclusively on the data presented below in forming a judgment regarding the current or prospective performance of the commercial real estate market generally.

ABOUT THE TIAA REAL ESTATE ACCOUNT

The Account was established, under the laws of New York, in February 1995 as a separate account of TIAA and interests in the Account were first offered to eligible participants on October 2, 1995. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance.

Investment Objective and Strategy

The Account seeks to generate favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments, while offering investors guaranteed, daily liquidity.

Real Estate-Related Investments. The Account intends to have between 75% and 85% of its net assets invested directly in real estate or real estate-related investments with the goal of producing favorable long-term returns primarily through rental income and appreciation. These investments may consist of:

•Direct ownership interests in domestic and foreign real estate;

•Direct ownership of real estate through interests in joint ventures; or

•Indirect interests in real estate through real estate-related securities, such as:

◦public and/or privately placed, domestic and foreign, registered and unregistered equity investments in REITs, which investments may consist of registered or unregistered common or preferred stock interests;

◦private real estate limited partnerships and limited liability companies (collectively, "real estate funds");

◦investments in equity or debt securities of domestic and foreign companies whose operations involve real estate (i.e., that primarily own, develop or manage real estate) which may not be REITs; and

◦domestic or foreign loans, including conventional commercial mortgage loans, participating mortgage loans, secured domestic and foreign (including U.K.) mezzanine loans, subordinated loans and collateralized mortgage obligations, including CMBS and other similar investments.

The Account’s principal investment strategy is to purchase direct ownership interests in income-producing real estate, primarily office, industrial, retail and multi-family properties. The Account is targeted to hold between 65% and 85% of the Account’s net assets in such direct ownership interests.

In addition, the Account is authorized to hold up to 25% of its net assets in liquid real estate-related securities, including publicly traded REITs and CMBS. Management intends that the Account will not hold more than 10% of net assets in such securities on a long-term basis. As of September 30, 2020, publicly traded REIT securities comprised approximately 2.8% of the Account’s net assets, and the Account held no CMBS as of such date.

In making commercial real estate investments within the Account, TIAA seeks to make investments that are suitable from a financial perspective and whose activities are generally consistent with industry recognized ESG criteria. The Account intends to promote awareness of these criteria to its joint venture partners, vendors and other stakeholders in connection with portfolio related activity involving commercial real estate transactions. TIAA

52

---

believes awareness, and, as appropriate, implementation of ESG criteria in commercial real estate holdings is beneficial to total long-term returns for the Account. In its evaluation of commercial real estate opportunities, the Account will take ESG considerations into account as part of the financial assessment of a commercial real estate portfolio asset, and not to achieve a desired outcome or as an investment qualification or screen. Ultimately, the Account will make an investment decision that incorporates ESG criteria only to the extent that the criteria is reasonably expected to enhance the ability to achieve desired returns for the Account.

Liquid, Fixed-Income Investments. The Account will invest the remaining portion of its assets (targeted to be between 15% and 25% of its net assets) in the following types of liquid, fixed income investments;

•U.S. Treasury or U.S. Government agency securities;

•Intermediate-term or long-term government related instruments, such as bond or other fixed-income securities issued by U.S. Government agencies, U.S. States or municipalities or U.S. Government-sponsored entities as well as foreign governments and their agencies (including those in emerging markets) and supranational or multinational organizations (e.g., the European Union);

•Intermediate-term or long-term non-government related instruments, such as corporate debt securities or asset-backed securities (“ABS”) issued by domestic or foreign entities, including domestic or foreign mezzanine or other debt, MBS, RMBS, debt securities of foreign governments, and collateralized debt (“CDO”), collateralized bond (“CBO”) and collateralized loan (“CLO”) obligations, but only if such non-government related instruments are investment-grade securities;

•Money market instruments and other cash equivalents. These will usually be high-quality, short-term debt instruments, including U.S. Government or government agency securities, commercial paper, certificates of deposit, bankers’ acceptances, repurchase agreements, interest-bearing time deposits, and corporate debt securities; and

•To a limited extent, privately issued (or non-publicly traded) debt securities, including Rule 144A securities, issued by domestic and foreign companies that do not primarily own or manage real estate, but only if such domestic and foreign privately issued debt securities are investment-grade securities.

The Account’s liquid, fixed-income investments may comprise less than 15% (and possibly less than 10%) of its assets (on a net basis), especially during and immediately following periods of significant net participant outflows. In addition, the Account, from time to time and on a temporary basis, may hold in excess of 25% of its net assets in liquid, fixed-income investments, particularly during times of significant inflows into the Account and/or a lack of attractive real estate-related investments available in the market.

Liquid Securities Generally. Primarily due to management’s need to manage fluctuations in cash flows, in particular during and immediately following periods of significant participant net transfer activity into or out of the Account, the Account may, on a temporary basis (i) exceed the upper end of its targeted holdings (currently 35% of the Account’s net assets) in liquid securities of all types, including both publicly traded non-real estate-related liquid investments and liquid real estate-related securities, such as REITs, ABS, RMBS, CMBS and MBS, or (ii) be below the low end of its targeted holdings in such liquid securities (currently 15% of the Account’s net assets).

The portion of the Account’s net assets invested in liquid investments of all types may exceed the upper end of its target, for example, if (i) the Account receives a large inflow of money in a short period of time, in particular due to significant participant transfer activity into the Account, (ii) the Account receives significant proceeds from sales or financings of direct real estate assets, (iii) there is a lack of attractive direct real estate investments available on the market, and/or (iv) the Account anticipates more near-term cash needs, including to acquire or improve direct real estate investments, pay expenses or repay indebtedness.

Foreign Investments. The Account may also make foreign real estate and foreign real estate-related investments and foreign liquid, fixed-income investments. Under the Account’s investment guidelines, investments in direct foreign real estate and real estate loans, together with foreign real estate-related securities and foreign liquid, fixed-income investments may not comprise more than 25% of the Account’s net assets. However, management doesn't intend such foreign investments, in the aggregate, to exceed 10% of the Account's net assets. As of September 30, 2020, the Account did not hold any foreign real estate investments.

53

---

In managing any domestic or foreign mezzanine debt or other domestic or foreign loans or securities, the Account may enter into certain derivatives transactions (including forward currency contracts and swaps, futures contracts, put and call options and other hedging transactions) in order to hedge against the risks of exchange rate uncertainties, interest rate uncertainties and foreign currency or market fluctuations impacting the Account’s domestic or foreign investments. The Account does not intend to speculate in such transactions.

THIRD QUARTER 2020 U.S. ECONOMIC AND COMMERCIAL REAL ESTATE OVERVIEW

The Account invests primarily in high-quality, core real estate in order to meet its investment objective of obtaining favorable long-term returns through rental income and the appreciation of its real estate holdings.

Economic Overview and Outlook

Key Macro Economic Indicators*			Actuals															Forecast
			2Q20						3Q20						2020						2021
Economy(1)
Gross Domestic Product ("GDP")			(31.4)%						33.1%									(3.9)%						3.8%
Employment Growth (Contraction) (3)			(13,281)						3,926									(703)						300
Unemployment Rate			11.1%						7.9%									9.1%						7.6%
Interest Rates(2)
10 Year Treasury			0.7%						0.7%									0.8%						1.1%

Sources: Bloomberg, BEA, Bureau of Labor Statistics, Federal Reserve and Moody’s Analytics

*Data subject to revision

(1)GDP growth rates are annual rates. Quarterly unemployment rates are the reported value for the final month of the quarter while annual values represent a twelve-month average.

(2)Treasury rates are an average over the stated period.

(3)Values presented in thousands.

In the aftermath of the worst economic quarter in U.S. history, the third quarter of 2020 was a story of recovery. Most U.S. states adopted a phased approach in their attempt to minimize the spread of the virus in the second and third quarters of 2020, allowing sectors with lower comparative risk to reopen first. The phased approach has slowed the rate of spread among the population, reducing the risk of a return to full economic shutdown, but it has also served to limit the economic recovery. Most states continue to have strict occupancy limits, restrictions on large gatherings, and mask mandates are frequently required when congregating indoors.

Multiple vaccine candidates currently under development provide some optimism that the spread of the virus can be better mitigated in 2021 if one or more of these candidates prove successful. Moreover, more experience with the virus has standardized treatments and improved patient outcomes. The continuation of the U.S. economic recovery will be highly dependent on the success or failure of these efforts. Restrictions on occupancy as previously described are likely to persist until the spread of the virus is controlled, or the severity of its symptoms more effectively treated. In addition to the uncertainty of the extent of the COVID-19 pandemic's longevity, the U.S. presidential election in November 2020 is an additional variable that will weigh heavily on the fourth quarter of 2020.

The U.S. unemployment rate rebounded consistent with the reopening of the U.S. economy, ending at 7.9% for the third quarter. Certain sectors such as hospitality, tourism and certain retail remain significantly challenged by the pandemic and will continue to be such in the coming months. Continued improvement in the unemployment rate will be contingent on the reopening phases continuing to progress. The economic impact of the COVID-19 pandemic has been especially pronounced on lower-income families. Elementary and secondary students returning to the classroom in some states is a positive development, as lower-income workers may have limited alternative options in regards to childcare. The U.S. Congress may pass additional stimulus to assist American workers, but such stimulus will not occur until after the presidential election. The Federal Reserve has maintained that interest rates are highly unlikely to increase in 2021, and are likely to stay at their current level through 2023.

54

---

Real Estate Market Conditions and Outlook

Since February 2020, commercial real estate prices have fallen 10%, as calculated by the Green Street Advisor Commercial Property Price Index (“CPPI"). Declines have been uneven across sectors due to the disproportionate impact of the COVID-19 pandemic. Sectors highly dependent on social interaction, such as retail, hospitality, and amusements have been most severely impacted, as government restrictions paired with consumer caution has caused demand to sharply decline. Real estate transaction volume is down approximately 36% year-to-date when compared to 2019. Transactions in 2020 have been concentrated in two sectors which comprise more than 60% of total volume, apartments and industrial.

The Account continues to benefit from its ample liquidity resources, which allow the Account to weather economic downturns without liquidating properties at suboptimal pricing.

During the second and third quarters of 2020, the Account received approximately 1,050 requests from tenants for rent relief as a result of the COVID-19 pandemic, with an aggregate exposure of $47.8 million of rental income. Relief requests have been almost exclusively rent deferrals, with rent postponed for a brief period (i.e., less than six months) and then repaid over the remaining duration of the lease. Requests are evaluated on a case-by-case basis, with the likelihood of future collection of the deferred balance a key consideration during the evaluation process. As of September 30, 2020, the Account did not have material exposure to tenant defaults or rent concessions. The Account did record modest increases to its allowances for uncollectible rent in the third quarter, most notably among properties within the retail sector. Refer to the Account's Results of Operations for additional commentary in regards to these increases.

55

---

Data for the Account’s top five markets in terms of market value as of September 30, 2020 are provided below. The five markets presented below represent 43.1% of the Account’s total real estate portfolio. Across all markets, the Account’s properties are 90.5% leased.

Top 5 Metro Areas by Fair Market Value(1)			Account % Leased Fair Value Weighted(2)			Number of Property Investments			Metro Area Fair Value as a % of Total RE Portfolio(3)			Metro Area Fair Value as a % of Total Investments
Washington-Arlington-Alexandria, DC-VA-MD-WV			82.7%			17			11.1%			9.7%
Los Angeles-Long Beach-Anaheim, CA			94.1%			16			10.2%			8.9%
Boston-Cambridge-Newton, MA-NH			89.0%			8			7.6%			6.6%
New York-Newark-Jersey City, NY-NJ-PA			78.1%			12			7.6%			6.6%
San Francisco-Oakland-Hayward, CA			91.2%			10			6.6%			5.8%

(1)The table above has been standardized to depict metropolitan statistical area ("MSA") definitions. Prior iterations of this table presented metropolitan divisions, which represent a subset of the larger MSA.

(2)Weighted by fair value, which differs from the calculations provided for market comparisons to CBRE-EA data and are used here to reflect the fair value of the Account’s monetary investments in those markets.

(3)Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

Office

The impact of the COVID-19 pandemic remains an open question on the future of the office sector. While many states have opened sufficiently to allow employees back into physical offices, many companies are moving cautiously in returning employees to the office. Companies are continuing to invest in telecommuting options as a result of the pandemic, and the investments made in infrastructure to facilitate remote work (e.g., new hardware, additional data storage) will persist after the pandemic subsides. Companies may require less space due to a reduced on-site employee presence, but companies may also require additional space to better facilitate open-office concepts that incorporate distancing between employees. Lessors that are positioned to provide flexible options to lessees will be best suited to navigate the post-pandemic leasing environment. Moreover, additional capital investment from lessors may be necessary to reposition office spaces to suit the changing needs of companies.

As of September 30, 2020, the Account's rents from office tenants were not materially affected, but the duration of the COVID-19 pandemic remains unknown. Tenants requesting rent relief have generally requested rent deferrals for a limited period of time (i.e., less than six months), with the unpaid rent to be paid over the duration of the remaining lease. If the severity of the COVID-19 pandemic persists throughout 2020 and into 2021, the likelihood that tenants may request additional rent deferrals, rent concessions or default increases. Additionally, if tenants vacate due to lease expirations, redeployment of the vacated space may be challenging in the near term due to unfavorable leasing conditions.

Vacancy nationwide increased from 13.0% in the second quarter of 2020 to 14.0% in the third quarter, as reported by CBRE-EA. New construction effectively stalled with the arrival of the COVID-19 pandemic, but the completion of construction already underway has continued to deliver new supply into a weak leasing environment. The new supply was the main driver behind the national vacancy increase. The vacancy rate of the Account’s office portfolio increased to 14.1% in the third quarter of 2020, as compared to 12.8% in the prior quarter, driven primarily by scheduled lease expirations, most notably in the Boston metro area. The above-average vacancy rate in the New York metro area is driven by two properties currently undergoing redevelopment to increase the long term value of the properties. The vacancy rate in the New York metro will remain elevated over the near term as legacy tenants fully vacate the properties and redevelopment efforts continue.

56

---

																		Account Square Foot Weighted Average Vacancy												Market Vacancy(2)
Top 5 Office Metropolitan Areas(1)						Total Sector by Metro Area ($M)						% of Total Investments						Q3 2020						Q2 2020						Q3 2020						Q2 2020
Account / Nation																		14.1		%				12.8		%				14.0		%				13.0		%
Washington-Arlington-Alexandria, DC-VA-MD-WV						$	1,491.3					5.7		%				12.4		%				12.8		%				15.8		%				15.2		%
Boston-Cambridge-Newton, MA-NH						1,490.5						5.7		%				12.7		%				10.8		%				10.4		%				9.6		%
New York-Newark-Jersey City, NY-NJ-PA						1,126.3						4.3		%				36.3		%				32.4		%				10.6		%				9.2		%
San Francisco-Oakland-Hayward, CA						1,033.2						4.0		%				4.3		%				2.4		%				10.1		%				8.0		%
Los Angeles-Long Beach-Anaheim, CA						821.6						3.2		%				4.7		%				4.7		%				14.3		%				12.9		%

(1)The table above has been standardized to depict metropolitan statistical area ("MSA") definitions. Prior iterations of this table presented metropolitan divisions, which represent a subset of the larger MSA.

(2)Source: CBRE-EA. Market vacancy is the percentage of space available for rent. Account vacancy is the square foot-weighted percentage of unleased space.

Industrial

The industrial sector continues to demonstrate resiliency through the COVID-19 pandemic. The pandemic has accelerated consumers' long-term shift to e-commerce, and this shift has allowed demand for industrial space to remain stable. When compared against the other three core real estate sectors, the industrial sector is best positioned to weather the economic uncertainty caused by the COVID-19 pandemic. Investors continue to view the sector favorably, as reflected in the outsized weighting of industrial assets in sales transactions closed in 2020.

As of September 30, 2020, the Account's rents from industrial tenants were not materially affected, but the duration of the COVID-19 pandemic remains unknown. Tenants requesting rent relief have generally requested rent deferrals for a limited period of time (i.e., less than six months), with the unpaid rent to be paid over the duration of the remaining lease. If the severity of the COVID-19 pandemic persists throughout 2020 and into 2021, the likelihood that tenants may request additional rent deferrals, rent concessions or default increases. Additionally, if tenants vacate due to lease expirations, redeployment of the vacated space may be challenging in the near term due to unfavorable leasing conditions, though demand for industrial space has been relatively steady throughout the pandemic.

The national industrial availability rate of 7.6% in the third quarter of 2020 was steady with the prior quarter as reported by CBRE-EA.Vacancies are highest in geographic locations with significant exposure to oil and gas (e.g,. Houston, Dallas). The average vacancy rate of the Account’s industrial properties increased to 9.1% in the third quarter of 2020 from 6.5% in the previous quarter, primarily driven by a scheduled lease expiration at a property in the Riverside-San Bernardino-Ontario metro area. The property is well positioned in the local market, and management expects to redeploy the space relatively quickly due to healthy demand.

57

---

																		Account Square Foot Weighted Average Vacancy												Market Vacancy(2)
Top 5 Industrial Metropolitan Areas(1)						Total Sector by Metro Area ($M)						% of Total Investments						Q3 2020						Q2 2020						Q3 2020						Q2 2020
Account / Nation																		9.1		%				6.5		%				7.6		%				7.6		%
Riverside-San Bernardino-Ontario, CA						$	1,011.1					3.9		%				13.8		%				0.0		%				5.8		%				6.0		%
Seattle-Tacoma-Bellevue, WA						412.3						1.6		%				2.9		%				3.3		%				6.0		%				5.5		%
Los Angeles-Long Beach-Anaheim, CA						384.6						1.5		%				5.7		%				5.9		%				5.3		%				5.5		%
Dallas-Fort Worth-Arlington, TX						350.3						1.3		%				4.9		%				7.9		%				8.0		%				8.6		%
Miami-Fort Lauderdale-West Palm Beach, FL						275.7						1.1		%				—		%				0.6		%				8.0		%				7.7		%

(1)The table above has been standardized to depict MSA definitions. Prior iterations of this table presented metropolitan divisions, which represent a subset of the larger MSA.

(2)Source: CBRE-EA. Market vacancy is the percentage of space available for rent. Account vacancy is the square foot-weighted percentage of unleased space.

Multi-Family

Apartment demand is driven by a combination of economic and demographic forces including job growth, household formations, and changes in the U.S. homeownership rate. The recovery of the U.S. unemployment rate (from 11.1% at the end of the second quarter to 7.9% at the end of the third quarter) is an encouraging development for the ongoing health of the sector, especially as stimulus programs from the federal government expire. The emergency increase of $600 per week to those collecting unemployment benefits expired in late July. An executive order was issued shortly thereafter, providing a $300 federal supplement to unemployment benefits, but funding for the order was limited and has been substantially exhausted. Additional stimulus efforts by the U.S. Congress, if any, are unlikely to occur until after the completion of the presidential election in November.

As of September 30, 2020, the Account's rents from multifamily tenants were not materially affected, but the duration of the COVID-19 pandemic remains unknown. If the severity of the COVID-19 pandemic persists throughout 2020 and into 2021, the likelihood that tenants may request rent deferrals, rent concessions or default increases. Additionally, if tenants vacate due to lease expirations, redeployment of the vacated space may be challenging in the near term due to unfavorable leasing conditions. Rent concessions for new tenants have moderately increased in recent months, most notably among luxury apartments in densely populated metro areas, as the pandemic has cooled demand for these units.

The national apartment vacancy rate declined from 4.7% in the second quarter of 2020 to 4.3% in the third quarter, as reported by RealPage. The COVID-19 pandemic has impacted the sector unevenly, with apartments in low density areas seeing demand increase or hold steady, but apartments in higher density areas seeing more tempered demand. Student housing properties are likewise challenged by the pandemic, as many universities utilize remote learning options for the 2020-2021 school year. The vacancy rate of the Account’s apartment properties increased to 8.5% in the third quarter of 2020 as compared to 7.9% in the prior quarter. Modest increases in vacancies in the Washington and Los Angeles metro areas are attributed to normal lease expirations paired with a competitive leasing environment to redeploy the vacant units.

58

---

																		Account Units Weighted Average Vacancy												Market Vacancy(2)
Top 5 Apartment Metropolitan Areas(1)						Total Sector by Metro Area ($M)						% of Total Investments						Q3 2020						Q2 2020						Q3 2020						Q2 2020
Account / Nation																		8.5		%				7.9		%				4.3		%				4.7		%
Washington-Arlington-Alexandria, DC-VA-MD-WV						$	742.0					2.9		%				7.6		%				6.6		%				4.7		%				4.3		%
Los Angeles-Long Beach-Anaheim, CA						686.1						2.6		%				8.9		%				7.6		%				4.5		%				4.7		%
Miami-Fort Lauderdale-West Palm Beach, FL						562.1						2.2		%				8.3		%				10.8		%				5.0		%				5.0		%
Denver-Aurora-Lakewood, CO						413.7						1.6		%				7.1		%				7.2		%				4.7		%				5.4		%
New York-Newark-Jersey City, NY-NJ-PA						348.9						1.3		%				1.3		%				1.3		%				3.0		%				2.5		%

(1)The table above has been standardized to depict MSA definitions. Prior iterations of this table presented metropolitan divisions, which represent a subset of the larger MSA.

(2)Source: RealPage. Market vacancy is the percentage of units vacant. The Account’s vacancy is the percentage of unleased units.

Retail

While all core real estate sectors have been negatively impacted by the COVID-19 pandemic to some degree, the impact to the retail sector has been especially pronounced. Retailers have attempted to find alternative ways to deliver products to customers through e-commerce solutions, but retail is still highly dependent on customer traffic in stores to generate revenue. Most states have reopened sufficiently to allow for customer traffic to return, but some consumers remain hesitant to venture into enclosed spaces, and most states still maintain strict occupancy limits. Traditional retail was facing ongoing challenges from e-commerce platforms long before the COVID-19 pandemic, and the pandemic has accelerated the shift in consumers' preferences from brick-and-mortar retail to digital storefronts. The third quarter saw a number of retailers announce bankruptcy, as declines in revenue have not been commensurate with declines in expenses. Additional bankruptcies are a continued risk as the COVID-19 pandemic persists, especially among retailers with unsustainable debt obligations.

As of September 30, 2020, the Account's rents from retail tenants were not materially affected, but the duration of the COVID-19 pandemic remains unknown. Requests for rent relief were more common among retail tenants than other sectors. Tenants requesting rent relief have generally requested rent deferrals for a limited period of time (i.e., less than six months), with the unpaid rent to be paid over the duration of the remaining lease. If the severity of the COVID-19 pandemic persists throughout 2020 and into 2021, the likelihood that tenants may request additional rent deferrals, rent concessions or default increases. Additionally, if tenants vacate due to lease expirations, redeployment of the vacated space may be challenging in the near term due to unfavorable leasing conditions. Collections of rent from retail tenants not in deferral have notably improved since the second quarter of 2020, but near-term economic prospects for retailers remain especially challenging. The Account is closely monitoring the collectability of accrued rental income and adjusting its allowances for uncollectible rent as needed.

The Account's retail portfolio is composed primarily of high-end lifestyle shopping centers and regional malls in large metropolitan or tourist centers. The retail portfolio is managed to minimize significant exposure to any single retailer. The Account has over 1,100 retailers across its portfolio, with its largest retail exposure comprising less than 3.5% of total retail rentable area. The Account’s retail vacancy increased to 6.9% in the third quarter of 2020 from 6.5% in the prior quarter driven by scheduled lease expirations.

59

---

																		Account Units Weighted Average Vacancy												Market Vacancy(1)
						Total Exposure ($M)						% of Total Investments						Q3 2020						Q2 2020						Q3 2020						Q2 2020
All Retail																		6.9		%				6.5		%				9.4		%				9.0		%
Lifestyle & Mall						$	2,154.5					8.3		%				7.1		%				6.5		%				6.5		%				5.8		%
Neighborhood, Community & Strip						1,479.7						5.7		%				6.7		%				6.7		%				9.4		%				9.0		%
Power Center(2)						613.8						2.4		%				6.5		%				5.3		%				7.3		%				7.1		%

(1)Source: CBRE-EA. Market vacancy is defined as the percentage of space available for rent. The Account’s vacancy is the square foot-weighted percentage of unleased space.

(2)The Power Center designation is reserved for properties with three or more anchor units. Anchor units are leased to large retailers such as department stores, home improvement stores and warehouse clubs. Properties with the Neighborhood, Community and Strip designation consist of two or less anchor units.

Hotel

The impact of the COVID-19 pandemic on the hospitality sector has been especially severe among hotels that cater primarily to business travelers. Business travel has been curtailed significantly, with travel limited primarily to those who must travel for essential reasons. Business travel is likely to continue to be significantly depressed in the coming months, with businesses shifting to virtual meetings and conferences. Leisure travel has partially recovered domestically, benefiting from the inability of American travelers to travel overseas. All hotel operators are faced with rising costs from measures taken to mitigate the spread of the virus, and few operators are experiencing increases in revenue to offset those costs. The duration and severity of the COVID-19 pandemic remains unknown, and its significant impact on travel increases the likelihood that hotel revenues and occupancy rates will continue to be challenged over the near term.

The Account's exposure to the hospitality sector is limited to one hotel in the Dallas metro area. The hotel is located in a business park in the Dallas metro area and caters largely to business travelers. Key metrics to track hotel performance include occupancy, the average daily rate ("ADR") and revenue per available room ("RevPAR"). For the quarter ended September 30, 2020, occupancy of the property increased to 24.8% as compared to 8.1% in the previous quarter. ADR and RevPAR were $115.86 and $28.70, respectively, for the third quarter of 2020, as compared to $105.86 and $8.62, respectively, in the prior quarter.

INVESTMENTS

As of September 30, 2020, the Account held 87.4% of its total investments in real estate and real estate joint ventures. The Account also held investments in loans receivable, including those with related parties, representing 6.0% of total investments, U.S. Treasury securities representing 2.7% of total investments, real estate-related equity securities representing 2.5% of total investments and real estate funds representing 1.4% of total investments.

The outstanding principal on loans payable on the Account’s wholly-owned real estate portfolio as of September 30, 2020 was $2.5 billion. The Account’s proportionate share of outstanding principal on loans payable within its joint venture investments was $2.9 billion, which is netted against the underlying properties when determining the joint venture investment’s fair value presented on the Consolidated Schedules of Investments. Total outstanding principal on the Account’s portfolio as of September 30, 2020, inclusive of loans payable within the joint venture investments and $0.1 billion of loans outstanding on Line of Credit I, was $5.5 billion, which represented a loan-to-value ratio of 18.7%.

Management believes that the Account’s real estate portfolio is diversified by location and property type. The Account does not intend to buy and sell its real estate investments simply to make short-term profits. Rather, the Account’s general strategy in selling real estate investments is to dispose of those assets that management believes (i) have maximized in value, (ii) have underperformed or face deteriorating property-specific or market conditions, (iii) need significant capital infusions in the future, (iv) are appropriate to dispose of in order to remain consistent with the Account’s intent to diversify the Account by property type and geographic location (including reallocating the Account’s exposure to or away from certain property types in certain geographic locations), or (v) otherwise do

60

---

not satisfy the investment objectives of the Account. Management, from time to time, will evaluate the need to manage liquidity in the Account as part of its analysis as to whether to undertake a particular asset sale. The Account may reinvest any sale proceeds that it does not need to pay operating expenses or to meet debt service or redemption requests (e.g., participant withdrawals or benefit payments).

The following table lists the Account's ten largest investments as of September 30, 2020. For information regarding the Account's diversification of real estate assets by region and property type, see Note 3—Concentrations of Risk.

Ten Largest Real Estate Investments
Property Investment Name						Ownership Percentage						City						State						Type						Gross Real Estate Fair Value(1)						Debt Fair Value(2)						Net Real Estate Fair Value(3)						Property as a % of Total Real Estate Portfolio(4)						Property as a % of Total Investments(5)
Fashion Show						50%						Las Vegas						NV						Retail						$	982.6					$	426.7					$	555.9					3.9%						3.4%
The Florida Mall						50%						Orlando						FL						Retail						811.6						154.4						657.2						3.2%						2.8%
Simpson Housing Portfolio						80%						Various						U.S.A.						Apartment						803.0						383.4						419.6						3.1%						2.8%
1001 Pennsylvania Avenue						100%						Washington						D.C.						Office						798.4						319.7						478.7						3.1%						2.8%
Colorado Center						50%						Santa Monica						CA						Office						618.0						279.7						338.3						2.4%						2.1%
99 High Street						100%						Boston						MA						Office						545.2						288.0						257.2						2.1%						1.9%
Ontario Industrial Portfolio						100%						Ontario						CA						Industrial						518.7						—						518.7						2.0%						1.8%
Lincoln Centre						100%						Dallas						TX						Office						434.2						—						434.2						1.7%						1.5%
701 Brickell Avenue						100%						Miami						FL						Office						422.6						182.9						239.7						1.7%						1.5%
Four Oaks Place						51%						Houston						TX						Office						421.5						85.4						336.1						1.7%						1.5%

(1)The Account's share of the fair value of the property investment, gross of debt.

(2)Debt fair values are presented at the Account's ownership interest.

(3)The Account's share of the fair value of the property investment, net of debt.

(4)Total real estate portfolio is the aggregate fair value of the Account's wholly-owned properties and the properties held within a joint venture, gross of debt.

(5)Total investments are the aggregate fair value of all investments held by the Account, gross of debt. Total investments, as calculated within this table, will vary from total investments, as calculated in the Account's Consolidated Schedule of Investments, as joint venture investments are presented in the Consolidated Schedules of Investments at their net equity position in accordance with previously defined GAAP.

61

---

Results of Operations

Three months ended September 30, 2020 compared to three months ended September 30, 2019

Net Investment Income

The following table shows the results of operations for the three months ended September 30, 2020 and 2019 and the dollar and percentage changes for those periods (dollars in millions, unaudited).

						For the Three Months Ended September 30,												Change
						2020						2019						$						%
INVESTMENT INCOME
Real estate income, net:
Rental income						$	295.0					$	282.6					$	12.4					4.4		%
Real estate property level expenses:
Operating expenses						66.5						64.5						2.0						3.1		%
Real estate taxes						53.3						46.9						6.4						13.6		%
Interest expense						24.1						27.1						(3.0)						(11.1)		%
Total real estate property level expenses						143.9						138.5						5.4						3.9		%
Real estate income, net						151.1						144.1						7.0						4.9		%
Income from real estate joint ventures and funds						33.1						61.4						(28.3)						(46.1)		%
Interest						20.7						43.5						(22.8)						(52.4)		%
Dividends						6.0						5.9						0.1						1.7		%
TOTAL INVESTMENT INCOME						210.9						254.9						(44.0)						(17.3)		%
Expenses:
Investment management charges						16.4						17.3						(0.9)						(5.2)		%
Administrative charges						10.9						12.1						(1.2)						(9.9)		%
Distribution charges						5.8						7.5						(1.7)						(22.7)		%
Mortality and expense risk charges						0.3						0.3						—						—		%
Liquidity guarantee charges						14.3						15.3						(1.0)						(6.5)		%
TOTAL EXPENSES						47.7						52.5						(4.8)						(9.1)		%
INVESTMENT INCOME, NET						$	163.2					$	202.4					$	(39.2)					(19.4)		%

The following table illustrates and compares rental income, operating expenses and real estate taxes for properties held by the Account for the three months ended September 30, 2020 and 2019. The comparative increases or decreases associated with the acquisition and disposition of properties made in either period is compared to "same property" (dollars in millions, unaudited).

						Rental Income															Operating Expenses															Real Estate Taxes
												Change															Change															Change
						2020			2019			$			%						2020			2019			$			%						2020			2019			$			%
Same Property						$	244.3		$	249.9		$	(5.6)		(2.2)		%				$	55.7		$	58.0		$	(2.3)		(4.0)		%				$	44.6		$	43.1		$	1.5		3.5		%
Properties Acquired						48.8			6.6			42.2			N/M						10.9			1.3			9.6			N/M						8.4			1.1			7.3			N/M
Properties Sold						1.9			26.1			(24.2)			N/M						(0.1)			5.2			(5.3)			N/M						0.3			2.7			(2.4)			N/M
Impact of Properties Acquired/Sold						50.7			32.7			18.0			N/M						10.8			6.5			4.3			N/M						8.7			3.8			4.9			N/M
Total Property Portfolio						$	295.0		$	282.6		$	12.4		4.4		%				$	66.5		$	64.5		$	2.0		3.1		%				$	53.3		$	46.9		$	6.4		13.6		%

N/M—Not meaningful

62

---

Rental Income:

Rental income increased by $12.4 million, or 4.4%, due to net acquisition activity. Income from properties held in both periods declined $5.6 million, or 2.2%, primarily due to increases in allowances for uncollectible rent, most notably among the retail and office portfolios. The rising allowances are a direct consequence of financial pressures caused by the COVID-19 pandemic, as certain tenants are at greater risk of bankruptcy or default. The Account is closely monitoring the collectability of accrued rent and adjusting allowances as needed.

Rent relief requested by lessees in 2020 has generally been in the form of rent deferrals, with payments delayed for a limited period of time and subsequently repaid over the life of the lease. Rental income continues to be accrued during the deferral period so long as future collection of the deferred rent is probable. The Account has not had material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the three months ended September 30, 2020.

Operating Expenses:

Operating expenses increased $2.0 million, or 3.1%, primarily driven by net acquisition activity. Operating expenses among properties held in both periods were down $2.5 million, attributed to decreases in certain discretionary costs as a result of the COVID-19 pandemic. These declining costs, which include expenses such as marketing and maintenance, were most notable among properties within the office sector.

Real Estate Taxes:

Real estate taxes increased $6.4 million, or 13.6%, due primarily to net acquisition activity.

Interest Expense:

Interest expense decreased $3.0 million, or 11.1%, as a result of a lower average interest rates on outstanding principal balances of loans payable, as compared to the same period in 2019.

Income from Real Estate Joint Ventures and Funds:

Income from real estate joint ventures and funds decreased $28.3 million, or 46.1%, which is primarily attributed to the full acquisition of the DDRTC Core Retail Fund LLC in the first quarter of 2020 (changing the balance sheet classification from joint venture to wholly-owned) paired with an overall decline in income from multiple retail joint ventures.

Interest and Dividend Income:

Interest income decreased $22.8 million due to the reduction of short-term securities held by the Account. Dividend income increased $0.1 million, remaining relatively flat as compared to the same period in 2019.

Expenses:

Investment management, administrative and distribution costs are charged to the Account associated with managing the Account. Investment management charges are comprised primarily of fixed components, but fluctuate based on the size of the Account’s portfolio of investments, whereas administrative and distribution charges are comprised of more variable components that generally correspond with movements in net assets. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. These expenses decreased $3.8 million from the comparable period of 2019, primarily attributed to lower expenses for real estate asset management services and other expense reduction measures undertaken by TIAA.

Mortality and expense risk and liquidity guarantee expenses are contractual charges to the Account from TIAA for TIAA’s assumption of these risks and provision of the liquidity guarantee. The rate for these charges is established annually and are charged at a fixed rate based on the Account’s net assets. Mortality and expense risk expenses remained unchanged between the comparative periods. Liquidity guarantee expenses decreased $1.0 million as a result of the decline in average net assets.

63

---

Net Realized and Unrealized Gains and Losses on Investments and Loans Payable

The following table shows the net realized and unrealized gains and losses on investments and loans payable for the three months ended September 30, 2020 and 2019 and the dollar and percentage changes for those periods (dollars in millions, unaudited).

						For the Three Months Ended September 30,												Change
						2020						2019						$						%
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND LOANS PAYABLE
Net realized gain (loss) on investments:
Real estate properties						$	(3.0)					$	300.0					$	(303.0)					N/M
Marketable securities						19.7						27.5						(7.8)						(28.4)
Total realized gain on investments:						16.7						327.5						(310.8)						N/M
Net change in unrealized appreciation (depreciation) on:
Real estate properties						(89.1)						(83.2)						(5.9)						7.1
Real estate joint ventures and funds						(56.7)						(138.0)						81.3						(58.9)
Marketable securities						1.5						37.3						(35.8)						(96.0)
Loans receivable						(9.2)						(1.0)						(8.2)						N/M
Loans receivable with related parties						0.4						(0.4)						0.8						N/M
Loans payable						(42.4)						(32.1)						(10.3)						32.1		%
Net change in unrealized depreciation on investments and loans payable						(195.5)						(217.4)						21.9						(10.1)
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND LOANS PAYABLE						$	(178.8)					$	110.1					$	(288.9)					N/M

N/M—Not meaningful

Real Estate Properties:

Wholly-owned real estate investments experienced net realized and unrealized losses of $92.1 million during the third quarter of 2020, compared to $216.8 million of unrealized gains during the comparable period of 2019. Net losses in the third quarter were driven by uncertainty in the real estate market due to concerns about occupancy, market rents, and other unfavorable consequences stemming from the COVID-19 pandemic, with the largest declines observed in the office and retail sectors in the Eastern and Western regions.

Real Estate Joint Ventures and Funds:

Real estate joint ventures and funds experienced unrealized losses of $56.7 million during the third quarter of 2020, compared to $138.0 million of unrealized losses during the comparable period of 2019. Net losses in the third quarter of 2020 were primarily driven by the Account's retail joint venture investments. Market rents in the retail sector are declining and are likely to continue over the near term.

Marketable Securities:

The Account’s marketable securities experienced net realized and unrealized gains of $21.2 million during the third quarter of 2020 compared to net realized and unrealized gains of $64.8 million during the comparable period of 2019, primarily attributed sales of securities and the performance of the Account's real-estate related securities. The performance of the Account's REIT portfolio was in line with comparable REIT-based indexes, notably the FTSE NAREIT All Equity Index, in both periods. U.S. Treasuries, government agency notes and corporate bonds had a nominal impact in both periods due to the short and intermediate-term nature of these investments, respectively.

Loans Receivable, including those with related parties:

Loans receivable, including loans receivable with related parties, experienced net realized and unrealized losses of $8.8 million during the third quarter of 2020 compared to a $1.4 million unrealized loss during the comparable period of 2019. Net losses are attributed to uncertainty caused by the COVID-19 pandemic, most notably mezzanine

64

---

loans collateralized by office properties, which are seeing a decline in occupancy and market rents that fall below current contract rents. Declining property values result in higher loan-to-value ratios, which have an unfavorable impact on valuation. The Account has not had material exposure to delinquencies or loan defaults from borrowers impacted by the COVID-19 pandemic as of September 30, 2020.

Loans Payable:

Loans payable experienced unrealized losses of $42.4 million in the third quarter of 2020, compared to a $32.1 million unrealized loss during the comparable period of 2019. During the third quarter of 2020, credit spreads narrowed resulting in overall unrealized losses for the period.

Results of Operations

Nine months ended September 30, 2020 compared to nine months ended September 30, 2019

Net Investment Income

The following table shows the results of operations for the nine months ended September 30, 2020 and 2019 and the dollar and percentage changes for those periods (dollars in millions, unaudited).

						For the Nine Months Ended September 30,												Change
						2020						2019						$						%
INVESTMENT INCOME
Real estate income, net:
Rental income						$	906.0					$	823.6					$	82.4					10.0		%
Real estate property level expenses:
Operating expenses						196.6						181.8						14.8						8.1		%
Real estate taxes						157.3						138.9						18.4						13.2		%
Interest expense						74.0						80.1						(6.1)						(7.6)		%
Total real estate property level expenses						427.9						400.8						27.1						6.8		%
Real estate income, net						478.1						422.8						55.3						13.1		%
Income from real estate joint ventures and funds						110.5						170.9						(60.4)						(35.3)		%
Interest						85.0						129.7						(44.7)						(34.5)		%
Dividends						17.1						17.5						(0.4)						(2.3)		%
TOTAL INVESTMENT INCOME						690.7						740.9						(50.2)						(6.8)		%
Expenses:
Investment management charges						46.6						53.6						(7.0)						(13.1)		%
Administrative charges						34.2						37.6						(3.4)						(9.0)		%
Distribution charges						18.1						24.1						(6.0)						(24.9)		%
Mortality and expense risk charges						0.9						1.0						(0.1)						(10.0)		%
Liquidity guarantee charges						45.4						41.4						4.0						9.7		%
TOTAL EXPENSES						145.2						157.7						(12.5)						(7.9)		%
INVESTMENT INCOME, NET						$	545.5					$	583.2					$	(37.7)					(6.5)		%

65

---

The following table illustrates and compares rental income, operating expenses and real estate taxes for properties held by the Account for the nine months ended September 30, 2020 and 2019. The comparative increases or decreases associated with the acquisition and disposition of properties made in either period is compared to "same property" (dollars in millions, unaudited).

						Rental Income															Operating Expenses															Real Estate Taxes
												Change															Change															Change
						2020			2019			$			%						2020			2019			$			%						2020			2019			$			%
Same Property						$	755.0		$	730.9		$	24.1		3.3		%				$	162.2		$	162.8		$	(0.6)		(0.4)		%				$	133.7		$	128.3		$	5.4		4.2		%
Properties Acquired						144.1			8.4			135.7			N/M						33.6			1.6			32.0			N/M						22.8			1.3			21.5			N/M
Properties Sold						6.9			84.3			(77.4)			N/M						0.8			17.4			(16.6)			N/M						0.8			9.3			(8.5)			N/M
Impact of Properties Acquired/Sold						151.0			92.7			58.3			N/M						34.4			19.0			15.4			N/M						23.6			10.6			13.0			N/M
Total Property Portfolio						$	906.0		$	823.6		$	82.4		10.0		%				$	196.6		$	181.8		$	14.8		8.1		%				$	157.3		$	138.9		$	18.4		13.2		%

N/M—Not meaningful

Rental Income:

Rental income increased by $82.4 million, or 10.0%, due to net acquisition activity paired with scheduled rent step-ups for properties held in both comparative periods, most notably across the office and industrial sector. Market rents in the office, industrial and multifamily sectors were trending upward for several consecutive quarters prior to the pandemic. Market rents have leveled or declined since March 2020, with decreases most significant among the retail sector. A notable offset to the overall increase in rental income were higher allowances for uncollectible rent recorded in the third quarter of 2020, most notably among the retail and office portfolios. The rising allowances are a direct consequence of financial pressures caused by the COVID-19 pandemic, as certain tenants are at greater risk of bankruptcy or default. The Account is closely monitoring the collectability of accrued rent and adjusting allowances as needed.

Rent relief requested by lessees through the nine months ended September 30, 2020 has generally been in the form of rent deferrals, with payments delayed for a limited period of time and subsequently repaid over the life of the lease. Rental income continues to be accrued during the deferral period so long as future collection of the deferred rent is probable. The Account has not had material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the nine months ended September 30, 2020.

Operating Expenses:

Operating expenses increased $14.8 million, or 8.1%, primarily driven by net acquisition activity.

Real Estate Taxes:

Real estate taxes increased $18.4 million, or 13.2%, primarily driven by net acquisition activity paired with rising tax values of properties across the portfolio, most notably in the office sector.

Interest Expense:

Interest expense decreased $6.1 million, or 7.6%, as a result of lower average interest rates on outstanding principal balances on loans payable, as compared to the same period in 2019.

Income from Real Estate Joint Ventures and Funds:

Income from real estate joint ventures and funds decreased $60.4 million, or 35.3%, which is primarily attributed to the full acquisition of the DDRTC Core Retail Fund LLC in the first quarter of 2020 (changing the balance sheet classification from joint venture to wholly-owned) paired with an overall decline in income from multiple retail joint ventures.

66

---

Interest and Dividend Income:

Interest income decreased $44.7 million due to a significant decrease in the Account's short-term security portfolio. Dividend income decreased $0.4 million, consistent with a reduction in the size of the real-estate related securities portfolio from the comparative period.

Expenses:

Investment management, administrative and distribution costs are charged to the Account associated with managing the Account. Investment management charges are comprised primarily of fixed components, but fluctuate based on the size of the Account’s portfolio of investments, whereas administrative and distribution charges are comprised of more variable components that generally correspond with movements in net assets. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. These expenses decreased $16.4 million from the comparable period of 2019, primarily attributed to lower expenses for real estate asset management services and other expense reduction measures undertaken by TIAA.

Mortality and expense risk and liquidity guarantee expenses are contractual charges to the Account from TIAA for TIAA’s assumption of these risks and provision of the liquidity guarantee. The rate for these charges is established annually and are charged at a fixed rate based on the Account’s net assets. Mortality and expense risk expenses decreased $0.1 million due to a decline in the Account's average net assets between the comparative periods. Liquidity guarantee expenses increased $4.0 million as a result of the four basis point increase to the expense charge for the liquidity guarantee which was effective August 1, 2019, partially offset by the decline in average net assets.

Net Realized and Unrealized Gains and Losses on Investments and Loans Payable

The following table shows the net realized and unrealized gains and losses on investments and loans payable for the nine months ended September 30, 2020 and 2019 and the dollar and percentage changes for those periods (dollars in millions, unaudited).

						For the Nine Months Ended September 30,												Change
						2020						2019						$						%
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND LOANS PAYABLE
Net realized gain (loss) on investments:
Real estate properties						$	(61.0)					$	300.0					$	(361.0)					N/M
Real estate joint ventures and funds						(460.5)						(43.7)						(416.8)						N/M
Marketable securities						41.0						280.6						(239.6)						N/M
Loans receivable						(1.6)						—						(1.6)						N/M
Total realized (loss) gain on investments:						(482.1)						536.9						(1,019.0)						N/M
Net change in unrealized appreciation (depreciation) on:
Real estate properties						(273.0)						161.0						(434.0)						N/M
Real estate joint ventures and funds						2.6						(94.3)						96.9						(102.8)		%
Marketable securities						(120.5)						19.8						(140.3)						N/M
Loans receivable						(31.4)						(3.8)						(27.6)						N/M
Loans receivable with related parties						0.4						(0.4)						0.8						N/M
Loans payable						(6.1)						(98.4)						92.3						N/M
Net change in unrealized depreciation on investments and loans payable						(428.0)						(16.1)						(411.9)						N/M
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND LOANS PAYABLE						$	(910.1)					$	520.8					$	(1,430.9)					N/M

N/M—Not meaningful

67

---

Real Estate Properties:

Wholly-owned real estate investments experienced net realized and unrealized losses of $334.0 million during the first nine months of 2020 compared to $461.0 million of net realized and unrealized gains during the comparable period of 2019. Net losses in for the nine months ended September 30, 2020, were driven by uncertainty in the real estate market due to concerns about occupancy, market rents, and other unfavorable consequences stemming from the COVID-19 pandemic. While depreciation was present across all real estate sectors, the largest declines were observed within the office and retail sectors in the Eastern region.

Real Estate Joint Ventures and Funds:

Real estate joint ventures and funds experienced net realized and unrealized losses of $457.9 million during the first nine months of 2020. Net losses are primarily attributed to the full acquisition of the DDRTC Core Retail Fund LLC in the first quarter of 2020.

Marketable Securities:

The Account’s marketable securities experienced net realized and unrealized losses of $79.5 million during the first nine months of 2020, compared to net realized and unrealized gains of $300.4 million during the comparable period of 2019, primarily attributed to the performance of the Account's real-estate related securities. The performance of the Account's REIT portfolio was in line with comparable REIT-based indexes, notably the FTSE NAREIT All Equity Index, in both periods. U.S. Treasuries, government agency notes and corporate bonds had a nominal impact in both periods due to the short and intermediate-term nature of these investments, respectively.

Loans Receivable, including those with related parties:

Loans receivable, including loans receivable with related parties, experienced net realized and unrealized losses of $32.6 million during the first nine months of 2020 compared to a $4.2 million unrealized loss during the comparable period of 2019. Net losses are attributed to uncertainty caused by the COVID-19 pandemic, as the market has growing concern that cash flow from real estate collateral will be insufficient to cover debt service, most notably mezzanine loans collateralized by retail, office, and hospitality properties. The Account has not had material exposure to delinquencies or loan defaults for borrowers impacted by the COVID-19 pandemic as of September 30, 2020.

Loans Payable:

Loans payable experienced unrealized losses of $6.1 million during the first nine months of 2020, compared to a $98.4 million unrealized loss during the comparable period of 2019. The first six months of 2020 had unrealized gains, attributed to widening credit spreads in response to the market instability introduced by the COVID-19 pandemic, most notably at the beginning of the pandemic. However, during the third quarter of 2020, credit spreads narrowed resulting in overall unrealized losses for the period.

Liquidity and Capital Resources

As of September 30, 2020 and December 31, 2019, the Account’s cash and cash equivalents and non-real estate-related marketable securities had a value of $0.7 billion and $4.2 billion representing 3.0% and 15.2% of the Account’s net assets at such dates, respectively.

Net Income and Debt Outstanding

The Account’s net investment income is a source of liquidity for the Account. Net investment income was $545.5 million for the nine months ended September 30, 2020, as compared to $583.2 million for the comparable period of 2019. The increase in total net investment income is described more fully in the Results of Operations section.

The Account has $1.0 billion in two unsecured lines of credit which had $909 million of availability as of September 30, 2020, accessible as needed to fund the Account's near-term investment objectives, as further described in Note 10—Lines of Credit.

68

---

The Account may from time to time borrow money and assume or obtain a mortgage on a property to make leveraged real estate investments. The Account is authorized to borrow money in accordance with its investment guidelines. Under the Account’s current investment guidelines, the Account’s loan to value ratio (as described below) is to be maintained at or below 30% (measured at the time of incurrence and after giving effect thereto). Such incurrences of debt from time to time may include:

•placing new debt on properties;

•refinancing outstanding debt;

•assuming debt on acquired properties or interests in the Account’s properties;

•extending the maturity date of outstanding debt; and/or

•an unsecured line of credit or credit facility.

As of September 30, 2020, the Account’s loan-to-value ratio was 18.7%. The Account's loan-to-value ratio at any time is based on the outstanding principal amount of debt to the Account's total gross asset value, and excludes leverage, if any, employed by REITs and real estate funds in which the Account invests. The ratio will be measured at the time of any debt incurrence and will be assessed after giving effect thereto. The Account’s total gross asset value, for these purposes, is equal to the total fair value of the Account’s assets (including the fair value of the Account’s interest in joint ventures), with no reduction associated with any indebtedness on such assets. In calculating outstanding indebtedness, we include only the Account’s actual percentage interest in any borrowings on a joint venture investment and not that of any joint venture partner. Also, at the time the Account (or a joint venture in which the Account is a partner) enters into a revolving or other line of credit, management includes only amounts outstanding when calculating outstanding indebtedness.

The Account may only borrow up to 70% of the then-current value of a property, although construction loans may be for 100% of costs incurred in developing the property. Except for construction loans, any mortgage loans on a property will be non-recourse to the Account, meaning that if there is a default on a loan in respect to a specific property, the lender will have recourse to (i.e., be able to foreclose on) only the property encumbered (or the joint venture owning the property), or to other specific Account properties that may have been pledged as security for the defaulted loan, but not to any other assets of the Account. When possible, the Account will seek to have loans mature at varying times to limit the risks of borrowing.

As of September 30, 2020, there are no mortgage obligations secured by real estate investments wholly-owned by the Account maturing within the next twelve months. The Account has sufficient liquidity to meet its mortgage obligations.

Recent Transactions

The following describes transactions occurring during the third quarter of 2020 related to real estate properties, real estate joint ventures, real estate funds, loans receivable, and loans payable. Except as noted, expenses for operating the properties purchased are either borne or reimbursed, in whole or in part, by the property tenants, although the terms vary under each lease. Dollar amounts are shown in millions.

Transactions - Other

Description

Transaction Date

Transaction Type

Transaction Amount

Real estate-related marketable securities

09/16/2020

Sale

$

200.0

Line of Credit I

09/18/2020

Paydown

$

200.0

69

---

Critical Accounting Policies

Management’s discussion and analysis of the Account’s financial condition and results of operations is based on the Account’s Consolidated Interim Financial Statements, which have been prepared by management in accordance with GAAP. The preparation of the Account’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the financial statements and disclosures. Some of these estimates and assumptions require application of difficult, subjective, and/or complex judgments about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management evaluates its estimates and assumptions on an ongoing basis. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities of the Account that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

In the Form 10-K for the year ended December 31, 2019, management identified the critical accounting policies which affect its significant estimates and assumptions used in preparing the Account’s financial statements. Certain of these accounting policies are described in Note 1—Organization and Significant Accounting Policies in this Form 10-Q.

There have been no material changes to these accounting policies from those disclosed in the Account's Annual Report on Form 10-K for the year ended December 31, 2019.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Account’s real estate holdings, including real estate joint ventures, funds and loans receivable, which, as of September 30, 2020, represented 94.8% of the Account’s total investments, expose the Account to a variety of risks. These risks include, but are not limited to:

•General Real Estate Risk—The risk that the Account’s property values or rental and occupancy rates could go down due to general economic conditions, a weak market for real estate generally and/or in specific locations where the Account may own property, including, among other reasons, as a result of an epidemic, pandemic or other health-related issue in one or more markets where the Account owns property, disruptions in the credit and/or capital markets, or changes in supply and demand for certain types of properties;

•Appraisal Risk—The risk that the sale price of an Account property (i.e., the value that would be determined by negotiations between independent parties) might differ substantially from its estimated or appraised value, leading to losses or reduced profits to the Account upon sale;

•Risk Relating to Property Sales—The risk that the Account might not be able to sell a property at a particular time for its full value, particularly in a poor market. This might make it difficult to raise cash quickly and also could lead to Account losses;

•Risks of Borrowing—The risk that interest rate changes may impact Account returns if the Account takes out a mortgage on a property, buys a property subject to a mortgage or holds a property subject to a mortgage, and hedging against such interest rate changes, if undertaken by the Account, may entail additional costs and be unsuccessful; and

•Foreign Currency Risk—The risk that the value of the Account’s foreign investments, related debt, or rental income could increase or decrease due to changes in foreign currency exchange rates or foreign currency exchange control regulations, and hedging against such currency changes, if undertaken by the Account, may entail additional costs and be unsuccessful.

The Account believes the diversification of its real estate portfolio, both geographically and by sector, along with its quarterly valuation procedure, helps manage the real estate and appraisal risks described above.

As of September 30, 2020, 5.2% of the Account’s total investments were comprised of marketable securities. Marketable securities include high-quality debt instruments (i.e., government agency notes and corporate bond securities) and REIT securities. The Account's Consolidated Statements of Investments sets forth the general financial terms of these instruments, along with their fair values, as determined in accordance with procedures described earlier in Critical Accounting Policies section above and in Note 1–Organization and Significant

70

---

Accounting Policies to the Account’s Consolidated Financial Statements included herewith. As of the date of this report, the Account does not invest in derivative financial investments, nor does the Account engage in any hedging activity, although it may do so in selected circumstances in the future.

The Account is also exposed to a variety of risks associated with investments in real estate-related liquid assets (which could include, from time to time, REIT securities and CMBS) and non-real estate-related liquid assets, including financial/credit risk, market volatility risk, interest rate volatility risk and deposit/money market risk. These risks have been heightened as a result of the COVID-19 pandemic.

•Financial/Credit Risk—The risk, for debt securities, that the issuer will not be able to pay principal and interest when due (and/or declare bankruptcy or be subject to receivership) and, for equity securities such as common or preferred stock, that the issuer’s current earnings will fall or that its overall financial soundness will decline, reducing the security’s value.

•Market Volatility Risk—The risk that the Account’s investments will experience price volatility due to changing conditions in the financial markets regardless of the credit quality or financial condition of the underlying issuer. This risk is particularly acute to the extent the Account holds equity securities, which have experienced significant short-term price volatility over the past year. Also, to the extent the Account holds debt securities, changes in overall interest rates can cause price fluctuations.

•Interest Rate Volatility—The risk that interest rate volatility may affect the Account’s current income from an investment.

•Deposit/Money Market Risk—The risk that, to the extent the Account’s cash held in bank deposit accounts exceeds federally insured limits as to that bank, the Account could experience losses if banks fail. The Account does not believe it has exposure to significant concentration of deposit risk. In addition, there is some risk that investments held in money market accounts can suffer losses.

In addition, to the extent the Account were to hold MBS (including CMBS) these securities are subject to prepayment risk or extension risk (i.e., the risk that borrowers will repay the loans earlier or later than anticipated). If the underlying mortgage assets experience faster than anticipated repayments of principal, the Account could fail to recoup some or all of its initial investment in these securities, since the original price paid by the Account was based in part on assumptions regarding the receipt of interest payments. If the underlying mortgage assets are repaid later than anticipated, the Account could lose the opportunity to reinvest the anticipated cash flows at a time when interest rates might be rising. The rate of prepayment depends on a variety of geographic, social and other functions, including prevailing market interest rates and general economic factors. The fair value of these securities is also highly sensitive to changes in interest rates. Note that the potential for appreciation, which could otherwise be expected to result from a decline in interest rates, may be limited by any increased prepayments. These securities may be harder to sell than other securities.

In addition to these risks, real estate equity securities (such as REIT securities and MBS) would be subject to many of the same general risks inherent in real estate investing, making mortgage loans and investing in debt securities. For more information on the risks associated with all of the Account’s investments, see the "Risk Factors" section of the Account’s most recent prospectus.

ITEM 4. CONTROLS AND PROCEDURES

(a) The registrant maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the registrant’s reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including TIAA’s Executive Vice President, and Chief Product Officer of TIAA Financial Solutions (Principal Executive Officer (“PEO”)) and TIAA’s Senior Vice President, Chief Accounting Officer and Corporate Controller (Principal Financial and Accounting Officer (“PFO”)), as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and participation of the registrant’s management, including the registrant’s PEO and PFO, the registrant conducted an evaluation of the effectiveness of the registrant’s disclosure controls and procedures as

71

---

defined in Rule 13a-15(e) under the Exchange Act as of September 30, 2020. Based upon management’s review, the PEO and PFO concluded that the registrant’s disclosure controls and procedures provide reasonable assurance that material information required to be included in the Account's periodic reports is recorded, processed, summarized and reported within the time periods specified in the relevant SEC rules and forms.

(b) Changes in internal control over financial reporting. There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

72

---

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

ITEM 1A. RISK FACTORS.

There have been no material changes from the Account’s risk factors as previously reported in the Account’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Account's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

Not applicable.

73

---

ITEM 6. EXHIBITS

(1)			(A)			Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account, dated as of January 1, 2008, by and among Teachers Insurance and Annuity Association of America, for itself and on behalf of the Account, and TIAA-CREF Individual & Institutional Services, LLC1
(3)			(A)			Restated Charter of TIAA (as amended)2
			(B)			Amended Bylaws of TIAA3
(4)			(A)			Forms of RA, GRA, GSRA, SRA, IRA Real Estate Account Endorsements,4 Keogh Contract,5 Retirement Choice and Retirement Choice Plus Contracts5 and Retirement Select and Retirement Select Plus Contracts and Endorsements6
			(B)			Forms of Income-Paying Contracts4
			(C)			Form of Contract Endorsement for Internal Transfer Limitation7
			(D)			(1) Form of Non-ERISA Retirement Choice Plus Contract9
						(2) Form of Non-ERISA Retirement Choice Plus Certificate9
			(E)			(1) Form of Trust Company Retirement Choice Contract10
						(2) Form of Trust Company Retirement Choice Certificate10
			(F)			(1) Form of Trust Company Retirement Choice Plus Certificate11
						(2) Form of Trust Company Retirement Choice Plus Contract11
			(G)			Form of Income Test Drive Endorsement for Retirement Annuity Contracts. After-Tax Retirement Annuity Contracts, Supplemental Retirement Annuity Contracts and IRA Contracts (including Rollover IRA, Contributory IRA, Roth IRA, OneIRA)12
			(H)			Form of Income Test Drive Endorsement for Group Retirement Annuity Certificates, Group Supplemental Retirement Annuity Certificates, Keogh Certificates, Retirement Choice Certificates, Retirement Choice Plus Certificates, Non-ERISA Retirement Choice Plus Certificates, Trust Retirement Choice Certificates, and Trust Retirement Choice Plus Certificates13
			(I)			Form of OneIRA Non-Qualified Deferred Annuity Contract (and Rate Schedule)14
			(J)			(1) Form of Endorsement to Retirement Choice and Retirement Choice Plus Contracts for Custom Portfolios16
						(2) Form of Endorsement to Retirement Choice and Retirement Choice Plus Certificates for Custom Portfolios16
			(K)			Form of Endorsement to Group Supplemental Retirement Annuity (GSRA) Certificate17
			(L)			(1)Form of Contract, Rate Schedule and Certificate for Multiple Employer Plan Retirement Choice Annuity Contract18
						(2)Form of Contract, Rate Schedule and Certificate for Multiple Employer Plan Retirement Choice Plus Annuity Contract18
(10)			(A)			Amended and Restated Independent Fiduciary Letter Agreement, dated as of February 21, 2018 (the "Independent Fiduciary Agreement"), between TIAA, on behalf of the registrant, and RERC, LLC15
			(B)			Custodian Agreement, dated as of March 3, 2008, by and between TIAA, on behalf of the registrant, and State Street Bank and Trust Company, N.A.8
			(C)			Side Letter Agreement, dated as of September 22, 2020, between TIAA, on behalf of the registrant, and RERC, LLC extending the term of the Independent Fiduciary Agreement.19
(31)						Rule 13(a)Rule 13(a)-15(e)/ Rule 13a-15(e)/15d-15(e) Certifications*(e)/ Rule 13a-15(e)/15d-15(e) Certifications*
(32)						Section 1350 Certifications*
(101)						The following financial information from the Quarterly Report on Form 10-Q for the period ended September 30, 2020 (Unaudited), formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Assets and Liabilities as of September 30, 2020 (Unaudited), (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (Unaudited) , (iii) the Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (Unaudited), (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (Unaudited), and (v) the Notes to the Consolidated Financial Statements (Unaudited).**

*Filed herewith.

**Furnished electronically herewith.

74

---

(1)Previously filed and incorporated herein by reference to Exhibit 1(A) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 15, 2013 (File No. 333-187309).

(2)Previously filed and incorporated herein by reference to Exhibit 3(A) to the Account’s Registration Statement on Form S-1, filed with the Commission on April 22, 2015 (File No. 333-202583).

(3)Previously filed and incorporated herein by reference to Exhibit 3(B) to the Account’s Registration Statement on Form S-1, filed with the Commission on April 22, 2015 (File No. 333-202583).

(4)Previously filed and incorporated herein by reference to the Account’s Post-Effective Amendment No. 2 to the Registration Statement on Form S-1, filed with the Commission on April 30, 1996 (File No. 33-92990).

(5)Previously filed and incorporated herein by reference to Exhibit 4(A) to the Account’s Post-Effective Amendment No. 1 to the Registration Statement on Form S-1, filed with the Commission on May 2, 2005 (File No. 333-121493).

(6)Previously filed and incorporated herein by reference to the Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, filed with the Commission on April 29, 2004 (File No. 333-113602).

(7)Previously filed and incorporated by reference to Exhibit 4(C) to the Account’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 and filed with the Commission on November 12, 2010 (File No. 33-92990).

(8)Previously filed and incorporated herein by reference to Exhibit 10(B) to the Account's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and filed with the Commission on March 14, 2013 (File No. 33-92990).

(9)Previously filed and incorporated herein by reference to Exhibit 4(D)(1) and 4(D)(2) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849).

(10)Previously filed and incorporated herein by reference to Exhibit 4(E)(1) and 4(E)(2) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849).

(11)Previously filed and incorporated herein by reference to Exhibit 4(F)(1) and 4(F)(2) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849).

(12)Previously filed and incorporated herein by reference to Exhibit 4(G) to the Account’s Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 333-216849).

(13)Previously filed and incorporated herein by reference to Exhibit 4(H) to the Account’s Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 333-216849).

(14)Previously filed and incorporated herein by reference to Exhibit 4(I) to the Account’s Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 333-216849).

(15)Previously filed and incorporated herein by reference to Exhibit 10.1 to the Account’s Current Report on Form 8-K, filed with the Commission on March 1, 2018 (File No. 33-92990).

(16)Previously filed and incorporated herein by reference to Exhibit 4(J)(1) and 4(J)(2) to the Account’s Current Report on Form 10-K, filed with the Commission on March 14, 2019 (File No. 33-92990).

(17)Previously filed and incorporated herein by reference to Exhibit 4(K) to the Account’s Current Report on Form 10-K, filed with the Commission on March 14, 2019 (File No. 33-92990).

(18)Previously filed and incorporated herein by reference to Exhibit 4(L)(1) and 4(L)(2) to the Account's Current Report on Form 10-K, filed with the Commission on March 12, 2020 (File No. 33-92990).

(19)Previously filed and incorporated herein by reference to Account's Current Report on Form 8-K, filed with the Commission on September 24, 2020 (File No. 33-92990).

75

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant, TIAA Real Estate Account, has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York, on the 10th day of November 2020.

			TIAA REAL ESTATE ACCOUNT
			By:						TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
November 10, 2020			By:						/s/ Carol W. Deckbar
									Carol W. Deckbar Executive Vice President, Chief Product Officer of TIAA Financial Solutions, Teachers Insurance and Annuity Association of America (Principal Executive Officer)
November 10, 2020			By:						/s/ Austin P. Wachter
									Austin P. Wachter Senior Vice President, Chief Accounting Officer and Corporate Controller of Teachers Insurance and Annuity Association of America (Principal Financial and Accounting Officer)

76