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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022.

OR

☐ 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; 333-263515

TIAA REAL ESTATE ACCOUNT

(Exact name of registrant as specified in its charter)

New York						NOT APPLICABLE
(State or other jurisdiction						(I.R.S. Employer Identification No.)
C/O TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
730 Third Avenue						10017-3206
New York, New York						(Zip code)
(Address of principal executive offices)

(212) 490-9000

Registrant’s telephone number, including area code

NOT APPLICABLE

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange of which registered
NONE

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 ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically 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 ☒  No ☐

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

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller Reporting Company

☐

Emerging Growth Company

☐

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. ☐

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

Yes ☐  No ☒

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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			4
						Consolidated Statements of Changes in Net Assets			5
						Consolidated Statements of Cash Flows			6
						Notes to the Consolidated Financial Statements			7
						Condensed Consolidated Schedules of Investments			26
			Item 2.			Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations			31
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			52
			Item 4.			Controls and Procedures			53
Part II			Other Information
			Item 1.			Legal Proceedings			54
			Item 1A.			Risk Factors			54
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			54
			Item 3.			Defaults Upon Senior Securities			54
			Item 4.			Mine Safety Disclosures			54
			Item 5.			Other Information			54
			Item 6.			Exhibits			55
Signatures									57

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PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Unaudited)

(In millions, except per accumulation unit amounts)

			September 30,									December 31,
			2022									2021
ASSETS
Investments, at fair value:
Real estate properties (cost: $14,463.3 and $14,163.2)			$	21,490.2								$	18,903.9
Real estate joint ventures        (cost: $5,654.2 and $5,497.9)			7,359.3									7,175.9
Real estate funds        (cost: $768.4 and $692.9)			893.3									811.5
Real estate operating business        (cost: $353.3 and $251.6)			642.1									326.3
Marketable securities (cost: $2,704.2 and $2,217.0)			2,649.1									2,207.8
Loans receivable (principal: $1,588.7 and $1,434.3)			1,478.6									1,422.7
Loans receivable with related parties (principal: $69.9 and $69.8)			69.9									69.9
Total investments (cost: $25,602.0 and $24,326.7)			$	34,582.5								$	30,918.0
Cash and cash equivalents			65.0									21.2
Due from investment manager			6.5									9.9
Other			357.0									327.3
TOTAL ASSETS			$	35,011.0								$	31,276.4
LIABILITIES
Loans payable, at fair value (principal outstanding: $2,169.0 and $2,362.6)			2,125.0									2,380.5
Line of credit, at fair value			—									500.0
Other unsecured debt, at fair value (principal outstanding: $1,000.0)			950.5									—
Accrued real estate property expenses			318.4									287.6
Other			43.7									36.3
TOTAL LIABILITIES			$	3,437.6								$	3,204.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund			30,903.0									27,476.0
Annuity Fund			670.4									596.0
TOTAL NET ASSETS			$	31,573.4								$	28,072.0
NUMBER OF ACCUMULATION UNITS OUTSTANDING			53.5									53.4
NET ASSET VALUE, PER ACCUMULATION UNIT			$	577.081								$	514.765

See notes to the consolidated financial statements

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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,
			2022						2021						2022						2021
INVESTMENT INCOME
Real estate income, net:
Rental income			$	313.1					$	295.9					$	930.9					$	890.0
Real estate property level expenses and taxes:
Operating expenses			74.3						67.7						219.0						200.3
Real estate taxes			52.2						52.6						154.2						159.3
Interest expense			25.5						20.7						63.3						66.2
Total real estate property level expenses and taxes			152.0						141.0						436.5						425.8
Real estate income, net			161.1						154.9						494.4						464.2
Income from real estate joint ventures			41.0						56.8						144.0						149.0
Income from real estate funds			7.9						6.9						19.4						11.6
Interest			32.8						19.7						75.8						60.4
Other			3.0						—						3.8						—
TOTAL INVESTMENT INCOME			245.8						238.3						737.4						685.2
Expenses:
Investment management charges			20.7						15.0						64.6						48.5
Administrative charges			9.4						12.3						31.8						38.8
Distribution charges			5.3						5.9						17.6						19.8
Mortality and expense risk charges			—						0.3						0.5						0.9
Liquidity guarantee charges			22.2						18.8						67.3						47.2
Interest expense			13.2						0.9						17.6						1.9
TOTAL EXPENSES			70.8						53.2						199.4						157.1
INVESTMENT INCOME, NET			175.0						185.1						538.0						528.1
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT
Net realized gain (loss) on investments:
Real estate properties			(35.0)						(9.2)						(5.5)						193.6
Real estate joint ventures			303.1						4.1						316.2						4.0
Real estate funds			13.9						—						13.9						—
Marketable securities			(1.4)						—						(2.7)						—
Loans receivable			—						—						—						(14.1)
Net realized gain (loss) on investments			280.6						(5.1)						321.9						183.5
Net change in unrealized gain (loss) on:
Real estate properties			134.1						540.1						2,286.2						1,232.1
Real estate joint ventures			(263.9)						421.0						85.1						575.2
Real estate funds			(0.6)						44.1						6.3						48.3
Real estate operating business			13.3						12.5						214.1						34.6
Foreign currency exchange on forward contracts			(0.2)						—						1.4						—
Marketable securities			(7.4)						—						(45.9)						(0.3)
Loans receivable			(16.3)						1.5						(98.5)						20.2
Loans payable			12.1						(3.0)						61.9						11.0
Other unsecured debt			35.7						—						49.5						—
Net change in unrealized (loss) gain on investments and debt			(93.2)						1,016.2						2,560.1						1,921.1
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT			187.4						1,011.1						2,882.0						2,104.6
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$	362.4					$	1,196.2					$	3,420.0					$	2,632.7

See notes to the consolidated financial statements

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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,
			2022						2021						2022						2021
FROM OPERATIONS
Investment income, net			$	175.0					$	185.1					$	538.0					$	528.1
Net realized gain (loss) on investments			280.6						(5.1)						321.9						183.5
Net change in unrealized (loss) gain on investments and debt			(93.2)						1,016.2						2,560.1						1,921.1
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			362.4						1,196.2						3,420.0						2,632.7
FROM PARTICIPANT TRANSACTIONS
Premiums			596.4						690.1						2,263.9						2,155.2
Annuity payments			(14.3)						(11.8)						(41.3)						(35.5)
Withdrawals and death benefits			(819.9)						(509.4)						(2,141.2)						(1,715.9)
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS			(237.8)						168.9						81.4						403.8
NET INCREASE IN NET ASSETS			124.6						1,365.1						3,501.4						3,036.5
NET ASSETS
Beginning of period			31,448.8						24,915.3						28,072.0						23,243.9
End of period			$	31,573.4					$	26,280.4					$	31,573.4					$	26,280.4

See notes to the consolidated financial statements

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TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, Unaudited)

			For the Nine Months Ended September 30,
			2022						2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations			$	3,420.0					$	2,632.7
Adjustments to reconcile net changes in net assets resulting from operations to net cash used in operating activities:
Net realized gain on investments			(321.9)						(183.5)
Net change in unrealized gain on investments and debt			(2,560.1)						(1,921.1)
Purchase of real estate properties			(420.0)						(128.9)
Capital improvements on real estate properties			(297.1)						(203.3)
Proceeds from sales of real estate properties			420.3						836.3
Purchases of other real estate investments			(796.7)						(591.4)
Proceeds from sales of other real estate investments			851.4						38.4
Purchases and originations of loans receivable			(343.9)						(256.4)
Proceeds from sales of loans receivable			161.4						294.5
Proceeds from payoffs of loans receivable			28.1						82.5
Increase in other investments			(489.9)						(1,022.2)
Net change in due to/from investment manager			3.4						5.9
Increase in payable for securities purchased			—						11.6
(Increase) Decrease in other assets			(21.0)						38.4
Increase in other liabilities			30.7						10.1
NET CASH USED IN OPERATING ACTIVITIES			(335.3)						(356.4)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on line of credit			(500.0)						—
Proceeds from unsecured debt			1,000.0						—
Mortgage loan proceeds received			20.1						39.7
Payments of mortgage loans			(213.7)						(96.9)
Premiums			2,263.9						2,155.2
Annuity payments			(41.3)						(35.5)
Withdrawals and death benefits			(2,141.2)						(1,715.9)
NET CASH PROVIDED BY FINANCING ACTIVITIES			387.8						346.6
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			52.5						(9.8)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash			46.0						61.1
Net increase (decrease) in cash, cash equivalents and restricted cash			52.5						(9.8)
End of period cash, cash equivalents and restricted cash			$	98.5					$	51.3
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest			$	69.3					$	71.2

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,
			2022						2021
Cash and cash equivalents			$	65.0					$	26.1
Restricted cash(1)			33.5						25.2
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH			$	98.5					$	51.3

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

See notes to the consolidated financial statements

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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).

Interim Financial Information: The Consolidated Financial Statements of the Account as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 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 accounting principles generally accepted in the United States of America (“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, 2021 (“2021 Form 10-K”).

Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. Certain prior period amounts have been reclassified for comparative purposes to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported results of operations. 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 (or "contract owner") transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions.

Use of Estimates: The Consolidated Financial Statements were prepared in accordance with GAAP, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material.

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; however, the requests were slowed during the fourth quarter of 2020

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and no new requests were received in 2021 or during the nine months ended September 30, 2022. Requests were generally 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, 2022, 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.

Significant Accounting Policy Updates: As further described in Note 10—Credit Facility, the Account entered into $500.0 million of term loans in the third quarter of 2022. Additionally, as further described in Note 11—Senior Notes Payable, the Account issued $500.0 million of senior notes payable in the second quarter of 2022. Pursuant to the fair value option allowed under Accounting Standards Codification ("ASC") 825, Financial Instruments, the Account's management has elected to report the senior notes payable and terms loans at fair value, in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2021 Form 10-K.

In the first quarter of 2022, the Account began hedging its foreign currency risk through the use of derivative instruments. The impact of this hedging activity was not material to the results of operations for the nine months ended September 30, 2022 or the Consolidated Statement of Assets and Liabilities at September 30, 2022. Other than the addition of the following accounting policy related to derivative instruments, there were no changes to the Account's significant accounting policies as described in the Account's 2021 Form 10-K.

Foreign Currency Forwards—The Account uses foreign currency forward contracts to manage foreign currency exchange rate risk related to foreign currency-denominated investments. Foreign currency forward contracts are recorded at fair value and are reflected in Other assets or liabilities on the Consolidated Statements of Assets and Liabilities. The fair value of foreign currency forward contracts is determined using the prevailing forward exchange rate which is derived from quotes provided by an independent pricing source.

Recent Accounting Pronouncements: In March 2020, the Financial Accounting Standards Board ("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 relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The expedients and exceptions are effective for the period from 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 or certain affiliates of 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

8

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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. 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 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 contract owner 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 contract owner 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 contract owner 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 contract owners 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 contract owners. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA’s ownership should not exceed (the “trigger point”), has established the trigger point at 45% of the outstanding accumulation units.

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 12—Financial Highlights.

The Account has loans receivable outstanding with related parties as of September 30, 2022. One loan is with a joint venture partner and the other 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 of the Account's 2021 Form 10-K. 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, 2022						December 31, 2021
2022						2021
36.5						36.5						MRA Hub 34 Holding, LLC						95.00%						2.50% + LIBOR						9/1/2022						$	36.5					$	36.5
0.5						0.5						MRA 34 LLC						—%						3.75% + LIBOR						8/26/2022						0.5						0.5
32.8						32.8						THP Student Housing, LLC						97.00%						3.20%						9/1/2024						32.9						32.9
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES																																				$	69.9					$	69.9

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Note 3—Concentrations of Risk

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, 2022, 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.

The Account’s wholly-owned real estate investments and investments in joint ventures are primarily 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, 2022:

Diversification by Fair Value(1)
			West(2)						South(3)						East(4)						Midwest(5)						Foreign(6)						Total
Industrial			16.9		%				7.4		%				2.5		%				1.6		%				—		%				28.4		%
Office			8.3		%				5.6		%				13.4		%				0.2		%				—		%				27.5		%
Apartments			8.6		%				10.4		%				6.7		%				1.0		%				—		%				26.7		%
Retail			3.7		%				5.2		%				2.6		%				0.7		%				—		%				12.2		%
Other(7)			1.6		%				2.0		%				1.3		%				0.2		%				0.1		%				5.2		%
Total			39.1		%				30.6		%				26.5		%				3.7		%				0.1		%				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)Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY.

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

(4)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.

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

(6)Represents a developable land investment in Ireland.

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

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, 2022 and December 31, 2021 are as follows (in millions):

						As of
Years Ended						September 30, 2022						December 31, 2021
2022						$	162.2		(1)			$	635.8
2023						661.7						594.2
2024						600.1						517.7
2025						520.3						436.1
2026						422.7						330.2
Thereafter						1,415.5						1,172.7
Total						$	3,782.5					$	3,686.7

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2022.

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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 (in millions):

						As of
						September 30, 2022						December 31, 2021
Assets:
Right-of-use assets, at fair value						$	41.1					$	40.3
Liabilities:
Ground lease liabilities, at fair value						$	41.1					$	40.3
Key Terms:
Weighted-average remaining lease term (years)						68.8						69.5
Weighted-average discount rate(1)						7.44		%				7.71		%

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

For both the nine months ended September 30, 2022 and 2021, operating lease costs related to ground leases were $1.7 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 (in millions):

						As of
						September 30, 2022						December 31, 2021
Years Ended
2022						$	0.6					$	2.3
2023						2.4						2.3
2024						2.5						2.4
2025						2.5						2.4
2026						2.5						2.4
Thereafter						438.4						414.0
Total						$	448.9					$	425.8

In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of the COVID-19 pandemic on the application of lease modification guidance in ASC 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. There was no material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the nine months ended September 30, 2022.

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.

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•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 asset or liability'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 of the Account's 2021 Form 10-K for further discussion regarding the use of a practical expedient for the valuation of real estate funds.

The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, 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, 2022
Real estate properties						$	—					$	—					$	21,490.2					$	—					$	21,490.2
Real estate joint ventures						—						—						7,359.3						—						7,359.3
Real estate funds						—						—						—						893.3						893.3
Real estate operating business						—						—						642.1						—						642.1
Marketable securities:
U.S. government agency notes						—						1,490.3						—						—						1,490.3
Foreign government agency notes						—						16.8						—						—						16.8
U.S. treasury securities						—						590.3						—						—						590.3
Corporate bonds						—						551.7						—						—						551.7
Loans receivable(1)						—						—						1,548.5						—						1,548.5
Total Investments at September 30, 2022						$	—					$	2,649.1					$	31,040.1					$	893.3					$	34,582.5
Loans payable						$	—					$	—					$	(2,125.0)					$	—					$	(2,125.0)
Other unsecured debt						$	—					$	(450.5)					$	(500.0)					$	—					$	(950.5)

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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, 2021
Real estate properties						$	—					$	—					$	18,903.9					$	—					$	18,903.9
Real estate joint ventures						—						—						7,175.9						—						7,175.9
Real estate funds						—						—						—						811.5						811.5
Real estate operating business						—						—						326.3						—						326.3
Marketable securities:
U.S. government agency notes						—						864.1						—						—						864.1
Foreign government agency notes						—						7.6						—						—						7.6
U.S. treasury securities						—						784.3						—						—						784.3
Corporate bonds						—						551.8						—												551.8
Loans receivable(1)						—						—						1,492.6						—						1,492.6
Total Investments at December 31, 2021						$	—					$	2,207.8					$	27,898.7					$	811.5					$	30,918.0
Loans payable						$	—					$	—					$	(2,380.5)					$	—					$	(2,380.5)
Line of credit						$	—					$	—					$	(500.0)					$	—					$	(500.0)

(1) Includes loans receivable with related parties.

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, 2022 and 2021 (in millions):

						Real Estate Properties						Real Estate Joint Ventures						Real Estate Operating Business						Loans Receivable(3)						Total Level 3 Investments						Loans Payable						Line of Credit						Other Unsecured Debt
For the three months ended September 30, 2022
Beginning balance July 1, 2022						$	21,288.6					$	7,642.9					$	628.0					$	1,558.1					$	31,117.6					$	(2,293.0)					$	(500.0)					$	—
Total realized and unrealized gains (losses) included in changes in net assets						99.1						39.2						13.3						(16.3)						135.3						12.1						—						—
Purchases(1)						188.8						97.4						0.8						26.4						313.4						(11.0)						—						(500.0)
Sales						(86.3)						—						—						—						(86.3)						—						—						—
Settlements(2)						—						(420.2)						—						(19.7)						(439.9)						166.9						500.0						—
Ending balance September 30, 2022						$	21,490.2					$	7,359.3					$	642.1					$	1,548.5					$	31,040.1					$	(2,125.0)					$	—					$	(500.0)

						Real Estate Properties						Real Estate Joint Ventures						Real Estate Operating Business						Loans Receivable(3)						Total Level 3 Investments						Loans Payable						Line of Credit						Other Unsecured Debt
For the nine months ended September 30, 2022
Beginning balance January 1, 2022						$	18,903.9					$	7,175.9					$	326.3					$	1,492.6					$	27,898.7					$	(2,380.5)					$	(500.0)					$	—
Total realized and unrealized gains (losses) included in changes in net assets						2,280.7						401.3						214.1						(98.5)						2,797.6						61.9						—						—
Purchases(1)						725.9						579.1						101.7						343.9						1,750.6						(20.1)						—						(500.0)
Sales						(420.3)						—						—						(161.4)						(581.7)						—						—						—
Settlements(2)						—						(797.0)						—						(28.1)						(825.1)						213.7						500.0						—
Ending balance September 30, 2022						$	21,490.2					$	7,359.3					$	642.1					$	1,548.5					$	31,040.1					$	(2,125.0)					$	—					$	(500.0)

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						Real Estate Properties						Real Estate Joint Ventures						Real Estate Operating Business						Loans Receivable(3)						Total Level 3 Investments						Loans Payable
For the three months ended September 30, 2021
Beginning balance July 1, 2021						$	17,029.8					$	6,482.6					$	273.5					$	1,391.8					$	25,177.7					$	(2,388.2)
Total realized and unrealized gains (losses) included in changes in net assets						530.9						425.1						12.5						1.5						970.0						(3.0)
Purchases(1)						112.8						180.5						—						92.7						386.0						(39.7)
Sales(4)						(274.8)						—						—						—						(274.8)						—
Settlements(2)						—						(35.1)						—						(37.9)						(73.0)						87.7
Ending balance September 30, 2021						$	17,398.7					$	7,053.1					$	286.0					$	1,448.1					$	26,185.9					$	(2,343.2)

						Real Estate Properties						Real Estate Joint Ventures						Real Estate Operating Business						Loans Receivable(3)						Total Level 3 Investments						Loans Payable
For the nine months ended September 30, 2021
Beginning balance January 1, 2021						$	16,476.7					$	6,128.9					$	250.0					$	1,562.6					$	24,418.2					$	(2,411.4)
Total realized and unrealized gains included in changes in net assets						1,425.7						579.2						34.6						6.1						2,045.6						11.0
Purchases(1)						332.6						380.4						1.4						256.4						970.8						(39.7)
Sales(4)						(836.3)						—						—						(294.5)						(1,130.8)						—
Settlements(2)						—						(35.4)						—						(82.5)						(117.9)						96.9
Ending balance September 30, 2021						$	17,398.7					$	7,053.1					$	286.0					$	1,448.1					$	26,185.9					$	(2,343.2)

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

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

(3)Includes loans receivable with related parties.

(4)Real estate properties amount shown is inclusive of post closing realized losses.

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of September 30, 2022.

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% - 10.1% (6.7%) 4.5% - 8.5% (5.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0% - 8.0% (5.0%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.0% - 8.0% (6.1%) 3.8% - 7.0% (4.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

1.8% - 6.0% (3.9%)

Apartment

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.3% - 7.0% (5.8%) 4.0% - 5.5% (4.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.3% - 5.0% (3.9%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

6.0% - 11.5% (7.2%) 5.0% - 8.8% (5.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.5% - 8.3% (5.2%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

9.8% (9.8%) 7.8% (7.8%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.5% (7.5%)

14

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Type

Asset Class

Valuation Technique(s)

Unobservable Inputs(1)

Range (Weighted Average)

Real Estate Operating Business

Income Approach—Discounted Cash Flow

Discount Rate Terminal Growth Rate

9.9% 7.2%

Market Approach

EBITDA Multiple

28.3x

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

33.9% - 59.1% (46.1%) 3.6% - 5.6% (4.9%)

Net Present Value

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

33.9% - 59.1% (46.1%) 1.1 - 1.4 (1.2)

Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

27.8% - 36.3% (31.2%) 4.6% - 4.8% (4.7%)

Net Present Value

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

27.8% - 36.3% (31.2%) 1.1 - 1.2 (1.1)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

24.7% - 65.4% (38.3%) 3.2% - 5.3% (4.6%)

Net Present Value

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

24.7% - 65.4% (38.3%) 1.1 - 1.3 (1.2)

Retail

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

43.9% - 73.6% (47.1%) 4.7% - 6.1% (5.8%)

Net Present Value

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

43.9% - 73.6% (47.1%) 1.2- 1.4 (1.3)

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

40.7% - 105.0% (68.2%) 4.2% - 11.9% (7.1%)

Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

49.5% - 66.0% (57.8%) 4.1% - 8.5% (5.2%)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

36.4% - 76.2% (47.4%) 3.2% - 8.6% (5.8%)

Retail & Hospitality

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

59.8% - 79.8% (66.8%) 2.8% - 9.7% (5.1%)

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of September 30, 2021.

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% - 9.5% (6.7%) 4.5% - 8.5% (5.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0% - 8.0% (5.1%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.0% - 8.5% (6.2%) 4.3% - 7.0% (4.9%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

2.8% - 6.8% (4.3%)

Apartment

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

5.5% - 7.5% (6.1%) 4.0% - 6.5% (4.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.5% - 5.8% (4.2%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate Terminal Capitalization Rate

6.0% - 11.8% (7.0%) 5.0% - 9.0% (5.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.5% - 9.0% (5.3%)

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%)

Real Estate Operating Business

Income Approach—Discounted Cash Flow

Discount Rate

7.7

%

Terminal Growth Rate

4.0

%

Market Approach

EBITDA Multiple

17.0x

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

35.2% - 59.9% (46.6%) 1.8% - 3.7% (3.2%)

Net Present Value

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

35.2% - 59.9% (46.6%) 1.2 - 1.5 (1.3)

Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

41.4% - 55.2% (46.9%) 3.3% - 3.7% (3.4%)

Net Present Value

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

41.4% - 55.2% (46.9%) 1.3 - 1.4 (1.4)

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Type

Asset Class

Valuation Technique(s)

Unobservable Inputs(1)

Range (Weighted Average)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

35.7% - 61.5% (45.1%) 2.1% - 3.0% (2.7%)

Net Present Value

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

35.7% - 61.5% (45.1%) 1.3 - 1.5 (1.3)

Retail

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

37.7% - 73.1% (47.8%) 2.5% - 4.0% (3.4%)

Net Present Value

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

37.7% - 73.1% (47.8%) 1.3 - 1.8 (1.4)

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

40.5% - 91.8% (72.8%) 2.4% - 9.5% (5.7%)

Industrial

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

29.4% - 68.4% (64.9%) 4.3% - 5.1% (4.6%)

Apartment

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

38.4% - 77.3% (50.0%) 2.5% - 8.6% (5.0%)

Retail & Hospitality

Discounted Cash Flow

Loan to Value Ratio Equivalency Rate

58.4% - 79.8% (66.4%) 3.6% - 7.2% (5.3%)

(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.

Real Estate Operating Business: The significant unobservable inputs used in the fair value measurement of the Account's real estate operating business are the selection of certain investment rates and ratios (Discount Rate, Terminal Growth Rate, and EBITDA Multiple). Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, 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.

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.

Line of Credit and Other Unsecured Debt: The Account's line of credit and term loans are recorded at par as Management believes par approximates fair value due to the short-term nature of the credit facility.

During the nine months ended September 30, 2022 and 2021, there were no transfers between Levels 1, 2 or 3.

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

			Real Estate Properties						Real Estate Joint Ventures						Real Estate Operating Business						Loans Receivable(1)						Total Level 3 Investments						Loans Payable
For the three months ended September 30, 2022			$	88.0					$	14.5					$	13.3					$	(16.3)					$	99.5					$	12.1
For the nine months ended September 30, 2022			$	2,256.4					$	419.5					$	214.1					$	(98.5)					$	2,791.5					$	61.9
For the three months ended September 30, 2021			$	550.9					$	419.6					$	12.5					$	1.2					$	984.2					$	(3.0)
For the nine months ended September 30, 2021			$	1,350.8					$	573.8					$	34.6					$	8.3					$	1,967.5					$	11.0

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

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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, 2022, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% to 98.5%. 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):

			For the Three Months Ended September 30, 2022												For the Nine Months Ended September 30,
			2022						2021						2022						2021
Operating Revenue and Expenses
Revenues			$	294.9					$	270.5					$852.2						$771.6
Expenses			173.3						151.5						504.2						430.6
Excess of revenues over expenses			$	121.6					$	119.0					$348.0						$341.0

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 set up 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 of the Account's 2021 Form 10-K 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 nine months ended September 30, 2022. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are included in the maximum exposure to loss presented below.

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at September 30, 2022 (in millions):

Fund Name

Carrying Amount

Maximum Exposure to Loss

Liquidity Provisions

Investment Strategy

LCS SHIP Venture I, LLC (90.0% Account Interest)

$

234.7

$

234.7

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.

Veritas - Trophy VI, LLC (90.4% Account Interest)

$

83.5

$

99.5

Redemptions prohibited prior to liquidation.

To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("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.

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Fund Name			Carrying Amount						Maximum Exposure to Loss						Liquidity Provisions						Investment Strategy
SP V - II, LLC (61.8% Account Interest)			$	107.3					$	117.3					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)			$	27.4					$	31.6					Redemptions prohibited prior to liquidation.						To invest in real estate and real estate-related assets in the New York City 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.
Silverpeak NRE FundCo LLC (90.0% Account Interest)			$	36.8					$	66.4					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.
IDR - Core Property Index Fund, LLC (1.6% Account Interest)			$	45.2					$	45.2					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)			$	160.5					$	250.2					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
Flagler REA Healthcare Properties Partnership (90.0% Account Interest)			$	23.4					$	24.7					Redemptions prohibited prior to liquidation.						To acquire healthcare properties within the top 50 MSA's in the U.S.
															Liquidation estimated to begin no earlier than 2025.
															The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch.
Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)			$	18.4					$	18.4					Redemptions prohibited prior to liquidation.						To acquire office investments across the Southeast.
															Liquidation estimated to begin no earlier than 2026.
															The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager.
Silverpeak NRE FundCo 2 LLC (90.0% Account Interest)			$	81.4					$	113.5					Redemptions prohibited prior to liquidation.						To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
															The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.

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Fund Name			Carrying Amount						Maximum Exposure to Loss						Liquidity Provisions						Investment Strategy
JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest)			$	44.7					$	100.8					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
Silverpeak NRE FundCo 3 LLC (90.0% Account Interest)			$	30.0					$	100.0					Redemptions prohibited prior to liquidation.						To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
															The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
Total			$	893.3					$	1,202.3

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, 2022																		December 31, 2021
						Principal Outstanding						Fair Value						% of Fair Value						Principal Outstanding						Fair Value						% of Fair Value
Office(1)						$	897.7					$	790.8					51.1		%				$	862.4					$	853.4					57.2		%
Apartments(1)						258.9						256.2						16.5		%				253.3						252.0						16.9		%
Industrial						131.6						131.1						8.5		%				161.4						161.3						10.8		%
Hotel						125.3						125.3						8.1		%				125.3						125.3						8.4		%
Retail						245.1						245.1						15.8		%				101.7						100.6						6.7		%
						$	1,658.6					$	1,548.5					100.0		%				$	1,504.1					$	1,492.6					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.

All borrowers of loans rated C or higher are current as of September 30, 2022.

The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of September 30, 2022 (in millions), listed in order of the strength of the risk rating (from strongest to weakest):

19

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						September 30, 2022																		December 31, 2021
						Number of Loans						Fair Value						% of Fair Value						Number of Loans						Fair Value						% of Fair Value
AA						—						—						—		%				1						62.6						4.2		%
AA-						—						—						—		%				—						—						—		%
A						3						180.7						11.7		%				4						248.5						16.6		%
A-						1						46.3						3.0		%				—						—						—		%
BBB+						3						192.3						12.4		%				—						—						—		%
BBB						2						134.8						8.7		%				6						374.7						25.1		%
BBB-						—						—						—		%				—						—						—		%
BB+						3						122.8						7.9		%				—						—						—		%
BB						3						82.2						5.3		%				10						437.8						29.3		%
BB-						1						19.5						1.3		%				—						—						—		%
B+						3						97.5						6.3		%				—						—						—		%
B						1						58.0						3.8		%				5						144.3						9.7		%
B-						4						207.1						13.4		%				—						—						—		%
CCC+						1						40.6						2.6		%				—						—						—		%
CCC						2						127.4						8.2		%				—						—						—		%
CCC-						1						80.3						5.2		%				—						—						—		%
C						1						79.1						5.1		%				2						154.8						10.4		%
D						1						10.0						0.6		%				—						—						—		%
NR(1)						3						69.9						4.5		%				3						69.9						4.7		%
						33						$	1,548.5					100.0		%				31						$	1,492.6					100.0		%

(1) "NR" designates loans not assigned an internal credit rating. As of September 30, 2022 and December 31, 2021, this is comprised of three 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, 2022 (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						$	92.9					$	10.0

20

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Note 9—Loans Payable

At September 30, 2022, the Account had outstanding loans payable secured by the following assets (in millions):

Property						Annual Interest Rate and Payment Frequency(2)						Principal Amounts Outstanding as of												Maturity
												September 30, 2022						December 31, 2021
Fusion 1560(1)						3.42% paid monthly						$	—					$	37.4					June 10, 2022
The Colorado(1)						3.69% paid monthly						—						84.7						November 1, 2022
The Legacy at Westwood(1)						3.69% paid monthly						—						43.2						November 1, 2022
Regents Court(1)						3.69% paid monthly						—						36.6						November 1, 2022
1001 Pennsylvania Avenue(2)						3.70% paid monthly						302.9						308.1						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
San Diego Office Portfolio(3)						4.73% paid monthly						58.2						51.4						August 9, 2023
Pacific City						2.00% + LIBOR paid monthly						105.0						105.0						October 1, 2023
The Stratum(3)						2.45% paid monthly						40.0						39.8						May 9, 2024
Spring House Innovation Park(3)						1.25% + LIBOR paid monthly						48.7						40.5						July 9, 2024
1401 H Street NW						3.65% paid monthly						115.0						115.0						November 5, 2024
The District on La Frontera(2)						3.84% paid monthly						37.2						37.8						December 1, 2024
The District on La Frontera(2)						4.96% paid monthly						4.2						4.2						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(2)						3.60% paid monthly						68.0						69.1						May 1, 2025
32 South State Street						4.48% paid monthly						24.0						24.0						June 6, 2025
Vista Station Office Portfolio(2)						4.00% paid monthly						18.8						19.3						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
Reserve at Chino Hills(3)						1.50% + LIBOR paid monthly						72.5						68.2						August 9, 2025
Vista Station Office Portfolio(2)						4.20% paid monthly						42.2						42.9						November 1, 2025
Sixth & Main(3)						1.87% + LIBOR paid monthly						41.1						40.4						November 9, 2025
701 Brickell Avenue(2)						3.66% paid monthly						179.4						182.0						April 1, 2026
Marketplace at Mill Creek						3.82% paid monthly						39.6						39.6						September 11, 2027
Overlook At King Of Prussia						3.82% paid monthly						40.8						40.8						September 11, 2027
Winslow Bay						3.82% paid monthly						25.8						25.8						September 11, 2027
1900 K Street, NW(2)						3.93% paid monthly						161.8						163.0						April 1, 2028
99 High Street						3.90% paid monthly						277.0						277.0						March 1, 2030
Total Principal Outstanding												$	2,169.0					$	2,362.6
Fair Value Adjustment(4)												(44.0)						17.9
Total Loans Payable												$	2,125.0					$	2,380.5

(1) The principal amount of the outstanding debt was paid off during the quarter.

(2)The mortgage is adjusted monthly for principal payments

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

(4)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.

21

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Note 10—Credit Facility

On September 16, 2022, the Account entered into a credit agreement (the “Credit Agreement”) with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A., comprised of revolving credit loans ("Line of Credit") up to $500.0 million and up to $500.0 million in term loans ("Term Loans"). The Account may use the proceeds of borrowings under the Credit Agreement for general organizational purposes in the ordinary course of business, including to finance certain real estate portfolio investments. The Account may prepay borrowings under the Credit Facility at any time during the life of the loan without penalty.

The Account previously had a fully drawn $500.0 million unsecured line of credit that was scheduled to mature on September 20, 2022, that was paid off and terminated concurrently with the Account entering into the Credit Agreement.

The Account may elect for each borrowing under the Credit Agreement to bear annual interest at an adjusted base rate ("ABR") or adjusted SOFR plus an applicable margin which is dependent on the leverage ratio of the Account. The applicable margin for adjusted SOFR Term Loans ranges from 1.00% to 1.50% and for ABR Term Loans ranges from 0.00% to 0.50%. The applicable margin for adjusted SOFR Revolving Credit Loans ranges from 0.875% to 1.30% and for ABR Revolving Credit Loans ranges from 0.00% to 0.30%. In addition, the Account pays facility fees ranging from 0.125% to 0.20%, depending on the leverage ratio of the Account, on the total revolving commitments (used and unused) under the Credit Agreement.

As of September 30, 2022, the Account was in compliance with all covenants required by the Credit Agreement.

The following table provides a summary of the key characteristics of the Credit Agreement, as of September 30, 2022:

Current Balance - Line of Credit (in millions)

$

—

Current Balance - Term Loans (in millions)

$

500.0

Maximum Capacity (in millions)

$

1,000.0

Inception Date

September 16, 2022

Revolving Commitment Termination and Term Loan Maturity Date

September 16, 2024

Extension Option(1)

Yes

ABR Revolving Credit Loans Interest Rate

ABR + Applicable Margin

ABR Term Loans Interest Rate

ABR + Applicable Margin

SOFR Revolving Credit Loans Interest Rate

Adjusted SOFR + Applicable Margin

SOFR Term Loans Interest Rate(3)

Adjusted SOFR + Applicable Margin

Facility Fee (2)

0.125% - 0.20% quarterly

(1) The Account has three options to extend the Commitment Termination Date for an additional twelve months each.

(2) The Account is charged a fee on the Line of Credit, whether used or unused, which is determined based on the Account's loan-to-value ratio.

(3) The weighted average interest rate for the three months ended September 30, 2022 was 4.02196%.

Note 11—Senior Notes Payable

On June 10, 2022, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $500.0 million of debt securities, in the form of Series A senior notes and Series B senior notes (the "Notes"). The Account may be obligated to repay the Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Account may also prepay the Notes in whole or in part at any time, or from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if prepaid on or before 90 days prior to the applicable maturity date, a make-whole premium.

As of September 30, 2022, the Account was in compliance with all covenants required by the note purchase agreement.

22

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The following table provides a summary of the key characteristics of the outstanding Notes, as of September 30, 2022:

			Principal (in millions)						Interest Rate						Maturity Date
Series A			$	300.0					3.24%						June 10, 2029
Series B			$	200.0					3.35%						June 10, 2032

Note 12—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, 2022						Years Ended December 31,
									2021						2020						2019
Per Accumulation Unit Data:
Rental income			$	17.400					$	22.672					$	21.145					$	18.165
Real estate property level expenses and taxes			8.159						10.683						10.067						8.734
Real estate income, net			9.241						11.989						11.078						9.431
Other income			4.543						5.474						4.980						6.752
Total income			13.784						17.463						16.058						16.183
Expense charges(1)			3.727						4.035						3.562						3.439
Investment income, net			10.057						13.428						12.496						12.744
Net realized and unrealized gain (loss) on investments and debt			52.259						64.615						(16.196)						10.262
Net increase (decrease) in Accumulation Unit Value			62.316						78.043						(3.700)						23.006
Accumulation Unit Value:
Beginning of period			514.765						436.722						440.422						417.416
End of period			$	577.081					$	514.765					$	436.722					$	440.422
Total return(3)			12.11		%				17.87		%				(0.84)		%				5.51		%
Ratios to Average net assets(2):
Expenses(1)			0.88		%				0.85		%				0.81		%				0.78		%
Investment income, net			2.37		%				2.82		%				2.85		%				2.90		%
Portfolio turnover rate(3):
Real estate properties(4)			5.1		%				7.6		%				7.1		%				7.8		%
Marketable securities(5)			4.1		%				—		%				113.4		%				28.7		%
Accumulation Units outstanding at end of period (millions)			53.5						53.4						52.0						60.8
Net assets end of period (millions)			$	31,573.4					$	28,072.0					$	23,243.9					$	27,307.9

(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, 2022 are annualized.

(3)Percentages for the nine months ended September 30, 2022 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.

23

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Note 13—Accumulation Units

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

			For the Nine Months Ended September 30, 2022						For the Year Ended December 31, 2021
Outstanding:
Beginning of period			53.4						52.0
Credited for premiums			4.1						6.4
Annuity, other periodic payments, withdrawals and death benefits			(4.0)						(5.0)
End of period			53.5						53.4

Note 14—Commitments and Contingencies

Commitments—As of September 30, 2022 and December 31, 2021, 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, 2022						December 31, 2021
Real Estate Funds(1)
			JCR Capital - REA Preferred Equity Parallel Fund			12/2022						$	56.1					$	75.3
			Silverpeak NRE FundCo 2 LLC			12/2022						32.1						43.7
			Silverpeak NRE FundCo LLC			12/2022						29.6						37.3
			Silverpeak NRE FundCo 3 LLC			06/2023						70.0						—
			SP V - II, LLC			08/2023						10.0						12.9
			Veritas Trophy VI, LLC			08/2023						16.0						20.6
			Taconic New York City GP Fund			11/2023						4.2						4.2
			Flagler - REA Healthcare Properties Partnership			02/2025						1.3						1.2
			Townsend Group Value-Add Fund			12/2026						89.7						125.9
												$	309.0					$	321.1
Loans Receivable(2)
			BREP VIII Industrial Mezzanine			03/2022						$	—					$	22.4
			311 South Wacker Mezzanine			08/2022						—						2.2
			San Diego Office Portfolio Senior Loan			08/2022						—						6.8
			San Diego Office Portfolio Mezzanine			08/2022						—						2.2
			1330 Broadway Mezzanine			09/2022						—						10.9
			Liberty Park Mezzanine			11/2022						2.6						2.6
			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 Mezzanine			01/2023						2.4						2.4
			SCG Oakland Portfolio Mezzanine			03/2023						5.4						6.1
			Five Oak Mezzanine			03/2023						1.6						1.6
			MRA Hub 34 Holding, LLC			08/2023						1.5						1.5
			5 Points Towers Mezzanine			03/2024						3.7						4.2
			The Stratum Senior Loan			05/2024						1.8						2.0
			The Stratum Mezzanine			05/2024						0.6						0.7
			Spring House Innovation Park Senior Loan			07/2024						28.0						38.0
			Spring House Innovation Park Mezzanine			07/2024						9.3						12.7
			Project Sonic Senior Loan			06/2025						3.9						—

24

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						Commitment Expiration						September 30, 2022						December 31, 2021
			Project Sonic Mezzanine			06/2025						1.3						—
			One Biscayne Tower Senior Loan			07/2025						31.8						—
			One Biscayne Tower Mezzanine			07/2025						10.6						—
			The Reserve at Chino Hills			08/2025						14.5						20.0
			Sixth and Main Senior Loan			11/2025						6.1						6.9
			Sixth and Main Mezzanine			11/2025						3.5						3.7
												$	147.4					$	165.7
			TOTAL COMMITMENTS									$	456.4					$	486.8

(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.

(2)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.

25

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TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

REAL ESTATE PROPERTIES
Location/Sector						September 30, 2022												December 31, 2021
						Fair Value						% of Net Assets						Fair Value						% of Net Assets
Alabama
Retail						58.8						0.2		%				61.8						0.2		%
						$	58.8					0.2		%				$	61.8					0.2		%
Arizona
Industrial						55.5						0.2		%				33.3						0.1		%
Office						—						—		%				55.0						0.2		%
Other(1)						4.2						—		%				—						—		%
						$	59.7					0.2		%				$	88.3					0.3		%
California
Industrial						4,183.5						13.2		%				2,939.8						10.5		%
Apartments						1,781.9						5.6		%				1,759.2						6.3		%
Office						657.1						2.1		%				771.1						2.7		%
Retail						445.7						1.4		%				507.1						1.8		%
						$	7,068.2					22.3		%				$	5,977.2					21.3		%
Colorado
Office						105.0						0.3		%				108.0						0.4		%
Retail						—						—		%				69.5						0.2		%
						$	105.0					0.3		%				$	177.5					0.6		%
Connecticut
Office						65.6						0.2		%				73.7						0.3		%
						$	65.6					0.2		%				$	73.7					0.3		%
Florida
Apartments						1,319.7						4.2		%				1,074.5						3.8		%
Industrial						770.9						2.4		%				452.5						1.6		%
Office						534.9						1.7		%				490.3						1.8		%
Retail						159.9						0.5		%				153.4						0.5		%
Other(1)						—						—		%				55.2						0.2		%
						$	2,785.4					8.8		%				$	2,225.9					7.9		%
Georgia
Apartments						459.4						1.5		%				393.1						1.4		%
Industrial						266.4						0.8		%				193.0						0.7		%
Retail						251.3						0.8		%				242.8						0.9		%
						$	977.1					3.1		%				$	828.9					3.0		%
Illinois
Retail						196.7						0.6		%				196.7						0.7		%
Industrial						177.4						0.6		%				149.6						0.5		%
Apartments						130.1						0.4		%				120.0						0.4		%
Other(1)						5.7						—		%				—						—		%
						$	509.9					1.6		%				$	466.3					1.6		%
Indiana
Industrial						120.0						0.4		%				115.0						0.4		%
						$	120.0					0.4		%				$	115.0					0.4		%
Maryland
Apartments						88.6						0.3		%				73.1						0.3		%
Retail						74.4						0.2		%				73.5						0.3		%

26

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TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

REAL ESTATE PROPERTIES
Location/Sector						September 30, 2022												December 31, 2021
						Fair Value						% of Net Assets						Fair Value						% of Net Assets
Industrial						69.7						0.2		%				67.7						0.2		%
						$	232.7					0.7		%				$	214.3					0.8		%
Massachusetts
Office						712.0						2.3		%				736.7						2.6		%
Industrial						168.7						0.5		%				127.0						0.5		%
Retail						129.0						0.4		%				125.0						0.4		%
Apartments						59.8						0.2		%				—						—		%
						$	1,069.5					3.4		%				$	988.7					3.5		%
Minnesota
Industrial						165.1						0.5		%				—						—		%
Apartments						109.9						0.4		%				107.9						0.4		%
						$	275.0					0.9		%				$	107.9					0.4		%
New Jersey
Industrial						412.1						1.3		%				306.4						1.1		%
Retail						92.3						0.3		%				96.1						0.3		%
						$	504.4					1.6		%				$	402.5					1.4		%
New York
Office						842.5						2.7		%				890.0						3.2		%
Apartments						251.2						0.8		%				260.2						0.9		%
						$	1,093.7					3.5		%				$	1,150.2					4.1		%
North Carolina
Retail						90.8						0.3		%				89.4						0.3		%
Apartments						84.6						0.3		%				79.4						0.3		%
						$	175.4					0.6		%				$	168.8					0.6		%
Oregon
Apartments						43.8						0.1		%				38.9						0.1		%
						$	43.8					0.1		%				$	38.9					0.1		%
Pennsylvania
Retail						71.2						0.2		%				70.8						0.3		%
						$	71.2					0.2		%				$	70.8					0.3		%
Rhode Island
Retail						—						—		%				12.5						—		%
						$	—					—		%				$	12.5					—		%
South Carolina
Apartments						93.8						0.3		%				89.2						0.3		%
Retail						49.6						0.2		%				48.2						0.2		%
						$	143.4					0.5		%				$	137.4					0.5		%
Tennessee
Retail						148.6						0.5		%				132.3						0.5		%
Industrial						76.9						0.2		%				70.8						0.3		%
Apartments						44.1						0.1		%				—						—		%
						$	269.6					0.8		%				$	203.1					0.8		%
Texas
Industrial						978.5						3.1		%				733.0						2.6		%
Apartments						716.2						2.3		%				622.7						2.2		%
Office						613.2						2.0		%				583.1						2.1		%
Other(1)						101.9						0.3		%				98.1						0.4		%

27

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TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

REAL ESTATE PROPERTIES
Location/Sector						September 30, 2022												December 31, 2021
						Fair Value						% of Net Assets						Fair Value						% of Net Assets
						$	2,409.8					7.7		%				$	2,036.9					7.3		%
Utah
Office						125.1						0.4		%				124.5						0.4		%
						$	125.1					0.4		%				$	124.5					0.4		%
Virginia
Apartments						433.2						1.4		%				392.6						1.4		%
Retail						153.9						0.5		%				154.7						0.6		%
Office						119.9						0.4		%				122.5						0.4		%
						$	707.0					2.3		%				$	669.8					2.4		%
Washington
Industrial						631.8						2.0		%				509.2						1.8		%
Apartments						345.4						1.1		%				330.5						1.2		%
						$	977.2					3.1		%				$	839.7					3.0		%
Washington D.C.
Office						1,282.6						4.1		%				1,375.7						4.9		%
Apartments						360.1						1.1		%				347.6						1.2		%
						$	1,642.7					5.2		%				$	1,723.3					6.1		%
TOTAL REAL ESTATE PROPERTIES
(Cost: $14,463.3 and $14,163.2)						$	21,490.2					68.1		%				$	18,903.9					67.3		%

REAL ESTATE JOINT VENTURES
Location/Sector						September 30, 2022												December 31, 2021
						Fair Value						% of Net Assets						Fair Value						% of Net Assets
Arizona
Other						13.6						—		%				—						—		%
						$	13.6					—		%				$	—					—		%
California
Office						1,129.4						3.6		%				1,582.9						5.6		%
Retail						58.5						0.2		%				92.4						0.3		%
Industrial						—						—		%				59.0						0.2		%
						$	1,187.9					3.8		%				$	1,734.3					6.1		%
Florida
Retail						650.4						2.1		%				826.8						3.0		%
						$	650.4					2.1		%				$	826.8					3.0		%
Georgia
Retail						4.4						—		%				—						—		%
						$	4.4					—		%				$	—					—		%
Maryland
Retail						16.8						0.1		%				15.7						0.1		%
Other(1)						12.6						—		%				6.5						—		%
						$	29.4					0.1		%				$	22.2					0.1		%
Massachusetts
Office						488.3						1.5		%				458.0						1.6		%
						$	488.3					1.5		%				$	458.0					1.6		%
Nevada
Retail						559.0						1.8		%				557.8						2.0		%
						$	559.0					1.8		%				$	557.8					2.0		%

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TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

REAL ESTATE JOINT VENTURES
Location/Sector						September 30, 2022												December 31, 2021
						Fair Value						% of Net Assets						Fair Value						% of Net Assets
New York
Office						184.9						0.6		%				148.3						0.5		%
Industrial						83.9						0.3		%				82.3						0.3		%
Apartments						51.4						0.1		%				114.7						0.4		%
Retail						33.1						0.1		%				31.2						0.1		%
						$	353.3					1.1		%				$	376.5					1.3		%
North Carolina
Apartments						102.5						0.3		%				—						—		%
Office						56.9						0.2		%				47.4						0.2		%
Retail						46.1						0.2		%				127.7						0.5		%
Other(1)						30.2						0.1		%				—						—		%
						$	235.7					0.8		%				$	175.1					0.7		%
South Carolina
Apartments						59.1						0.2		%				58.7						0.2		%
Other(1)						7.6						—		%				—						—		%
						$	66.7					0.2		%				$	58.7					0.2		%
Tennessee
Retail						221.3						0.7		%				116.6						0.5		%
						$	221.3					0.7		%				$	116.6					0.5		%
Texas
Office						357.5						1.1		%				347.4						1.2		%
Industrial						52.3						0.2		%				50.6						0.2		%
Other(1)						9.7						—		%				—						—		%
						$	419.5					1.3		%				$	398.0					1.4		%
Washington
Office						160.9						0.4		%				164.3						0.6		%
						$	160.9					0.4		%				$	164.3					0.6		%
Various(2)
Apartments						1,161.4						3.7		%				938.6						3.3		%
Office						490.4						1.6		%				406.4						1.5		%
Other(1)						1,283.0						4.1		%				902.7						3.2		%
						$	2,934.8					9.4		%				$	2,247.7					8.0		%
Foreign
Other(3)						34.1						0.1		%				39.9						0.1		%
						$	34.1					0.1		%				$	39.9					0.1		%
TOTAL REAL ESTATE JOINT VENTURES
(Cost: $5,654.2 and $5,497.9)						$	7,359.3					23.3		%				$	7,175.9					25.6		%

(1)Represents investments outside of the Account's core sectors such as storage portfolios, hotels and land.

(2)Properties within these investments are located throughout the United States.

(3)Property is located outside of the United States.

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TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)

MARKETABLE SECURITIES
						September 30, 2022												December 31, 2021
						Fair Value						% of Net Assets						Fair Value						% of Net Assets
Corporate bonds						551.7						1.7		%				551.8						2.0		%
U.S. government agency notes						1,490.3						4.7		%				864.1						3.1		%
Foreign government agency notes						16.8						0.1		%				7.6						—		%
U.S. treasury securities						590.3						1.9		%				784.3						2.8		%
TOTAL MARKETABLE SECURITIES
(Cost: $2,704.2 and $2,217.0)						$	2,649.1					8.4		%				$	2,207.8					7.9		%
TOTAL REAL ESTATE FUNDS
(Cost: $768.4 and $692.9)						$	893.3					2.8		%				$	811.5					2.9		%
TOTAL REAL ESTATE OPERATING BUSINESS
(Cost: $353.3 and $251.6)						$	642.1					2.0		%				$	326.3					1.2		%
TOTAL LOANS RECEIVABLE
(Cost: ($1,588.7 and $1,434.3)						$	1,478.6					4.7		%				$	1,422.7					5.1		%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES
(Cost: $69.9 and $69.8)						$	69.9					0.2		%				$	69.9					0.2		%
TOTAL INVESTMENTS
(Cost: $25,602.0 and $24,326.7)						$	34,582.5					109.5		%				$	30,918.0					110.2		%

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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 entitled “Item 1A. Risk Factors,” of the Account's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 10, 2022 (the "Form 10-K"), as such risk factors may be updated in Item 1A of this Form 10-Q or in subsequent reports. 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, employment rates, 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:

•Acquiring, owning and selling real property and real estate investments, including risks related to general economic and real estate market conditions, the risk that the Account’s properties become too concentrated (whether by geography, sector or by tenant mix) and the risk that the sales price of a property might differ from its estimated or appraised value;

•Property valuations, including 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;

•Financing the Account’s properties, including the risk of default on loans secured by the Account’s properties (which could lead to foreclosure);

•Contract owner transactions, in particular that (i) significant net contract owner transfers out of the Account may impair our ability to pursue or consummate new investment opportunities, (ii) significant net contract owner 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 ventures and real estate funds, including the risk that the Account may gave limited rights with respect to the joint venture or that a co-venturer or fund manager may have financial difficulties;

•Governmental regulatory matters such as zoning laws, rent control laws, and property taxes;

•Potential liability for damage to the environment or injury to individuals caused by hazardous substances used or found on its properties, as well as risks associated with federal and state environmental laws may impose restrictions on the manner in which a property may be used;

•Certain catastrophic losses that may be uninsurable, as well as risks related to climate-related changes and hazards, which could adversely impact the Account’s investment returns;

•The 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 and

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subsequently underperforming relative to other investment vehicles that do not utilize such ESG criteria in selecting portfolio properties;

•Especially with respect to countries with emerging market, foreign commercial real properties, foreign real estate loans, foreign debt investments and 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, 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;

•Investments in real estate related trusts ("REITs"), including changes in the value of the underlying properties or by the quality of any credit extended, as well as exposure to market risk due to changing conditions in the financial markets;

•Investments in mortgage-backed securities ("MBS"), which are subject to the same risks inherent in real estate investing, making mortgage loans and investing in debt securities. For example, the underlying mortgage loans may experience defaults, are subject to prepayment risks and are sensitive to economic conditions impacting the credit markets generally;

•Risks associated with the Account’s investments in mortgage loans, including (i) borrower default that results in the Account being unable to recover its original investment, (ii) liens that may have priority over the Account’s security interest, (iii) a deterioration in the financial condition of tenants, and (iv) changes in interest rates for the Account’s variable-rate mortgage loans and other debt instruments;

•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;

•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 commercial MBS ("CMBS")), and non-real estate-related liquid assets, including the risk that:

•the issuer will not be able to pay principal and interest when due (or in the case of structured securities, the risk that the underlying collateral for the security may be insufficient to support such interest or principal payments) or that the issuer’s earnings will fall;

•credit spreads may increase;

•the changing conditions in financial markets may cause the Account’s investments or interest rates to experience volatility;

•securities (or the underlying collateral in the case of structured securities) are downgraded should TIAA and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated;

•the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;

•during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, or pay off their loans sooner than expected, resulting in a decline in income;

•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;

•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;

•events affecting states and municipalities, including severe financial difficulties, may adversely impact the Account’s investments and its performance;

•the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due;

•the inability to receive the principal or interest collectable on multinational or supranational foreign debt;

•the Account’s investment decisions may cause the Account to underperform relative to others in the marketplace;

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•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 impacted by foreign currencies;

•investments in derivatives and other types of hedging strategies may result in the Account losing more than the principal amount invested;

•currency management strategies may substantially change the Account’s exposure to currencies and currency exchange rates and could result in losses to the Account;

•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;

•SEC Rule 144A or other privately placed securities may be less liquid and have less investor protections than publicly traded securities;

•illiquid investments may be difficult for the Account to sell for the value at which they are carried; and

•the Account could experience losses if banks fail;

•Conflicts of interests associated with TIAA serving as investment manager of the Account and provider of the liquidity guarantee while also serving as an investment manager to other real estate accounts or funds;

•Lending securities, which has the Account bear the market risk with respect to the investment of collateral or a portion of the income generated by interest paid by the securities lending agent on the cash collateral balance; and

•The Account’s requirement to sell property in the event that TIAA owns too large of a percentage of the Account’s accumulation units, which sales could occur at a time or price that is not optimal for the Account’s returns.

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.

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, 2022 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 contract owners 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.

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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, 2022, the Account did not hold any publicly traded REIT securities or CMBS.

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 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, residential 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

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•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 contract owner 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 contract owner 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 contract owner 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, 2022, the fair value of the Account's foreign real estate investments was $34.1 million.

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 2022 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
			2Q 2022						3Q 2022						2022						2023
Economy(1)
Gross Domestic Product ("GDP")			(0.9)%						1.7%									2.5%						1.6%
Employment Growth (2)			384						372									337						125
Unemployment Rate			3.6%						3.6%									3.6%						3.5%
Interest Rates(3)
10 Year Treasury			3.0%						3.3%									3.3%						3.1%

Sources: Bloomberg, BEA, Bureau of Labor Statistics (“BLS”), 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.

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(2)Values presented in thousands. Forecast values represent average monthly employment growth in the respective periods.

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

Despite continued inflationary pressures, the global economy is starting to normalize. Prices are falling for durable goods as demand has dried up, though rents continue to rise, supported by undersupply and rising wages. Consumers are willing to pay high prices for some consumer discretionary goods, such as those related to travel. Meanwhile, tighter monetary policy is behaving as expected on parts of the economy, like housing, most sensitive to interest rate changes. Understandably, investors are focused on areas where conditions remain abnormal: The current labor market imbalance favors workers and may push wages higher. However, energy prices remain highly volatile and influential on policymakers, adding to the uncertainty. U.S. GDP is projected to increase by 2.6% quarter-over-quarter (seasonally adjusted annualized rate) in Q3 2022 and 1.8% year-over-year. The economy is projected to have gained 1.1 million jobs in Q3 2022, according to the nonfarm payroll measurement from the U.S. Bureau of Labor Statistics, bringing the unemployment rate down to 3.6% as of September 2022. Countries with lower personal income levels and greater dependence on energy imports will likely suffer more severe economic declines than countries in which inflation is moderating, and real incomes are rising. The dollar's sharp appreciation may also stress governments or companies outside the U.S. with dollar-denominated liabilities.

Consumers’ resilience continues as they save less and increase their spending well in excess of inflation. These efforts are helping to keep the global economy upright. Strong hiring demand and wage growth are helping, as are the still-large stock of excess savings on households' balance sheets and the legacy of low interest rates keeping debt service costs manageable. However, such consumer resilience may encourage central banks to more aggressively increase interest rates to slow inflation.

Markets continue to view all data through the prism of how central banks will respond, which likely explains why negative inflection points for equities have come just after unexpectedly strong labor market data. Central banks, especially in Europe, are increasing rates to soften economic conditions, potentially inviting a form of stagflation if energy prices do not decrease quickly. Additionally, when markets began to price in more accommodative monetary policy, as in July 2022, central banks forced the markets to go back on that stance. With the U.S. Federal Reserve ("Fed") leading the inflation-fighting charge, it is expected the U.S. dollar will remain strong and U.S. rates will continue to rise somewhat further and remain there for longer than anticipated.

The Fed raised its policy rate by 75 basis points for the third straight meeting, bringing its target rate range to 3.00% - 3.25%. The Fed's forecasts now call for rates to rise by December 2022 to a 4.25% - 4.50% range and move slightly higher in 2023. The Fed's tightening is exerting a noticeable force on the U.S. economy as the Fed likely wants to bring the U.S. growth rate below its 1.8% trend, which may discourage companies from hiring new workers.

A variety of factors have helped bolster U.S. consumers. First, households still have trillions of dollars in excess savings from the pandemic and the related stimulus programs. Second, household debt service costs are still close to an all-time low, thanks to the legacy of low interest rates over the past decade until this year. Third, recent gasoline price decreases have helped real income growth turn positive for the first time in a year. Last, job security is still unusually high, arming consumers with the confidence to spend more and save less.

In the near term, the Fed has a better chance of affecting the labor market than the debt market. Debt service costs are slowly rising even if Fed policy rates are moving quickly and most homeowners are paying off their mortgages at meager rates. Credit card balances are increasing but remain below their pre-pandemic levels, as consumers paid down debt during the first year of the pandemic. By softening the labor market, the Fed can strike at the hidden heart of consumer confidence: workers' conviction that they are unlikely to lose their jobs and could find other gainful employment quickly.

While the macro outlook is uncertain, the U.S. economy can avoid a severe recession that would trigger a rise in corporate defaults. Absent that deterioration in credit markets, valuations are attractive, mainly for investors focused on increasing the yield in their portfolios.

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Real Estate Market Conditions and Outlook

Real estate has produced strong returns over the last few years and has priced in the effects of higher inflation and monetary policy to a more limited extent than other asset classes. Higher market rents, particularly from industrial, storage, and housing properties, are translating into strong net operating income growth, and investors are continuing to view real estate as a key portfolio diversifier in a high-inflation environment. However, while commercial real estate (“CRE”) investments have been more insulated from market volatility, CRE appreciation has been slightly negative over the past quarter as values correct due to upward pressure on cap rates.

The office sector has continued to underperform due to changes in structural demand initially caused by the pandemic. Vacancy levels remain high, tenant demand is low, and hybrid work policies muddy the outlook for an eventual recovery. The medical office buildings sub-sector, supported by the rise in outpatient procedures and aging demographics, remains an exception. In contrast, we increasingly see value in strip center retail. The U.S. is experiencing more store openings than closings, especially in neighborhood retail, which has been particularly resilient during the pandemic. Values in cyclical sectors, such as lodging and gaming, and sectors with the strongest appreciation over the last year, such as single-family rental and life science, may continue to correct in the short term due to capitalization rate expansion. However, apartments, particularly affordable apartments and manufactured homes, may outperform due to a decrease in mortgage demand, which will support the rental market. According to Real Capital Analytics, U.S. real estate transaction volumes are down 41% year-to-year as of August 2022. Thus far in 2022, apartments and industrial have captured approximately 61% of total U.S. transaction volumes, illustrating the strong investor interest in these two property types.

The Account earned a net 1.16% return in the third quarter of 2022 and 18.78% since September 30, 2021. The strong performance resulted from materially positive appreciation within the industrial, housing, and alternative real estate sectors over both periods. Favorable borrowing costs and attractive supply and demand fundamentals resulted in increased investor demand, which was the dominant contributor to appreciation; however, current market conditions and rising interest rates have reduced investor appetite in these sectors. As of September 30, 2022, the Account's leverage position was 16.3%. This low level of leverage and ability to access financing at attractive rates allows the Account to opportunistically deploy capital during periods of market volatility when other funds may focus on shoring up balance sheets. The Account expects to continue to seek opportunities that improve portfolio diversification by selling lower productivity assets and acquiring assets with higher growth potential and economic resiliency.

Data for the Account’s top five markets in terms of market value as of September 30, 2022 are provided below. The five markets presented below represent 41.5% of the Account’s total real estate portfolio. Across all markets, the Account’s properties are 90.9% 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
Riverside-San Bernardino-Ontario, CA			100.0%			7			9.9%			8.2%
Washington-Arlington-Alexandria, DC-VA-MD-WV			84.3%			18			9.1%			7.6%
Los Angeles-Long Beach-Anaheim, CA			85.0%			22			9.0%			7.5%
Miami-Fort Lauderdale-West Palm Beach, FL			94.8%			14			7.0%			5.8%
New York-Newark-Jersey City, NY-NJ-PA			82.5%			14			6.5%			5.4%

(1)The table above has been standardized to depict metropolitan statistical area ("MSA") definitions.

(2)Weighted by fair value, which differs from the calculations provided for market comparisons to CoStar and RealPage 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 office sector continues to suffer from the effects of the COVID-19 pandemic as many companies have adopted a hybrid working environment. This hybrid working model has led to a reduction in space requirements due to the reduced on-site presence; however, some companies require additional space to better facilitate open-office

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concepts that incorporate distancing between employees. Current uncertainty surrounding the geopolitical climate high inflation and rising interest rates have also added to the delay of long-term commitment for space.

Vacancy nationwide remained relatively flat with a slight increase from 12.3% in the second quarter of 2022 to 12.4% in the third quarter of 2022, as reported by CoStar. Vacancy rates have remained high in large downtown markets, such as Dallas, Washington D.C. and New York, while suburban markets are experiencing strong rent growth. The vacancy rate of the Account’s office portfolio increased to 19.5% in the third quarter of 2022, as compared to 19.2% in the prior quarter. The above-average vacancy rate in the New York metro area is primarily driven by two properties currently undergoing redevelopment to increase the long term value of the properties. The vacancy rate in the New York metro is expected to remain elevated over the near term as legacy tenants fully vacate the properties and redevelopment efforts continue. The increased vacancy rate in the Washington D.C., Boston, and Dallas metro areas can be attributed to expired leases.

As of September 30, 2022, the Account's rents from office tenants were not materially affected by the COVID-19 pandemic, but the duration of the effects of the COVID-19 pandemic remain 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. 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.

																		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 2022						Q2 2022						Q3 2022						Q2 2022
																		19.5		%				19.2		%				12.4		%				12.3		%
Washington-Arlington-Alexandria, DC-VA-MD-WV						$	1,402.5					4.1		%				17.7		%				17.4		%				15.3		%				15.0		%
Boston-Cambridge-Newton, MA-NH						1,200.2						3.5		%				19.6		%				17.7		%				9.3		%				8.9		%
New York-Newark-Jersey City, NY-NJ-PA						1,043.0						3.0		%				31.6		%				25.7		%				13.1		%				13.0		%
San Diego-Carlsbad, CA						795.0						2.3		%				1.6		%				2.7		%				10.8		%				10.4		%
Dallas-Fort Worth-Arlington, TX						613.2						1.8		%				23.6		%				23.4		%				17.2		%				17.9		%

(1)The table above has been standardized to depict MSA definitions.

(2)Source: CoStar. Market vacancy is the percentage of space available for rent. Account vacancy is the square foot-weighted percentage of unleased space. Market vacancy rates are subject to change.

Industrial

The industrial sector saw record-breaking activity in the first half of 2022, and while vacancy rates increased slightly in the third quarter of 2022, leasing activity held steady. The pandemic has accelerated consumers' long-term shift to e-commerce, which has caused demand for industrial space to rise to unprecedented levels. Construction of industrial properties is also at a record high as developers try to keep up with the demand but timing of delivery remains uncertain as supply chain issues are creating challenges.

The national industrial availability rate for the third quarter of 2022 was 4.0%, as compared to 3.9% during the prior quarter, as reported by CoStar. The average vacancy rate of the industrial properties held by the Account decreased to 6.9% in the third quarter of 2022 from 8.0% in the second quarter of 2022 due to new leases at three Texas properties.

As of September 30, 2022, the Account's rents from industrial tenants were not materially affected by the COVID-19 pandemic, but the duration of the effects of the COVID-19 pandemic remain 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. 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.

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																		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 2022						Q2 2022						Q3 2022						Q2 2022
Account / Nation																		6.9		%				8.0		%				4.0		%				3.9		%
Riverside-San Bernardino-Ontario, CA						$	2,725.8					7.9		%				—		%				—		%				1.8		%				1.6		%
Los Angeles-Long Beach-Anaheim, CA						821.5						2.4		%				4.0		%				2.9		%				2.1		%				1.8		%
Seattle-Tacoma-Bellevue, WA						631.9						1.8		%				—		%				—		%				4.3		%				4.3		%
Dallas-Fort Worth-Arlington, TX						629.9						1.8		%				8.9		%				10.0		%				5.5		%				5.6		%
Miami-Fort Lauderdale-West Palm Beach, FL						533.6						1.5		%				1.2		%				—		%				2.9		%				2.8		%

(1)The table above has been standardized to depict MSA definitions.

(2)Source: CoStar. Market vacancy is the percentage of space available for rent. Account vacancy is the square foot-weighted percentage of unleased space. Market vacancy rates are subject to change.

Multi-Family

The national apartment vacancy rate increased from 3.2% in the second quarter of 2022 to 4.1% in the third quarter of 2022, as reported by RealPage. Demand for apartments began to slow down in the third quarter of 2022 and market rents decreased. Absorption remained positive; however, delivery of new units far exceeded demand. With over 100,000 units expected to be delivered in the fourth quarter of 2022, rent growth is expected to slow even more by the end of 2022. The vacancy rate of the Account’s apartment properties decreased to 4.0% in the third quarter of 2022 as compared to 6.9% in the prior quarter driven by new leases at student housing properties.

As of September 30, 2022, the Account's rents from multifamily tenants were not materially affected by the COVID-19 pandemic, but the duration of the effects of the COVID-19 pandemic remain unknown. 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.

																		Account Units Weighted Average Vacancy												Market Vacancy(2)
Top 5 Apartment Metropolitan Areas(1)						Total Sector by Metro Area ($M)						% of Total Investments						Q3 2022						Q2 2022						Q3 2022						Q2 2022
Account / Nation																		4.0		%				6.9		%				4.1		%				3.2		%
Washington-Arlington-Alexandria, DC-VA-MD-WV						$	881.9					2.6		%				4.3		%				5.6		%				4.1		%				3.4		%
Los Angeles-Long Beach-Anaheim, CA						877.4						2.5		%				3.8		%				7.0		%				3.4		%				2.7		%
Miami-Fort Lauderdale-West Palm Beach, FL						800.0						2.3		%				3.5		%				6.8		%				2.3		%				1.5		%
Atlanta-Sandy Springs-Roswell, GA						459.5						1.3		%				4.7		%				8.5		%				5.4		%				4.3		%
San Diego-Carlsbad, CA						401.7						1.2		%				4.2		%				4.2		%				2.5		%				1.8		%

(1)The table above has been standardized to depict MSA definitions.

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

Retail

The retail sector continued to strengthen in the third quarter of 2022, despite the lingering effects of the pandemic, supply chain challenges and economic uncertainty resulting from the Russian invasion of Ukraine. 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

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Account has over 1,100 retailers across its portfolio, with its largest retail exposure comprising less than 5.0% of total retail rentable area. The Account’s retail vacancy was 10.3% in the third quarter of 2022, down slightly from 10.5% in the prior quarter.

Retail 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. The duration of the effects of the COVID-19 pandemic remain unknown; the Account is closely monitoring the collectability of accrued rental income and adjusting its allowances for uncollectible rent as needed.

																		Account Units Weighted Average Vacancy												Market Vacancy*
						Total Exposure ($M)						% of Total Investments						Q3 2022						Q2 2022						Q3 2022						Q2 2022
All Retail																		10.3		%				10.5		%				4.3		%				4.4		%
Lifestyle & Mall						$	1,674.1					4.8		%				13.9		%				14.1		%				7.1		%				7.1		%
Neighborhood, Community & Strip						1,352.5						3.9		%				7.1		%				6.9		%				6.1		%				6.3		%
Power Center**						464.0						1.3		%				9.0		%				10.8		%				4.7		%				4.9		%

*Source: CoStar. 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. Market vacancy rates are subject to change.

**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 hotel industry had strong growth in the second quarter of 2022 but that growth slowed in the third quarter. Continued recovery is expected into the fourth quarter of 2022, just at a slower pace than originally predicted as inflation continues to rise and the cost of travel increases.

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, 2022, occupancy of the property decreased to 47.6%, as compared to 51.6% in the previous quarter. ADR and RevPAR were $135.77 and $140.50, respectively, for the third quarter of 2022, as compared to $132.54 and $109.58, respectively, in the prior quarter.

INVESTMENTS

As of September 30, 2022, the Account held 83.4% 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 4.5% of total investments, U.S. government agency notes representing 4.3% of total investments, real estate funds representing 2.6% of total investments, a real estate operating business representing 1.9% of total investments, U.S. treasury securities representing 1.7% of total investments, and corporate bonds representing 1.6% of total investments.

The outstanding principal on loans payable on the Account’s wholly-owned real estate portfolio as of September 30, 2022 was $1.9 billion. The Account’s proportionate share of outstanding principal on loans payable within its joint venture investments was $3.0 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, 2022, inclusive of loans payable within the joint venture investments, $260.4 million in loans collateralized by a loan receivable, $500.0 million of term loans outstanding and $500.0 million in senior notes payable, was $6.2 billion, which represented a loan-to-value ratio of 16.3%.

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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 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., contract owner withdrawals or benefit payments).

The following table lists the Account's ten largest investments as of September 30, 2022. 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)
Ontario Industrial Portfolio						100%						Ontario						CA						Industrial						$	1,360.0					$	—					$	1,360.0					4.2%						3.6%
Simpson Housing Portfolio						80%						Various						U.S.A.						Apartment						1,235.5						380.3						855.2						3.9%						3.3%
Fashion Show						50%						Las Vegas						NV						Retail						950.0						400.8						549.2						3.0%						2.5%
The Florida Mall						50%						Orlando						FL						Retail						729.6						299.2						430.4						2.3%						2.0%
1001 Pennsylvania Avenue						100%						Washington						DC						Office						722.6						302.9						419.7						2.2%						1.9%
Storage Portfolio II						90%						Various						U.S.A.						Storage						629.9						171.4						458.5						2.0%						1.7%
Lincoln Centre						100%						Dallas						TX						Office						564.8						—						564.8						1.8%						1.5%
Great West Industrial Portfolio						100%						Rancho Cucamonga						CA						Industrial						556.0						—						556.0						1.7%						1.5%
701 Brickell Avenue						100%						Miami						FL						Office						534.9						172.8						362.1						1.7%						1.4%
99 High Street						100%						Boston						MA						Office						504.1						263.3						240.8						1.6%						1.3%

(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 Schedule of Investments, as joint venture investments are presented in the Schedule of Investments at their net equity position in accordance with U.S. Generally Accepted Accounting Principals ("GAAP").

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Results of Operations

Three months ended September 30, 2022 compared to three months ended September 30, 2021

Net Investment Income

The following table shows the results of operations for the three months ended September 30, 2022 and 2021 and the dollar and percentage changes for those periods (dollars in millions).

						For the Three Months Ended September 30,												Change
						2022						2021						$						%
INVESTMENT INCOME
Real estate income, net:
Rental income						$	313.1					$	295.9					$	17.2					5.8		%
Real estate property level expenses:
Operating expenses						74.3						67.7						6.6						9.7		%
Real estate taxes						52.2						52.6						(0.4)						(0.8)		%
Interest expense						25.5						20.7						4.8						23.2		%
Total real estate property level expenses						152.0						141.0						11.0						7.8		%
Real estate income, net						161.1						154.9						6.2						4.0		%
Income from real estate joint ventures						41.0						56.8						(15.8)						(27.8)		%
Income from real estate funds						7.9						6.9						1.0						14.5		%
Interest						32.8						19.7						13.1						66.5		%
Other						3.0						—						3.0						N/M
TOTAL INVESTMENT INCOME						245.8						238.3						7.5						3.1		%
Expenses:
Investment management charges						20.7						15.0						5.7						38.0		%
Administrative charges						9.4						12.3						(2.9)						(23.6)		%
Distribution charges						5.3						5.9						(0.6)						(10.2)		%
Mortality and expense risk charges						—						0.3						(0.3)						N/M
Liquidity guarantee charges						22.2						18.8						3.4						18.1		%
Interest expense						13.2						0.9						12.3						N/M
TOTAL EXPENSES						70.8						53.2						17.6						33.1		%
INVESTMENT INCOME, NET						$	175.0					$	185.1					$	(10.1)					(5.5)		%

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, 2022 and 2021. 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).

						Rental Income															Operating Expenses															Real Estate Taxes
												Change															Change															Change
						2022			2021			$			%						2022			2021			$			%						2022			2021			$			%
Same Property						$	293.7		$	277.9		$	15.8		5.7		%				$	69.9		$	63.9		$	6.0		9.4		%				$	49.5		$	49.4		$	0.1		0.2		%
Properties Acquired						11.3			1.0			10.3			N/M						2.5			0.1			2.4			N/M						1.5			—			1.5			N/M
Properties Sold						8.1			17.0			(8.9)			(52.4)		%				1.9			3.7			(1.8)			(48.6)		%				1.2			3.2			(2.0)			(62.5)		%
Impact of Properties Acquired/Sold						19.4			18.0			1.4			7.8		%				4.4			3.8			0.6			15.8		%				2.7			3.2			(0.5)			(15.6)		%
Total Property Portfolio						$	313.1		$	295.9		$	17.2		5.8		%				$	74.3		$	67.7		$	6.6		9.7		%				$	52.2		$	52.6		$	(0.4)		(0.8)		%

N/M—Not meaningful

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Rental Income:

Rental income increased by $17.2 million, or 5.8%, when compared to the third quarter of 2021, driven by increases across the industrial and apartment sectors due to reductions in bad debt expenses and rent concessions, as well as increased market rents. The Account's hotel property also experienced an increase in income which can be attributed to an increase in occupancy driven by convention activity, which was previously stifled by the restrictions placed on the hotel industry due to the COVID-19 pandemic.

Operating Expenses:

Operating expenses increased $6.6 million, or 9.7%, when compared to the third quarter of 2021. The increase is attributed to increases in repair and maintenance costs, as well as increases in payroll expenses, at the Account's apartment and hotel properties.

Real Estate Taxes:

Real estate taxes decreased $0.4 million, or 0.8%, when compared to the same period in 2021, primarily due to the sale of retail properties in the prior year quarter.

Interest Expense:

Interest expense increased $4.8 million, or 23.2%, when compared to the same period in 2021, as a result of a higher average outstanding principal balance on loans payable.

Income from Real Estate Joint Ventures:

Income from real estate joint ventures decreased $15.8 million when compared to the same period in 2021, as a result of lower distributed income from two of the Account's retail properties located in Florida.

Income from Real Estate Funds:

Income from real estate funds increased $1.0 million when compared to the same period in 2021, primarily as a result of higher distributed income from one of the Account's real estate fund investments.

Interest Income:

Interest income increased $13.1 million in comparison to the same period of 2021, due to an increase in the Account's loans receivable and marketable securities portfolio.

Expenses:

Investment management, administrative and distribution costs charged to the Account are 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, respectively, on an at cost basis. These expenses decreased $2.2 million over the comparable period of 2021.

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 between the comparative periods due to a decrease in the mortality and expense risk charge. Liquidity guarantee expenses were $3.1 million higher than the comparable period of 2021 as a result of a higher average net assets.

Interest expense on the Account's line of credit and other unsecured debt increased $12.3 million when compared to the same quarter of 2021, due to the issuance of senior notes and a higher average outstanding balance on the line of credit.

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Net Realized and Unrealized Gains and Losses on Investments and Debt

The following table shows the net realized and unrealized gains and losses on investments and debt for the three months ended September 30, 2022 and 2021 and the dollar and percentage changes for those periods (dollars in millions).

						For the Three Months Ended September 30,												Change
						2022						2021						$						%
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT
Net realized gain (loss) on investments:
Real estate properties						$	(35.0)					$	(9.2)					$	(25.8)					N/M
Real estate joint ventures						303.1						4.1						299.0						N/M
Real estate funds						13.9						—						13.9						N/M
Marketable securities						(1.4)						—						(1.4)						N/M
Loans receivable						—						—						—						N/M
Total realized gain (loss) on investments:						280.6						(5.1)						285.7						N/M
Net change in unrealized gain (loss) on:
Real estate properties						134.1						540.1						(406.0)						(75.2)		%
Real estate joint ventures						(263.9)						421.0						(684.9)						N/M
Real estate funds						(0.6)						44.1						(44.7)						N/M
Real estate operating business						13.3						12.5						0.8						6.4		%
Foreign currency exchange on forward contracts						(0.2)						—						(0.2)						N/M
Marketable securities						(7.4)						—						(7.4)						N/M
Loans receivable						(16.3)						1.5						(17.8)						N/M
Loans payable						12.1						(3.0)						15.1						N/M
Other unsecured debt						35.7						—						35.7						N/M
Net change in unrealized (loss) gain on investments and debt						(93.2)						1,016.2						(1,109.4)						N/M
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT						$	187.4					$	1,011.1					$	(823.7)					(81.5)		%

N/M—Not meaningful

Real Estate Properties:

Wholly-owned real estate investments experienced net realized and unrealized gains of $99.1 million during the third quarter of 2022, compared to $530.9 million of net realized and unrealized gains during the comparable period of 2021. Unrealized gains were driven by industrial properties in the Western and Southern regions due to increased average market and contract rents.

Real Estate Joint Ventures:

Real estate joint ventures experienced net realized and unrealized gains of $39.2 million during the third quarter of 2022, compared to $425.1 million during the third quarter of 2021. Net gains were seen across the Account's joint venture investments in storage facilities, reflective of capitalization rate compression in the self-storage industry, as well as student housing portfolio with properties located across the U.S.

Real Estate Funds:

Real estate funds experienced net realized and unrealized gains of $13.3 million during the third quarter of 2022, compared to $44.1 million of unrealized gains during the third quarter of 2021. Realized gains in the third quarter of 2022 were driven by a partial equity sale of one of the Account's real estate funds.

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Real Estate Operating Business:

The Account's real estate operating business experienced unrealized gains of $13.3 million during the third quarter of 2022, compared to $12.5 million of unrealized gains during the third quarter of 2021. Unrealized gains in the third quarter of 2022 were primarily attributed to favorable projected cash flows and industry share price growth due to a recapitalization of the business.

Marketable Securities:

The Account's marketable securities positions experienced net realized and unrealized losses of $8.8 million in the third quarter of 2022. The current period losses are the result of rising interest and U.S. Treasury rates during the quarter.

Loans Receivable, including those with related parties:

Loans receivable, including those with related parties, experienced unrealized losses of $16.3 million during the third quarter of 2022 compared to $1.5 million of net realized and unrealized gains during the comparable period of 2021. The current period losses are attributed to an unfavorable valuation of one loan collateralized by an office property located in Norwalk, Connecticut.

Loans Payable:

Loans payable experienced unrealized gains of $12.1 million in the third quarter of 2022, compared to $3.0 million of unrealized losses during the comparable period of 2021. The unrealized gains in the third quarter of 2022 were attributable to increases in U.S. Treasury yields driven by inflation risk and widening credit spreads.

Other Unsecured Debt:

The Account's other unsecured debt experienced unrealized gains of $35.7 million in the third quarter of 2022, in line with increase in U.S. Treasury yields driven by inflation risk and widening credit spreads.

Nine months ended September 30, 2022 compared to nine months ended September 30, 2021

Net Investment Income

The following table shows the results of operations for the nine months ended September 30, 2022 and 2021 and the dollar and percentage changes for those periods (dollars in millions).

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						For the Nine Months Ended September 30,												Change
						2022						2021						$						%
INVESTMENT INCOME
Real estate income, net:
Rental income						$	930.9					$	890.0					$	40.9					4.6		%
Real estate property level expenses:
Operating expenses						219.0						200.3						18.7						9.3		%
Real estate taxes						154.2						159.3						(5.1)						(3.2)		%
Interest expense						63.3						66.2						(2.9)						(4.4)		%
Total real estate property level expenses						436.5						425.8						10.7						2.5		%
Real estate income, net						494.4						464.2						30.2						6.5		%
Income from real estate joint ventures						144.0						149.0						(5.0)						(3.4)		%
Income from real estate funds						19.4						11.6						7.8						67.2		%
Interest						75.8						60.4						15.4						25.5		%
Other						3.8						—						3.8						N/M
TOTAL INVESTMENT INCOME						737.4						685.2						52.2						7.6		%
Expenses:
Investment management charges						64.6						48.5						16.1						33.2		%
Administrative charges						31.8						38.8						(7.0)						(18.0)		%
Distribution charges						17.6						19.8						(2.2)						(11.1)		%
Mortality and expense risk charges						0.5						0.9						(0.4)						(44.4)		%
Liquidity guarantee charges						67.3						47.2						20.1						42.6		%
Interest expense						17.6						1.9						15.7						N/M
TOTAL EXPENSES						199.4						157.1						42.3						26.9		%
INVESTMENT INCOME, NET						$	538.0					$	528.1					$	9.9					1.9		%

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, 2022 and 2021. 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).

						Rental Income															Operating Expenses															Real Estate Taxes
												Change															Change															Change
						2022			2021			$			%						2022			2021			$			%						2022			2021			$			%
Same Property						$	871.3		$	817.0		$	54.3		6.6		%				$	205.4		$	184.7		$	20.7		11.2		%				$	144.9		$	147.1		$	(2.2)		(1.5)		%
Properties Acquired						29.1			1.1			28.0			N/M						5.8			0.1			5.7			N/M						4.1			—			4.1			N/M
Properties Sold						30.5			71.9			(41.4)			(57.6)		%				7.8			15.5			(7.7)			(49.7)		%				5.2			12.2			(7.0)			(57.4)		%
Impact of Properties Acquired/Sold						59.6			73.0			(13.4)			(18.4)		%				13.6			15.6			(2.0)			(12.8)		%				9.3			12.2			(2.9)			(23.8)		%
Total Property Portfolio						$	930.9		$	890.0		$	40.9		4.6		%				$	219.0		$	200.3		$	18.7		9.3		%				$	154.2		$	159.3		$	(5.1)		(3.2)		%

N/M—Not meaningful

Rental Income:

Rental income increased by $40.9 million, or 4.6%, when compared to the first nine months of 2021, driven by increases across the industrial and apartment sectors due increases in market rent due to increased demand and reductions in bad debt expenses and rent concessions. The Account's hotel property also experienced an increase in income which can be attributed to an increase in occupancy and convention activity.

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Operating Expenses:

Operating expenses increased $18.7 million, or 9.3%, when compared to the first nine months of 2021. The increase is attributed to increases in repair and maintenance costs, as well as utility costs in the office and apartment sectors. The Account's hotel property also saw a large increase in operating expenses as occupancy increased.

Real Estate Taxes:

Real estate taxes decreased $5.1 million, or 3.2%, when compared to the same period in 2021, due to slight decreases in property taxes across the office sector.

Interest Expense:

Interest expense decreased $2.9 million, or 4.4%, when compared to the same period in 2021, as a result of lower average interest rates on the Account's outstanding principal balance of loans payable.

Income from Real Estate Joint Ventures:

Income from real estate joint ventures decreased $5.0 million, when compared to the same period in 2021, as a result of lower distributed income, most notably from the Account's largest retail investment, located in Las Vegas Nevada, coupled with loss of income from sold investments.

Income from Real Estate Funds:

Income from real estate funds increased $7.8 million, when compared to the same period in 2021, due to increased dividends received from two of the funds.

Interest Income:

Interest income increased $15.4 million in comparison to the same period of 2021. The increase was driven by the increase in the Account's marketable securities holdings period-over-period, particularly government agency notes and corporate bonds.

Expenses:

Investment management, administrative and distribution costs charged to the Account are 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, respectively, on an at cost basis. These expenses increased $6.9 million over the comparable period of 2021.

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 relatively unchanged between the comparative periods. Liquidity guarantee expenses were $19.7 million higher than the comparable period of 2021 as a result of higher average net assets.

Interest expense from the Account's line of credit and other unsecured debt increased $15.7 million when compared to the same period of 2021, due to the issuance of senior notes and a higher average outstanding balance on the line of credit.

Net Realized and Unrealized Gains and Losses on Investments and Debt

The following table shows the net realized and unrealized gains and losses on investments and debt for the nine months ended September 30, 2022 and 2021 and the dollar and percentage changes for those periods (dollars in millions).

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						For the Nine Months Ended September 30,												Change
						2022						2021						$						%
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT
Net realized gain (loss) on investments:
Real estate properties						$	(5.5)					$	193.6					$	(199.1)					N/M
Real estate joint ventures						316.2						4.0						312.2						N/M
Real estate funds						13.9						—						13.9						N/M
Marketable securities						(2.7)						—						(2.7)						N/M
Loans receivable						—						(14.1)						14.1						N/M
Total realized gain on investments:						321.9						183.5						138.4						75.4		%
Net change in unrealized gain (loss) on:
Real estate properties						2,286.2						1,232.1						1,054.1						85.6		%
Real estate joint ventures						85.1						575.2						(490.1)						(85.2)		%
Real estate funds						6.3						48.3						(42.0)						(87.0)		%
Real estate operating business						214.1						34.6						179.5						N/M
Foreign currency exchange on forward contracts						1.4						—						1.4						N/M
Marketable securities						(45.9)						(0.3)						(45.6)						N/M
Loans receivable						(98.5)						20.2						(118.7)						N/M
Loans payable						61.9						11.0						50.9						N/M
Other unsecured debt						49.5						—						49.5						N/M
Net change in unrealized gain on investments and debt						2,560.1						1,921.1						639.0						33.3		%
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT						$	2,882.0					$	2,104.6					$	777.4					36.9		%

N/M—Not meaningful

Real Estate Properties:

Wholly-owned real estate investments experienced net realized and unrealized gains of $2.3 billion during the first nine months of 2022, compared to $1.4 billion of net realized and unrealized gains during the comparable period of 2021. While the Account saw appreciation across various real estate sectors during the period, unrealized gains were primarily driven by industrial properties in the Western and Southern region, as well as multi-family properties in the South, due to increased average market and contract rents, reflective of increased demand.

Real Estate Joint Ventures:

Real estate joint ventures experienced net realized and unrealized gains of $401.3 million during the first nine months of 2022, compared to $579.2 million during the first nine months of 2021. Net gains in the first half of 2022 were primarily driven by the Account's joint venture investments in storage facilities, which saw a large increase in appreciation, reflective of capitalization rate compression in the self-storage industry. Multi-family joint venture investments also contributed to the increase in unrealized gains, particularly a large student housing portfolio with properties located throughout the U.S., as narrowing vacancy rates and increased market rents increased investor demand.

Real Estate Funds:

Real estate funds experienced unrealized gains of $20.2 million during the first nine months of 2022, compared to unrealized gains of $48.3 million during the first nine months of 2021. Current period gains are a result of a partial equity sale of one of the Account's funds.

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Real Estate Operating Business:

The Account's real estate operating business experienced unrealized gains of $214.1 million during the first nine months of 2022 compared to $34.6 million during the comparable period of 2021. Unrealized gains were primarily attributed to favorable projected cash flows and industry share price growth due to a recapitalization of the business.

Marketable Securities:

The Account's marketable securities positions experienced unrealized losses of $48.6 million in the first nine months of 2022, as compared to losses of $0.3 million in the comparable period of 2021. The current period losses are the result of rising interest and U.S. Treasury rates.

Loans Receivable, including those with related parties:

Loans receivable, including those with related parties, experienced unrealized losses of $98.5 million during the first nine months of 2022 compared to $6.1 million of net realized and unrealized gains during the comparable period of 2021. Net losses in the first six months of 2022 are attributed to an unfavorable valuation of one loan collateralized by an office property located in Chicago, Illinois that is currently delinquent.

Loans Payable:

Loans payable experienced unrealized gains of $61.9 million in the first nine months of 2022, compared to $11.0 million of unrealized gains during the comparable period of 2021. The unrealized gains in 2022 were attributable to increases in U.S. Treasury yields driven by inflation risk and widening credit spreads.

Other unsecured debt:

Other unsecured debt experienced unrealized gains of $49.5 million in the third quarter of 2022, in line with increase in U.S. Treasury yields driven by inflation risk and widening credit spreads.

Liquidity and Capital Resources

As of September 30, 2022 and December 31, 2021, the Account’s cash and cash equivalents and marketable securities had a value of $2.7 billion and $2.2 billion representing 8.6% and 7.9% of the Account’s net assets at such dates, respectively. The Account’s liquid assets continue to be available to purchase suitable real estate properties, meet the Account’s debt obligations, expense needs, and contract owner redemption requests (i.e., contract owner withdrawals or benefit payments). In addition, as disclosed in the Account's Form 10-K for the year ended December 31, 2021, the Account is able to meet its short-term and long-term liquidity needs through the Liquidity Guarantee provided by TIAA.

Net Income and Debt Outstanding

The Account’s net investment income is a source of liquidity for the Account. Net investment income was $538.0 million for the nine months ended September 30, 2022, as compared to $528.1 million for the comparable period of 2021. The increase in total net investment income is described more fully in the Results of Operations section.

On September 16, 2022, the Account entered into a new credit facility under which it borrowed $500.0 million in term loans and has a $500.0 million unsecured line of credit, accessible as needed to fund the Account's near-term investment objectives, as further described in Note 10—Credit Facility. As of September 30, 2022, the Account had not drawn on the line of credit.

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 incurrence 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;

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•an unsecured line of credit, credit facility or bank loan; or

•the issuance of debt securities.

As of September 30, 2022, the Account’s loan-to-value ratio was 16.3%. 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 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. For this purpose, non-recourse means 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. Currently, TIAA, on behalf of the Account, maintains a credit agreement with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A. (the “Credit Agreement”), comprised of an unsecured revolving line of credit and term loans. The Account may use the proceeds of borrowings under the Credit Agreement for funding general organizational purposes of the Account in the ordinary course of business, including financing certain real estate portfolio investments. The Account may enter into additional unsecured lines of credit, credit facilities and term bank loans underwritten by one or more third-party lenders. In addition, from time to time, the Account may borrow capital for operating or other needs by offering debt securities.

As of September 30, 2022, there are five mortgage obligations, totaling $468.0 million, secured by real estate investments wholly-owned by the Account that mature 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 2022 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.

Real Estate Properties and Joint Ventures

Purchases

Property Name

Transaction Date

Ownership Percentage

Sector

Location

Net Purchase Price(1)

Storage Portfolio V(2)

07/07/2022

90.00%

Storage

Kyle, TX

$

14.5

Storage Portfolio V(2)

07/21/2022

90.00%

Storage

Baltimore, MD

$

16.4

Storage Portfolio V(2)

07/22/2022

90.00%

Storage

Loveland, CO

$

14.9

Fairfield Tolenas

08/02/2022

100.00%

Industrial

Fairfield, CA

$

80.5

Storage Portfolio V(2)

08/15/2022

90.00%

Storage

Englewood, CO

$

17.0

Lennar Emblem at Conyers

08/24/2022

90.00%

Land

Conyers, GA

$

4.0

Storage Portfolio V(2)

09/08/2022

90.00%

Storage

Knoxville, TN

$

14.1

(1)     The net purchase price represents the purchase price and closing costs.

(2)     During the third quarter of 2022, the Account purchased multiple storage properties located in various cities throughout the United States. These properties are held in the Account's Storage Portfolio V joint venture investment, in which the Account has a 90% interest.

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Sales

Property Name						Transaction Date						Ownership Percentage						Sector						Location						Net Sales Price(1)						Realized Gain (Loss) on Sale(2)
Fairfield Tolenas						08/02/2022						95.00%						Industrial						Fairfield, CA						$	79.7					$	31.4
Colorado Center - Partial Sale(3)						08/17/2022						2.00%						Office						Santa Monica, CA						$	350.9					$	284.1
Camelback Center						09/01/2022						100.00%						Office						Phoenix, AZ						$	61.3					$	(43.1)
Fayette Pavilion Walmart - Partial Sale(4)						09/09/2022						100.00%						Retail						Fayetteville, GA						$	23.1					$	8.4

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

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

(3)     The Account sold a portion of it's interest in the CA- Colorado Center Limited Partnership, which holds the property known as Colorado Center, effectively reducing the Account's ownership in the joint venture investment, from 50% to 2%. The Account's portion of the mortgage obligation was also reduced following the decrease in ownership in the joint venture investment.

(4)     The Account sold the Walmart parcel held within the Fayette Pavilion investment portfolio.

Financings

New Debt

Description

Transaction Date

Interest Rate

Maturity Date

Amount

Term Loan

09/16/2022

3.02% + SOFR(1)

9/16/2024

$

500.0

(1)     The elected interest rate at time of agreement selected from the applicable rate of the revolving term loan options.

(*) Secured Overnight Financing Rate (“SOFR”).

Debt Payoff

Description

Transaction Date

Interest Rate

Sector

Maturity Date

Amount

Regents Court

08/01/2022

3.69%

Apartments

11/01/2022

$

39.6

Legacy at Westwood

08/01/2022

3.69%

Apartments

11/01/2022

$

46.7

Line of Credit

09/16/2022

3.23%

N/A

09/20/2022

$

500.0

Critical Accounting Estimates

Management’s discussion and analysis of the Account’s financial condition and results of operations is based on the

Account’s Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of the Account’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Management considers the valuation of real estate properties and valuation of real estate joint ventures to be critical accounting estimates because they involve a significant level of estimation uncertainty and have a material impact on the Account’s financial condition and results of operations.

There have been no material changes to the Account's critical accounting policies described in the Account's Annual Report on Form 10-K for the year ended December 31, 2021.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Account’s real estate holdings, including real estate joint ventures, funds, an operating business and loans receivable, including those with related parties, which, as of September 30, 2022, represented 92.4% 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 borrows against a credit facility, 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, 2022, 7.6% 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, when applicable, 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 in Note 1–Organization and Significant Accounting Policies to the Account’s Consolidated Financial Statements of the Account's 2021 Form 10-K.

During the first quarter of 2022, the Account began using currency forward contracts to hedge foreign currency risks.

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, include the following:

•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

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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 Item 1A. Risk Factors, of the Account's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 10, 2022, as such risk factors may be updated in Item 1A of this Form 10-Q or in subsequent reports.

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 the registrant’s Principal Executive Officer (“PEO”) and the Principal Financial 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 defined in Rule 13a-15(e) under the Exchange Act as of September 30, 2022. Based upon management’s review, the PEO and PFO concluded that the registrant’s disclosure controls and procedures, as of the end of the period covered by this report, were effective to provide reasonable assurance that the objectives of disclosure controls and procedures are met.

(b) 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.

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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.

Income from the Account’s commercial leases is an important source of our cash flow from operations and is subject to risks related to increases in expenses and inflation.

The Account is exposed to risks related to increases in market lease rates and inflation, as income from leases in the commercial space (i.e., office, industrial and retail) is an important source of the Account’s cash flow from operations. Although most of the Account’s commercial tenant leases have contractual periodic rent escalation clauses, such clauses are not typically tied to the Consumer Price Index (“CPI”). These rent escalation clauses typically escalate rent by a set percentage per year or on a cumulative amount over a set number of years during the term of the lease. At lease expiration, a commercial rental property either reverts to then applicable market rental rates or there is typically a contractual provision, if a tenant has the option to do so, where the option rent is escalated by the previous contractual amount or it would set to some market-based rental rate or a set percentage of the market-based rate. Such contractual provisions in the Account’s commercial leases are designed to mitigate the risk of inflation and unexpected increases in market lease rates; however, such contractual provisions may, if not accurately predicted or structured, fail to adequately protect the Account from the impact of inflation or unexpected increases in market lease rates. If the Account becomes subject to below-market lease rates on a significant number of its commercial properties, and the Account’s operating and other expenses for such rental properties are increasing faster than anticipated, the Account’s business, financial condition, results of operations, cash flow or its ability to satisfy debt service obligations could be materially adversely affected.

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.

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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
			(M)			Form of Retirement Plan Loan Endorsement to Group Retirement Annuity Certificate19
			(N)			Form of Retirement Plan Loan Endorsement to Retirement Annuity Contract20
			(O)			Form of Retirement Plan Loan Endorsement to Supplemental Retirement Annuity Contract21
			(P)			Form of Required Minimum Distribution Endorsement to All Annuity Contracts22
			(Q)			Form of Required Minimum Distribution Endorsement to All Annuity Contracts23
(10)			(A)			Engagement Letter Agreement with Independent Fiduciary, dated February 10, 2022, between TIAA, on behalf of the Registrant, and SitusAMC Real Estate Valuation Services, 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
(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, 2022 (Unaudited), formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Assets and Liabilities as of September 30, 2022 (Unaudited), (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (Unaudited), (iii) the Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2022 and 2021 (Unaudited), (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (Unaudited), and (v) the Notes to the Consolidated Financial Statements (Unaudited).**

*Filed herewith.

**Furnished electronically herewith.

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(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 by reference to Exhibit 10.1 to the Account's Current Report on Form 8-K, filed with the Commission on February 16, 2022 (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 Exhibit 4(M) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(20)Previously filed and incorporated herein by reference to Exhibit 4(N) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(21)Previously filed and incorporated herein by reference to Exhibit 4(O) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(22)Previously filed and incorporated herein by reference to Exhibit 4(P) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(23)Previously filed and incorporated herein by reference to Exhibit 4(Q) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

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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, on the 4th day of November 2022.

			TIAA REAL ESTATE ACCOUNT
			By:						TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
November 4, 2022			By:						/s/ Christine E. Dugan
									Christine E. Dugan Executive Vice President and Product General Manager –Institutional Lifetime Income, Teachers Insurance and Annuity Association of America (Principal Executive Officer)
November 4, 2022			By:						/s/ Christopher Baraks
									Christopher Baraks Senior Vice President, Interim Chief Accounting Officer and Corporate Controller of Teachers Insurance and Annuity Association of America (Principal Financial and Accounting Officer)

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