Portfolio Net Assets
Estimated Annual Expenses
Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.
52 Week Range
|$17.36B||0.90%||$275.7780 - $305.1646|
|As of close||As of|
This variable annuity account seeks favorable long-term returns primarily through rental income and appreciation of real estate and real estate-related investments owned by the Account. The Account will also invest in non-real estate-related publicly traded securities and short-term higher quality liquid investments that are easily converted to cash to enable the Account to meet participant redemption requests, purchase or improve properties or cover other expenses. The Account intends to have between 75% and 85% of its net assets invested directly in real estate or real estate-related assets with the goal of producing favorable long-term returns. The Account’s principal strategy is to purchase direct ownership interests in income-producing real estate, primarily office, industrial, retail and multi-family residential properties. The Account may also make foreign real estate investments. Under the Account’s investment guidelines, investments in direct foreign real estate, together with foreign real estate-related securities and foreign non-real estate-related liquid investments may not comprise more than 25% of the Account’s net assets. The Account will invest the remaining portion of its assets (targeted between 15% and 25% of net assets) in publicly traded, liquid investments.
Managing Director, Global Real Estate
Senior Managing Director, Head of Global Real Estate
The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.
|Real Estate Properties||54.9%|
|Short Term Investments||18.5%|
|Real Estate Joint Venture And Limited Partnerships||17.3%|
|Marketable Securities Real Estate Related||8.9%|
|Other (Net Receivable/Liability)||0.4%|
|% of Total|
|1001 Pennsylvania Avenue||3.8%|
|50 Fremont Street||2.7%|
|The Florida Mall||2.6%|
|99 High Street||2.3%|
|Fourth and Madison||2.3%|
|425 Park Avenue||2.1%|
|501 Boylston Street||1.9%|
|780 Third Avenue||1.9%|
|Ontario Industrial Portfolio||1.7%|
1Value as reported in the December 31, 2013 Statement of Investments. Investments owned 100% by the Account are reported based on fair value. Investments in joint ventures are reported at fair value and are presented at the Account's ownership interest.
This property, 1001 Pennsylvania Avenue, is presented gross of debt. The value of the Account's interest less the fair value of leverage is $408.6 million.
This property, 50 Fremont Street, is presented gross of debt. The value of the Account's interest less the fair value of leverage is $324.6 million.
This property, The Florida Mall, is a 50% / 50% joint venture with Simon Property Group, L.P. and is presented net of debt. As of December 31, 2013 this debt had a fair value of $192.5 million.
This property, 99 High Street, is presented gross of debt. The value of the Account's interest less the fair value of leverage is $253.0 million.
This property, Fourth and Madison, is presented gross of debt. The value of the Account's interest less the fair value of leverage is $244.3 million.
This property is held in a 85% / 15% joint venture with Developers Diversified Realty Corporation ("DDR"), and consists of 27 retail properties located in 12 states and is presented net of debt. As of December 31, 2013 this debt had a fair value of $691.0 million.
This property, 780 Third Avenue, is presented gross of debt. The value of the Account's interest less the fair value of leverage is $207.4 million.
The risks associated with investing in the Real Estate Account include the risks associated with real estate ownership including among other things fluctuations in property values, higher expenses or lower income than expected, risks associated with borrowing and potential environmental problems and liability, as well as risks associated with participant flows and conflicts of interest. For a more complete discussion of these and other risks, please consult the prospectus.
Morningstar is an independent service that rates mutual funds and variable annuities.
For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.
The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.
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TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
* Source: Pensions & Investments, October 3, 2011. Rankings are based on data provided as of June 30, 2011, by each responding asset manager.