TIAA Variable Annuity

TIAA Real Estate Account

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Unit Value


Day's Change


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

0.8867 (0.24%)
$340.1158 - $364.6810
As of close 02/11/2016As of 01/31/2016

Management Team

Gerald CasimirManaging Director, Global Real Estate, Asset Management

Gerald Casimir is a Managing Director and Head of the Real Estate Account for the TIAA-CREF organization. As the Head of the Real Estate Account, Mr. Casimir is responsible for overall portfolio strategy and performance of the account. The account has a net asset value of approximately $21.1B of which approximately $17B represents direct equity ownership in real estate. In his prior position, he was a Managing Director and Head of GRE Asset Management. In that position, he was responsible for the investment management of a portfolio consisting of approximately $32B in real estate located throughout the U.S. and managed a team of 40 real estate professionals. The investment portfolio consisted of about 100 million square feet of office, retail and industrial properties and 35,000 multi-family residential units. In previous positions, he was head of domestic acquisitions for the north region and value-add real estate acquisitions and the head of asset management for the north region. He joined the TIAA-CREF organization in 2002. Mr. Casimir has 29 years of real estate acquisitions, asset management and portfolio management/reporting experience including positions with Eastdil Realty Advisors, and Schroder Real Estate Advisors. Mr. Casimir holds a B.S. in Accounting from Hunter College.

Thomas GarbuttSenior Managing Director, Head of Global Real Estate

Thomas Garbutt is senior managing director and head of Global Real Estate for the TIAA-CREF organization. Mr. Garbutt is responsible for the organization's Global Real Estate activities both equity and debt including transactions and joint ventures, portfolio and asset management and strategy and research. In addition, he also serves as Chairman of TH Real Estate. He joined the TIAA-CREF organization in 1982 and has 34 years of experience in the real estate finance and investment industries.Mr. Garbutt holds a B.S. in Business Administration from Binghamton University and an M.S. in Real Estate Investment from New York University. He is a member of the Urban Land Institute, the Pension Real Estate Association, the National Association of Real Estate Investment Managers, The Real Estate Roundtable and The Association of Foreign Investors in Real Estate (AFIRE).

Our Investment Philosophy

The portfolio management team believes that by constructing a portfolio consisting mainly of high-quality commercial real estate properties, they can create the potential for consistent income and appreciation of investments. The philosophy behind the TIAA Real Estate Account is based on a disciplined investment approach combined with a research-driven portfolio construction process, which forms a solid foundation for generating consistent long-term performance.

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.