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

0.2506 (0.07%)
$340.4817 - $364.9316
As of close 02/12/2016As of 01/31/2016

Hypothetical Growth of $10,000 
The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

12/31/2012 - 12/31/2015

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Portfolio Overview

  • Investment Strategy
  • Management Team
  • Class

    Variable Annuity

  • Dividend Frequency


  • Redemption Fee


  • Inception Date


  • Ticker




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 expense needs. 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.

Gerald Casimir

Managing Director, Global Real Estate, Asset Management

Thomas Garbutt

Senior Managing Director, Head of Global Real Estate

Performance Returns 
Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.

  • Monthly
  • Quarterly
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.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Investment By Type

As of 12/31/2015
% of
Net Assets
Real Estate Properties (Net Of Debt)57.3%
Real Estate Joint Venture And Limited Partnerships18.8%
Short Term Investments18.8%
Marketable Securities Real Estate Related4.6%
Loan Receivable0.5%
Other (Net Receivable/Liability)0.0%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the account's current or future investments. The holdings listed only include the account's long-term investments. Money market instruments and/or futures contracts, if applicable, are excluded. The holdings do not include the account's entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.

As of 12/31/2015
% of Total
1001 Pennsylvania Avenue3.3%
The Florida Mall2.7%
Colorado Center2.3%
99 High Street2.1%
DDR Joint Venture2.0%
Fourth and Madison2.0%
425 Park Avenue1.8%
501 Boylston Street1.8%
780 Third Avenue1.7%
Ontario Industrial Portfolio1.7%
1Fair Value as reported in the December 31, 2015 Consolidated Schedule of Investments. Investments owned 100% by the Account are reported based on fair value. Investments in joint ventures are reported at the net equity value on a fair value basis, and are presented at the Account's ownership interest.
1001 Pennsylvania Avenue is presented gross of debt. The value of the property less the fair value of leverage is $473.0 million.
The Florida Mall is held in a joint venture with Simon Property Group, L.P., in which the Account hold a 50% interest, and is presented net of debt. As of December 31, 2015, this debt had a fair value of $186.0 million.
Colorado Center is held in a joint venture with EOP Operating LP, in which the Account holds a 50% interest.
Fourth and Madison is presented gross of debt. The value of the property less the fair value of leverage is $289.4 million.
DDR Joint Venture, in which the Account holds an 85% interest, consists of 25 retail properties located in 11 states and is presented net of debt. As of December 31, 2015, this debt had a fair value of $678.1 million.
780 Third Avenue is presented gross of debt. The value of the property less the fair value of leverage is $252.4 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.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (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.

Key Differentiators

  • Provides direct ownership interests in commercial real estate, an asset class that typically is not widely available to individual investors, offering diversification beyond traditional equity and fixed-income investments
  • Offers guaranteed daily liquidity; interests can be redeemed once per calendar quarter
  • TIAA-CREF is one of the largest managers of U.S. tax-exempt real estate assets,* with 60 years of experience in direct real estate investing

* Source: Pensions & Investments, October 3, 2011. Rankings are based on data provided as of June 30, 2011, by each responding asset manager.

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