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TIAA Real Estate Account — Quarter Ended September 30, 2026 Earnings Summary

  • Total Return for the quarter ended September 30, 2026, was 3.96% (Adjusted Total Return: 4.27%), outperforming the NCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE) Value Weight Total Return of 1.51% for the same period.
  • Net assets increased from $22,951.1 million to $23,757.6 million, driven by $895.0 million in unrealized gains and $213.2 million in income, partially offset by $153.9 million in realized losses.
  • The Account's Loan-to-Value (LTV) ratio stands at 17.8%, significantly below the NFI-ODCE benchmark of 27.2%, while liquid assets currently comprise less than 8% of total net assets against a long-term target of 15% to 25%.
  • Management highlights the Account's unique liquidity guarantee feature as a primary differentiator from the NFI-ODCE, noting that Adjusted Total Return is utilized to neutralize the impact of higher liquid asset holdings and associated liquidity costs for peer comparison.
  • Estimated annual expenses for the period May 1, 2026, through April 30, 2027, are projected at 0.855% of net assets, with no specific changes to forward guidance or major M&A activity disclosed.