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

The TIAA Real Estate Account reported a Total Return of 3.96% for the quarter ended September 30, 2026, while its Adjusted Total Return, which excludes the impact of liquid assets and liquidity guarantee expenses, stood at 4.27%. Over the same period, the NCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE) returned 1.51% on a value-weighted basis and 1.57% on an equal-weighted basis. Since inception, the Account has achieved a Total Return of 5.35% compared to the NFI-ODCE's 6.85% value-weighted return. The Account maintained a loan-to-value ratio of 17.8% as of September 30, 2026, with liquid assets comprising less than 8% of total net assets.