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Properties, Florida, Retail2025-12-310000946155Real Estate Properties, Florida2026-03-310000946155Real Estate Properties, Florida2025-12-310000946155Real Estate Properties, Georgia, Industrial2026-03-310000946155Real Estate Properties, Georgia, Industrial2025-12-310000946155Real Estate Properties, Georgia, Apartment2026-03-310000946155Real Estate Properties, Georgia, Apartment2025-12-310000946155Real Estate Properties, Georgia, Retail2026-03-310000946155Real Estate Properties, Georgia, Retail2025-12-310000946155Real Estate Properties, Georgia2026-03-310000946155Real Estate Properties, Georgia2025-12-310000946155Real Estate Properties, Illinois, Retail2026-03-310000946155Real Estate Properties, Illinois, Retail2025-12-310000946155Real Estate Properties, Illinois, Industrial2026-03-310000946155Real Estate Properties, Illinois, Industrial2025-12-310000946155Real Estate Properties, Illinois, Apartment2026-03-310000946155Real Estate Properties, Illinois, Apartment2025-12-310000946155Real Estate Properties, Illinois2026-03-310000946155Real Estate Properties, Illinois2025-12-310000946155Real Estate Properties, Indiana, Industrial2026-03-310000946155Real Estate Properties, Indiana, Industrial2025-12-310000946155Real Estate Properties, Indiana2026-03-310000946155Real Estate Properties, Indiana2025-12-310000946155Real Estate Properties, Maryland, Industrial2026-03-310000946155Real Estate Properties, Maryland, Industrial2025-12-310000946155Real Estate Properties, Maryland, Apartment2026-03-310000946155Real Estate Properties, Maryland, Apartment2025-12-310000946155Real Estate Properties, Maryland, Retail2026-03-310000946155Real Estate Properties, Maryland, Retail2025-12-310000946155Real Estate Properties, Maryland2026-03-310000946155Real Estate Properties, Maryland2025-12-310000946155Real Estate Properties, Massachusetts, Apartment2026-03-310000946155Real Estate Properties, Massachusetts, Apartment2025-12-310000946155Real Estate Properties, Massachusetts, Industrial2026-03-310000946155Real Estate Properties, Massachusetts, Industrial2025-12-310000946155Real Estate Properties, Massachusetts, Retail2026-03-310000946155Real Estate Properties, Massachusetts, Retail2025-12-310000946155Real Estate Properties, Massachusetts, Office2026-03-310000946155Real Estate Properties, Massachusetts, Office2025-12-310000946155Real Estate Properties, Massachusetts2026-03-310000946155Real Estate Properties, Massachusetts2025-12-310000946155Real Estate Properties, Minnesota, Industrial2026-03-310000946155Real Estate Properties, Minnesota, Industrial2025-12-310000946155Real Estate Properties, Minnesota2026-03-310000946155Real Estate Properties, Minnesota2025-12-310000946155Real Estate Properties, Nevada, Industrial2026-03-310000946155Real Estate Properties, Nevada, Industrial2025-12-310000946155Real Estate Properties, Nevada2026-03-310000946155Real Estate Properties, Nevada2025-12-310000946155Real Estate Properties, New Jersey, Industrial2026-03-310000946155Real Estate Properties, New Jersey, Industrial2025-12-310000946155Real Estate Properties, New Jersey, Retail2026-03-310000946155Real Estate Properties, New Jersey, Retail2025-12-310000946155Real Estate Properties, New Jersey, Land2026-03-310000946155Real Estate Properties, New Jersey, Land2025-12-310000946155Real Estate Properties, New Jersey2026-03-310000946155Real Estate Properties, New Jersey2025-12-310000946155Real Estate Properties, New York, Office2026-03-310000946155Real Estate Properties, New York, Office2025-12-310000946155Real Estate Properties, New York, Apartment2026-03-310000946155Real Estate Properties, New York, Apartment2025-12-310000946155Real Estate Properties, New York2026-03-310000946155Real Estate Properties, New York2025-12-310000946155Real Estate Properties, North Carolina, Retail2026-03-310000946155Real Estate Properties, North Carolina, Retail2025-12-310000946155Real Estate Properties, North Carolina, Industrial2026-03-310000946155Real Estate Properties, North Carolina, Industrial2025-12-310000946155Real Estate Properties, North Carolina, Apartment2026-03-310000946155Real Estate Properties, North Carolina, Apartment2025-12-310000946155Real Estate Properties, North Carolina2026-03-310000946155Real Estate Properties, North Carolina2025-12-310000946155Real Estate Properties, Oregon, Apartment2026-03-310000946155Real Estate Properties, Oregon, Apartment2025-12-310000946155Real Estate Properties, Oregon, Office2026-03-310000946155Real Estate Properties, Oregon, Office2025-12-310000946155Real Estate Properties, Oregon2026-03-310000946155Real Estate Properties, Oregon2025-12-310000946155Real Estate Properties, Pennsylvania, Retail2026-03-310000946155Real Estate Properties, Pennsylvania, Retail2025-12-310000946155Real Estate Properties, Pennsylvania2026-03-310000946155Real Estate Properties, Pennsylvania2025-12-310000946155Real Estate Properties, South Carolina, Apartment2026-03-310000946155Real Estate Properties, South Carolina, Apartment2025-12-310000946155Real Estate Properties, South Carolina2026-03-310000946155Real Estate Properties, South Carolina2025-12-310000946155Real Estate Properties, Tennessee, Retail2026-03-310000946155Real Estate Properties, Tennessee, Retail2025-12-310000946155Real Estate Properties, Tennessee, Industrial2026-03-310000946155Real Estate Properties, Tennessee, Industrial2025-12-310000946155Real Estate Properties, Tennessee, Apartment2026-03-310000946155Real Estate Properties, Tennessee, Apartment2025-12-310000946155Real Estate Properties, Tennessee2026-03-310000946155Real Estate Properties, Tennessee2025-12-310000946155Real Estate Properties, Texas, Industrial2026-03-310000946155Real Estate Properties, Texas, Industrial2025-12-310000946155Real Estate Properties, Texas, Office2026-03-310000946155Real Estate Properties, Texas, Office2025-12-310000946155Real Estate Properties, Texas, Apartment2026-03-310000946155Real Estate Properties, Texas, Apartment2025-12-310000946155Real Estate Properties, Texas, Retail2026-03-310000946155Real Estate Properties, Texas, Retail2025-12-310000946155Real Estate Properties, Texas, Hotel2026-03-310000946155Real Estate Properties, Texas, Hotel2025-12-310000946155Real Estate Properties, Texas2026-03-310000946155Real Estate Properties, Texas2025-12-310000946155Real Estate Properties, Utah, Office2026-03-310000946155Real Estate Properties, Utah, Office2025-12-310000946155Real Estate Properties, Utah, Industrial2026-03-310000946155Real Estate Properties, Utah, Industrial2025-12-310000946155Real Estate Properties, Utah2026-03-310000946155Real Estate Properties, Utah2025-12-310000946155Real Estate Properties, Virginia, Apartment2026-03-310000946155Real Estate Properties, Virginia, Apartment2025-12-310000946155Real Estate Properties, Virginia, Retail2026-03-310000946155Real Estate Properties, Virginia, Retail2025-12-310000946155Real Estate Properties, Virginia, Office2026-03-310000946155Real Estate Properties, Virginia, Office2025-12-310000946155Real Estate Properties, Virginia2026-03-310000946155Real Estate Properties, Virginia2025-12-310000946155Real Estate Properties, Washington, Industrial2026-03-310000946155Real Estate Properties, Washington, Industrial2025-12-310000946155Real Estate Properties, Washington, Apartment2026-03-310000946155Real Estate Properties, Washington, Apartment2025-12-310000946155Real Estate Properties, Washington2026-03-310000946155Real Estate Properties, Washington2025-12-310000946155Real Estate Properties, Washington D.C., Office2026-03-310000946155Real Estate Properties, Washington D.C., Office2025-12-310000946155Real Estate Properties, Washington D.C., Apartment2026-03-310000946155Real Estate Properties, Washington D.C., Apartment2025-12-310000946155Real Estate Properties, Washington D.C.2026-03-310000946155Real Estate Properties, Washington D.C.2025-12-310000946155tiaareal:RealEstatePropertiesMember2026-03-310000946155tiaareal:RealEstatePropertiesMember2025-12-310000946155Real Estate Joint Ventures, Arizona, Apartment2026-03-310000946155Real Estate Joint Ventures, Arizona, Apartment2025-12-310000946155Real Estate Joint Ventures, Arizona2026-03-310000946155Real Estate Joint Ventures, Arizona2025-12-310000946155Real Estate Joint Ventures, California, Office2026-03-310000946155Real Estate Joint Ventures, California, Office2025-12-310000946155Real Estate Joint Ventures, California, Retail2026-03-310000946155Real Estate Joint Ventures, California, Retail2025-12-310000946155Real Estate Joint Ventures, California2026-03-310000946155Real Estate Joint Ventures, California2025-12-310000946155Real Estate Joint Ventures, Florida, Retail2026-03-310000946155Real Estate Joint Ventures, Florida, Retail2025-12-310000946155Real Estate Joint Ventures, Florida2026-03-310000946155Real Estate Joint Ventures, Florida2025-12-310000946155Real Estate Joint Ventures, Georgia, Apartment2026-03-310000946155Real Estate Joint Ventures, Georgia, Apartment2025-12-310000946155Real Estate Joint Ventures, Georgia2026-03-310000946155Real Estate Joint Ventures, Georgia2025-12-310000946155Real Estate Joint Ventures, Maryland, Office2026-03-310000946155Real Estate Joint Ventures, Maryland, Office2025-12-310000946155Real Estate Joint Ventures, Maryland, Retail2026-03-310000946155Real Estate Joint Ventures, Maryland, Retail2025-12-310000946155Real Estate Joint Ventures, Maryland2026-03-310000946155Real Estate Joint Ventures, Maryland2025-12-310000946155Real Estate Joint Ventures, Massachusetts, Office2026-03-310000946155Real Estate Joint Ventures, Massachusetts, Office2025-12-310000946155Real Estate Joint Ventures, Massachusetts2026-03-310000946155Real Estate Joint Ventures, Massachusetts2025-12-310000946155Real Estate Joint Ventures, Nevada, Retail2026-03-310000946155Real Estate Joint Ventures, Nevada, Retail2025-12-310000946155Real Estate Joint Ventures, Nevada2026-03-310000946155Real Estate Joint Ventures, Nevada2025-12-310000946155Real Estate Joint Ventures, New York, Industrial2026-03-310000946155Real Estate Joint Ventures, New York, Industrial2025-12-310000946155Real Estate Joint Ventures, New York, Office2026-03-310000946155Real Estate Joint Ventures, New York, Office2025-12-310000946155Real Estate Joint Ventures, New York, Retail2026-03-310000946155Real Estate Joint Ventures, New York, Retail2025-12-310000946155Real Estate Joint Ventures, New York, Apartment2026-03-310000946155Real Estate Joint Ventures, New York, Apartment2025-12-310000946155Real Estate Joint Ventures, New York2026-03-310000946155Real Estate Joint Ventures, New York2025-12-310000946155Real Estate Joint Ventures, North Carolina, Land2026-03-310000946155Real Estate Joint Ventures, North Carolina, Land2025-12-310000946155Real Estate Joint Ventures, North Carolina, Office2026-03-310000946155Real Estate Joint Ventures, North Carolina, Office2025-12-310000946155Real Estate Joint Ventures, North Carolina, Apartment2026-03-310000946155Real Estate Joint Ventures, North Carolina, Apartment2025-12-310000946155Real Estate Joint Ventures, North Carolina, Retail2026-03-310000946155Real Estate Joint Ventures, North Carolina, Retail2025-12-310000946155Real Estate Joint Ventures, North Carolina2026-03-310000946155Real Estate Joint Ventures, North Carolina2025-12-310000946155Real Estate Joint Ventures, South Carolina, Apartment2026-03-310000946155Real Estate Joint Ventures, South Carolina, Apartment2025-12-310000946155Real Estate Joint Ventures, South Carolina2026-03-310000946155Real Estate Joint Ventures, South Carolina2025-12-310000946155Real Estate Joint Ventures, Tennessee, Retail2026-03-310000946155Real Estate Joint Ventures, Tennessee, Retail2025-12-310000946155Real Estate Joint Ventures, Tennessee2026-03-310000946155Real Estate Joint Ventures, Tennessee2025-12-310000946155Real Estate Joint Ventures, Texas, Office2026-03-310000946155Real Estate Joint Ventures, Texas, Office2025-12-310000946155Real Estate Joint Ventures, Texas, Industrial2026-03-310000946155Real Estate Joint Ventures, Texas, Industrial2025-12-310000946155Real Estate Joint Ventures, Texas2026-03-310000946155Real Estate Joint Ventures, Texas2025-12-310000946155Real Estate Joint Ventures, Various, Storage2026-03-310000946155Real Estate Joint Ventures, Various, Storage2025-12-310000946155Real Estate Joint Ventures, Various, Apartment2026-03-310000946155Real Estate Joint Ventures, Various, Apartment2025-12-310000946155Real Estate Joint Ventures, Various, Office2026-03-310000946155Real Estate Joint Ventures, Various, Office2025-12-310000946155Real Estate Joint Ventures, Various2026-03-310000946155Real Estate Joint Ventures, Various2025-12-310000946155Real Estate Joint Ventures, Foreign, Land2026-03-310000946155Real Estate Joint Ventures, Foreign, Land2025-12-310000946155Real Estate Joint Ventures, Foreign2026-03-310000946155Real Estate Joint Ventures, Foreign2025-12-310000946155tiaareal:RealEstateJointVenturesMember2026-03-310000946155tiaareal:RealEstateJointVenturesMember2025-12-310000946155U.S. treasury securities2026-03-310000946155U.S. treasury securities2025-12-310000946155U.S. government agency notes2026-03-310000946155U.S. government agency notes2025-12-310000946155Reverse repurchase agreements2026-03-310000946155Reverse repurchase agreements2025-12-310000946155tiaareal:MarketableSecuritiesMember2026-03-310000946155tiaareal:MarketableSecuritiesMember2025-12-310000946155us-gaap:RealEstateFundsMember2026-03-310000946155us-gaap:RealEstateFundsMember2025-12-310000946155tiaareal:RealEstateOperatingBusinessMember2026-03-310000946155tiaareal:RealEstateOperatingBusinessMember2025-12-310000946155us-gaap:LoansReceivableMember2026-03-310000946155us-gaap:LoansReceivableMember2025-12-310000946155tiaareal:LoansReceivableWithRelatedPartiesMember2026-03-310000946155tiaareal:LoansReceivableWithRelatedPartiesMember2025-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to __________

Commission file number: 33-92990; 333-285628

TIAA REAL ESTATE ACCOUNT

(Exact name of registrant as specified in its charter)


New York						NOT APPLICABLE
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
C/O TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
730 Third Avenue						10017-3206
New York, New York						(Zip code)
(Address of principal executive offices)

(212) 490-9000

Registrant’s telephone number, including area code

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange of which registered
NONE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

TABLE OF CONTENTS


			Page
Part I	Financial Information
	Item 1.	Unaudited Consolidated Financial Statements
		Consolidated Statements of Assets and Liabilities	3
		Consolidated Statements of Operations	4
		Consolidated Statements of Changes in Net Assets	5
		Consolidated Statements of Cash Flows	6
		Notes to the Consolidated Financial Statements	8
		Condensed Consolidated Schedules of Investments	28
	Item 2.	Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations	33
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	50
	Item 4.	Controls and Procedures	53
Part II	Other Information
	Item 1.	Legal Proceedings	54
	Item 1A.	Risk Factors	54
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
	Item 3.	Defaults Upon Senior Securities	55
	Item 4.	Mine Safety Disclosures	55
	Item 5.	Other Information	55
	Item 6.	Exhibits	56
Signatures			59

PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Unaudited)

(In millions, except per accumulation unit amounts)


	March 31,		December 31,
	2026		2025

ASSETS
Investments, at fair value:
Real estate properties (cost: $12,994.7 and $12,973.4)	$	16,023.0	$	15,975.4
Real estate joint ventures (cost: $5,098.6 and $5,115.5)	5,136.9		5,098.8
Real estate funds (cost: $905.3 and $918.3)	804.3		839.6
Real estate operating business (cost: $621.8 and $621.8)	1,082.0		1,072.6

Marketable securities (cost: $1,553.8 and $1,728.6)	1,553.7		1,728.7
Loans receivable (principal: $792.1 and $945.1)	522.5		620.1
Loans receivable with related parties (principal: $41.8 and $70.3)	41.8		70.3
Total investments (cost: $22,008.1 and $22,373.0)	$	25,164.2	$	25,405.5
Cash and cash equivalents	56.3		74.9
Cash held by wholly owned properties	106.5		113.3
Due from investment manager	6.8		5.1

Other	198.5		215.2
TOTAL ASSETS	$	25,532.3	$	25,814.0
LIABILITIES
Loans payable, at fair value (principal outstanding: $847.1 and $892.4)	809.8		830.3
Line of credit, at fair value (principal outstanding: $160.0 and $160.0)	160.0		160.0
Other unsecured debt, at fair value (principal outstanding: $1,600.0 and $1,600.0)	1,553.9		1,568.7

Accrued real estate property expenses	199.7		211.7

Payable for securities purchased	—		223.6
Other	72.7		53.1
TOTAL LIABILITIES	$	2,796.1	$	3,047.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	22,285.7		22,312.7
Annuity Fund	450.5		453.9
TOTAL NET ASSETS	$	22,736.2	$	22,766.6
NUMBER OF ACCUMULATION UNITS OUTSTANDING	46.2		46.5
NET ASSET VALUE, PER ACCUMULATION UNIT	$	482.499	$	479.558

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, Unaudited)


	For the Three Months Ended March 31,
	2026		2025
INVESTMENT INCOME
Real estate income, net:
Rental income	$	303.8	$	321.8
Real estate property level expenses and taxes:
Operating expenses	82.6		82.9
Real estate taxes	43.4		45.9
Interest expense	11.1		20.1
Total real estate property level expenses	137.1		148.9
Real estate income, net	166.7		172.9
Income from real estate joint ventures	43.2		51.5
Income from real estate funds	3.4		12.2
Interest income	25.5		36.4


TOTAL INVESTMENT INCOME	238.8		273.0
Expenses:
Investment management charges	18.3		18.6
Administrative charges	15.0		15.4
Distribution charges	2.5		3.1

Liquidity guarantee charges	15.7		15.6
Interest expense	20.7		9.6
TOTAL EXPENSES	72.2		62.3
INVESTMENT INCOME, NET	166.6		210.7
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT
Net realized gain (loss) on investments and debt:
Real estate properties	(89.7)		(187.4)
Real estate joint ventures	(61.2)		9.5
Real estate funds	25.7		—



Loans receivable	(56.0)		—
Loans payable	34.7		—
Net realized gain (loss) on investments and debt	(146.5)		(177.9)
Net change in unrealized gain (loss) on:
Real estate properties	26.3		111.2
Real estate joint ventures	60.1		81.1
Real estate funds	(22.2)		(3.7)
Real estate operating business	9.4		(0.2)

Marketable securities	(0.2)		(0.1)
Loans receivable	55.4		0.8

Loans payable	(24.8)		4.3
Other unsecured debt	14.9		(6.5)
Net change in unrealized gain (loss) on investments and debt	118.9		186.9
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT	(27.6)		9.0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	139.0	$	219.7

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(In millions, Unaudited)


	For the Three Months Ended March 31,
	2026		2025
FROM OPERATIONS
Investment income, net	$	166.6	$	210.7
Net realized gain (loss) on investments	(146.5)		(177.9)
Net change in unrealized gain (loss) on investments and debt	118.9		186.9
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	139.0		219.7
FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA
Premiums	681.7		814.0

Annuity payments	(10.6)		(11.1)
Death benefits	(32.9)		(32.9)
Withdrawals	(807.6)		(896.0)
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA	(169.4)		(126.0)
NET INCREASE (DECREASE) IN NET ASSETS	(30.4)		93.7
NET ASSETS
Beginning of period	22,766.6		22,486.9
End of period	$	22,736.2	$	22,580.6

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, Unaudited)


	For the Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	139.0	$	219.7
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments	146.5		177.9
Net change in unrealized (gain) loss on investments and debt	(118.9)		(186.9)
Purchase of real estate properties	(247.0)		(122.7)
Capital improvements on real estate properties	(53.4)		(67.8)
Proceeds from sales of real estate properties	178.8		170.8
Purchases of real estate joint ventures, funds and operating business	(83.1)		(269.6)
Proceeds from sales of other real estate investments	111.2		282.7
Purchases and originations of loans receivable	(3.3)		(2.1)


Proceeds from payoffs of loans receivable	101.3		0.3
Proceeds from payoffs of loans receivable from related parties	—		27.8
Decrease (Increase) in other investments	174.8		53.8
Net change in from/due to investment manager	(1.7)		(18.3)

(Decrease) Increase in payable for securities purchased	(223.6)		—
Decrease (Increase) in other assets	15.4		(3.8)
(Decrease) Increase in other liabilities	7.9		(15.8)
NET CASH PROVIDED BY OPERATING ACTIVITIES	143.9		246.0
CASH FLOWS FROM FINANCING ACTIVITIES





Payments of mortgage loans	(1.2)		(225.4)
Premiums	681.7		814.0

Annuity payments	(10.6)		(11.1)
Death benefits	(32.9)		(32.9)
Withdrawals	(807.6)		(896.0)
NET CASH USED IN FINANCING ACTIVITIES	(170.6)		(351.4)
NET (DECREASE) IN CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH	(26.7)		(105.4)
CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH
Beginning of period cash, cash equivalents, cash held by wholly owned properties and restricted cash	213.8		323.9
Net (decrease) increase in cash, cash equivalents, cash held by wholly owned properties and restricted cash	(26.7)		(105.4)
End of period cash, cash equivalents, cash held by wholly owned properties and restricted cash	$	187.1	$	218.5
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	$	13.6	$	18.2
SUPPLEMENTAL NON-CASH DISCLOSURES


Loan receivable forgiven or extinguished	$	56.0	$	—
Conversion of loan receivable from related parties to equity	$	28.5	$	—
Debt extinguished in disposition of property	$	44.1	$	—

See notes to the consolidated financial statements

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in millions):


	As of March 31,
	2026		2025
Cash, cash equivalents and cash held by wholly owned properties	$	162.8	$	180.6
Restricted cash(1)	24.3		37.9
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$	187.1	$	218.5

(1) Restricted cash is included within other assets in the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements

TIAA REAL ESTATE ACCOUNT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1—Organization and Significant Accounting Policies

Business: The TIAA Real Estate Account (“Account”) is an insurance separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and was established by resolution of TIAA’s Board of Trustees (the “Board”) on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance.

The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures, funds and operating business, as well as investments in loans receivable with commercial real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions).

Segment Reporting: The Account has identified the Managing Director, Portfolio Management, and Head of TIAA Real Estate Account and Senior Director, Annuities Product Management, as the chief operating decision makers (“CODMs”), who use Investment Income, Net and Net Change in Net Assets Resulting from Operations, as presented in the Consolidated Statements of Operations, to evaluate the results of operations and to manage the Account. The measure of segment assets is reported on the Consolidated Statements of Assets and Liabilities as Total Assets. The Account’s operations constitute a single operating segment and therefore, a single reportable segment, because the CODMs manage the business activities using information of the Account as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described below. The Account has no major tenants.

Interim Financial Information: The Consolidated Financial Statements of the Account as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report pursuant to the rules of the SEC. As a result, these Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Account’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”).

Use of Estimates: The Consolidated Financial Statements were prepared in accordance with GAAP, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material.

Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. Certain prior period amounts have been reclassified for comparative purposes to conform to the current period financial statement presentation. These

reclassifications had no effect on previously reported results of operations. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated.

The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and contract owner transactions, as well as purchases and sales of liquidity units by TIAA, effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions.

Significant Accounting Policy Updates: There have been no changes to the Account’s significant accounting policies as described in the Account’s 2025 Form 10-K.

Recent Accounting Pronouncements: In November 2024, the FASB issued ASU No. 2024-03, Income Statement— Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information is generally not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently assessing the impact this standard will have on our Consolidated Financial Statements as well as the method by which we will adopt the new standard.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required by GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted. Management is currently assessing the impact this standard will have on our Consolidated Financial Statements as well as the method by which we will adopt the new standard.

Note 2—Related Party Transactions

Investment management, administrative and distribution services are provided on an at-cost basis to the Account by TIAA and one of its subsidiaries. All such services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly.

Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management guidelines for the Account are subject to review by the Account’s independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account.

Part of TIAA’s compensation for provision of at cost investment management services to the Account includes reimbursement of costs incurred by TIAA to manage certain of the Account’s joint ventures. Such joint ventures also reimburse the Account directly in its capacity as general partner or managing member (collectively, the “GP”) of the joint venture in the form of an asset management fee for GP-related services provided by the Account, and such fee is based on a percentage of the fair market value of the underlying properties held in the joint venture.

The Account is a party to a distribution agreement for the contracts issued by TIAA and funded by the Account, dated January 1, 2008 (the “Distribution Agreement”), by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”), a wholly-owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans.

In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof.

In addition to providing the services described above, TIAA may charge the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually.

Once an Account contract owner begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA’s assumption of this risk.

TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 from the U.S. Department of Labor (“PTE 96-76”). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account’s net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent contract owner withdrawal activity and the Account’s expected working capital, debt service and cash needs, and subject to the oversight of the Account's independent fiduciary. If the Account cannot fund contract owner withdrawal or redemption requests from the Account’s own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as “liquidity units”). TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account’s contract owners.

Pursuant to its existing liquidity guarantee obligation, beginning August 31, 2023 through the year ended December 31, 2025, the TIAA General Account purchased a cumulative total of 1.8 million liquidity units issued by the Account, amounting to $911.3 million. The Account did not experience significant net contract owner outflows during the first quarter of 2026, and the TIAA General Account was not required to purchase any liquidity units. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA’s ownership should not exceed (the “trigger point”), has established the trigger point at 45% of the outstanding accumulation units. As of March 31, 2026, the TIAA General Account owned approximately 4.01% of the outstanding accumulation units of the Account. The independent fiduciary will continue to monitor TIAA's ownership interest in the Account and provide further recommendations as necessary.

Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in Note 14—Financial Highlights.

The Account has loans receivable outstanding with related parties as of March 31, 2026. Two of the loans are with a joint venture partner and the other loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2025 Form 10-K. References to "SOFR" in the table below and elsewhere in these Notes mean the Secured Overnight Financing Rate, a benchmark interest rate based on the U.S. Treasury bond repurchase market for U.S. dollar-denominated instruments. The following table presents the key terms of the loans as of the reporting date (in millions):


Principal				Related Party	Equity Ownership Interest	Interest Rate	Maturity Date	Fair Value at
March 31, 2026		December 31, 2025						March 31, 2026		December 31, 2025

$	4.8	$	4.8	MR MCC 3 Sponsor, LLC(1)	—%	6.00%	12/1/2025	$	4.8	$	4.8
36.5		36.5		MRA Hub 34 Holding, LLC	95.00%	2.50% + SOFR	5/26/2026	36.5		36.5
0.5		0.5		MRA 34 LLC	—%	3.75% + SOFR	5/26/2026	0.5		0.5

—		28.5		TREA SV 355 West 52nd Street	95.00%	5.20%	6/14/2027	—		28.5
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES								$	41.8	$	70.3

(1) The loan is currently in default.

Note 3—Concentrations of Risk

Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry.

As of March 31, 2026, the Account had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Account. Moreover, the Account's tenants have no notable concentration present in any one industry.

The Account’s wholly-owned real estate investments and investments in joint ventures are primarily located in the United States. The following table represents the diversification of the Account’s portfolio by region and property type as of March 31, 2026:


Diversification by Fair Value(1)
	West(2)		South(3)		East(4)		Midwest(5)		Foreign(6)		Total
Industrial	18.7	%	12.5	%	3.6	%	2.1	%	—	%	36.9	%
Apartment	7.1	%	10.0	%	7.9	%	1.0	%	—	%	26.0	%
Office	4.7	%	5.1	%	6.7	%	0.3	%	—	%	16.8	%
Retail	4.4	%	4.7	%	2.7	%	1.2	%	—	%	13.0	%
Other(7)	2.0	%	2.5	%	1.7	%	0.3	%	0.8	%	7.3	%
Total	36.9	%	34.8	%	22.6	%	4.9	%	0.8	%	100.0	%

(1)Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

(2)Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY.

(3)Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX.

(4)Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV.

(5)Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI.

(6)Represents developable land investments in Ireland and United Kingdom.

(7)Represents interests in Storage Portfolio investments, a hotel investment and land.

Note 4—Leases

The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2115. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2026 and December 31, 2025, are as follows (in millions):


	As of
Years Ended	March 31, 2026			December 31, 2025
2026	$	442.7	(1)	$	584.2
2027	563.9			543.6
2028	485.2			461.1
2029	412.4			388.5
2030	346.9			319.7
Thereafter	1,189.3			1,129.0
Total	$	3,440.4		$	3,426.1

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2026.

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and lease liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively.

The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions):


	As of
	March 31, 2026			December 31, 2025

Assets:
Right-of-use assets, at fair value	$	37.8		$	36.6
Liabilities:
Ground lease liabilities, at fair value	$	37.8		$	36.6
Key Terms:
Weighted-average remaining lease term (years)	60			59.8
Weighted-average discount rate(1)	9.01		%	9.03		%

(1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.

For both the three months ended March 31, 2026 and 2025, operating lease costs related to ground leases were $0.6 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions):


	As of
	March 31, 2026			December 31, 2025
Years Ended
2026	$	2.3	(1)	$	2.7
2027	3.1			2.7
2028	3.1			2.8
2029	3.2			2.8
2030	3.2			2.9
Thereafter	480.9			451.8
Total	$	495.8		$	465.7

(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2026.

Note 5—Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows:

•Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges.

•Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations.

•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market contract owners would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

An asset or liability's categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See Note 1—Organization and Significant Accounting Policies of the Account's 2025 Form 10-K for further discussion regarding the use of a practical expedient for the valuation of real estate funds.

The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions):


Description	Level 1: Quoted Prices in Active Markets for Identical Assets		Level 2: Significant Other Observable Inputs		Level 3: Significant Unobservable Inputs		Total at March 31, 2026
Real estate properties	$	—	$	—	$	16,023.0	$	16,023.0
Real estate joint ventures	—		—		5,136.9		5,136.9

Real estate operating business	—		—		1,082.0		1,082.0
Marketable securities:

U.S. government agency notes	—		490.7		—		490.7
U.S treasury securities	—		695.5		—		695.5
Reverse repurchase agreement	—		367.5		—		367.5


Loans receivable(1)	—		—		564.3		564.3

Loans payable	—		—		(809.8)		(809.8)
Line of credit	—		—		(160.0)		(160.0)
Other unsecured debt	—		(1,553.9)		—		(1,553.9)


Description	Level 1: Quoted Prices in Active Markets for Identical Assets		Level 2: Significant Other Observable Inputs		Level 3: Significant Unobservable Inputs		Total at December 31, 2025
Real estate properties	$	—	$	—	$	15,975.4	$	15,975.4
Real estate joint ventures	—		—		5,098.8		5,098.8

Real estate operating business	—		—		1,072.6		1,072.6
Marketable securities:
U.S. government agency notes	—		621.1		—		621.1

U.S. treasury securities	—		899.4		—		899.4
Reverse repurchase agreement	—		208.2		—		208.2

Loans receivable(1)	—		—		690.4		690.4

Loans payable	—		—		(830.3)		(830.3)
Line of credit	—		—		(160.0)		(160.0)
Other unsecured debt	—		(1,568.7)		—		(1,568.7)

(1) Includes loans receivable with related parties.

The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026 and 2025 (in millions):


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(2)		Total Level 3 Investments		Loans Payable		Line of Credit
For the three months ended March 31, 2026
Beginning balance January 1, 2026	$	15,975.4	$	5,098.8	$	1,072.6	$	690.4	$	22,837.2	$	(830.3)	$	(160.0)
Total realized and unrealized gains (losses) included in changes in net assets	(63.4)		(1.1)		9.4		(0.6)		(55.7)		9.9		—
Purchases(1)	299.2		58.4		—		3.3		360.9		—		—
Sales	(188.2)		—		—		—		(188.2)		—		—
Settlements(3)	—		(19.2)		—		(128.8)		(148.0)		10.6		—
Ending balance March 31, 2026	$	16,023.0	$	5,136.9	$	1,082.0	$	564.3	$	22,806.2	$	(809.8)	$	(160.0)


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(2)		Total Level 3 Investments		Loans Payable
For the three months ended March 31, 2025
Beginning balance January 1, 2025	$	15,607.0	$	5,381.4	$	931.8	$	877.8	$	22,798.0	$	(1,585.5)
Total realized and unrealized gains (losses) included in changes in net assets	(76.2)		90.6		(0.2)		0.8		15.0		4.3
Purchases(1)	186.3		43.6		127.2		2.1		359.2		—
Sales	(170.8)		—		—		—		(170.8)		—
Settlements(3)	—		(281.1)		—		(28.1)		(309.2)		225.4
Ending balance March 31, 2025	$	15,546.3	$	5,234.5	$	1,058.8	$	852.6	$	22,692.2	$	(1,355.8)

(1)Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, and assumption of loans payable.

(2)Includes loans receivable with related parties.

(3)Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable.

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2026.

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Real Estate Properties and Joint Ventures

Office

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.8% - 12.8% (8.5%)

5.5% - 9.5% (6.9%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 12.3% (6.9%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.5% - 8.5% (7.2%)

5.3% - 6.8% (5.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.8% - 6.3% (5.2%)

Residential

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.5% - 10.0% (7.0%)

5.3% - 8.5% (5.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.8% - 7.8% (5.0%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.3% - 12.0% (7.4%)

5.3% - 9.5% (6.3%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 9.0% (6.0%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

10.0%

8.0%

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.0%

Land

Sales Comparison Approach

Price per projected unit

$55.00 - $142.86 ($101.70)(2)

Real Estate Operating

Business(3)

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Growth Rate

Terminal EBITDA Multiple

13.0%

11.4%

20.0x

Market Approach

EBITDA Multiple

32.0x

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

55.2% - 124.6% (72.9%)

5.7% - 157.9% (22.9%)

Residential

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

58.2% - 61.7% (60.6%)

6.5% - 8.3% (7.0%)

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

41.5% - 79.2% (66.3%)

5.7% - 6.8% (6.6%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple

41.5% - 79.2% (66.3%)

1.1 - 1.8 (1.5)

Industrial

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

30.3% - 40.2% (34.9%)

5.2% - 6.1% (5.7%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple

30.3% - 40.2% (34.9%)

1.1 - 1.1 (1.1)

Residential

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

44.5% - 72.9% (54.7%)

4.9% - 6.0% (5.3%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple

44.5% - 72.9% (54.7%)

1.2 - 1.5 (1.3)

Retail

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

48.0% - 77.0% (53.9%)

5.4% - 7.9% (6.1%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple

48.0% - 77.0% (53.9%)

1.2- 1.7 (1.3)

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2025.

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Real Estate Properties and Joint Ventures

Office

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.8% - 11.0% (8.5%)

5.5% - 10.3% (6.9%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 12.5% (6.9%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.5% - 8.1% (7.2%)

5.2% - 6.8% (5.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.8% - 6.3% (5.2%)

Residential

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.5% - 9.3% (7.0%)

5.0% - 7.8% (5.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.8% - 7.0% (5.0%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

6.5% - 12.0% (7.4%)

5.5% - 9.5% (6.3%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

5.0% - 9.0% (6.0%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate

Terminal Capitalization Rate

10.0%

8.0%

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.8%

Land

Sales Comparison Approach

Price per projected unit

$55.00 - $140.00 ($101.00)(2)

Real Estate Operating

Business(3)

Income Approach—Discounted Cash Flow

Discount Rate

13.0

Terminal Growth Rate

11.4

Market Approach

EBITDA Multiple

30.3x

Terminal EBITDA Multiple

20.0x

Loans Receivable,
including those with
related parties

Office

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

55.0% - 73.3% (63.6%)

6.2% - 9.3% (6.7%)

Industrial

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

51.6% - 68.8% (55.9%)

5.3% - 8.3% (6.0%)

Residential

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

58.3% - 61.7% (60.6%)

7.0% - 8.3% (7.4%)

Loans Payable

Office

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

42.4% - 80.0% (71.4%)

5.8% - 6.7% (6.5%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple

42.4% - 80.0% (71.4%)

1.1 - 1.9 (1.7)

Industrial

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

30.3% - 40.6% (35.1%)

5.4% - 5.9% (5.6%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple

30.3% - 40.6% (35.1%)

1.1 - 1.1 (1.1)

Residential

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

44.8% - 72.8% (56.3%)

4.7% - 6.0% (5.2%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital

Risk Premium Multiple

44.8% - 72.8% (56.3%)

1.2 - 1.5 (1.3)

Type

Asset Class

Valuation
Technique(s)

Unobservable

Inputs(1)

Range (Weighted Average)

Retail

Discounted Cash Flow

Loan to Value Ratio

Equivalency Rate

48.7% - 75.4% (53.9%)

5.5% - 7.3% (6.3%)

Net Present Value

Loan to Value Ratio

Weighted Average Cost of Capital

Risk Premium Multiple

48.7% - 75.4% (53.9%)

1.2 - 1.6 (1.3)

(1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.

(2) Calculated per Floor Area Ratio and applied to the planned building area that can be constructed on site.

(3) The fair value measurement was additionally based upon information developed by the third-party valuation provider (including recent transactions), corroborated by the Independent Fiduciary for reasonableness. The valuation of the real estate operating business is then determined based on a weighting of the income approach - discounted cash flow, market approach, and transactions. Transactions for these measurements were utilized in the December 31, 2025 10-K report and not in the current report as of March 31, 2026.

Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively, with the exception of the price per projected unit for land and terminal growth rate, terminal EBITDA and EBITDA multiple applied to the real estate operating business, for which significant increases (decreases) in isolation would result in significantly higher (lower) fair value measurements, respectively.

Line of Credit: The Account's line of credit and term loans under the Credit Agreement are recorded at par as Management believes par approximates fair value due to the short-term nature of the Credit Agreement.

During the three months ended March 31, 2026 and 2025, there were no transfers between Levels 1, 2 or 3.

The amount of total net unrealized (losses) gains included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions):


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(1)		Total Level 3 Investments		Loans Payable
For the Three Months ended March 31, 2026	$	(2.7)	$	18.1	$	9.4	$	(1.0)	$	23.8	$	0.3

For the Three Months ended March 31, 2025	$	(67.3)	$	93.0	$	(0.2)	$	0.8	$	26.3	$	4.3

(1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Note 6—Investments in Joint Ventures

The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At March 31, 2026, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% to 98.78%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold.

A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions):


	For the Three Months Ended March 31,
	2026		2025
Operating Revenue and Expenses
Revenues	$	262.8	$	279.9
Expenses	168.7		187.9
Excess of revenues over expenses	$	94.1	$	92.0

Note 7—Investments in Real Estate Funds

The Account has ownership interests in real estate funds (each a “Fund”, and collectively the “Funds”). The Funds are set up as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a Variable Interest Entity ("VIE") as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies of the Account's 2025 Form 10-K for a description of the methodology used to determine the primary beneficiary of a VIE.

No financial support (such as loans or financial guarantees) was provided to the Funds during the three months ended March 31, 2026. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are included in the maximum exposure to loss presented below.

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at March 31, 2026 (in millions):


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
LCS SHIP Venture I, LLC (90.0% Account Interest)	$	2.2	$	2.2	Redemptions prohibited prior to liquidation.	To invest in senior housing properties.
					The fund is currently in liquidation.
					The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.
Veritas - Trophy VI, LLC (90.4% Account Interest)	$	121.6	$	121.6	Redemptions prohibited prior to liquidation.	To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA").
					The Account can sell or transfer its interest in the fund with the consent and approval of the manager.

SP V - II, LLC (61.8% Account Interest)	$	69.8	$	75.3	Redemptions prohibited prior to liquidation.	To invest in medical office properties in the U.S.
					Liquidation estimated to begin no earlier than 2029.
					The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.
Taconic New York City GP Fund, LP (60.0% Account Interest)	$	4.4	$	4.4	Redemptions prohibited prior to liquidation.	To invest in real estate and real estate-related assets in the New York City MSA.
					The fund is currently in liquidation
					The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner.
Silverpeak NRE FundCo LLC (90.0% Account Interest)	$	91.7	$	128.8	Redemptions prohibited prior to liquidation.	To invest in alternative real estate investments primarily in major U.S. metropolitan markets.
					Sales have commenced and the Account anticipates liquidation will continue through 2029.
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
IDR - Core Property Index Fund, LLC (0.7% Account Interest)	$	34.1	$	34.1	Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability.	To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed.

					The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager.
Townsend Group Value-Add Fund (99.0% Account Interest)	$	169.0	$	194.3	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the U.S. market.
					Liquidation estimated to begin no earlier than 2027.
					The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion
Flagler REA Healthcare Properties Partnership (90.0% Account Interest)	$	6.5	$	6.5	Redemptions prohibited prior to liquidation.	To acquire healthcare properties within the top 50 MSA's in the U.S.
					Liquidation estimated to begin in 2026
					The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch.
Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)	$	10.9	$	10.9	Redemptions prohibited prior to liquidation.	To acquire office investments across the Southeast.
					Liquidation estimated to begin no earlier than 2026.
					The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager.
Silverpeak NRE FundCo 2 LLC (90.0% Account Interest)	$	89.0	$	124.9	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Sales have commenced and the Account anticipates liquidation will continue through 2029.
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest)	$	98.5	$	108.4	Redemptions prohibited prior to liquidation.	To invest primarily in multi-family properties.
					Liquidation estimated to begin no earlier than 2026.
					The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion

Silverpeak NRE FundCo 3 LLC (90.0% Account Interest)	$	75.7	$	114.0	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Sales have commenced and the Account anticipates liquidation will continue through 2029.
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
Silverpeak NRE FundCo 4 LLC (90.0% Account Interest)	$	30.9	$	200.0	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Liquidation estimated to begin no earlier than 2028.
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
Total	$	804.3	$	1,125.4

Note 8—Investment in Real Estate Operating Business

In September 2020, the Account made an initial $250.0 million investment to acquire an ownership stake in DataBank, an owner/operator of data centers. The investment represents an opportunity for the Account to continue to grow its digital real estate exposure alongside a market leading owner/operator poised to capture incremental demand nationally. The Account is part of a larger consortium of other investors providing funding to DataBank to enable their planned acquisition of 44 data centers, across 23 markets.

In January 2025, the Account made an additional capital contribution of $127.2 million, which fulfilled the remaining commitment entered into in 2024.

The Account’s investment in DataBank at March 31, 2026, represents an ownership stake of 14.8%.


	March 31, 2026				December 31, 2025
Operating Business	Cost		Fair Value		Cost		Fair Value
	(in millions)				(in millions)
DataBank(1)	$	621.8	$	1,082.0	$	621.8	$	1,072.6

(1) The Account invests in DataBank through DigitalBridge Zeus Partners, LP and DigitalBridge Zeus Partners III, LP (collectively, the "Databank" investment).

Note 9—Reverse Repurchase Agreements

The Account periodically enters into reverse repurchase agreements (or "repos") with third parties. Repos are transactions in which the Account purchases securities with a contractual obligation to resell them at a specific date and price, generally overnight or with a short maturity (e.g., one to seven days). The Account enters into these repos pursuant to an existing agreement with State Street Bank & Trust Company (“State Street”) as a part of the liquid, fixed-income investment portion of the Account’s portfolio. The Account’s repo transactions include cash collateral received on securities loaned, certain overdraft credit agreements, and securities purchased under resale agreements. The securities underlying these repo transactions consist primarily of U.S. government and agency securities, which are monitored for market value daily. Under the Account’s existing reverse repurchase agreement with State Street, the Account generally has a right to obtain additional collateral or return excess collateral as market values fluctuate and to sell or repledge securities received as collateral. Repos have the risk that the counterparty to the transaction fails to pay the agreed upon resale price on the delivery date and the value of the collateral after the costs of disposing the collateral and any delay in foreclosing is less than the repurchase price. As of March 31, 2026, the aggregate fair value of securities held by the Account under the repos was $367.5 million, which represents less than 1.6% of the Account’s total net assets as of March 31, 2026.

Note 10—Loans Receivable

The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):


	March 31, 2026						December 31, 2025

	Principal Outstanding		Fair Value		% of Fair Value		Principal Outstanding		Fair Value		% of Fair Value
Office(1)	$	491.3	$	268.7	47.6	%	$	672.7	$	394.7	57.2	%
Apartment(1)	156.9		153.9		27.3	%	157.2		154.1		22.3	%
Industrial	136.9		136.9		24.3	%	136.8		136.9		19.8	%

Retail(2)	44.0		—		—	%	44.0		—		—	%
Land	4.8		4.8		0.8	%	4.7		4.7		0.7	%
	$	833.9	$	564.3	100.0	%	$	1,015.4	$	690.4	100.0	%

(1) Includes loans receivable with related parties.

(2) Property associated with this sector is in default.

The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are delinquent or in default are generally assigned a D rating unless the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance. Debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers' having adequate financial resources to service their financial commitments, or the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay.

The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2026 (in millions), listed in order of the strength of the risk rating (from strongest to weakest):


	March 31, 2026					December 31, 2025
	Number of Loans	Fair Value		% of Fair Value		Number of Loans	Fair Value		% of Fair Value


A+	1	$	129.3	22.9	%	1	$	127.9	18.5	%
A	—	—		—	%	1	39.2		5.7	%



BBB-	1	102.9		18.2	%	2	149.3		21.6	%
BB+	1	40.0		7.1	%	—	—		—	%
BB	1	46.1		8.2	%	1	99.5		14.4	%
BB-	1	107.8		19.1	%	1	107.8		15.6	%
B+	—	—		—	%	1	33.8		4.9	%
B	2	87.0		15.4	%	1	53.1		7.7	%





C	—	—		—	%	1	9.5		1.4	%
D	5	9.4		1.7	%	5	—		—	%
NR(1)	3	41.8		7.4	%	4	70.3		10.2	%
	15	$	564.3	100.0	%	18	$	690.4	100.0	%

(1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2026 and December 31, 2025, all loans with NR designations were with related parties. The loans are collateralized by equity interests in real estate investments.

The Account recognizes interest income from real estate loans when it is earned and deemed collectible, or until the loan becomes past due in accordance with the terms of the loan agreement. Loans are placed in nonaccrual status if they are more than 90 days in arrears or if management determines the full collection of either interest or principal is unlikely. If a loan is not yet matured, any payments received while in nonaccrual status are first applied to reduce any account receivables. Once all accrued interest is collected, subsequent payments are recognized as income. No amounts are applied to the principal balance unless the loan is amortizing. For amortizing loans, payments are allocated between principal and interest based on the terms of the loan agreement. A loan may be returned to accrual status once all past due amounts have been fully repaid and the borrower has demonstrated the ability to meet ongoing payment obligations in accordance with the agreement.

The following table represents loans receivable in nonaccrual status as of March 31, 2026 (in millions).


Aging	Number of Loans	Principal Outstanding		Fair Value
Past Due - 90 Days +	6	$	256.6	$	5.3

Note 11—Loans Payable

At March 31, 2026 and December 31, 2025, the Account had outstanding loans payable secured by the following properties (in millions):


Property	Annual Interest Rate and Payment Frequency	Principal Amounts Outstanding as of				Maturity
		March 31, 2026		December 31, 2025






32 South State Street(1)	4.48% paid monthly	24.0		24.0		June 6, 2025
Project Sonic(2)	2.00% + SOFR paid monthly	94.0		94.0		June 9, 2026

Reserve at Chino Hills(2)	1.61% + SOFR paid monthly	82.2		82.2		August 9, 2026
Vista Station Office Portfolio(3)	4.20% paid monthly	38.5		38.7		November 1, 2026
Marketplace at Mill Creek	3.82% paid monthly	39.6		39.6		September 11, 2027
Overlook At King Of Prussia	3.82% paid monthly	40.8		40.8		September 11, 2027
Winslow Bay	3.82% paid monthly	25.8		25.8		September 11, 2027
Liberty Park	1.80% + SOFR paid monthly	60.2		60.2		December 9, 2027
1900 K Street, NW(3)	3.93% paid monthly	150.9		151.8		April 1, 2028
One Biscayne(2)	2.45% + SOFR paid monthly	80.0		80.0		September 9, 2028
Ashford Meadows(4)	5.76% paid monthly	64.6		64.6		October 1, 2028
803 Corday(4)	5.76% paid monthly	62.2		62.2		October 1, 2028
Churchill on the Park(4)	5.76% paid monthly	40.5		40.5		October 1, 2028
Carrington Park(4)	5.76% paid monthly	43.8		43.8		October 1, 2028
Five Oak(5)	1.47% + SOFR paid monthly	—		44.2		August 9, 2029














Total Principal Outstanding		$	847.1	$	892.4
Fair Value Adjustment(6)		(37.3)		(62.1)
Total Loans Payable		$	809.8	$	830.3

(1)This loan is currently in default.

(2)The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table.

(3)The mortgage is adjusted monthly for principal payments.

(4)These loans are part of a cross-collateralized credit facility pursuant to the Credit Agreement.

(5)Debt was extinguished as part of the disposition of the collateral property.

(6)The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1 - Organization and Significant Accounting Policies.

Note 12—Credit Facility

On September 16, 2022, the Account entered into a credit agreement (the “Credit Agreement”) with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A., comprised of revolving credit loans (“Line of Credit”) up to $500.0 million and up to $500.0 million in term loans (“Term Loans”). On August 11, 2023, the Credit Agreement was amended to increase the revolving credit loans commitment to $1.4 billion and convert the $500.0 million in outstanding term loans into revolving credit loans. The term loans may not be redrawn and all references to Term Loans have been removed from the agreement. The Account may use the proceeds of borrowings under the Credit Agreement for general organizational purposes in the ordinary course of business, including to finance certain real estate portfolio investments. The Account may prepay borrowings under the Credit Agreement at any time during the life of the loan without penalty.

The Account may elect for each borrowing under the Credit Agreement to bear annual interest at an adjusted base rate (“ABR”) or adjusted SOFR plus an applicable margin which is dependent on the leverage ratio of the Account. The applicable margin for adjusted SOFR Revolving Credit Loans ranges from 0.875% to 1.30% and for ABR Revolving Credit Loans ranges from 0.00% to 0.30%. In addition, the Account pays facility fees ranging from 0.125% to 0.20%, depending on the leverage ratio of the Account, on the total revolving commitments (used and unused) under the Credit Agreement.

As of March 31, 2026, the Account was in compliance with all covenants required by the Credit Agreement.

The following table provides a summary of the key characteristics of the Credit Agreement, as of March 31, 2026:

Current Balance - Line of Credit (in millions)

160.0

Maximum Capacity (in millions)

1,285.0

Inception Date

September 16, 2022

Revolving Commitment Termination

September 16, 2026

Extension Option(1)

Yes

ABR Revolving Credit Loans Interest Rate

ABR + Applicable Margin

SOFR Revolving Credit Loans Interest Rate(2)

Adjusted SOFR + Applicable Margin

(1) The Account has one remaining option to extend the Commitment Termination Date for an additional twelve months. The Account may also request additional funding, not to exceed $55.0 million, at any time prior to the Commitment Termination Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed.

(2) The weighted average interest rate for the three months ended March 31, 2026 was 4.657%.

Note 13—Senior Notes Payable

In June 2022, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $500.0 million of debt securities, in the form of Series A senior notes (the “Series A Notes”) and Series B senior notes (the “Series B Notes”) that mature on June 10, 2029 and 2032, respectively. The Account is obligated to repay the Series A and B Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Series A Notes bear interest at an annual rate of 3.24%, payable semi-annually, and the Series B Notes bear interest at an annual rate of 3.35%, payable semi-annually. The Account may also prepay the Series A and B Notes in whole or in part at any time, or from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if prepaid on or before 90 days prior to the applicable maturity date, a make-whole premium.

On March 21, 2023, the Account entered into another note purchase agreement with certain qualified institutional investors. Under this note purchase agreement, the Account issued $400.0 million of debt securities on May 30, 2023, in the form of Series C senior notes (the “Series C Notes”) that will mature on May 30, 2027. The Series C Notes bear interest at an annual rate of 5.50%, payable semi-annually and are subject to the same prepayment terms as the Series A and B Notes.

On October 22, 2025, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $700.0 million of debt securities, in the form of $375.0 million Series D senior note (the "Series D Notes") and $325.0 million Series E senior note (the "Series E Notes") that mature on October 22, 2030 and 2032, respectively. The Series D Notes bear interest at an annual rate of 4.89% payable semi-annually, and the Series E Notes bear interest at an annual rate of 5.13% payable semi-annually. The Account may also prepay the Series D and E Notes in whole or in part (in any amount not less than 5% of the aggregate principal amount of the Notes) at any time, from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if redeemed on or before 90 days prior to the applicable maturity date, a make-whole premium

As of March 31, 2026, the Account was in compliance with all covenants required by the note purchase agreements.

The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2026:


	Principal (in millions)		Interest Rate	Maturity Date
Series A	$	300.0	3.24%	June 10, 2029
Series B	$	200.0	3.35%	June 10, 2032
Series C	$	400.0	5.50%	May 30, 2027
Series D	$	375.0	4.89%	October 22, 2030
Series E	$	325.0	5.13%	October 22, 2032

Note 14—Financial Highlights

Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding.


	For the Three Months Ended March 31, 2026			Years Ended December 31,
				2025			2024			2023

Per Accumulation Unit Data:
Rental income	$	6.547		$	26.577		$	28.407		$	27.323
Real estate property level expenses	2.955			11.694			13.098			12.858
Real estate income, net	3.592			14.883			15.309			14.465
Other income	1.554			6.533			7.209			7.539
Total income	5.146			21.416			22.518			22.004
Interest expense	0.446			1.225			1.117			1.339
Expense charges(1)	1.110			4.217			4.701			4.877
Investment income, net	3.590			15.974			16.700			15.788
Net realized and unrealized gain (loss) on investments and debt	(0.649)			2.341			(36.511)			(91.657)
Net increase (decrease) in Accumulation Unit Value	2.941			18.315			(19.811)			(75.869)
Accumulation Unit Value:
Beginning of period	$	479.558		$	461.243		$	481.054		$	556.923
End of period	$	482.499		$	479.558		$	461.243		$	481.054
Total return(2)	0.61		%	3.97		%	(4.12)		%	(13.62)		%
Ratios to Average net assets(3):
Expense charges(4)	0.92		%	0.88		%	0.99		%	0.93		%
Investment income, net	2.97		%	3.32		%	3.52		%	3.00		%
Portfolio turnover rate(3):
Real estate properties(5)	1.5		%	6.9		%	2.7		%	1.4		%
Marketable securities(6)	—		%	—		%	23.6		%	21.6		%
Accumulation Units outstanding at end of period (millions)	46.2			46.5			47.8			48.0
Net assets end of period (millions)	$	22,736.2		$	22,766.6		$	22,486.9		$	23,618.9

(1)Expenses per Accumulation Unit reflect the year-to-date Account level expenses, which excludes interest expense on Account-level debt and also excludes real estate property level expenses, which are included in real estate income, net. Expense charges are deducted from the net assets of the Account and include fees for investment management services, administrative services, distribution services, mortality and expense risk charges and liquidity guarantee charges, all of which are described further in Note 2 - Related Party Transactions.

(2)Percentages for the three months ended March 31, 2026 are not annualized.

(3)Percentages for the three months ended March 31, 2026 are annualized.

(4)Ratio of expenses to average net assets reflects the year-to-date Account level expense charges, which excludes interest expense on Account-level debt and also excludes property level expenses, which are included in real estate income, net.

(5)Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period.

(6)Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Note 15—Accumulation Units

Changes in the number of Accumulation Units outstanding were as follows (in millions):


	For the Three Months Ended March 31, 2026	For the Year Ended December 31, 2025

Outstanding:
Beginning of period	46.5	47.8
Credited for premiums	1.4	6.1

Annuity, other periodic payments, withdrawals and death benefits	(1.7)	(7.4)
End of period	46.2	46.5

Note 16—Commitments and Contingencies

Commitments—As of March 31, 2026 and December 31, 2025, the Account had the following immediately callable commitments, inclusive of recallable distributions, to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions):


		Commitment Expiration	March 31, 2026(5)		December 31, 2025(5)

Real Estate Funds(1)
	JCR Capital - REA Preferred Equity Parallel Fund	08/2025(2)	9.9		9.9
	Silverpeak NRE FundCo LLC	12/2025(2)(3)	37.1		37.1
	Silverpeak NRE FundCo 3 LLC	12/2026(3)	38.3		30.5
	Townsend Group Value-Add Fund	12/2026(2)	25.3		29.7
	Silverpeak NRE FundCo 2 LLC	12/2026(2)(3)	35.9		51.5
	SP V - II, LLC	09/2029(2)	5.5		6.4
	Silverpeak NRE FundCo 4 LLC	02/2028	169.1		—
			$	321.1	$	165.1
Loans Receivable(4)


	MRA Hub 34 Holding, LLC	05/2026	1.4		1.5


	One Biscayne Tower Senior Loan	07/2028	28.7		30.3
	One Biscayne Tower Mezzanine	07/2028	9.5		10.0
			$	39.6	$	41.8



	TOTAL COMMITMENTS		$	360.7	$	206.9

(1)Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreement.

(2)The commitment and investment terms for this fund have expired; however the remaining unfunded equity relates solely to existing investments where capital is still required. No new investments will be made. The commitment expiration date has been updated to reflect the end of the investment term.

(3)Commitment expiration date represents the Recallable Commitment Termination date

(4)Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of

the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term.

(5)Funds commitments could include cumulative recallable commitments.

Contingencies—In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Note 17—Subsequent Events

In preparing these financial statements, Management has evaluated events and transactions for potential recognition

or disclosure subsequent to March 31, 2026, through May 6, 2026, the date the financial statements were issued and determined there were no material events or transactions to disclose.

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE PROPERTIES
Location/Sector	March 31, 2026				December 31, 2025
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Alabama
Retail	25.6		0.1	%	25.6		0.1	%
	$	25.6	0.1	%	$	25.6	0.1	%
Arizona
Industrial	118.1		0.5	%	90.6		0.4	%


	$	118.1	0.5	%	$	90.6	0.4	%
California
Industrial	3,031.1		13.3	%	3,032.3		13.3	%
Apartment	935.0		4.1	%	1,002.0		4.4	%
Retail	492.5		2.2	%	487.9		2.1	%
Office	57.4		0.3	%	56.5		0.3	%
	$	4,516.0	19.9	%	$	4,578.7	20.1	%
Colorado

Industrial	43.8		0.2	%	43.9		0.2	%
Office	39.2		0.2	%	42.5		0.2	%

	$	83.0	0.4	%	$	86.4	0.4	%
Connecticut
Office	25.2		0.1	%	25.1		0.1	%
	$	25.2	0.1	%	$	25.1	0.1	%
Florida
Apartment	974.7		4.3	%	955.4		4.2	%
Industrial	841.9		3.7	%	837.3		3.7	%
Retail	76.4		0.3	%	76.2		0.3	%

	$	1,893.0	8.3	%	$	1,868.9	8.2	%
Georgia
Industrial	531.2		2.4	%	299.5		1.3	%
Apartment	371.8		1.6	%	376.8		1.7	%
Retail	134.9		0.6	%	135.4		0.6	%
	$	1,037.9	4.6	%	$	811.7	3.6	%
Illinois
Retail	242.5		1.2	%	242.3		1.1	%
Industrial	215.3		0.9	%	214.1		0.9	%
Apartment	213.4		0.9	%	201.4		0.9	%

	$	671.2	3.0	%	$	657.8	2.9	%
Indiana
Industrial	98.0		0.4	%	98.2		0.4	%
	$	98.0	0.4	%	$	98.2	0.4	%
Maryland
Industrial	92.6		0.4	%	87.3		0.4	%
Apartment	73.0		0.3	%	76.2		0.3	%
Retail	54.2		0.3	%	55.6		0.3	%
	$	219.8	1.0	%	$	219.1	1.0	%

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE PROPERTIES
Location/Sector	March 31, 2026				December 31, 2025
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Massachusetts
Apartment	166.7		0.7	%	167.0		0.7	%
Industrial	131.9		0.6	%	137.8		0.6	%
Retail	89.8		0.4	%	89.7		0.4	%
Office	29.2		0.1	%	88.7		0.4	%
	$	417.6	1.8	%	$	483.2	2.1	%
Minnesota
Industrial	135.0		0.6	%	134.2		0.6	%

	$	135.0	0.6	%	$	134.2	0.6	%
Nevada
Industrial	94.8		0.4	%	92.4		0.4	%
	94.8		0.4	%	92.4		0.4	%
New Jersey
Industrial	374.0		1.7	%	373.2		1.6	%
Retail	89.5		0.4	%	87.0		0.4	%
Land	30.2		0.1	%	28.7		0.1	%
	$	493.7	2.2	%	$	488.9	2.1	%
New York
Office	261.5		1.2	%	259.7		1.1	%
Apartment	258.5		1.1	%	256.4		1.1	%
	$	520.0	2.3	%	$	516.1	2.2	%
North Carolina
Retail	106.5		0.5	%	106.5		0.5	%
Industrial	105.6		0.5	%	102.7		0.5	%
Apartment	78.1		0.3	%	78.2		0.3	%
	$	290.2	1.3	%	$	287.4	1.3	%
Oregon
Apartment	30.2		0.1	%	29.9		0.1	%
Office	29.8		0.1	%	51.0		0.2	%
	$	60.0	0.2	%	$	80.9	0.3	%
Pennsylvania
Retail	53.0		0.2	%	59.4		0.3	%
	$	53.0	0.2	%	$	59.4	0.3	%



South Carolina
Apartment	89.4		0.4	%	87.7		0.4	%

	$	89.4	0.4	%	$	87.7	0.4	%
Tennessee
Retail	89.9		0.4	%	85.6		0.4	%
Industrial	81.2		0.4	%	77.1		0.3	%
Apartment	45.1		0.2	%	43.2		0.2	%
	$	216.2	1.0	%	$	205.9	0.9	%

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE PROPERTIES
Location/Sector	March 31, 2026				December 31, 2025
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Texas
Industrial	1,115.7		4.9	%	1,114.0		4.9	%
Office	657.8		2.9	%	676.2		3.0	%
Apartment	463.6		2.1	%	513.8		2.3	%
Retail	99.5		0.4	%	100.0		0.4	%
Hotel	96.9		0.4	%	96.0		0.4	%
	$	2,433.5	10.7	%	$	2,500.0	11.0	%
Utah
Office	45.4		0.2	%	45.5		0.2	%
Industrial	36.7		0.2	%	36.7		0.2	%
	$	82.1	0.4	%	$	82.2	0.4	%
Virginia
Apartment	406.5		1.8	%	409.1		1.8	%
Retail	129.9		0.6	%	135.5		0.6	%
Office	80.1		0.3	%	79.4		0.3	%
	$	616.5	2.7	%	$	624.0	2.7	%
Washington
Industrial	652.7		2.8	%	658.4		2.9	%
Apartment	289.6		1.3	%	285.7		1.3	%
	$	942.3	4.1	%	$	944.1	4.2	%
Washington D.C.
Office	611.4		2.7	%	640.2		2.8	%
Apartment	279.5		1.2	%	286.7		1.3	%
	$	890.9	3.9	%	$	926.9	4.1	%
TOTAL REAL ESTATE PROPERTIES
(Cost: $12,994.7 and $12,973.4)	$	16,023.0	70.5	%	$	15,975.4	70.2	%


REAL ESTATE JOINT VENTURES
Location/Sector	March 31, 2026				December 31, 2025
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
Arizona
Apartment	31.5		0.1	%	31.7		0.1	%

	$	31.5	0.1	%	$	31.7	0.1	%
California
Office	624.6		2.7	%	597.2		2.6	%
Retail	38.3		0.2	%	38.7		0.2	%

	$	662.9	2.9	%	$	635.9	2.8	%
Florida
Retail	384.2		1.7	%	398.6		1.8	%
	$	384.2	1.7	%	$	398.6	1.8	%
Georgia
Apartment	18.6		0.1	%	18.2		0.1	%

	$	18.6	0.1	%	$	18.2	0.1	%

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


REAL ESTATE JOINT VENTURES
Location/Sector	March 31, 2026					December 31, 2025
	Fair Value			% of Net Assets		Fair Value		% of Net Assets
Maryland
Office	36.1			0.1	%	36.5		0.2	%
Retail	16.8			0.1	%	17.1		0.1	%

	$	52.9		0.2	%	$	53.6	0.3	%
Massachusetts
Office	153.5			0.7	%	156.5		0.7	%
	$	153.5		0.7	%	$	156.5	0.7	%
Nevada
Retail	408.5			1.8	%	414.8		1.8	%
	$	408.5		1.8	%	$	414.8	1.8	%
New York
Industrial	65.3			0.3	%	67.3		0.3	%
Office	48.1			0.2	%	19.5		0.1	%
Retail	29.7			0.1	%	28.3		0.1	%
Apartment	—			—	%	46.6		0.2	%
	$	143.1		0.6	%	$	161.7	0.7	%
North Carolina
Land	23.6			0.1	%	23.6		0.1	%
Office	22.5			0.1	%	22.8		0.1	%
Apartment	1.6			—	%	—		—	%
Retail	0.7		(1)	—	%	3.8		—	%
	$	48.4		0.2	%	$	50.2	0.2	%
South Carolina
Apartment	108.4			0.5	%	106.1		0.5	%

	$	108.4		0.5	%	$	106.1	0.5	%
Tennessee
Retail	180.9			0.8	%	182.5		0.8	%
	$	180.9		0.8	%	$	182.5	0.8	%
Texas
Office	306.2			1.4	%	305.9		1.3	%
Industrial	53.3			0.2	%	49.1		0.2	%

	$	359.5		1.6	%	$	355.0	1.5	%



Various(2)
Storage	1,216.0			5.4	%	1,206.5		5.3	%
Apartment	657.4			2.9	%	660.0		2.9	%
Office	533.1			2.3	%	500.9		2.2	%
	$	2,406.5		10.6	%	$	2,367.4	10.4	%
Foreign(3)
Land	178.0			0.8	%	166.6		0.7	%
	$	178.0		0.8	%	$	166.6	0.7	%
TOTAL REAL ESTATE JOINT VENTURES
(Cost: $5,098.6 and $5,115.5)	$	5,136.9		22.6	%	$	5,098.8	22.4	%

(1)Represents residual equity value of the joint venture investment after property disposition.

(2)Properties within these investments are located throughout the United States.

(3)Property is located outside of the United States.

TIAA REAL ESTATE ACCOUNT

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

(Dollar values shown in millions)


MARKETABLE SECURITIES
	March 31, 2026				December 31, 2025
	Fair Value		% of Net Assets		Fair Value		% of Net Assets
U.S. treasury securities	695.5		3.0	%	899.4		3.9	%
U.S. government agency notes	490.7		2.2	%	621.1		2.7	%
Reverse repurchase agreements	367.5		1.6	%	208.2		0.9	%

TOTAL MARKETABLE SECURITIES
(Cost: $1,553.8 and $1,728.6)	$	1,553.7	6.8	%	$	1,728.7	7.5	%

TOTAL REAL ESTATE FUNDS
(Cost: $905.3 and $918.3)	$	804.3	3.5	%	$	839.6	3.7	%

TOTAL REAL ESTATE OPERATING BUSINESS
(Cost: $621.8 and $621.8)	$	1,082.0	4.8	%	$	1,072.6	4.7	%

TOTAL LOANS RECEIVABLE
(Cost: $792.1 and $945.1)	$	522.5	2.3	%	$	620.1	2.7	%



TOTAL LOANS RECEIVABLE WITH RELATED PARTIES
(Cost: $41.8 and $70.3)	$	41.8	0.2	%	$	70.3	0.3	%

TOTAL INVESTMENTS
(Cost: $22,008.1 and $22,373.0)	$	25,164.2	110.7	%	$	25,405.5	111.5	%

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE ACCOUNT'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the Account’s financial condition and results of operations should be read together with the Consolidated Financial Statements and notes contained in this report, the audited Consolidated Financial Statements and accompanying notes contained in the Account’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026 (the “Form 10-K”), and with consideration to the sub-section entitled “Forward-Looking Statements,” which begins below, the section entitled “Item 1A. Risk Factors” of the Account's 2025 Form 10-K and the section entitled “Item 1.A Risk Factors” of this Quarterly Report on Form 10-Q and the Account’s previous Quarterly Reports on Form 10-Q, as such risk factors may be updated in subsequent reports. The past performance of the Account is not indicative of future results.

Forward-looking Statements

Some statements in this Form 10-Q which are not historical facts may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about management’s expectations, beliefs, intentions or strategies for the future, include the assumptions and beliefs underlying these forward-looking statements, and are based on current expectations, estimates and projections about the real estate industry, domestic and global economic conditions, including conditions in the credit and capital markets, employment rates, the sectors, markets and businesses in which the Account invests and operates, and the transactions described in this Form 10-Q. While management believes the assumptions underlying any of its forward-looking statements and information to be reasonable, such information may be subject to uncertainties and may involve certain risks which may be difficult to predict and are beyond management’s control. These risks and uncertainties could cause actual results to differ materially from those contained in any forward-looking statement. These risks and uncertainties include, but are not limited to, the risks associated with the following:

•Acquiring, owning and selling real property and real estate investments, including risks related to general economic and real estate market conditions, the risk that the Account’s properties become too concentrated (whether by geography, sector or by tenant mix) and the risk that the sales price of a property might differ from its estimated or appraised value;

•Property valuations, including the fact that the Account’s appraisals are generally obtained on a quarterly basis and there may be periods in between appraisals of a property during which the value attributed to the property for purposes of the Account’s daily accumulation unit value may be more or less than the actual realizable value of the property;

•Financing the Account’s properties, including the risk of default on loans secured by the Account’s properties (which could lead to foreclosure);

•Contract owner transactions, in particular that (i) significant net contract owner transfers out of the Account may impair our ability to pursue or consummate new investment opportunities, (ii) significant net contract owner transfers into the Account may result, on a temporary basis, in our cash holdings and/or holdings in liquid non-real estate-related investments exceeding our long-term targeted holding levels and (iii) high levels of cash and liquid non-real estate-related investments in the Account during times of appreciating real estate values can impair the Account’s overall return;

•Joint ventures and real estate funds, including the risk that the Account may have limited rights with respect to the joint venture or that a co-venturer or fund manager may have financial difficulties;

•Governmental regulatory matters such as zoning laws, rent control laws, and property and other taxes;

•Potential liability for damage to the environment or injury to individuals caused by hazardous substances used or found on its properties, as well as risks associated with federal and state environmental laws, that may impose restrictions on the manner in which a property may be used;

•Certain catastrophic losses that may be uninsurable, as well as risks related to climate-related changes and hazards, which could adversely impact the Account’s investment returns;

•ESG criteria used to assess economic risk or financial opportunity projections in the evaluation of commercial real estate investments may not materialize in the way we have anticipated, resulting in the Account

subsequently underperforming relative to other investment vehicles that did not utilize such ESG criteria in selecting and managing portfolio properties;

•Countries with emerging market, foreign commercial real properties, foreign real estate loans, foreign debt investments and foreign securities investments that may experience unique risks such as changes in currency exchange rates, imposition of market controls or currency exchange controls, seizure, expropriation or nationalization of assets, political, social or diplomatic events or unrest (for example, the wars in Ukraine and Gaza), regulatory and taxation risks and risks associated with enforcing judgments in foreign countries that could cause the Account to lose money;

•Investments in REITs, including changes in the value of the underlying properties or by the quality of any credit extended, as well as exposure to market risk due to changing conditions in the financial markets;

•Investments in mortgage-backed securities, which are subject to the same risks inherent in real estate investing, making mortgage loans and investing in debt securities. For example, the underlying mortgage loans may experience defaults, are subject to prepayment risks and are sensitive to economic conditions impacting the credit markets generally;

•Risks associated with the Account’s investments in mortgage or mezzanine loans, including (i) borrower default that results in the Account being unable to recover its original investment, (ii) liens that may have priority over the Account’s security interest, (iii) a deterioration in the financial condition of tenants, and (iv) changes in interest rates for the Account’s variable-rate mortgage loans and other debt instruments;

•Risks associated with the Account’s investments in, and leasing of, single-family real estate include risks relating to the condition of the properties, the credit quality and employment stability of the tenants, and compliance with applicable local laws regarding the acquisition and leasing of single family real estate (which may include manufactured housing);

•Investment securities issued by U.S. Government agencies and U.S. Government-sponsored entities, including the risk that the issuer may not have their securities backed by the full faith and credit of the U.S. Government, which could adversely affect the pricing and value of such securities;

•Risks associated with investments in liquid, fixed-income investments and real estate-related liquid assets (which could include, from time to time, registered or unregistered REIT securities and CMBS), and non-real estate-related liquid assets,

•Conflicts of interests associated with TIAA serving as investment manager of the Account and provider of the liquidity guarantee while also serving as an investment manager to other real estate accounts or funds;

•Lending securities, which has the Account bear the market risk with respect to the investment of collateral or a portion of the income generated by interest paid by the securities lending agent on the cash collateral balance;

•The Account’s requirement to sell property in the event that TIAA owns too large of a percentage of the Account’s accumulation units, which sales could occur at a time or price that is not optimal for the Account’s returns; and

•The tax rules applicable to the contracts vary and your rights under a contract may be subject to the terms of your employer's retirement plan itself, regardless of the terms of the contract. We cannot provide detailed information on all tax aspects of owning the contracts. Tax rules may change without notice, and we cannot predict whether, when, or how tax rules could change or what, if any, tax legislation will actually be proposed or enacted;

•Continued liquidity risks within the Account's portfolio. Additional detail regarding the recent triggering of the Account’s Liquidity Guarantee is included below in the sub-section entitled “Liquidity and Capital Resources.”

More detailed discussions of certain of these risk factors are contained in the section of the Form 10-K entitled “Item 1A. Risk Factors” and "Part II, Item 1A, Risk Factors" in this Report and also in the section below entitled “Quantitative and Qualitative Disclosures About Market Risk.” These risks could cause actual results to differ materially from historical experience or management’s present expectations.

Caution should be taken not to place undue reliance on management’s forward-looking statements, which represent management’s views only as of the date that this report is filed. Neither management nor the Account undertake any obligation to update publicly or revise any forward-looking statement, whether as a result of new information, changed assumptions, future events or otherwise.

Commercial real estate market statistics discussed in this section are obtained by the Account from sources that management considers reliable, but some of the data are preliminary for the period ended March 31, 2026 and may be subsequently revised. Prior period data may have been adjusted to reflect updated calculations. Investors should not rely exclusively on the data presented below in forming a judgment regarding the current or prospective performance of the commercial real estate market generally.

ABOUT THE TIAA REAL ESTATE ACCOUNT

The Account was established, under the laws of New York, in February 1995 as a separate account of TIAA and interests in the Account were first offered to eligible contract owners on October 2, 1995. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance.

Investment Objective and Strategy

The Real Estate Account seeks to generate favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments, while offering investors guaranteed, daily liquidity.

Real Estate-Related Investments. The Account intends to have between 75% and 85% of its net assets invested directly in real estate or real estate-related investments with the goal of producing favorable long-term returns primarily through rental income and appreciation. These investments may consist of:

•Direct ownership interests in domestic and foreign real estate;

•Direct ownership of real estate through interests in joint ventures;

•Indirect interests in real estate through real estate-related securities: such as

◦private real estate limited partnerships and limited liability companies (collectively, “real estate funds”);

◦real estate operating businesses;

◦investments in equity or debt securities of domestic and foreign companies whose operations involve real estate (i.e., that primarily own, develop or manage real estate) which may not be real estate investment trusts (“REITs”);

◦domestic or foreign loans, including conventional commercial mortgage loans, participating mortgage loans, secured domestic and foreign mezzanine loans, subordinated loans and collateralized mortgage obligations, including commercial mortgage-backed securities (“CMBS”), collateralized mortgage obligations (“CMOs”),and other similar investments; and

◦public and/or privately placed, domestic and foreign, registered and unregistered equity investments in REITs, which investments may consist of registered or unregistered common or preferred stock interests.

The Account’s principal strategy is to purchase direct ownership interests in income-producing real estate, including the four primary sectors of industrial, multi-family, office, and retail, as well as alternative real estate sectors (defined as real estate outside of the four primary sectors noted above). The Account targets holding between 65% and 85% of the Account’s net assets in such direct ownership interests.

In addition, the Account is authorized to hold up to 25% of its net assets in liquid real estate-related securities, including publicly traded REITs and CMBS. Management intends that the Account will not hold more than 10% of net assets in such securities on a long-term basis. As of March 31, 2026, the Account did not hold any publicly traded REITs or CMBS.

In making commercial real estate investments within the Account, TIAA seeks to make investments that are suitable from a financial perspective, taking into account the potential financial impacts associated with industry recognized environmental, social and governance (“ESG”) criteria to the extent that such criteria are reasonably expected to impact the financial performance of the investment and not to achieve a desired outcome or as an investment

qualification or screen. TIAA believes awareness, and, as appropriate, implementation of ESG criteria in commercial real estate holdings is beneficial to total long-term returns for the Account Ultimately, the Account will make an investment decision that incorporates ESG criteria only to the extent that the criteria are reasonably expected to enhance our understanding of the investment’s ability to achieve desired returns for the Account.

Liquid, Fixed-Income Investments. The Account will invest the remaining portion of its assets (targeted to be between 15% and 25% of its net assets) in the following types of liquid, fixed income investments:

•U.S. Treasury or U.S. Government agency securities;

•Intermediate-term or long-term government related instruments, such as bond or other fixed-income securities issued by U.S. Government agencies, U.S. states or municipalities or U.S. Government-sponsored entities as well as foreign governments and their agencies (including those in emerging markets) and supranational or multinational organizations (e.g., European Union);

•Intermediate-term or long-term non-government related instruments, such as corporate debt securities, domestic- or foreign mezzanine or other debt, and structured securities, (e.g. unsecured debt obligations with a return linked to the performance of an underlying asset). Such structured securities may include asset-backed securities (“ABS”) issued by domestic or foreign entities, mortgage backed securities (“MBS”), residential mortgage backed securities (“RMBS”), debt securities of foreign governments, and collateralized debt (“CDO”), collateralized bond (“CBO”) and collateralized loan (“CLO”) obligations, but only if such non-government related instruments are investment-grade securities;

•Money market instruments and other cash equivalents. These will usually be high-quality, short-term debt instruments, including U.S. Government or government agency securities, commercial paper, certificates of deposit, bankers’ acceptances, repurchase agreements, interest-bearing time deposits, and corporate debt securities; and

•To a limited extent, privately issued (or non-publicly traded) debt securities, including Rule 144A securities, issued by domestic and foreign companies that do not primarily own or manage real estate, but only if such domestic and foreign privately issued debt securities are investment-grade securities.

However, the Account’s liquid, fixed-income investments may comprise less than 15% of its net assets especially during and following periods of significant net contract owner outflows. In addition, the Account, on a temporary basis, may hold in excess of 25% of its net assets in liquid, fixed-income investments, particularly during times of significant inflows into the Account and/or a lack of attractive real estate–related investments available in the market.

Liquid Securities Generally. Primarily due to management’s need to manage fluctuations in cash flows, in particular during and following periods of significant contract owner net transfer activity into or out of the Account, the Account may, on a temporary or long term basis (i) exceed the upper end of its targeted holdings (currently 35% of the Account’s net assets) in liquid securities of all types including both publicly traded non-real estate-related liquid investments and liquid real estate–related securities, such as REITs and structured securities (including ABS, RMBS, CMBS and MBS), or (ii) be below the low end of its targeted holdings in such liquid securities (currently 15% of the Account’s net assets).

The portion of the Account’s net assets invested in liquid investments of all types may exceed the upper end of its target, for example, if (i) the Account receives a large inflow of money in a short period of time, in particular due to significant contract owner transfer activity into the Account, (ii) the Account receives significant proceeds from sales or financings of direct real estate assets, (iii) there is a lack of attractive direct real estate investments available on the market, and/or (iv) the Account anticipates more near-term cash needs, including to acquire or improve direct real estate investments, pay expenses or repay indebtedness. Conversely, the portion of the Account's net assets invested in liquid investments of all types may exceed the lower end of its target, for example, during and immediately following periods of significant net contract owner outflows.

Foreign Investments. The Account may also make foreign real estate, foreign real estate-related investments and foreign liquid, fixed-income investments. Under the Account’s investment guidelines, investments in direct foreign real estate and real estate loans, together with foreign real estate-related securities and foreign liquid, fixed-income

investments may not comprise more than 25% of the Account’s net assets. However, management does not intend such foreign investments, in the aggregate, to exceed 10% of the Account's net assets. As of March 31, 2026, the fair value of the Account's foreign real estate investments was $178.0 million, or 0.8% of net assets.

In managing any domestic or foreign mezzanine debt or other domestic or foreign loans or securities, the Account may enter into certain derivatives transactions (including forward currency contracts and swaps, futures contracts, put and call options and other hedging transactions) in order to hedge against the risks of exchange rate uncertainties, interest rate uncertainties and foreign currency or market fluctuations impacting the Account’s domestic or foreign investments. The Account does not intend to speculate in such transactions.

FIRST QUARTER 2026 U.S. ECONOMIC AND COMMERCIAL REAL ESTATE OVERVIEW

The Account invests primarily in high-quality, core real estate in order to meet its investment objective of obtaining favorable long-term returns through rental income and the appreciation of its real estate holdings.

Economic Overview and Outlook



Key Macro Economic Indicators*	Actuals			Forecast
	2025	1Q 2026	2026		2027
Economy(1)
Gross Domestic Product (“GDP”)	2.0%	3.1%		2.0%		1.8%
Employment Growth (2)	10	68		32		75
Unemployment Rate	4.4%	4.3%		4.6%		4.5%
Interest Rates(3)
10 Year Treasury	4.2%	4.3%		4.3%		4.3%

Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Federal Reserve and Moody’s Analytics

*Data subject to revision

(1)GDP growth rates are annual rates. Quarterly unemployment rates are the reported value for the final month of the quarter while annual values represent a twelve-month average.

(2)Values presented in thousands. Forecast values represent average monthly employment growth in the respective periods.

(3)Treasury rates are an average over the stated period.

Global economic growth continued at a solid pace at the start of 2026 led by improved activity in the U.S. and Europe and unexpected strength in China’s economy. Geopolitical pressures have intensified driven by the conflict in the Middle East, introducing an additional layer of risk into the global economic outlook. Energy importing nations in Europe and Asia are particularly exposed, but rising energy prices will put upward pressure on inflation and long-term interest rates in most major economies.

The U.S. economy reaccelerated in the first quarter as GDP grew at an estimated 3.1% annualized pace after slowing significantly at the end of 2025. Improved consumer spending and continued business investment in AI capacity helped drive stronger activity during the quarter, pushing year-over-year growth up to 3.0%. Rising oil prices stemming from the conflict with Iran caused inflation to jump to the highest point in nearly three years at the end of the quarter. However, the economy received a boost from the Supreme Court decision ruling many of the tariffs implemented in 2025 as unlawful. In addition, several tax cuts and other provisions in the One Big Beautiful Bill Act took effect at the start of the year, providing support for manufacturing activity and consumer spending. Labor market conditions showed modest improvement during the quarter, though the environment remained soft overall, with the economy adding an average of 68,000 jobs per month. Job growth continued to be uneven across sectors, as traditional office-using industries experienced employment contraction while education and healthcare remained a consistent source of job creation.

The Federal Reserve held short-term interest rates steady during the quarter, adopting a wait and see posture as policymakers assessed the potential economic fallout from the conflict in Iran. Federal officials have signaled that they are unlikely to respond directly to inflation caused by energy price shocks but remain concerned about inflation expectations in the economy. Markets now expect only one rate cut throughout the remainder of 2026, with additional cuts likely in 2027. Yields on 10-year Treasuries jumped following the first attacks in Iran, finishing the first quarter at 4.34% from 4.18% at the end of 2025.

Economic conditions in Europe continued to improve in the first quarter, supported by stronger growth in the United Kingdom and expansionary fiscal policy in Germany. The developed economies in Europe are net importers of energy, however, and will be impacted more acutely by the recent conflict in Iran. Central banks in the region are in a favorable position as inflation has trended towards target in most European economies in recent quarters, but rate hikes have become increasingly likely given rising oil and natural gas prices.

In Asia, China's economy expanded 5.0% year-over-year in the first quarter of 2026, surpassing expectations and providing a positive catalyst for broader regional growth. While reduced U.S. tariffs have served as a meaningful tailwind for Asian economies, the full implications of the ongoing Middle East conflict on the region remain uncertain. Similar to Europe, the majority of Asia's largest economies are net energy importers, with significant exposure through the contested Strait of Hormuz, leaving them vulnerable to inflationary pressures and downside risks to economic growth should tensions in the Middle East persist.

Real Estate Market Conditions and Outlook

Like the broader macroeconomy, the outlook for commercial real estate faces an additional layer of risk stemming from macroeconomic and geopolitical uncertainty. An extended period of renewed high inflation in the U.S. economy could translate to higher long-term interest rates and slower economic activity, with negative implications for property values and fundamentals performance. However, commercial real estate is relatively well positioned among asset classes for resilience in this kind of environment. For one, property values in the commercial sector already experienced a significant adjustment period spanning from the end of 2022 to the beginning of 2024, primarily triggered by the sharp rise in long-term interest rates during 2022. This previous correction reduces the probability of another substantial drop in valuations and creates a favorable opportunity for those looking to invest as the market enters a fresh expansion phase. Additionally, new construction activity has been tapering across most property types, which should provide some stability to property market fundamentals even in an adverse macroeconomic environment

The Account returned 0.61% in the first quarter of 2026 and 3.60% since March 31, 2025. The Account had slight appreciation in property values in the first quarter and property fundamentals remain strong. Future transaction activity will be consistent with the Account’s multi-year strategy of reducing exposure to anticipated underperforming sectors such as traditional office and regional malls and increasing allocations to anticipated outperforming sectors such as housing, industrial, necessity retail, and alternatives.

Data for the Account’s top five markets in terms of market value as of March 31, 2026 are provided below. The five markets presented below represent 40.0% of the Account’s total real estate portfolio. Across all markets, the Account’s properties are 90.7% leased.


Top 5 Metro Areas by Fair Market Value	Account % Leased	Number of Property Investments	Metro Area Fair Value as a % of Total RE Portfolio*	Metro Area Fair Value as a % of Total Investments*
Riverside-San Bernardino-Ontario, CA	91.3%	6	8.6%	7.3%
Washington-Arlington-Alexandria, DC-VA-MD-WV	88.2%	17	8.5%	7.2%
Dallas-Fort Worth-Arlington, TX	95.2%	12	8.4%	7.1%
Los Angeles-Long Beach-Anaheim, CA	88.8%	19	8.4%	7.1%
Atlanta-Sandy Springs-Roswell, GA	92.0%	8	6.1%	5.1%

*Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

Office

The office sector continues to exhibit signs of recovery. Net absorption remained positive for a third consecutive quarter, and vacancy fell by 11 basis points over the quarters. Additionally, we see attractive opportunities emerging for high-quality assets. Newer properties have collectively seen improving occupancy since early 2024. Starts are at near record lows, leading to virtually no new supply over the mid-term and net negative supply after factoring in demolitions and conversions of obsolete space into other uses. The result will likely be a shortage of high-quality space. However, demand is expected to remain historically weak due to flat employment growth in the

primary office-using sectors. Prices bottomed early last year, falling 40% from the peak and have increased by 4.4% since. A supply shortage of quality assets combined with comparatively high going-in yields are starting to drive a compelling relative value opportunity.

Vacancy nationwide had a modest decrease from 14.1% in the fourth quarter of 2025 to 14.0% in the first quarter of 2026, as reported by CoStar. Leasing activity decreased to 82.9% in the first quarter of 2026, a 0.6% regression from the fourth quarter of 2025. Management attributes the decline in occupancy to ongoing tenant downsizing, which they believe is primarily driven by the continued adoption of hybrid work arrangements and prevailing macroeconomic conditions. Additionally, uneven demand across the sector has contributed to elevated vacancy levels. The vacancy rate within the Account’s office portfolio increased from 16.5% in the fourth quarter of 2025 to 17.1% in the first quarter of 2026. The increase in the San Diego metro area was primarily due to reduced leasing activity and the lagged impact of negative vacancy recorded throughout most of 2025. In the Dallas and New York metro areas, vacancy rates have risen as economic uncertainty and the continued adoption of hybrid work models have softened tenant demand and driven relocations across both markets. Additionally, a trend has accelerated, with tenants increasingly favoring newer, higher-quality assets over older building stock, creating challenges for legacy office properties.


					Account Vacancy				Market Vacancy*
Top 5 Office Metropolitan Areas	Total Sector by Metro Area ($M)		% of Total Investments		Q1 2026		Q4 2025		Q1 2026		Q4 2025
All Office					17.1	%	16.5	%	14.0	%	14.1	%
Washington-Arlington-Alexandria, DC-VA-MD-WV	$	727.6	2.9	%	20.8	%	20.8	%	17.6	%	17.7	%
Dallas-Fort Worth-Arlington, TX	627.8		2.5	%	9.3	%	9.0	%	17.9	%	17.9	%
San Diego-Carlsbad, CA	618.4		2.5	<

TIAA REAL ESTATE ACCOUNT 10-Q