Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | (Do not check if a smaller reporting company) | ☒ | Smaller Reporting Company | ☐ | |||||||||||||
Emerging Growth Company | ☐ |
Page | ||||||||||||
Part I | Financial Information | |||||||||||
Item 1. | Unaudited Consolidated Financial Statements | |||||||||||
Item 2. | Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations | |||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||||||
Item 4. | Controls and Procedures | |||||||||||
Part II | Other Information | |||||||||||
Item 1. | Legal Proceedings | |||||||||||
Item 1A. | Risk Factors | |||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||
Item 3. | Defaults Upon Senior Securities | |||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||
Item 5. | Other Information | |||||||||||
Item 6. | Exhibits | |||||||||||
Signatures |
June 30, | December 31, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
ASSETS | |||||||||||||||||
Investments, at fair value: | |||||||||||||||||
Real estate properties (cost: $14,395.8 and $14,163.2) | $ | 21,288.6 | $ | 18,903.9 | |||||||||||||
Real estate joint ventures (cost: $5,648.1 and $5,497.9) | 7,642.9 | 7,175.9 | |||||||||||||||
Real estate funds (cost: $781.5 and $692.9) | 907.0 | 811.5 | |||||||||||||||
Real estate operating business (cost: $352.5 and $251.6) | 628.0 | 326.3 | |||||||||||||||
Marketable securities (cost: $2,771.7 and $2,217.0) | 2,724.0 | 2,207.8 | |||||||||||||||
Loans receivable (principal: $1,582.0 and $1,434.3) | 1,488.2 | 1,422.7 | |||||||||||||||
Loans receivable with related parties (principal: $69.9 and $69.8) | 69.9 | 69.9 | |||||||||||||||
Total investments (cost: $25,601.5 and $24,326.7) | $ | 34,748.6 | $ | 30,918.0 | |||||||||||||
Cash and cash equivalents | 32.1 | 21.2 | |||||||||||||||
Due from investment manager | 8.9 | 9.9 | |||||||||||||||
Other | 335.1 | 327.3 | |||||||||||||||
TOTAL ASSETS | $ | 35,124.7 | $ | 31,276.4 | |||||||||||||
LIABILITIES | |||||||||||||||||
Loans payable, at fair value (principal outstanding: $2,324.9 and $2,362.6) | 2,293.0 | 2,380.5 | |||||||||||||||
Line of credit, at fair value | 500.0 | 500.0 | |||||||||||||||
Senior notes payable, at fair value (principal outstanding: $500.0) | 486.2 | — | |||||||||||||||
Accrued real estate property expenses | 252.0 | 287.6 | |||||||||||||||
Payable for securities purchased | 100.0 | — | |||||||||||||||
Other | 44.7 | 36.3 | |||||||||||||||
TOTAL LIABILITIES | $ | 3,675.9 | $ | 3,204.4 | |||||||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | |||||||||||||||
NET ASSETS | |||||||||||||||||
Accumulation Fund | 30,786.2 | 27,476.0 | |||||||||||||||
Annuity Fund | 662.6 | 596.0 | |||||||||||||||
TOTAL NET ASSETS | $ | 31,448.8 | $ | 28,072.0 | |||||||||||||
NUMBER OF ACCUMULATION UNITS OUTSTANDING | 54.0 | 53.4 | |||||||||||||||
NET ASSET VALUE, PER ACCUMULATION UNIT | $ | 570.473 | $ | 514.765 |
September 30, | December 31, | ||||||||
2017 | 2016 | ||||||||
(Unaudited) | |||||||||
ASSETS | |||||||||
Investments, at fair value: | |||||||||
Real estate properties (cost: $12,944.7 and $12,818.1) | $ | 15,654.2 | $ | 15,452.8 | |||||
Real estate joint ventures and limited partnerships (cost: $4,540.2 and $4,530.4) | 5,816.1 | 5,759.9 | |||||||
Marketable securities: | |||||||||
Real estate-related (cost: $889.5 and $883.9) | 1,121.0 | (1) | 1,081.5 | (1) | |||||
Other (cost: $4,293.3 and $4,054.0) | 4,293.4 | 4,053.8 | |||||||
Loans receivable (cost: $296.5 and $294.8) | 298.8 | 295.7 | |||||||
Total investments (cost: $22,964.2 and $22,581.2) | 27,183.5 | 26,643.7 | |||||||
Cash and cash equivalents | 6.8 | 3.0 | |||||||
Due from investment manager | 4.8 | 5.9 | |||||||
Other | 227.6 | (2) | 332.6 | (2) | |||||
TOTAL ASSETS | 27,422.7 | 26,985.2 | |||||||
LIABILITIES | |||||||||
Mortgage loans payable, at fair value (principal outstanding: $2,284.8 and $2,316.5) | 2,311.0 | 2,332.1 | |||||||
Accrued real estate property expenses | 211.7 | 202.2 | |||||||
Payable for collateral for securities loaned | 5.6 | 93.0 | |||||||
Other | 54.6 | 53.2 | |||||||
TOTAL LIABILITIES | 2,582.9 | 2,680.5 | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
NET ASSETS | |||||||||
Accumulation Fund | 24,333.5 | 23,813.5 | |||||||
Annuity Fund | 506.3 | 491.2 | |||||||
TOTAL NET ASSETS | $ | 24,839.8 | $ | 24,304.7 | |||||
NUMBER OF ACCUMULATION UNITS OUTSTANDING | 61.9 | 62.4 | |||||||
NET ASSET VALUE, PER ACCUMULATION UNIT | $ | 393.257 | $ | 381.636 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||||
Real estate income, net: | |||||||||||||||||||||||
Rental income | $ | 314.1 | $ | 305.3 | $ | 617.8 | $ | 594.1 | |||||||||||||||
Real estate property level expenses and taxes: | |||||||||||||||||||||||
Operating expenses | 71.1 | 63.6 | 144.7 | 132.6 | |||||||||||||||||||
Real estate taxes | 50.3 | 51.9 | 102.0 | 106.7 | |||||||||||||||||||
Interest expense | 21.3 | 23.6 | 42.2 | 46.5 | |||||||||||||||||||
Total real estate property level expenses and taxes | 142.7 | 139.1 | 288.9 | 285.8 | |||||||||||||||||||
Real estate income, net | 171.4 | 166.2 | 328.9 | 308.3 | |||||||||||||||||||
Income from real estate joint ventures | 42.5 | 49.3 | 103.0 | 92.2 | |||||||||||||||||||
Income from real estate funds | 5.5 | 2.5 | 11.5 | 4.7 | |||||||||||||||||||
Interest | 22.3 | 20.8 | 43.0 | 40.7 | |||||||||||||||||||
Other | — | — | 0.8 | — | |||||||||||||||||||
TOTAL INVESTMENT INCOME | 241.7 | 238.8 | 487.2 | 445.9 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Investment management charges | 21.4 | 16.3 | 43.9 | 33.5 | |||||||||||||||||||
Administrative charges | 8.9 | 11.7 | 22.4 | 26.5 | |||||||||||||||||||
Distribution charges | 5.0 | 5.6 | 12.3 | 13.9 | |||||||||||||||||||
Mortality and expense risk charges | 0.1 | 0.3 | 0.5 | 0.6 | |||||||||||||||||||
Liquidity guarantee charges | 22.4 | 14.5 | 45.1 | 28.4 | |||||||||||||||||||
TOTAL EXPENSES | 57.8 | 48.4 | 124.2 | 102.9 | |||||||||||||||||||
INVESTMENT INCOME, NET | 183.9 | 190.4 | 363.0 | 343.0 | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT | |||||||||||||||||||||||
Net realized gain (loss) on investments: | |||||||||||||||||||||||
Real estate properties | 37.9 | 199.8 | 29.5 | 202.8 | |||||||||||||||||||
Real estate joint ventures | (37.8) | (0.1) | 13.1 | (0.1) | |||||||||||||||||||
Marketable securities | (0.3) | — | (1.3) | — | |||||||||||||||||||
Loans receivable | — | (13.4) | — | (14.1) | |||||||||||||||||||
Net realized (loss) gain on investments | (0.2) | 186.3 | 41.3 | 188.6 | |||||||||||||||||||
Net change in unrealized gain (loss) on: | |||||||||||||||||||||||
Real estate properties | 939.7 | 404.2 | 2,152.1 | 692.0 | |||||||||||||||||||
Real estate joint ventures | 277.1 | 99.8 | 349.0 | 154.2 | |||||||||||||||||||
Real estate funds | 16.3 | 0.3 | 6.9 | 4.2 | |||||||||||||||||||
Real estate operating business | 140.4 | 22.1 | 200.8 | 22.1 | |||||||||||||||||||
Foreign currency exchange on forward contracts | 1.6 | — | 1.6 | — | |||||||||||||||||||
Marketable securities | (9.9) | (0.3) | (38.5) | (0.3) | |||||||||||||||||||
Loans receivable | (83.2) | 5.4 | (82.2) | 18.7 | |||||||||||||||||||
Loans payable | 46.1 | 10.5 | 49.8 | 14.0 | |||||||||||||||||||
Senior notes payable | 13.8 | — | 13.8 | — | |||||||||||||||||||
Net change in unrealized gain on investments and debt | 1,341.9 | 542.0 | 2,653.3 | 904.9 | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT | 1,341.7 | 728.3 | 2,694.6 | 1,093.5 | |||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,525.6 | $ | 918.7 | $ | 3,057.6 | $ | 1,436.5 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
INVESTMENT INCOME | |||||||||||||||
Real estate income, net: | |||||||||||||||
Rental income | $ | 267.9 | $ | 257.4 | $ | 791.6 | $ | 755.9 | |||||||
Real estate property level expenses and taxes: | |||||||||||||||
Operating expenses | 56.9 | 54.8 | 164.9 | 163.5 | |||||||||||
Real estate taxes | 43.2 | 40.4 | 127.3 | 116.9 | |||||||||||
Interest expense | 22.5 | 22.4 | 67.3 | 63.3 | |||||||||||
Total real estate property level expenses and taxes | 122.6 | 117.6 | 359.5 | 343.7 | |||||||||||
Real estate income, net | 145.3 | 139.8 | 432.1 | 412.2 | |||||||||||
Income from real estate joint ventures and limited partnerships | 60.9 | 33.5 | 154.3 | 111.8 | |||||||||||
Interest | 15.9 | 6.3 | 37.6 | 17.8 | |||||||||||
Dividends | 7.9 | 9.2 | 15.7 | 19.9 | |||||||||||
TOTAL INVESTMENT INCOME | 230.0 | 188.8 | 639.7 | 561.7 | |||||||||||
Expenses: | |||||||||||||||
Investment management charges | 15.5 | 17.6 | 52.9 | 51.8 | |||||||||||
Administrative charges | 14.7 | 17.0 | 46.0 | 48.4 | |||||||||||
Distribution charges | 6.4 | 7.2 | 19.6 | 21.3 | |||||||||||
Mortality and expense risk charges | 0.3 | 0.3 | 0.9 | 0.9 | |||||||||||
Liquidity guarantee charges | 12.5 | 10.2 | 34.5 | 28.1 | |||||||||||
TOTAL EXPENSES | 49.4 | 52.3 | 153.9 | 150.5 | |||||||||||
INVESTMENT INCOME, NET | 180.6 | 136.5 | 485.8 | 411.2 | |||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND MORTGAGE LOANS PAYABLE | |||||||||||||||
Net realized gain (loss) on investments: | |||||||||||||||
Real estate properties | 75.2 | 16.4 | 58.4 | 26.5 | |||||||||||
Real estate joint ventures and limited partnerships | (8.6 | ) | 0.2 | (8.6 | ) | 0.4 | |||||||||
Marketable securities | 2.6 | 3.1 | 15.3 | 21.6 | |||||||||||
Net realized gain on investments | 69.2 | 19.7 | 65.1 | 48.5 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Real estate properties | (9.4 | ) | 36.9 | 74.8 | 242.2 | ||||||||||
Real estate joint ventures and limited partnerships | 26.9 | 24.3 | 88.7 | 152.3 | |||||||||||
Marketable securities | 2.2 | (26.0 | ) | 34.2 | 84.2 | ||||||||||
Loans receivable | 1.4 | 0.1 | 1.4 | 0.1 | |||||||||||
Mortgage loans payable | (4.1 | ) | (29.1 | ) | (10.6 | ) | (54.8 | ) | |||||||
Net change in unrealized appreciation on investments and mortgage loans payable | 17.0 | 6.2 | 188.5 | 424.0 | |||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND MORTGAGE LOANS PAYABLE | 86.2 | 25.9 | 253.6 | 472.5 | |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 266.8 | $ | 162.4 | $ | 739.4 | $ | 883.7 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
FROM OPERATIONS | |||||||||||||||||||||||
Investment income, net | $ | 183.9 | $ | 190.4 | $ | 363.0 | $ | 343.0 | |||||||||||||||
Net realized (loss) gain on investments | (0.2) | 186.3 | 41.3 | 188.6 | |||||||||||||||||||
Net change in unrealized gain on investments and debt | 1,341.9 | 542.0 | 2,653.3 | 904.9 | |||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 1,525.6 | 918.7 | 3,057.6 | 1,436.5 | |||||||||||||||||||
FROM PARTICIPANT TRANSACTIONS | |||||||||||||||||||||||
Premiums | 859.1 | 777.0 | 1,667.5 | 1,465.1 | |||||||||||||||||||
Annuity payments | (14.5) | (11.7) | (27.0) | (23.7) | |||||||||||||||||||
Withdrawals and death benefits | (692.4) | (540.8) | (1,321.3) | (1,206.5) | |||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS | 152.2 | 224.5 | 319.2 | 234.9 | |||||||||||||||||||
NET INCREASE IN NET ASSETS | 1,677.8 | 1,143.2 | 3,376.8 | 1,671.4 | |||||||||||||||||||
NET ASSETS | |||||||||||||||||||||||
Beginning of period | 29,771.0 | 23,772.1 | 28,072.0 | 23,243.9 | |||||||||||||||||||
End of period | $ | 31,448.8 | $ | 24,915.3 | $ | 31,448.8 | $ | 24,915.3 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
FROM OPERATIONS | |||||||||||||||
Investment income, net | $ | 180.6 | $ | 136.5 | $ | 485.8 | $ | 411.2 | |||||||
Net realized gain on investments | 69.2 | 19.7 | 65.1 | 48.5 | |||||||||||
Net change in unrealized appreciation on investments and mortgage loans payable | 17.0 | 6.2 | 188.5 | 424.0 | |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 266.8 | 162.4 | 739.4 | 883.7 | |||||||||||
FROM PARTICIPANT TRANSACTIONS | |||||||||||||||
Premiums | 552.4 | 757.8 | 1,980.6 | 2,349.2 | |||||||||||
Annuity payments | (10.8 | ) | (10.3 | ) | (32.3 | ) | (30.3 | ) | |||||||
Withdrawals and death benefits | (777.5 | ) | (576.6 | ) | (2,152.6 | ) | (1,551.1 | ) | |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS | (235.9 | ) | 170.9 | (204.3 | ) | 767.8 | |||||||||
NET INCREASE IN NET ASSETS | 30.9 | 333.3 | 535.1 | 1,651.5 | |||||||||||
NET ASSETS | |||||||||||||||
Beginning of period | 24,808.9 | 23,678.2 | 24,304.7 | 22,360.0 | |||||||||||
End of period | $ | 24,839.8 | $ | 24,011.5 | $ | 24,839.8 | $ | 24,011.5 |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net increase in net assets resulting from operations | $ | 3,057.6 | $ | 1,436.5 | |||||||
Adjustments to reconcile net changes in net assets resulting from operations to net cash used in operating activities: | |||||||||||
Net realized gain on investments | (41.3) | (188.6) | |||||||||
Net change in unrealized gain on investments and debt | (2,653.3) | (904.9) | |||||||||
Purchase of real estate properties | (339.5) | (115.0) | |||||||||
Capital improvements on real estate properties | (195.8) | (112.1) | |||||||||
Proceeds from sales of real estate properties | 334.0 | 561.5 | |||||||||
Purchases of other real estate investments | (687.1) | (324.4) | |||||||||
Proceeds from sales of other real estate investments | 392.7 | — | |||||||||
Purchases and originations of loans receivable | (317.5) | (163.7) | |||||||||
Proceeds from sales of loans receivable | 161.4 | 294.5 | |||||||||
Proceeds from payoffs of loans receivable | 8.4 | 44.4 | |||||||||
Increase in other investments | (556.0) | (960.0) | |||||||||
Net change in due to/from investment manager | 1.0 | 5.3 | |||||||||
Increase in receivable for securities sold | — | (58.8) | |||||||||
Increase in payable for securities purchased | 100.0 | 127.4 | |||||||||
(Increase) Decrease in other assets | (4.8) | 19.4 | |||||||||
(Increase) decrease in other liabilities | (27.4) | 76.5 | |||||||||
NET CASH USED IN OPERATING ACTIVITIES | (767.6) | (262.0) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from senior notes payable | 500.0 | — | |||||||||
Mortgage loan proceeds received | 9.1 | — | |||||||||
Payments of mortgage loans | (46.8) | (9.2) | |||||||||
Premiums | 1,667.5 | 1,465.1 | |||||||||
Annuity payments | (27.0) | (23.7) | |||||||||
Withdrawals and death benefits | (1,321.3) | (1,206.5) | |||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 781.5 | 225.7 | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 13.9 | (36.3) | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Beginning of period cash, cash equivalents and restricted cash | 46.0 | 61.1 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 13.9 | (36.3) | |||||||||
End of period cash, cash equivalents and restricted cash | $ | 59.9 | $ | 24.8 | |||||||
SUPPLEMENTAL DISCLOSURES: | |||||||||||
Cash paid for interest | $ | 43.2 | $ | 47.5 | |||||||
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net increase in net assets resulting from operations | $ | 739.4 | $ | 883.7 | |||
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized gain on investments | (65.1 | ) | (48.5 | ) | |||
Net change in unrealized appreciation on investments and mortgage loans payable | (188.5 | ) | (424.0 | ) | |||
Purchase of real estate properties | (298.4 | ) | (378.0 | ) | |||
Capital improvements on real estate properties | (95.0 | ) | (125.2 | ) | |||
Proceeds from sale of real estate properties | 340.7 | 152.9 | |||||
Purchases of long term investments | (342.5 | ) | (1,134.0 | ) | |||
Proceeds from long term investments | 376.3 | 51.6 | |||||
Increase in loans receivable | (1.7 | ) | (69.0 | ) | |||
Increase in other investments | (239.3 | ) | (203.8 | ) | |||
Change in due to (from) investment manager | 1.1 | (4.9 | ) | ||||
(Increase) decrease in other assets | 105.0 | (121.4 | ) | ||||
Increase (decrease) in other liabilities | (74.5 | ) | 141.3 | ||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 257.5 | (1,279.3 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Mortgage loan proceeds received | — | 563.5 | |||||
Payments of mortgage loans | (49.4 | ) | (34.7 | ) | |||
Premiums | 1,980.6 | 2,349.2 | |||||
Annuity payments | (32.3 | ) | (30.3 | ) | |||
Withdrawals and death benefits | (2,152.6 | ) | (1,551.1 | ) | |||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (253.7 | ) | 1,296.6 | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 3.8 | 17.3 | |||||
CASH AND CASH EQUIVALENTS | |||||||
Beginning of period | 3.0 | 11.9 | |||||
End of period | $ | 6.8 | $ | 29.2 | |||
SUPPLEMENTAL DISCLOSURES: | |||||||
Cash paid for interest | $ | 67.3 | $ | 61.6 | |||
Debt assumed as part of real estate acquisition | $ | 17.7 | $ | — |
As of June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Cash and cash equivalents | $ | 32.1 | $ | 1.0 | |||||||||||||||||||
Restricted cash(1) | 27.8 | 23.8 | |||||||||||||||||||||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 59.9 | $ | 24.8 |
Related Party | Equity Ownership Interest | Interest Rate | Maturity Date | Fair Value at | ||||||||||||||||||||||||||||||||||||||||
Principal | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
36.5 | 36.5 | MRA Hub 34 Holding, LLC | 95.00% | 2.50% + LIBOR | 9/1/2022 | $ | 36.5 | $ | 36.5 | |||||||||||||||||||||||||||||||||||
0.5 | 0.5 | MRA 34 LLC | —% | 3.75% + LIBOR | 8/26/2022 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||
32.8 | 32.8 | THP Student Housing, LLC | 97.00% | 3.20% | 9/1/2024 | 32.9 | 32.9 | |||||||||||||||||||||||||||||||||||||
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES | $ | 69.9 | $ | 69.9 |
Diversification by Fair Value(1) | |||||||||||||||||||||||||||||||||||
West(2) | South(3) | East(4) | Midwest(5) | Foreign(6) | Total | ||||||||||||||||||||||||||||||
Office | 9.9 | % | 5.5 | % | 14.0 | % | 0.2 | % | — | % | 29.6 | % | |||||||||||||||||||||||
Apartment | 8.5 | % | 10.1 | % | 6.6 | % | 1.0 | % | — | % | 26.2 | % | |||||||||||||||||||||||
Industrial | 16.0 | % | 7.1 | % | 2.5 | % | 1.6 | % | — | % | 27.2 | % | |||||||||||||||||||||||
Retail | 3.7 | % | 5.3 | % | 2.6 | % | 0.7 | % | — | % | 12.3 | % | |||||||||||||||||||||||
Other(7) | 1.4 | % | 1.8 | % | 1.2 | % | 0.2 | % | 0.1 | % | 4.7 | % | |||||||||||||||||||||||
Total | 39.5 | % | 29.8 | % | 26.9 | % | 3.7 | % | 0.1 | % | 100.0 | % |
Diversification by Fair Value(1) | ||||||||||||||
West | East | South | Midwest | Total | ||||||||||
Office | 16.1 | % | 20.7 | % | 5.6 | % | — | % | 42.4 | % | ||||
Apartment | 8.8 | % | 8.1 | % | 4.0 | % | 0.8 | % | 21.7 | % | ||||
Retail | 7.7 | % | 3.0 | % | 7.7 | % | 0.5 | % | 18.9 | % | ||||
Industrial | 7.1 | % | 2.0 | % | 4.1 | % | 0.8 | % | 14.0 | % | ||||
Other(2) | 0.3 | % | 2.5 | % | 0.1 | % | 0.1 | % | 3.0 | % | ||||
Total | 40.0 | % | 36.3 | % | 21.5 | % | 2.2 | % | 100.0 | % |
As of | ||||||||||||||
Years Ended | June 30, 2022 | December 31, 2021 | ||||||||||||
2022 | $ | 322.1 | (1) | $ | 635.8 | |||||||||
2023 | 623.9 | 594.2 | ||||||||||||
2024 | 557.1 | 517.7 | ||||||||||||
2025 | 474.4 | 436.1 | ||||||||||||
2026 | 374.5 | 330.2 | ||||||||||||
Thereafter | 1,332.0 | 1,172.7 | ||||||||||||
Total | $ | 3,684.0 | $ | 3,686.7 |
As of | ||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Assets: | ||||||||||||||
Right-of-use assets, at fair value | $ | 40.9 | $ | 40.3 | ||||||||||
Liabilities: | ||||||||||||||
Ground lease liabilities, at fair value | $ | 40.9 | $ | 40.3 | ||||||||||
Key Terms: | ||||||||||||||
Weighted-average remaining lease term (years) | 69.0 | 69.5 | ||||||||||||
Weighted-average discount rate(1) | 7.44 | % | 7.71 | % |
As of | ||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Years Ended | ||||||||||||||
2022 | $ | 1.2 | $ | 2.3 | ||||||||||
2023 | 2.4 | 2.3 | ||||||||||||
2024 | 2.5 | 2.4 | ||||||||||||
2025 | 2.5 | 2.4 | ||||||||||||
2026 | 2.5 | 2.4 | ||||||||||||
Thereafter | 438.4 | 414.0 | ||||||||||||
Total | $ | 449.5 | $ | 425.8 |
Description | Level 1: Quoted Prices in Active Markets for Identical Assets | Level 2: Significant Other Observable Inputs | Level 3: Significant Unobservable Inputs | Fair Value Using Practical Expedient | Total at June 30, 2022 | |||||||||||||||||||||||||||
Real estate properties | $ | — | $ | — | $ | 21,288.6 | $ | — | $ | 21,288.6 | ||||||||||||||||||||||
Real estate joint ventures | — | — | 7,642.9 | — | 7,642.9 | |||||||||||||||||||||||||||
Real estate funds | �� | — | — | 907.0 | 907.0 | |||||||||||||||||||||||||||
Real estate operating business | — | — | 628.0 | — | 628.0 | |||||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||
U.S. government agency notes | — | 1,505.0 | — | — | 1,505.0 | |||||||||||||||||||||||||||
Foreign government agency notes | — | 17.0 | — | — | 17.0 | |||||||||||||||||||||||||||
U.S. treasury securities | — | 621.6 | — | — | 621.6 | |||||||||||||||||||||||||||
Corporate bonds | — | 580.4 | — | — | 580.4 | |||||||||||||||||||||||||||
Loans receivable(1) | — | — | 1,558.1 | — | 1,558.1 | |||||||||||||||||||||||||||
Total Investments at June 30, 2022 | $ | — | $ | 2,724.0 | $ | 31,117.6 | $ | 907.0 | $ | 34,748.6 | ||||||||||||||||||||||
Loans payable | $ | — | $ | — | $ | (2,293.0) | $ | — | $ | (2,293.0) | ||||||||||||||||||||||
Line of credit | $ | — | $ | — | $ | (500.0) | $ | — | $ | (500.0) | ||||||||||||||||||||||
Senior notes payable | $ | — | $ | (486.2) | $ | — | $ | — | $ | (486.2) | ||||||||||||||||||||||
Description | Level 1: Quoted Prices in Active Markets for Identical Assets | Level 2: Significant Other Observable Inputs | Level 3: Significant Unobservable Inputs | Fair Value Using Practical Expedient | Total at September 30, 2017 | |||||||||||||||
Real estate properties | $ | — | $ | — | $ | 15,654.2 | $ | — | $ | 15,654.2 | ||||||||||
Real estate joint ventures | — | — | 5,675.4 | — | 5,675.4 | |||||||||||||||
Limited partnerships | — | — | — | 140.7 | 140.7 | |||||||||||||||
Marketable securities: | ||||||||||||||||||||
Real estate-related | 1,121.0 | — | — | — | 1,121.0 | |||||||||||||||
Government agency notes | — | 3,276.1 | — | — | 3,276.1 | |||||||||||||||
United States Treasury securities | — | 1,017.3 | — | — | 1,017.3 | |||||||||||||||
Loans receivable | — | — | 298.8 | — | 298.8 | |||||||||||||||
Total Investments at September 30, 2017 | $ | 1,121.0 | $ | 4,293.4 | $ | 21,628.4 | $ | 140.7 | $ | 27,183.5 | ||||||||||
Mortgage loans payable | $ | — | $ | — | $ | (2,311.0 | ) | $ | — | $ | (2,311.0 | ) |
Description | Level 1: Quoted Prices in Active Markets for Identical Assets | Level 2: Significant Other Observable Inputs | Level 3: Significant Unobservable Inputs | Fair Value Using Practical Expedient | Total at December 31, 2021 | |||||||||||||||||||||||||||
Real estate properties | $ | — | $ | — | $ | 18,903.9 | $ | — | $ | 18,903.9 | ||||||||||||||||||||||
Real estate joint ventures | — | — | 7,175.9 | — | 7,175.9 | |||||||||||||||||||||||||||
Real estate funds | — | — | — | 811.5 | 811.5 | |||||||||||||||||||||||||||
Real estate operating business | — | — | 326.3 | — | 326.3 | |||||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||
U.S. government agency notes | — | 864.1 | — | — | 864.1 | |||||||||||||||||||||||||||
Foreign government agency notes | — | 7.6 | — | — | 7.6 | |||||||||||||||||||||||||||
U.S. treasury securities | — | 784.3 | — | — | 784.3 | |||||||||||||||||||||||||||
Corporate bonds | — | 551.8 | — | 551.8 | ||||||||||||||||||||||||||||
Loans receivable(1) | — | — | 1,492.6 | — | 1,492.6 | |||||||||||||||||||||||||||
Total Investments at December 31, 2021 | $ | — | $ | 2,207.8 | $ | 27,898.7 | $ | 811.5 | $ | 30,918.0 | ||||||||||||||||||||||
Loans payable | $ | — | $ | — | $ | (2,380.5) | $ | — | $ | (2,380.5) | ||||||||||||||||||||||
Line of credit | $ | — | $ | — | $ | (500.0) | $ | — | $ | (500.0) |
Description | Level 1: Quoted Prices in Active Markets for Identical Assets | Level 2: Significant Other Observable Inputs | Level 3: Significant Unobservable Inputs | Fair Value Using Practical Expedient | Total at December 31, 2016 | |||||||||||||||
Real estate properties | $ | — | $ | — | $ | 15,452.8 | $ | — | $ | 15,452.8 | ||||||||||
Real estate joint ventures | — | — | 5,622.4 | — | 5,622.4 | |||||||||||||||
Limited partnerships | — | — | — | 137.5 | 137.5 | |||||||||||||||
Marketable securities: | ||||||||||||||||||||
Real estate-related | 1,081.5 | — | — | — | 1,081.5 | |||||||||||||||
Government agency notes | — | 2,308.9 | — | — | 2,308.9 | |||||||||||||||
United States Treasury securities | — | 1,744.9 | — | — | 1,744.9 | |||||||||||||||
Loans receivable | — | — | 295.7 | — | 295.7 | |||||||||||||||
Total Investments at December 31, 2016 | $ | 1,081.5 | $ | 4,053.8 | $ | 21,370.9 | $ | 137.5 | $ | 26,643.7 | ||||||||||
Mortgage loans payable | $ | — | $ | — | $ | (2,332.1 | ) | $ | — | $ | (2,332.1 | ) |
Real Estate Properties | Real Estate Joint Ventures | Real Estate Operating Business | Loans Receivable(3) | Total Level 3 Investments | Loans Payable | Line of Credit | ||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance April 1, 2022 | $ | 20,179.1 | $ | 7,253.3 | $ | 487.6 | $ | 1,329.2 | $ | 29,249.2 | $ | (2,338.0) | $ | (500.0) | ||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 977.6 | 239.3 | 140.4 | (83.2) | 1,274.1 | 46.1 | — | |||||||||||||||||||||||||||||||||||||
Purchases(1) | 308.3 | 230.4 | — | 312.3 | 851.0 | (6.1) | — | |||||||||||||||||||||||||||||||||||||
Sales | (176.4) | — | — | — | (176.4) | — | — | |||||||||||||||||||||||||||||||||||||
Settlements(2) | — | (80.1) | — | (0.2) | (80.3) | 5.0 | — | |||||||||||||||||||||||||||||||||||||
Ending balance June 30, 2022 | $ | 21,288.6 | $ | 7,642.9 | $ | 628.0 | $ | 1,558.1 | $ | 31,117.6 | $ | (2,293.0) | $ | (500.0) |
Real Estate Properties | Real Estate Joint Ventures | Real Estate Operating Business | Loans Receivable(3) | Total Level 3 Investments | Loans Payable | Line of Credit | ||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance January 1, 2022 | $ | 18,903.9 | $ | 7,175.9 | $ | 326.3 | $ | 1,492.6 | $ | 27,898.7 | $ | (2,380.5) | $ | (500.0) | ||||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 2,181.6 | 362.1 | 200.8 | (82.2) | 2,662.3 | 49.8 | — | |||||||||||||||||||||||||||||||||||||||||||
Purchases(1) | 537.1 | 481.8 | 100.9 | 317.5 | 1,437.3 | (9.1) | — | |||||||||||||||||||||||||||||||||||||||||||
Sales(4) | (334.0) | — | — | (161.4) | (495.4) | — | — | |||||||||||||||||||||||||||||||||||||||||||
Settlements(2) | — | (376.9) | — | (8.4) | (385.3) | 46.8 | — | |||||||||||||||||||||||||||||||||||||||||||
Ending balance June 30, 2022 | $ | 21,288.6 | $ | 7,642.9 | $ | 628.0 | $ | 1,558.1 | $ | 31,117.6 | $ | (2,293.0) | $ | (500.0) |
Real Estate Properties | Real Estate Joint Ventures | Loans Receivable | Total Level 3 Investments | Mortgage Loans Payable | ||||||||||||||||
For the three months ended September 30, 2017 | ||||||||||||||||||||
Beginning balance July 1, 2017 | $ | 15,496.6 | $ | 5,946.8 | $ | 297.3 | $ | 21,740.7 | $ | (2,290.1 | ) | |||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 65.8 | 17.6 | 1.4 | 84.8 | (4.1 | ) | ||||||||||||||
Purchases(1) | 317.1 | 13.1 | 0.1 | 330.3 | (17.7 | ) | ||||||||||||||
Sales | (225.3 | ) | — | — | (225.3 | ) | — | |||||||||||||
Settlements(2) | — | (302.1 | ) | — | (302.1 | ) | 0.9 | |||||||||||||
Ending balance September 30, 2017 | $ | 15,654.2 | $ | 5,675.4 | $ | 298.8 | $ | 21,628.4 | $ | (2,311.0 | ) |
Real Estate Properties | Real Estate Joint Ventures | Real Estate Operating Business | Loans Receivable(3) | Total Level 3 Investments | Loans Payable | |||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance April 1, 2021 | $ | 16,816.5 | $ | 6,215.3 | $ | 250.0 | $ | 1,529.5 | $ | 24,811.3 | $ | (2,403.6) | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 604.0 | 99.8 | 22.1 | (8.0) | 717.9 | 10.5 | ||||||||||||||||||||||||||||||||||||||
Purchases(1) | 167.8 | 167.7 | 1.4 | 117.1 | 454.0 | — | ||||||||||||||||||||||||||||||||||||||
Sales(4) | (558.5) | — | — | (213.2) | (771.7) | — | ||||||||||||||||||||||||||||||||||||||
Settlements(2) | — | (0.2) | — | (33.5) | (33.7) | 4.9 | ||||||||||||||||||||||||||||||||||||||
Ending balance June 30, 2021 | $ | 17,029.8 | $ | 6,482.6 | $ | 273.5 | $ | 1,391.9 | $ | 25,177.8 | $ | (2,388.2) |
Real Estate Properties | Real Estate Joint Ventures | Loans Receivable | Total Level 3 Investments | Mortgage Loans Payable | ||||||||||||||||
For the nine months ended September 30, 2017 | ||||||||||||||||||||
Beginning balance January 1, 2017 | $ | 15,452.8 | $ | 5,622.4 | $ | 295.7 | $ | 21,370.9 | $ | (2,332.1 | ) | |||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 133.2 | 80.4 | 1.4 | 215.0 | (10.6 | ) | ||||||||||||||
Purchases(1) | 408.9 | 275.6 | 1.7 | 686.2 | (17.7 | ) | ||||||||||||||
Sales | (340.7 | ) | — | — | (340.7 | ) | — | |||||||||||||
Settlements(2) | — | (303.0 | ) | — | (303.0 | ) | 49.4 | |||||||||||||
Ending balance September 30, 2017 | $ | 15,654.2 | $ | 5,675.4 | $ | 298.8 | $ | 21,628.4 | $ | (2,311.0 | ) |
Real Estate Properties | Real Estate Joint Ventures | Real Estate Operating Business | Loans Receivable(3) | Total Level 3 Investments | Loans Payable | |||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance January 1, 2021 | $ | 16,476.7 | $ | 6,128.9 | $ | 250.0 | $ | 1,562.6 | $ | 24,418.2 | $ | (2,411.4) | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains included in changes in net assets | 894.8 | 154.1 | 22.1 | 4.6 | 1,075.6 | 14.0 | ||||||||||||||||||||||||||||||||||||||
Purchases(1) | 219.8 | 199.9 | 1.4 | 163.7 | 584.8 | — | ||||||||||||||||||||||||||||||||||||||
Sales(4) | (561.5) | — | — | (294.5) | (856.0) | — | ||||||||||||||||||||||||||||||||||||||
Settlements(2) | — | (0.3) | — | (44.5) | (44.8) | 9.2 | ||||||||||||||||||||||||||||||||||||||
Ending balance June 30, 2021 | $ | 17,029.8 | $ | 6,482.6 | $ | 273.5 | $ | 1,391.9 | $ | 25,177.8 | $ | (2,388.2) |
Real Estate Properties | Real Estate Joint Ventures | Loans Receivable | Total Level 3 Investments | Mortgage Loans Payable | ||||||||||||||||
For the three months ended September 30, 2016 | ||||||||||||||||||||
Beginning balance July 1, 2016 | $ | 15,131.3 | $ | 4,238.9 | $ | 100.6 | $ | 19,470.8 | $ | (2,383.2 | ) | |||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 53.3 | 23.9 | 0.1 | 77.3 | (29.1 | ) | ||||||||||||||
Purchases(1) | 82.1 | 1,043.4 | 69.0 | 1,194.5 | — | |||||||||||||||
Sales | (58.0 | ) | — | — | (58.0 | ) | — | |||||||||||||
Settlements(2) | — | (0.2 | ) | — | (0.2 | ) | 34.2 | |||||||||||||
Ending balance September 30, 2016 | $ | 15,208.7 | $ | 5,306.0 | $ | 169.7 | $ | 20,684.4 | $ | (2,378.1 | ) |
Real Estate Properties | Real Estate Joint Ventures | Loans Receivable | Total Level 3 Investments | Mortgage Loans Payable | ||||||||||||||||
For the nine months ended September 30, 2016 | ||||||||||||||||||||
Beginning balance January 1, 2016 | $ | 14,606.2 | $ | 4,068.4 | $ | 100.6 | $ | 18,775.2 | $ | (1,794.4 | ) | |||||||||
Total realized and unrealized gains (losses) included in changes in net assets | 268.7 | 157.4 | 0.1 | 426.2 | (54.8 | ) | ||||||||||||||
Purchases(1) | 486.7 | 1,082.1 | 69.0 | 1,637.8 | (563.5 | ) | ||||||||||||||
Sales | (152.9 | ) | — | — | (152.9 | ) | — | |||||||||||||
Settlements(2) | — | (1.9 | ) | — | (1.9 | ) | 34.6 | |||||||||||||
Ending balance September 30, 2016 | $ | 15,208.7 | $ | 5,306.0 | $ | 169.7 | $ | 20,684.4 | $ | (2,378.1 | ) |
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 | 5.8% - 4.5% - | ||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | |||||||||||||
Industrial | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 4.8% - 3.3% - 6.8% (4.4%) | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | |||||||||||||
Apartment | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 5.3% - 4.0% - | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | |||||||||||||
Retail | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 6.0% - 11.5% (7.0%) 5.0% - | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.5% - | ||||||||||||
Hotel | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 9.8% (9.8%) 7.8% (7.8%) | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | |||||||||||||
Income Approach—Discounted Cash Flow | Discount Rate Terminal Growth Rate | 9.8% 7.1% | ||||||||||||
Market Approach | EBITDA Multiple | 28.3x |
Type | Asset Class | Valuation Technique(s) | Unobservable Inputs(1) | Range (Weighted Average) | ||||||||||
Loans Payable | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 35.6% - 3.5% - | ||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 35.6% - 1.2 - | ||||||||||||
Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 28.3% - 4.5% - | ||||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 28.3% - 1.1 - | ||||||||||||
Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 24.8% - 1.9% - | ||||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 24.8% - 1.2 - 1.4 (1.2) | ||||||||||||
Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 42.5% - 73.8% (46.0%) 4.1% - 5.1% (4.4%) | ||||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 42.5% - 73.8% (46.0%) 1.2- 1.5 (1.3) | ||||||||||||
Loans Receivable, including those with related parties | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 40.4% - 94.7% (72.2%) 2.7% - 9.6% (6.3%) | ||||||||||
Industrial | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 49.5% - 66.0% (57.8%) 2.9% - 6.6% (3.8%) | |||||||||||
Apartment | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 36.4% - 76.5% (47.5%) 2.9% - 8.6% (4.7%) | |||||||||||
Retail & Hospitality | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 57.1% - 79.8% (65.6%) 2.2% - 7.8% (4.0%) |
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 | 5.8% - 9.3% (6.7%) 4.5% - 8.5% (5.6%) | ||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | 3.5% - 8.0% (5.0%) | ||||||||||||
Industrial | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 5.1% - 9.0% (6.3%) 4.3% - 7.3% (5.0%) | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | 2.8% - 6.8% (4.4%) | ||||||||||||
Apartment | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 5.5% - 7.8% (6.2%) 4.0% - 6.8% (4.9%) | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | 3.5% - 6.0% (4.4%) | ||||||||||||
Retail | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 5.3% - 12.0% (6.9%) 4.5% - 9.5% (5.8%) | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.3% - 9.3% (5.4%) | ||||||||||||
Hotel | Income Approach—Discounted Cash Flow | Discount Rate Terminal Capitalization Rate | 10.3% (10.3%) 7.8% (7.8%) | |||||||||||
Income Approach—Direct Capitalization | Overall Capitalization Rate | 7.5% (7.5%) | ||||||||||||
Real Estate Operating Business | Income Approach—Discounted Cash Flow | Discount Rate | 7.9 | % | ||||||||||
Terminal Growth Rate | 4.0 | % | ||||||||||||
Market Approach | EBITDA Multiple | 16.2x | ||||||||||||
Loans Payable | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 35.2% - 58.7% (45.5%) 1.8% - 3.4% (3.1%) | ||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 35.2% - 58.7% (45.5%) 1.2 - 1.4 (1.3) | ||||||||||||
Industrial | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 45.2% - 56.0% (49.6%) 3.3% - 3.7% (3.4%) | |||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 45.2% - 56.0% (49.6%) 1.3 - 1.4 (1.4) | ||||||||||||
Apartment | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 38.2% - 64.1% (48.1%) 2.1% - 3.2% (2.7%) |
Type | Asset Class | Valuation Technique(s) | Unobservable Inputs(1) | Range (Weighted Average) | ||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 38.2% - 64.1% (48.1%) 1.3 - 1.6 (1.4) | ||||||||||||
Retail | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 38.0% - 74.5% 2.8% - | |||||||||||
Net Present Value | Loan to Value Ratio Weighted Average Cost of Capital Risk Premium Multiple | 38.0% - 74.5% (47.8%) 1.3 - 1.8 (1.4) | ||||||||||||
Loans Receivable, including those with related parties | Office | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 38.8% - 91.8% (76.1%) 2.4% - 11.3% (6.5%) | ||||||||||
Industrial | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 30.7% - 63.2% (59.6%) 4.3% - 5.1% (4.8%) | |||||||||||
Apartment | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 38.4% - 74.7% (48.3%) 2.4% - 8.6% (48.3%) | |||||||||||
Retail & Hospitality | Discounted Cash Flow | Loan to Value Ratio Equivalency Rate | 59.8% - 79.8% (71.6%) 3.9% - 7.4% (5.0%) |
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 June 30, 2022 | $ | 966.1 | $ | 279.4 | $ | 140.4 | $ | (83.1) | $ | 1,302.8 | $ | 46.1 | |||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | $ | 2,168.4 | $ | 405.0 | $ | 200.8 | $ | (82.2) | $ | 2,692.0 | $ | 49.8 | |||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | $ | 512.1 | $ | 99.8 | $ | 22.1 | $ | 2.1 | $ | 636.1 | $ | 10.5 | |||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | $ | 799.9 | $ | 154.2 | $ | 22.1 | $ | 7.1 | $ | 983.3 | $ | 14.0 |
Real Estate Properties | Real Estate Joint Ventures | Loans Receivable | Total Level 3 Investments | Mortgage Loans Payable | |||||||||||||||
For the three months ended September 30, 2017 | $ | 68.0 | $ | 17.9 | $ | 1.4 | $ | 87.3 | $ | (4.1 | ) | ||||||||
For the nine months ended September 30, 2017 | $ | 139.0 | $ | 80.7 | $ | 1.4 | $ | 221.1 | $ | (10.6 | ) | ||||||||
For the three months ended September 30, 2016 | $ | 53.9 | $ | 23.7 | $ | 0.1 | $ | 77.7 | $ | (29.1 | ) | ||||||||
For the nine months ended September 30, 2016 | $ | 270.1 | $ | 157.2 | $ | 0.1 | $ | 427.4 | $ | (54.8 | ) |
For the Three Months Ended June 30, 2022 | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating Revenue and Expenses | |||||||||||||||||||||||
Revenues | $ | 288.1 | $ | 249.4 | $558.0 | $501.1 | |||||||||||||||||
Expenses | 163.6 | 136.1 | 331.0 | 279.1 | |||||||||||||||||||
Excess of revenues over expenses | $ | 124.5 | $ | 113.3 | $227.0 | $222.0 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Revenue and Expenses | |||||||||||||||
Revenues | $ | 218.0 | $ | 190.5 | $ | 645.0 | $ | 509.4 | |||||||
Expenses | 108.3 | 94.6 | 315.0 | 259.5 | |||||||||||
Excess of revenues over expenses | $ | 109.7 | $ | 95.9 | $ | 330.0 | $ | 249.9 |
Fund Name | Carrying Amount | Maximum Exposure to Loss | Liquidity Provisions | Investment Strategy | |||||||||||||||||||
LCS SHIP Venture I, LLC (90.0% Account Interest) | $ | 223.7 | $ | 223.7 | Redemptions prohibited prior to liquidation. | To invest in senior housing properties. | |||||||||||||||||
Liquidation estimated to begin no earlier than 2025. | |||||||||||||||||||||||
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) | $ | 81.3 | $ | 99.9 | 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 is not permitted to sell or transfer its interest in the fund until August 2022. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. | |||||||||||||||||||||||
Fund Name | Carrying Amount | Maximum Exposure to Loss | Liquidity Provisions | Investment Strategy | |||||||||||||||||||
SP V - II, LLC (61.8% Account Interest) | $ | 104.6 | $ | 115.0 | Redemptions prohibited prior to liquidation. | To invest in medical office properties in the U.S. | |||||||||||||||||
Liquidation estimated to begin no earlier than 2022. | |||||||||||||||||||||||
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) | $ | 27.5 | $ | 31.7 | Redemptions prohibited prior to liquidation. | To invest in real estate and real estate-related assets in the New York City MSA. | |||||||||||||||||
Liquidation estimated to begin no earlier than 2024. | |||||||||||||||||||||||
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) | $ | 74.3 | $ | 104.0 | Redemptions prohibited prior to liquidation. | To invest in alternative real estate investments primarily in 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. | |||||||||||||||||||||||
IDR - Core Property Index Fund, LLC (1.4% Account Interest) | $ | 43.4 | $ | 43.4 | 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) | $ | 160.5 | $ | 250.2 | 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) | $ | 23.5 | $ | 24.7 | Redemptions prohibited prior to liquidation. | To acquire healthcare properties within the top 50 MSA's in the U.S. | |||||||||||||||||
Liquidation estimated to begin no earlier than 2025. | |||||||||||||||||||||||
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) | $ | 19.1 | $ | 19.1 | 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) | $ | 81.7 | $ | 113.8 | Redemptions prohibited prior to liquidation. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. | |||||||||||||||||
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 | |||||||||||||||||||
JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) | $ | 44.2 | $ | 100.3 | 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) | $ | 23.2 | $ | 100.0 | Redemptions prohibited prior to liquidation. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. | |||||||||||||||||
The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. | |||||||||||||||||||||||
Total | $ | 907.0 | $ | 1,225.8 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Principal Outstanding | Fair Value | % of Fair Value | Principal Outstanding | Fair Value | % of Fair Value | |||||||||||||||||||||||||||||||||
Office(1) | $ | 873.6 | $ | 781.2 | 50.1 | % | $ | 862.4 | $ | 853.4 | 57.2 | % | ||||||||||||||||||||||||||
Apartments(1) | 256.8 | 255.4 | 16.4 | % | 253.3 | 252.0 | 16.9 | % | ||||||||||||||||||||||||||||||
Industrial | 131.6 | 131.6 | 8.5 | % | 161.4 | 161.3 | 10.8 | % | ||||||||||||||||||||||||||||||
Hotel | 125.3 | 125.3 | 8.0 | % | 125.3 | 125.3 | 8.4 | % | ||||||||||||||||||||||||||||||
Retail | 264.6 | 264.6 | 17.0 | % | 101.7 | 100.6 | 6.7 | % | ||||||||||||||||||||||||||||||
$ | 1,651.9 | $ | 1,558.1 | 100.0 | % | $ | 1,504.1 | $ | 1,492.6 | 100.0 | % |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Number of Loans | Fair Value | % of Fair Value | Number of Loans | Fair Value | % of Fair Value | |||||||||||||||||||||||||||||||||
AA | — | — | — | % | 1 | 62.6 | 4.2 | % | ||||||||||||||||||||||||||||||
AA- | 1 | 33.7 | 2.2 | % | — | — | — | % | ||||||||||||||||||||||||||||||
A | 2 | 192.4 | 12.3 | % | 4 | 248.5 | 16.6 | % | ||||||||||||||||||||||||||||||
A- | 3 | 104.5 | 6.7 | % | — | — | — | % | ||||||||||||||||||||||||||||||
BBB+ | 2 | 14.1 | 0.9 | % | — | — | — | % | ||||||||||||||||||||||||||||||
BBB | 3 | 262.1 | 16.8 | % | 6 | 374.7 | 25.1 | % | ||||||||||||||||||||||||||||||
BBB- | 1 | 46.3 | 3.0 | % | — | — | — | % | ||||||||||||||||||||||||||||||
BB+ | 5 | 197.7 | 12.7 | % | — | — | — | % | ||||||||||||||||||||||||||||||
BB | 4 | 155.3 | 10.0 | % | 10 | 437.8 | 29.3 | % | ||||||||||||||||||||||||||||||
BB- | 1 | 33.9 | 2.2 | % | — | — | — | % | ||||||||||||||||||||||||||||||
B+ | 2 | 138.0 | 8.9 | % | — | — | — | % | ||||||||||||||||||||||||||||||
B | 2 | 56.2 | 3.6 | % | 5 | 144.3 | 9.7 | % | ||||||||||||||||||||||||||||||
B- | 1 | 30.6 | 2.0 | % | — | — | — | % | ||||||||||||||||||||||||||||||
C | 3 | 223.4 | 14.3 | % | 2 | 154.8 | 10.4 | % | ||||||||||||||||||||||||||||||
NR(1) | 3 | 69.9 | 4.4 | % | 3 | 69.9 | 4.7 | % | ||||||||||||||||||||||||||||||
33 | $ | 1,558.1 | 100.0 | % | 31 | $ | 1,492.6 | 100.0 | % |
Property | Annual Interest Rate and Payment Frequency(2) | Principal Amounts Outstanding as of | Maturity | |||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Fusion 1560(5) | 3.42% paid monthly | $ | — | $ | 37.4 | June 10, 2022 | ||||||||||||||||||||
San Diego Office Portfolio(4) | 3.62% paid monthly | 52.3 | 51.4 | August 15, 2022 | ||||||||||||||||||||||
The Colorado(1) | 3.69% paid monthly | 83.7 | 84.7 | November 1, 2022 | ||||||||||||||||||||||
The Legacy at Westwood(1) | 3.69% paid monthly | 42.7 | 43.2 | November 1, 2022 | ||||||||||||||||||||||
Regents Court(1) | 3.69% paid monthly | 36.2 | 36.6 | November 1, 2022 | ||||||||||||||||||||||
1001 Pennsylvania Avenue(1) | 3.70% paid monthly | 304.7 | 308.1 | June 1, 2023 | ||||||||||||||||||||||
Biltmore at Midtown | 3.94% paid monthly | 36.4 | 36.4 | July 5, 2023 | ||||||||||||||||||||||
Cherry Knoll | 3.78% paid monthly | 35.3 | 35.3 | July 5, 2023 | ||||||||||||||||||||||
Lofts at SoDo | 3.94% paid monthly | 35.1 | 35.1 | July 5, 2023 | ||||||||||||||||||||||
Pacific City | 2.00% + LIBOR paid monthly | 105.0 | 105.0 | October 1, 2023 | ||||||||||||||||||||||
The Stratum(4) | 2.45% paid monthly | 40.0 | 39.8 | May 9, 2024 | ||||||||||||||||||||||
Spring House Innovation Park(4) | 1.25% + LIBOR paid monthly | 45.7 | 40.5 | July 9, 2024 | ||||||||||||||||||||||
1401 H Street NW | 3.65% paid monthly | 115.0 | 115.0 | November 5, 2024 | ||||||||||||||||||||||
The District on La Frontera(1) | 3.84% paid monthly | 37.4 | 37.8 | December 1, 2024 | ||||||||||||||||||||||
The District on La Frontera(1) | 4.96% paid monthly | 4.2 | 4.2 | December 1, 2024 | ||||||||||||||||||||||
Circa Green Lake | 3.71% paid monthly | 52.0 | 52.0 | March 5, 2025 | ||||||||||||||||||||||
Union - South Lake Union | 3.66% paid monthly | 57.0 | 57.0 | March 5, 2025 | ||||||||||||||||||||||
Holly Street Village | 3.65% paid monthly | 81.0 | 81.0 | May 1, 2025 | ||||||||||||||||||||||
Henley at Kingstowne(1) | 3.60% paid monthly | 68.4 | 69.1 | May 1, 2025 | ||||||||||||||||||||||
32 South State Street | 4.48% paid monthly | 24.0 | 24.0 | June 6, 2025 | ||||||||||||||||||||||
Vista Station Office Portfolio(1) | 4.00% paid monthly | 18.9 | 19.3 | July 1, 2025 | ||||||||||||||||||||||
780 Third Avenue | 3.55% paid monthly | 150.0 | 150.0 | August 1, 2025 | ||||||||||||||||||||||
780 Third Avenue | 3.55% paid monthly | 20.0 | 20.0 | August 1, 2025 | ||||||||||||||||||||||
Reserve at Chino Hills(4) | 1.50% + LIBOR paid monthly | 70.7 | 68.2 | August 9, 2025 | ||||||||||||||||||||||
Vista Station Office Portfolio(1) | 4.20% paid monthly | 42.4 | 42.9 | November 1, 2025 | ||||||||||||||||||||||
Sixth & Main(4) | 1.87% + LIBOR paid monthly | 40.8 | 40.4 | November 9, 2025 | ||||||||||||||||||||||
701 Brickell Avenue(1) | 3.66% paid monthly | 180.3 | 182.0 | April 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 | ||||||||||||||||||||||
1900 K Street, NW(1) | 3.93% paid monthly | 162.5 | 163.0 | April 1, 2028 | ||||||||||||||||||||||
99 High Street | 3.90% paid monthly | 277.0 | 277.0 | March 1, 2030 | ||||||||||||||||||||||
Total Principal Outstanding | $ | 2,324.9 | $ | 2,362.6 | ||||||||||||||||||||||
Fair Value Adjustment(3) | (31.9) | 17.9 | ||||||||||||||||||||||||
Total Loans Payable | $ | 2,293.0 | $ | 2,380.5 |
Property | Annual Interest Rate and Payment Frequency(2) | Principal Amounts Outstanding as of | Maturity | |||||||||
September 30, 2017 | December 31, 2016 | |||||||||||
(Unaudited) | ||||||||||||
The Legend at Kierland(4) (5) | 4.97% paid monthly | $ | — | $ | 21.8 | August 1, 2017 | ||||||
The Tradition at Kierland(4) (5) | 4.97% paid monthly | — | 25.8 | August 1, 2017 | ||||||||
Mass Court(4) | 2.88% paid monthly | 92.6 | 92.6 | September 1, 2019 | ||||||||
Red Canyon at Palomino Park(4) (6) | 5.34% paid monthly | 27.1 | 27.1 | August 1, 2020 | ||||||||
Green River at Palomino Park(4) (6) | 5.34% paid monthly | 33.2 | 33.2 | August 1, 2020 | ||||||||
Blue Ridge at Palomino Park(4) (6) | 5.34% paid monthly | 33.4 | 33.4 | August 1, 2020 | ||||||||
Ashford Meadows(4) | 5.17% paid monthly | 44.6 | 44.6 | August 1, 2020 | ||||||||
The Knoll(1) (4) | 3.98% paid monthly | 17.6 | — | December 5, 2020 | ||||||||
The Corner(4) | 4.66% paid monthly | 105.0 | 105.0 | June 1, 2021 | ||||||||
The Palatine(1) (4) | 4.25% paid monthly | 79.1 | 80.0 | January 10, 2022 | ||||||||
The Forum at Carlsbad(1) (4) | 4.25% paid monthly | 89.2 | 90.0 | March 1, 2022 | ||||||||
The Colorado(4) | 3.69% paid monthly | 91.7 | 91.7 | November 1, 2022 | ||||||||
The Legacy at Westwood(4) | 3.69% paid monthly | 46.7 | 46.7 | November 1, 2022 | ||||||||
Regents Court(4) | 3.69% paid monthly | 39.6 | 39.6 | November 1, 2022 | ||||||||
The Caruth(4) | 3.69% paid monthly | 45.0 | 45.0 | November 1, 2022 | ||||||||
Fourth & Madison(4) | 3.75% paid monthly | 200.0 | 200.0 | June 1, 2023 | ||||||||
1001 Pennsylvania Avenue | 3.70% paid monthly | 330.0 | 330.0 | June 1, 2023 | ||||||||
1401 H Street NW(4) | 3.65% paid monthly | 115.0 | 115.0 | November 5, 2024 | ||||||||
32 South State Street(4) | 4.48% paid monthly | 24.0 | 24.0 | June 6, 2025 | ||||||||
780 Third Avenue(4) | 3.55% paid monthly | 150.0 | 150.0 | August 1, 2025 | ||||||||
780 Third Avenue(4) | 3.55% paid monthly | 20.0 | 20.0 | August 1, 2025 | ||||||||
701 Brickell Avenue(4) | 3.66% paid monthly | 184.0 | 184.0 | April 1, 2026 | ||||||||
55 Second Street(4) (7) | 3.74% paid monthly | 137.5 | 137.5 | October 1, 2026 | ||||||||
1900 K Street, NW | 3.93% paid monthly | 163.0 | 163.0 | April 1, 2028 | ||||||||
501 Boylston Street(4) | 3.70% paid monthly | 216.5 | 216.5 | April 1, 2028 | ||||||||
Total Principal Outstanding | $ | 2,284.8 | $ | 2,316.5 | ||||||||
Fair Value Adjustment(3) | 26.2 | 15.6 | ||||||||||
Total Mortgage Loans Payable | $ | 2,311.0 | $ | 2,332.1 |
Current Balance (in millions) | $ | 500.0 | |||||||||||||
Maximum Capacity (in millions) | $ | 500.0 | |||||||||||||
Inception Date | September 20, 2018 | ||||||||||||||
Maturity Date | September 20, 2022 | (1) | |||||||||||||
Extension Option | Yes | (1) | |||||||||||||
Eurodollar Applicable Rate Range | 0.85% - 1.05% | ||||||||||||||
ABR Applicable Rate Range | 0.85% - 1.05% | ||||||||||||||
Unused Fee (2) | 0.20% per annum | ||||||||||||||
(1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with 1 consecutive twelve month extension option remaining. The Account may request an additional $250.0 million in commitments from the lenders at any time; however, this request is subject to approval at the sole discretion of the lenders and is not a guarantee that an expansion beyond the original $500.0 million commitment will be granted. |
(2) |
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 |
For the Six Months Ended June 30, 2022 | Years Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||
Per Accumulation Unit Data: | |||||||||||||||||||||||
Rental income | $ | 11.505 | $ | 22.672 | $ | 21.145 | $ | 18.165 | |||||||||||||||
Real estate property level expenses and taxes | 5.380 | 10.731 | 10.067 | 8.734 | |||||||||||||||||||
Real estate income, net | 6.125 | 11.941 | 11.078 | 9.431 | |||||||||||||||||||
Other income | 2.948 | 5.474 | 4.980 | 6.752 | |||||||||||||||||||
Total income | 9.073 | 17.415 | 16.058 | 16.183 | |||||||||||||||||||
Expense charges(1) | 2.313 | 3.987 | 3.562 | 3.439 | |||||||||||||||||||
Investment income, net | 6.760 | 13.428 | 12.496 | 12.744 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and debt | 48.948 | 64.615 | (16.196) | 10.262 | |||||||||||||||||||
Net increase (decrease) in Accumulation Unit Value | 55.708 | 78.043 | (3.700) | 23.006 | |||||||||||||||||||
Accumulation Unit Value: | |||||||||||||||||||||||
Beginning of period | 514.765 | 436.722 | 440.422 | 417.416 | |||||||||||||||||||
End of period | $ | 570.473 | $ | 514.765 | $ | 436.722 | $ | 440.422 | |||||||||||||||
Total return(3) | 10.82 | % | 17.87 | % | (0.84) | % | 5.51 | % | |||||||||||||||
Ratios to Average net assets(2): | |||||||||||||||||||||||
Expenses(1) | 0.84 | % | 0.84 | % | 0.81 | % | 0.78 | % | |||||||||||||||
Investment income, net | 2.46 | % | 2.82 | % | 2.85 | % | 2.90 | % | |||||||||||||||
Portfolio turnover rate(3): | |||||||||||||||||||||||
Real estate properties(4) | 3.2 | % | 7.6 | % | 7.1 | % | 7.8 | % | |||||||||||||||
Marketable securities(5) | 2.2 | % | — | % | 113.4 | % | 28.7 | % | |||||||||||||||
Accumulation Units outstanding at end of period (millions) | 54.0 | 53.4 | 52.0 | 60.8 | |||||||||||||||||||
Net assets end of period (millions) | $ | 31,448.8 | $ | 28,072.0 | $ | 23,243.9 | $ | 27,307.9 |
For the Nine Months Ended September 30, 2017 | Years Ended December 31, | ||||||||||||||
2016 | 2015 | 2014 | |||||||||||||
(Unaudited) | |||||||||||||||
Per Accumulation Unit Data: | |||||||||||||||
Rental income | $ | 12.737 | $ | 16.433 | $ | 15.538 | $ | 15.862 | |||||||
Real estate property level expenses and taxes | 5.784 | 7.534 | 7.319 | 7.788 | |||||||||||
Real estate income, net | 6.953 | 8.899 | 8.219 | 8.074 | |||||||||||
Other income | 3.340 | 3.594 | 3.342 | 3.459 | |||||||||||
Total income | 10.293 | 12.493 | 11.561 | 11.533 | |||||||||||
Expense charges(1) | 2.476 | 3.290 | 3.092 | 2.880 | |||||||||||
Investment income, net | 7.817 | 9.203 | 8.469 | 8.653 | |||||||||||
Net realized and unrealized gain on investments and mortgage loans payable | 3.804 | 9.660 | 18.911 | 27.868 | |||||||||||
Net increase in Accumulation Unit Value | 11.621 | 18.863 | 27.380 | 36.521 | |||||||||||
Accumulation Unit Value: | |||||||||||||||
Beginning of period | 381.636 | 362.773 | 335.393 | 298.872 | |||||||||||
End of period | $ | 393.257 | $ | 381.636 | $ | 362.773 | $ | 335.393 | |||||||
Total return(3) | 3.04 | % | 5.20 | % | 8.16 | % | 12.22 | % | |||||||
Ratios to Average net assets(2): | |||||||||||||||
Expenses(1) | 0.83 | % | 0.86 | % | 0.86 | % | 0.89 | % | |||||||
Investment income, net | 2.63 | % | 2.41 | % | 2.37 | % | 2.68 | % | |||||||
Portfolio turnover rate(3): | |||||||||||||||
Real estate properties(4) | 1.6 | % | 1.3 | % | 5.7 | % | 6.5 | % | |||||||
Marketable securities(5) | 5.2 | % | 3.5 | % | 10.0 | % | 15.9 | % | |||||||
Accumulation Units outstanding at end of period (in millions) | 61.9 | 62.4 | 60.4 | 57.9 | |||||||||||
Net assets end of period (in millions) | $ | 24,839.8 | $ | 24,304.7 | $ | 22,360.0 | $ | 19,829.0 |
For the Six Months Ended June 30, 2022 | For the Year Ended December 31, 2021 | ||||||||||
Outstanding: | |||||||||||
Beginning of period | 53.4 | 52.0 | |||||||||
Credited for premiums | 3.1 | 6.4 | |||||||||
Annuity, other periodic payments, withdrawals and death benefits | (2.5) | (5.0) | |||||||||
End of period | 54.0 | 53.4 |
For the Nine Months Ended September 30, 2017 | For the Year Ended December 31, 2016 | ||||
(Unaudited) | |||||
Outstanding: | |||||
Beginning of period | 62.4 | 60.4 | |||
Credited for premiums | 5.1 | 8.2 | |||
Annuity, other periodic payments, withdrawals and death benefits | (5.6 | ) | (6.2 | ) | |
End of period | 61.9 | 62.4 |
Commitment Expiration | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Real Estate Funds(1) | ||||||||||||||||||||
Veritas Trophy VI, LLC | 08/2022 | $ | 18.6 | $ | 20.6 | |||||||||||||||
SP V - II, LLC | 09/2022 | 10.4 | 12.9 | |||||||||||||||||
JCR Capital - REA Preferred Equity Parallel Fund | 12/2022 | 56.1 | 75.3 | |||||||||||||||||
Silverpeak NRE FundCo 2 LLC | 12/2022 | 32.1 | 43.7 | |||||||||||||||||
Silverpeak NRE FundCo LLC | 12/2022 | 29.7 | 37.3 | |||||||||||||||||
Silverpeak NRE FundCo 3 LLC | 6/2023 | 76.8 | — | |||||||||||||||||
Taconic New York City GP Fund | 11/2023 | 4.2 | 4.2 | |||||||||||||||||
Flagler - REA Healthcare Properties Partnership | 02/2025 | 1.2 | 1.2 | |||||||||||||||||
Townsend Group Value-Add Fund | 12/2026 | 89.7 | 125.9 | |||||||||||||||||
$ | 318.8 | $ | 321.1 | |||||||||||||||||
Loans Receivable(2) | ||||||||||||||||||||
BREP VIII Industrial Mezzanine | 03/2022 | $ | — | $ | 22.4 | |||||||||||||||
311 South Wacker Mezzanine | 08/2022 | 2.2 | 2.2 | |||||||||||||||||
San Diego Office Portfolio Senior Loan | 08/2022 | 5.9 | 6.8 | |||||||||||||||||
San Diego Office Portfolio Mezzanine | 08/2022 | 2.0 | 2.2 | |||||||||||||||||
MRA Hub 34 Holding, LLC | 08/2022 | 1.4 | 1.5 | |||||||||||||||||
1330 Broadway Mezzanine | 09/2022 | 10.9 | 10.9 | |||||||||||||||||
Liberty Park Mezzanine | 11/2022 | 2.6 | 2.6 | |||||||||||||||||
Colony New England Hotel Portfolio Senior Loan | 11/2022 | 14.1 | 14.1 | |||||||||||||||||
Colony New England Hotel Portfolio Mezzanine | 11/2022 | 4.7 | 4.7 | |||||||||||||||||
Exo Apartments Mezzanine | 01/2023 | 2.4 | 2.4 | |||||||||||||||||
SCG Oakland Portfolio Mezzanine | 03/2023 | 5.4 | 6.1 | |||||||||||||||||
Five Oak Mezzanine | 03/2023 | 1.6 | 1.6 | |||||||||||||||||
5 Points Towers Mezzanine | 03/2024 | 3.7 | 4.2 | |||||||||||||||||
The Stratum Senior Loan | 05/2024 | 1.7 | 2.0 | |||||||||||||||||
The Stratum Mezzanine | 05/2024 | 0.6 | 0.7 | |||||||||||||||||
Spring House Innovation Park Senior Loan | 07/2024 | 31.7 | 38.0 | |||||||||||||||||
Spring House Innovation Park Mezzanine | 07/2024 | 10.6 | 12.7 | |||||||||||||||||
Project Sonic Senior Loan | 06/2025 | 3.9 | — |
Commitment Expiration | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Project Sonic Mezzanine | 06/2025 | 1.3 | — | |||||||||||||||||
One Biscayne Tower Senior Loan | 07/2025 | 31.8 | — | |||||||||||||||||
One Biscayne Tower Mezzanine | 07/2025 | 10.6 | — | |||||||||||||||||
The Reserve at Chino Hills | 08/2025 | 16.8 | 20.0 | |||||||||||||||||
Sixth and Main Senior Loan | 11/2025 | 6.5 | 6.9 | |||||||||||||||||
Sixth and Main Mezzanine | 11/2025 | 3.6 | 3.7 | |||||||||||||||||
$ | 176.0 | $ | 165.7 | |||||||||||||||||
TOTAL COMMITMENTS | $ | 494.8 | $ | 486.8 |
REAL ESTATE PROPERTIES | ||||||||||||||||||||||||||
Location/Sector | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Fair Value | % of Net Assets | Fair Value | % of Net Assets | |||||||||||||||||||||||
Alabama | ||||||||||||||||||||||||||
Retail | 58.9 | 0.2 | % | 61.8 | 0.2 | % | ||||||||||||||||||||
$ | 58.9 | 0.2 | % | $ | 61.8 | 0.2 | % | |||||||||||||||||||
Arizona | ||||||||||||||||||||||||||
Industrial | 52.5 | 0.2 | % | 33.3 | 0.1 | % | ||||||||||||||||||||
Office | 63.0 | 0.2 | % | 55.0 | 0.2 | % | ||||||||||||||||||||
Other(1) | 4.0 | — | % | — | — | % | ||||||||||||||||||||
$ | 119.5 | 0.4 | % | $ | 88.3 | 0.3 | % | |||||||||||||||||||
California | ||||||||||||||||||||||||||
Apartments | 1,780.7 | 5.7 | % | 1,759.2 | 6.3 | % | ||||||||||||||||||||
Industrial | 3,890.8 | 12.4 | % | 2,939.8 | 10.5 | % | ||||||||||||||||||||
Office | 704.7 | 2.2 | % | 771.1 | 2.7 | % | ||||||||||||||||||||
Retail | 443.2 | 1.4 | % | 507.1 | 1.8 | % | ||||||||||||||||||||
$ | 6,819.4 | 21.7 | % | $ | 5,977.2 | 21.3 | % | |||||||||||||||||||
Colorado | ||||||||||||||||||||||||||
Office | 110.0 | 0.3 | % | 108.0 | 0.4 | % | ||||||||||||||||||||
Retail | — | — | % | 69.5 | 0.2 | % | ||||||||||||||||||||
$ | 110.0 | 0.3 | % | $ | 177.5 | 0.6 | % | |||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||
Office | 72.2 | 0.2 | % | 73.7 | 0.3 | % | ||||||||||||||||||||
$ | 72.2 | 0.2 | % | $ | 73.7 | 0.3 | % | |||||||||||||||||||
Florida | ||||||||||||||||||||||||||
Apartments | 1,283.2 | 4.1 | % | 1,074.5 | 3.8 | % | ||||||||||||||||||||
Industrial | 673.6 | 2.1 | % | 452.5 | 1.6 | % | ||||||||||||||||||||
Office | 504.6 | 1.6 | % | 490.3 | 1.8 | % | ||||||||||||||||||||
Retail | 160.2 | 0.5 | % | 153.4 | 0.5 | % | ||||||||||||||||||||
Other(1) | — | — | % | 55.2 | 0.2 | % | ||||||||||||||||||||
$ | 2,621.6 | 8.3 | % | $ | 2,225.9 | 7.9 | % | |||||||||||||||||||
Georgia | ||||||||||||||||||||||||||
Apartments | 447.8 | 1.4 | % | 393.1 | 1.4 | % | ||||||||||||||||||||
Industrial | 251.7 | 0.8 | % | 193.0 | 0.7 | % | ||||||||||||||||||||
Retail | 270.9 | 0.9 | % | 242.8 | 0.9 | % | ||||||||||||||||||||
$ | 970.4 | 3.1 | % | $ | 828.9 | 3.0 | % | |||||||||||||||||||
Illinois | ||||||||||||||||||||||||||
Apartments | 126.1 | 0.4 | % | 120.0 | 0.4 | % | ||||||||||||||||||||
Industrial | 175.6 | 0.6 | % | 149.6 | 0.5 | % | ||||||||||||||||||||
Retail | 203.1 | 0.6 | % | 196.7 | 0.7 | % | ||||||||||||||||||||
Other(1) | 5.6 | — | % | — | — | % | ||||||||||||||||||||
$ | 510.4 | 1.6 | % | $ | 466.3 | 1.6 | % | |||||||||||||||||||
Indiana | ||||||||||||||||||||||||||
Industrial | 120.0 | 0.4 | % | 115.0 | 0.4 | % | ||||||||||||||||||||
$ | 120.0 | 0.4 | % | $ | 115.0 | 0.4 | % | |||||||||||||||||||
Maryland | ||||||||||||||||||||||||||
Apartments | 93.1 | 0.3 | % | 73.1 | 0.3 | % | ||||||||||||||||||||
Industrial | 69.3 | 0.2 | % | 67.7 | 0.2 | % |
REAL ESTATE PROPERTIES | ||||||||||||||||||||||||||
Location/Sector | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Fair Value | % of Net Assets | Fair Value | % of Net Assets | |||||||||||||||||||||||
Retail | 77.8 | 0.3 | % | 73.5 | 0.3 | % | ||||||||||||||||||||
$ | 240.2 | 0.8 | % | $ | 214.3 | 0.8 | % | |||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||
Apartments | 59.7 | 0.2 | % | — | — | % | ||||||||||||||||||||
Industrial | 159.4 | 0.5 | % | 127.0 | 0.5 | % | ||||||||||||||||||||
Office | 736.0 | 2.3 | % | 736.7 | 2.6 | % | ||||||||||||||||||||
Retail | 128.1 | 0.4 | % | 125.0 | 0.4 | % | ||||||||||||||||||||
$ | 1,083.2 | 3.4 | % | $ | 988.7 | 3.5 | % | |||||||||||||||||||
Minnesota | ||||||||||||||||||||||||||
Apartments | 109.7 | 0.4 | % | 107.9 | 0.4 | % | ||||||||||||||||||||
Industrial | 161.3 | 0.5 | % | — | — | % | ||||||||||||||||||||
$ | 271.0 | 0.9 | % | $ | 107.9 | 0.4 | % | |||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||
Industrial | 413.1 | 1.3 | % | 306.4 | 1.1 | % | ||||||||||||||||||||
Retail | 92.3 | 0.3 | % | 96.1 | 0.3 | % | ||||||||||||||||||||
$ | 505.4 | 1.6 | % | $ | 402.5 | 1.4 | % | |||||||||||||||||||
New York | ||||||||||||||||||||||||||
Apartments | 266.2 | 0.8 | % | 260.2 | 0.9 | % | ||||||||||||||||||||
Office | 900.4 | 2.9 | % | 890.0 | 3.2 | % | ||||||||||||||||||||
$ | 1,166.6 | 3.7 | % | $ | 1,150.2 | 4.1 | % | |||||||||||||||||||
North Carolina | ||||||||||||||||||||||||||
Apartments | 80.9 | 0.3 | % | 79.4 | 0.3 | % | ||||||||||||||||||||
Retail | 92.1 | 0.3 | % | 89.4 | 0.3 | % | ||||||||||||||||||||
$ | 173.0 | 0.6 | % | $ | 168.8 | 0.6 | % | |||||||||||||||||||
Oregon | ||||||||||||||||||||||||||
Apartments | 43.7 | 0.1 | % | 38.9 | 0.1 | % | ||||||||||||||||||||
$ | 43.7 | 0.1 | % | $ | 38.9 | 0.1 | % | |||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||
Retail | 71.8 | 0.2 | % | 70.8 | 0.3 | % | ||||||||||||||||||||
$ | 71.8 | 0.2 | % | $ | 70.8 | 0.3 | % | |||||||||||||||||||
Rhode Island | ||||||||||||||||||||||||||
Retail | — | — | % | 12.5 | — | % | ||||||||||||||||||||
$ | — | — | % | $ | 12.5 | — | % | |||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||
Apartments | 92.0 | 0.3 | % | 89.2 | 0.3 | % | ||||||||||||||||||||
Retail | 50.3 | 0.2 | % | 48.2 | 0.2 | % | ||||||||||||||||||||
$ | 142.3 | 0.5 | % | $ | 137.4 | 0.5 | % | |||||||||||||||||||
Tennessee | ||||||||||||||||||||||||||
Apartments | 44.1 | 0.1 | % | — | — | % | ||||||||||||||||||||
Industrial | 76.0 | 0.2 | % | 70.8 | 0.3 | % | ||||||||||||||||||||
Retail | 146.9 | 0.5 | % | 132.3 | 0.5 | % | ||||||||||||||||||||
$ | 267.0 | 0.8 | % | $ | 203.1 | 0.8 | % | |||||||||||||||||||
Texas | ||||||||||||||||||||||||||
Apartments | 706.5 | 2.2 | % | 622.7 | 2.2 | % | ||||||||||||||||||||
Industrial | 967.8 | 3.1 | % | 733.0 | 2.6 | % | ||||||||||||||||||||
Office | 623.6 | 2.0 | % | 583.1 | 2.1 | % | ||||||||||||||||||||
Other(1) | 100.0 | 0.3 | % | 98.1 | 0.4 | % |
REAL ESTATE PROPERTIES | ||||||||||||||||||||||||||
Location/Sector | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Fair Value | % of Net Assets | Fair Value | % of Net Assets | |||||||||||||||||||||||
$ | 2,397.9 | 7.6 | % | $ | 2,036.9 | 7.3 | % | |||||||||||||||||||
Utah | ||||||||||||||||||||||||||
Office | 125.4 | 0.4 | % | 124.5 | 0.4 | % | ||||||||||||||||||||
$ | 125.4 | 0.4 | % | $ | 124.5 | 0.4 | % | |||||||||||||||||||
Virginia | ||||||||||||||||||||||||||
Apartments | 425.7 | 1.4 | % | 392.6 | 1.4 | % | ||||||||||||||||||||
Office | 119.2 | 0.4 | % | 122.5 | 0.4 | % | ||||||||||||||||||||
Retail | 163.9 | 0.5 | % | 154.7 | 0.6 | % | ||||||||||||||||||||
$ | 708.8 | 2.3 | % | $ | 669.8 | 2.4 | % | |||||||||||||||||||
Washington | ||||||||||||||||||||||||||
Apartments | 347.0 | 1.1 | % | 330.5 | 1.2 | % | ||||||||||||||||||||
Industrial | 615.8 | 2.0 | % | 509.2 | 1.8 | % | ||||||||||||||||||||
$ | 962.8 | 3.1 | % | $ | 839.7 | 3.0 | % | |||||||||||||||||||
Washington D.C. | ||||||||||||||||||||||||||
Apartments | 358.7 | 1.1 | % | 347.6 | 1.2 | % | ||||||||||||||||||||
Office | 1,368.4 | 4.4 | % | 1,375.7 | 4.9 | % | ||||||||||||||||||||
$ | 1,727.1 | 5.5 | % | $ | 1,723.3 | 6.1 | % | |||||||||||||||||||
TOTAL REAL ESTATE PROPERTIES | ||||||||||||||||||||||||||
(Cost: $14,395.8 and $14,163.2) | $ | 21,288.6 | 67.7 | % | $ | 18,903.9 | 67.3 | % |
REAL ESTATE JOINT VENTURES | ||||||||||||||||||||||||||
Location/Sector | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Fair Value | % of Net Assets | Fair Value | % of Net Assets | |||||||||||||||||||||||
California | ||||||||||||||||||||||||||
Office | 1,492.6 | 4.7 | % | 1,582.9 | 5.6 | % | ||||||||||||||||||||
Retail | 53.6 | 0.2 | % | 92.4 | 0.3 | % | ||||||||||||||||||||
Industrial | 69.0 | 0.2 | % | 59.0 | 0.2 | % | ||||||||||||||||||||
$ | 1,615.2 | 5.1 | % | $ | 1,734.3 | 6.1 | % | |||||||||||||||||||
Florida | ||||||||||||||||||||||||||
Retail | 659.5 | 2.1 | % | 826.8 | 3.0 | % | ||||||||||||||||||||
$ | 659.5 | 2.1 | % | $ | 826.8 | 3.0 | % | |||||||||||||||||||
Maryland | ||||||||||||||||||||||||||
Retail | 17.5 | 0.1 | % | 15.7 | 0.1 | % | ||||||||||||||||||||
Other(1) | 9.7 | — | % | 6.5 | — | % | ||||||||||||||||||||
$ | 27.2 | 0.1 | % | $ | 22.2 | 0.1 | % | |||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||
Office | 470.0 | 1.5 | % | 458.0 | 1.6 | % | ||||||||||||||||||||
$ | 470.0 | 1.5 | % | $ | 458.0 | 1.6 | % | |||||||||||||||||||
Nevada | ||||||||||||||||||||||||||
Retail | 580.1 | 1.9 | % | 557.8 | 2.0 | % | ||||||||||||||||||||
$ | 580.1 | 1.9 | % | $ | 557.8 | 2.0 | % | |||||||||||||||||||
New York | ||||||||||||||||||||||||||
Apartments | 50.3 | 0.2 | % | 114.7 | 0.4 | % | ||||||||||||||||||||
Industrial | 84.3 | 0.3 | % | 82.3 | 0.3 | % | ||||||||||||||||||||
Office | 192.2 | 0.6 | % | 148.3 | 0.5 | % | ||||||||||||||||||||
Retail | 34.0 | 0.1 | % | 31.2 | 0.1 | % | ||||||||||||||||||||
$ | 360.8 | 1.2 | % | $ | 376.5 | 1.3 | % |
REAL ESTATE JOINT VENTURES | ||||||||||||||||||||||||||
Location/Sector | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Fair Value | % of Net Assets | Fair Value | % of Net Assets | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||||
Office | 63.6 | 0.2 | % | 47.4 | 0.2 | % | ||||||||||||||||||||
Retail | 139.6 | 0.5 | % | 127.7 | 0.5 | % | ||||||||||||||||||||
Other(1) | 30.0 | 0.1 | % | — | — | % | ||||||||||||||||||||
$ | 233.2 | 0.8 | % | $ | 175.1 | 0.7 | % | |||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||
Other(1) | 9.9 | — | % | — | — | % | ||||||||||||||||||||
$ | 9.9 | — | % | $ | — | — | % | |||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||
Apartments | 59.0 | 0.2 | % | 58.7 | 0.2 | % | ||||||||||||||||||||
$ | 59.0 | 0.2 | % | $ | 58.7 | 0.2 | % | |||||||||||||||||||
Summerville | ||||||||||||||||||||||||||
Other(1) | 6.7 | — | % | — | — | % | ||||||||||||||||||||
$ | 6.7 | — | % | $ | — | — | % | |||||||||||||||||||
Tennessee | ||||||||||||||||||||||||||
Retail | 222.7 | 0.7 | % | 116.6 | 0.5 | % | ||||||||||||||||||||
$ | 222.7 | 0.7 | % | $ | 116.6 | 0.5 | % | |||||||||||||||||||
Texas | ||||||||||||||||||||||||||
Industrial | 52.9 | 0.2 | % | 50.6 | 0.2 | % | ||||||||||||||||||||
Office | 357.6 | 1.1 | % | 347.4 | 1.2 | % | ||||||||||||||||||||
Other(1) | 8.3 | — | % | — | — | % | ||||||||||||||||||||
$ | 418.8 | 1.3 | % | $ | 398.0 | 1.4 | % | |||||||||||||||||||
Washington | ||||||||||||||||||||||||||
Office | 162.2 | 0.5 | % | 164.3 | 0.6 | % | ||||||||||||||||||||
$ | 162.2 | 0.5 | % | $ | 164.3 | 0.6 | % | |||||||||||||||||||
Various(2) | ||||||||||||||||||||||||||
Apartments | 1,107.4 | 3.5 | % | 938.6 | 3.3 | % | ||||||||||||||||||||
Office | 484.1 | 1.5 | % | 406.4 | 1.5 | % | ||||||||||||||||||||
Other(1) | 1,187.1 | 3.8 | % | 902.7 | 3.2 | % | ||||||||||||||||||||
$ | 2,778.6 | 8.8 | % | $ | 2,247.7 | 8.0 | % | |||||||||||||||||||
Foreign | ||||||||||||||||||||||||||
Other(3) | 39.0 | 0.1 | % | 39.9 | 0.1 | % | ||||||||||||||||||||
$ | 39.0 | 0.1 | % | $ | 39.9 | 0.1 | % | |||||||||||||||||||
TOTAL REAL ESTATE JOINT VENTURES | ||||||||||||||||||||||||||
(Cost: $5,648.1 and $5,497.9) | $ | 7,642.9 | 24.3 | % | $ | 7,175.9 | 25.6 | % |
MARKETABLE SECURITIES | ||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Fair Value | % of Net Assets | Fair Value | % of Net Assets | |||||||||||||||||||||||
Corporate bonds | 580.4 | 1.8 | % | 551.8 | 2.0 | % | ||||||||||||||||||||
U.S. government agency notes | 1,505.0 | 4.8 | % | 864.1 | 3.1 | % | ||||||||||||||||||||
Foreign government agency notes | 17.0 | 0.1 | % | 7.6 | — | % | ||||||||||||||||||||
U.S. treasury securities | 621.6 | 2.0 | % | 784.3 | 2.8 | % | ||||||||||||||||||||
TOTAL MARKETABLE SECURITIES | ||||||||||||||||||||||||||
(Cost: $2,771.7 and $2,217.0) | $ | 2,724.0 | 8.7 | % | $ | 2,207.8 | 7.9 | % | ||||||||||||||||||
TOTAL REAL ESTATE FUNDS | ||||||||||||||||||||||||||
(Cost: $781.5 and $692.9) | $ | 907.0 | 2.9 | % | $ | 811.5 | 2.9 | % | ||||||||||||||||||
TOTAL REAL ESTATE OPERATING BUSINESS | ||||||||||||||||||||||||||
(Cost: $352.5 and $251.6) | $ | 628.0 | 2.0 | % | $ | 326.3 | 1.2 | % | ||||||||||||||||||
TOTAL LOANS RECEIVABLE | ||||||||||||||||||||||||||
(Cost: ($1,582.0 and $1,434.3) | $ | 1,488.2 | 4.7 | % | $ | 1,422.7 | 5.1 | % | ||||||||||||||||||
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES | ||||||||||||||||||||||||||
(Cost: $69.9 and $69.8) | $ | 69.9 | 0.2 | % | $ | 69.9 | 0.2 | % | ||||||||||||||||||
TOTAL INVESTMENTS | ||||||||||||||||||||||||||
(Cost: $25,601.5 and $24,326.7) | $ | 34,748.6 | 110.5 | % | $ | 30,918.0 | 110.2 | % |
Location/Description | Type | Fair Value at | ||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||
(Unaudited) | ||||||||||||
Arizona: | ||||||||||||
Camelback Center | Office | $ | 58.4 | $ | 56.4 | |||||||
Kierland Apartment Portfolio | Apartments | 147.7 | 127.9 | (1) | ||||||||
California: | ||||||||||||
55 Second Street | Office | 353.1 | (1) | 335.0 | (1) | |||||||
88 Kearny Street | Office | 177.6 | 172.3 | |||||||||
200 Middlefield Road | Office | 61.2 | 60.5 | |||||||||
BLVD63 | Apartments | 162.0 | 157.0 | |||||||||
Castro Station | Office | 163.0 | 158.2 | |||||||||
Centre Pointe and Valley View | Industrial | 43.9 | 42.8 | |||||||||
Cerritos Industrial Park | Industrial | 140.0 | 126.3 | |||||||||
Charleston Plaza | Retail | 93.0 | 92.0 | |||||||||
Great West Industrial Portfolio | Industrial | 160.9 | 166.1 | |||||||||
Holly Street Village | Apartments | 148.0 | 146.0 | |||||||||
Larkspur Courts | Apartments | 141.4 | 140.5 | |||||||||
Northern CA RA Industrial Portfolio | Industrial | 87.0 | 76.7 | |||||||||
Oakmont IE West Portfolio | Industrial | 87.2 | 82.7 | |||||||||
Oceano at Warner Center | Apartments | 89.0 | 88.3 | |||||||||
Ontario Industrial Portfolio | Industrial | 397.4 | (11) | 438.0 | ||||||||
Ontario Mills Industrial Portfolio | Industrial | 55.9 | 52.0 | |||||||||
Pacific Plaza | Office | 115.2 | 115.0 | |||||||||
Rancho Cucamonga Industrial Portfolio | Industrial | 70.9 | (11) | 174.2 | ||||||||
Regents Court | Apartments | 95.4 | (1) | 89.9 | (1) | |||||||
Southern CA RA Industrial Portfolio | Industrial | 136.2 | 135.0 | |||||||||
Stella | Apartments | 178.9 | 173.1 | |||||||||
Stevenson Point | Industrial | 49.9 | 49.3 | |||||||||
The Forum at Carlsbad | Retail | 220.0 | (1) | 221.5 | (1) | |||||||
The Legacy at Westwood | Apartments | 143.0 | (1) | 142.1 | (1) | |||||||
Township Apartments | Apartments | 89.8 | 89.6 | |||||||||
West Lake North Business Park | Office | 60.4 | 60.0 | |||||||||
Westcreek | Apartments | 51.1 | 48.2 | |||||||||
Westwood Marketplace | Retail | 131.8 | 125.0 | |||||||||
Wilshire Rodeo Plaza | Office | 326.7 | 320.7 | |||||||||
Colorado: | ||||||||||||
Palomino Park | Apartments | 327.9 | (1) | 314.1 | (1) | |||||||
South Denver Marketplace | Retail | 72.7 | 73.0 | |||||||||
Connecticut: | ||||||||||||
Wilton Woods Corporate Campus | Office | 134.0 | 141.9 | |||||||||
Florida: | ||||||||||||
701 Brickell Avenue | Office | 362.6 | (1) | 380.7 | (1) | |||||||
Broward Industrial Portfolio | Industrial | 54.1 | — | |||||||||
Casa Palma | Apartments | 95.0 | 97.0 | |||||||||
Orion on Orpington | Apartments | 42.1 | — | |||||||||
Publix at Weston Commons | Retail | 74.1 | 73.0 | |||||||||
Seneca Industrial Park | Industrial | 106.4 | 102.7 | |||||||||
South Florida Apartment Portfolio | Apartments | 105.0 | 104.1 |
Location/Description | Type | Fair Value at | ||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||
(Unaudited) | ||||||||||||
The Manor Apartments | Apartments | 52.8 | 53.6 | |||||||||
The Manor at Flagler Village | Apartments | 148.0 | 150.8 | |||||||||
The Residences at the Village of Merrick Park | Apartments | 75.0 | 74.1 | |||||||||
Urban Centre | Office | 138.8 | 121.4 | |||||||||
Weston Business Center | Industrial | 92.8 | 92.7 | |||||||||
Georgia: | ||||||||||||
Atlanta Industrial Portfolio | Industrial | 31.6 | (6) | 62.8 | ||||||||
Shawnee Ridge Industrial Portfolio | Industrial | 89.6 | 86.7 | |||||||||
Illinois: | ||||||||||||
32 South State Street | Retail | 47.7 | (1) | 46.5 | (1) | |||||||
803 Corday | Apartments | 92.5 | — | |||||||||
Chicago Caleast Industrial Portfolio | Industrial | 80.3 | 81.8 | |||||||||
Chicago Industrial Portfolio | Industrial | 96.6 | 85.5 | |||||||||
Maryland: | ||||||||||||
Landover Logistics Center | Industrial | 43.1 | 39.8 | |||||||||
The Shops at Wisconsin Place | Retail | 91.0 | 92.8 | |||||||||
Massachusetts: | ||||||||||||
99 High Street | Office | 504.0 | 514.1 | |||||||||
501 Boylston Street | Office | 506.3 | (1) | 490.3 | (1) | |||||||
Fort Point Creative Exchange Portfolio | Office | 217.9 | 223.0 | |||||||||
Northeast RA Industrial Portfolio | Industrial | 40.2 | 41.3 | |||||||||
One Beeman Road | Industrial | 33.7 | — | |||||||||
Minnesota: | ||||||||||||
The Bridges | Apartments | 62.1 | — | |||||||||
The Knoll | Apartments | 33.3 | (1) | — | ||||||||
New Jersey: | ||||||||||||
200 Milik Street | Industrial | 52.1 | 51.2 | |||||||||
Marketfair | Retail | 105.0 | 104.2 | |||||||||
Amazon Distribution Center | Industrial | 110.0 | 101.0 | |||||||||
South River Road Industrial | Industrial | 87.2 | 71.9 | |||||||||
New York: | ||||||||||||
21 Penn Plaza | Office | 266.3 | 275.2 | |||||||||
250 North 10th Street | Apartments | 166.0 | 162.0 | |||||||||
425 Park Avenue | Ground Lease | 454.0 | 450.0 | |||||||||
430 West 15th Street | Office | 140.5 | 116.1 | |||||||||
780 Third Avenue | Office | 429.0 | (1) | 425.0 | (1) | |||||||
837 Washington Street | Office | 209.0 | 215.0 | |||||||||
The Colorado | Apartments | 256.0 | (1) | 258.1 | (1) | |||||||
The Corner | Apartments | 253.1 | (1) | 250.0 | (1) | |||||||
Oregon: | ||||||||||||
The Cordelia | Apartments | 49.0 | 50.0 | |||||||||
Pennsylvania: | ||||||||||||
1619 Walnut Street | Retail | 23.4 | 23.4 | |||||||||
The Pepper Building | Apartments | — | 52.9 | |||||||||
South Carolina: | ||||||||||||
Greene Crossing | Apartments | 65.8 | 65.8 | |||||||||
Tennessee: | ||||||||||||
Southside at McEwen | Retail | 48.2 | 48.8 |
Location/Description | Type | Fair Value at | ||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||
(Unaudited) | ||||||||||||
Texas: | ||||||||||||
Beltway North Commerce Center | Industrial | 19.2 | 19.5 | |||||||||
Cliffs at Barton Creek | Apartments | 45.7 | 45.8 | |||||||||
Dallas Industrial Portfolio | Industrial | 210.5 | 201.3 | |||||||||
Houston Apartment Portfolio | Apartments | 159.3 | 159.3 | |||||||||
Lincoln Centre | Office | 353.0 | 347.0 | |||||||||
Northwest Houston Industrial Portfolio | Industrial | 70.0 | 68.2 | |||||||||
Park 10 Distribution | Industrial | 10.3 | 11.3 | |||||||||
Pinnacle Industrial Portfolio | Industrial | 53.4 | 52.8 | |||||||||
Pinto Business Park | Industrial | 130.8 | 134.2 | |||||||||
The Caruth | Apartments | 82.7 | (1) | 84.3 | (1) | |||||||
The Maroneal | Apartments | 54.5 | 52.1 | |||||||||
Virginia: | ||||||||||||
8270 Greensboro Drive | Office | 47.3 | 47.6 | |||||||||
Ashford Meadows Apartments | Apartments | 106.6 | (1) | 107.2 | (1) | |||||||
Plaza America | Retail | 115.0 | 109.0 | |||||||||
The Ellipse at Ballston | Office | 84.4 | 79.8 | |||||||||
The Palatine | Apartments | 121.1 | (1) | 130.9 | (1) | |||||||
Washington: | ||||||||||||
Circa Green Lake | Apartments | 94.4 | 92.5 | |||||||||
Fourth and Madison | Office | 527.0 | (1) | 521.0 | (1) | |||||||
Millennium Corporate Park | Office | 182.1 | 190.1 | |||||||||
Northwest RA Industrial Portfolio | Industrial | 38.2 | 31.7 | |||||||||
Pacific Corporate Park | Industrial | 44.5 | 42.0 | |||||||||
Prescott Wallingford Apartments | Apartments | 62.0 | 58.8 | |||||||||
Rainier Corporate Park | Industrial | 114.7 | 104.0 | |||||||||
Regal Logistics Campus | Industrial | 97.8 | 83.1 | |||||||||
Union - South Lake Union | Apartments | 109.1 | 105.3 | |||||||||
Washington DC: | ||||||||||||
1001 Pennsylvania Avenue | Office | 810.0 | (1) | 810.0 | (1) | |||||||
1401 H Street, NW | Office | 203.1 | (1) | 230.0 | (1) | |||||||
1900 K Street, NW | Office | 330.2 | (1) | 335.0 | (1) | |||||||
Mass Court | Apartments | 171.0 | (1) | 169.0 | (1) | |||||||
Mazza Gallerie | Retail | — | 78.0 | |||||||||
The Ashton | Apartments | 38.5 | 39.2 | |||||||||
The Louis at 14th | Apartments | 175.0 | 183.2 | |||||||||
The Woodley | Apartments | 191.0 | 203.0 | |||||||||
TOTAL REAL ESTATE PROPERTIES | ||||||||||||
(Cost $12,944.7 and $12,818.1) | $ | 15,654.2 | $ | 15,452.8 |
Location/Description | Type | Fair Value at | ||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||
(Unaudited) | ||||||||||||
California: | ||||||||||||
CA—Colorado Center LP Colorado Center (50% Account Interest) | Office | $ | 355.1 | (2) | $ | 567.8 | ||||||
PC Borrower, LLC Pacific City (70% Account Interest) | Retail | 133.8 | 128.5 | |||||||||
TREA Campus Pointe 1, LLC Campus Pointe 1 (45% Account Interest) | Office | 139.4 | 137.5 | |||||||||
TREA Campus Pointe 2, LLC Campus Pointe 2 (43.16% Account Interest) | Office | 104.2 | 85.7 | |||||||||
T-C 1500 Owens, LLC 1500 Owens Street (49.9% Account Interest) | Office | 77.0 | 74.8 | |||||||||
T-C Foundry Square II Venture LLC Foundry Square II (50.1% Account Interest) | Office | 257.4 | 200.1 | (2) | ||||||||
T-C Illinois Street, LLC 409-499 Illinois Street (40% Account Interest) | Office | 206.3 | 196.8 | |||||||||
Valencia Town Center Associates LP Valencia Town Center (50% Account Interest) | Retail | 137.5 | (2) | 128.0 | (2) | |||||||
Florida: | ||||||||||||
Florida Mall Associates, Ltd The Florida Mall (50% Account Interest) | Retail | 754.8 | (2) | 755.8 | (2) | |||||||
TREA Florida Retail, LLC Florida Retail Portfolio (80% Account Interest) | Retail | 150.0 | 147.6 | |||||||||
West Dade County Associates Miami International Mall (50% Account Interest) | Retail | 164.2 | (2) | 161.1 | (2) | |||||||
Maryland: | ||||||||||||
WP Project Developer The Shops at Wisconsin Place (33.33% Account Interest) | Retail | 21.0 | 19.4 | |||||||||
Massachusetts: | ||||||||||||
One Boston Place REIT One Boston Place (50.25% Account Interest) | Office | 238.8 | 224.2 | |||||||||
T-C 225 Binney, LLC 225 Binney Street (70% Account Interest) | Office | 195.7 | 194.9 | |||||||||
Nevada: | ||||||||||||
Fashion Show Holding I, LLC Fashion Show (50% Account Interest) | Retail | 837.9 | (2) | 839.1 | (2) | |||||||
New York: | ||||||||||||
401 West 14th Street, LLC 401 West 14th Street (42.19% Account Interest) | Retail | 45.5 | (2) | 41.1 | (2) | |||||||
817 Broadway Owner, LLC 817 Broadway (61.46% Account Interest) | Office | 23.3 | (2) | 20.8 | (2) | |||||||
MRA Hub 34 Holding, LLC The Hub (95% Account Interest) | Office | 57.1 | (2) | 54.9 | (2) | |||||||
RGM 42, LLC MiMA (70% Account Interest) | Apartments | 188.0 | (2) | 194.7 | (2) | |||||||
TREA 35th Street LIC Investor Member, LLC Commerce LIC (97.5% Account Interest) | Industrial | 57.9 | — | |||||||||
Tennessee: | ||||||||||||
West Town Mall, LLC West Town Mall (50% Account Interest) | Retail | 137.1 | (2) | 154.4 | (2) |
Location/Description | Type | Fair Value at | ||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||
(Unaudited) | ||||||||||||
Texas: | ||||||||||||
Four Oaks Venture LP Four Oaks Place LP (51% Account Interest) | Office | 341.6 | (2) | 342.3 | (2) | |||||||
Washington: | ||||||||||||
T-C REA 400 Fairview Investor, LLC 400 Fairview (90% Account Interest) | Office | 262.4 | 243.6 | |||||||||
Various: | ||||||||||||
DDRTC Core Retail Fund, LLC DDR Joint Venture (85% Account Interest) | Retail | 615.8 | (2,3) | 552.8 | (2,3) | |||||||
Storage Portfolio I, LLC Storage Portfolio (75% Account Interest) | Storage | 173.6 | (2,3) | 156.5 | (2,3) | |||||||
TOTAL REAL ESTATE JOINT VENTURES (Cost $4,399.3 and $4,393.2) | $ | 5,675.4 | $ | 5,622.4 | ||||||||
LIMITED PARTNERSHIPS—0.5% and 0.5% | ||||||||||||
Clarion Gables Multi-Family Trust LP (8.407% Account Interest) | $ | 124.9 | $ | 121.6 | ||||||||
Colony Realty Partners LP (5.27% Account Interest) | — | 3.1 | (10) | |||||||||
Lion Gables Apartment Fund (18.46% Account Interest) | — | 0.2 | (5) | |||||||||
Taconic New York City GP Fund, LP (60% Account Interest) | 11.0 | 4.8 | ||||||||||
Transwestern Mezz Realty Partners III, LLC (11.708% Account Interest) | 4.8 | 7.8 | ||||||||||
TOTAL LIMITED PARTNERSHIPS (Cost $140.9 and $137.2) | $ | 140.7 | $ | 137.5 | ||||||||
TOTAL REAL ESTATE JOINT VENTURES AND LIMITED PARTNERSHIPS (Cost $4,540.2 and $4,530.4) | $ | 5,816.1 | $ | 5,759.9 |
Shares | Issuer | Fair Value at | ||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
2017 | 2016 | |||||||||||||||
(Unaudited) | ||||||||||||||||
82,202 | 84,437 | Acadia Realty Trust | $ | 2.3 | $ | 2.8 | ||||||||||
28,294 | 26,717 | Agree Realty Corporation | 1.4 | 1.2 | ||||||||||||
2,132 | 2,132 | Alexander's, Inc. | 0.9 | 0.9 | ||||||||||||
92,255 | 83,175 | Alexandria Real Estate Equities, Inc. | 11.0 | 9.2 | ||||||||||||
48,980 | — | Altisource Residential Corp. | 0.5 | — | ||||||||||||
40,188 | 41,010 | American Assets Trust, Inc. | 1.6 | 1.8 | ||||||||||||
133,888 | 138,467 | American Campus Communities, Inc. | 5.9 | 6.9 | ||||||||||||
— | 6,347 | American Farmland Company | — | 0.1 | ||||||||||||
239,344 | 233,916 | American Homes 4 Rent | 5.2 | 4.9 | ||||||||||||
421,695 | 443,315 | American Tower Corp. | 57.6 | 46.8 | ||||||||||||
155,985 | 163,592 | Apartment Investment and Management Company | 6.8 | 7.4 | ||||||||||||
210,602 | 223,733 | Apple Hospitality Inc. | 4.0 | 4.5 | ||||||||||||
47,395 | 38,282 | Armada Hoffler Properties Inc. | 0.7 | 0.6 | ||||||||||||
27,462 | 27,631 | Ashford Hospitality Prime Inc. | 0.3 | 0.4 | ||||||||||||
75,865 | 96,553 | Ashford Hospitality Trust, Inc. | 0.5 | 0.7 | ||||||||||||
137,335 | 143,728 | Avalonbay Communities, Inc. | 24.5 | 25.5 | ||||||||||||
24,509 | 21,354 | Bluerock Residential Growth, Inc. | 0.3 | 0.3 | ||||||||||||
153,602 | 160,997 | Boston Properties, Inc. | 18.9 | 20.3 | ||||||||||||
172,155 | 183,336 | Brandywine Realty Trust | 3.0 | 3.0 | ||||||||||||
305,457 | 319,555 | Brixmore Property Group Inc | 5.7 | 7.8 | ||||||||||||
90,816 | 91,727 | Camden Property Trust | 8.3 | 7.7 | ||||||||||||
— | 89,419 | Care Capital Properties, Inc. | — | 2.2 | ||||||||||||
76,188 | 64,966 | CareTrust REIT Inc. | 1.5 | 1.0 | ||||||||||||
39,488 | 43,788 | Catchmark Timber Trust, Inc. | 0.5 | 0.5 | ||||||||||||
167,957 | 178,895 | CBL & Associates Properties, Inc. | 1.4 | (9) | 2.1 | |||||||||||
92,124 | 92,124 | Cedar Shopping Centers, Inc. | 0.5 | 0.6 | ||||||||||||
39,759 | 39,759 | Chatham Lodging Trust | 0.8 | 0.8 | ||||||||||||
58,946 | 63,363 | Chesapeake Lodging Trust | 1.6 | 1.6 | ||||||||||||
15,330 | — | Clipper Realty, Inc. | 0.2 | (9) | — | |||||||||||
541,689 | — | Colony Northstar, Inc. | 6.8 | — | ||||||||||||
— | 50,961 | Colony Starwood Homes | — | 1.5 | ||||||||||||
122,581 | 130,704 | Columbia Property Trust Inc. | 2.7 | 2.8 | ||||||||||||
— | 161,499 | Communication Sales & Leasing, Inc. | — | 4.1 | ||||||||||||
17,855 | 13,231 | Community Healthcare Trust, Inc. | 0.5 | 0.3 | ||||||||||||
117,713 | 117,878 | CoreCivic, Inc. | 3.2 | 2.9 | ||||||||||||
12,695 | 12,695 | Corenergy Infrastructure Trust, Inc. | 0.4 | (9) | 0.4 | |||||||||||
33,863 | 35,452 | CoreSite Realty Corporation | 3.8 | 2.8 | ||||||||||||
99,369 | 98,668 | Corporate Office Properties Trust | 3.3 | 3.1 | ||||||||||||
414,681 | 358,876 | Cousins Properties Incorporated | 3.9 | 3.1 | ||||||||||||
401,185 | 378,286 | Crown Castle International Corporation | 40.1 | 32.8 | ||||||||||||
180,122 | 189,128 | Cubesmart | 4.7 | 5.1 | ||||||||||||
86,428 | 80,245 | CyrusOne Inc. | 5.1 | 3.6 | ||||||||||||
92,007 | 95,203 | DCT Industrial Trust, Inc. | 5.3 | 4.6 | ||||||||||||
308,806 | 326,844 | DDR Corp | 2.8 | 5.0 | ||||||||||||
198,919 | 211,566 | DiamondRock Hospitality Company | 2.2 | 2.4 | ||||||||||||
203,672 | 166,911 | Digital Realty Trust, Inc. | 24.1 | 16.4 |
Shares | Issuer | Fair Value at | ||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
2017 | 2016 | |||||||||||||||
(Unaudited) | ||||||||||||||||
144,167 | 146,715 | Douglas Emmett, Inc. | $ | 5.7 | $ | 5.4 | ||||||||||
355,455 | 371,513 | Duke Realty Corporation | 10.2 | 9.9 | ||||||||||||
— | 79,039 | DuPont Fabros Technology, Inc. | — | 3.5 | ||||||||||||
38,107 | 38,107 | Easterly Government Properties, Inc. | 0.8 | 0.8 | ||||||||||||
32,984 | 34,448 | EastGroup Properties, Inc. | 2.9 | 2.5 | ||||||||||||
73,142 | 76,609 | Education Realty Trust, Inc. | 2.6 | 3.2 | ||||||||||||
125,679 | 128,313 | Empire State Realty Trust | 2.6 | 2.6 | ||||||||||||
62,943 | 66,086 | EPR Properties | 4.4 | 4.7 | ||||||||||||
77,532 | 74,499 | Equinix Inc. | 34.6 | 26.6 | ||||||||||||
120,619 | 132,412 | Equity Commonwealth | 3.7 | 4.0 | ||||||||||||
81,386 | 81,207 | Equity Lifestyle Properties, Inc. | 6.9 | 5.9 | ||||||||||||
— | 97,735 | Equity One, Inc. | — | 3.0 | ||||||||||||
355,638 | 378,516 | Equity Residential | 23.4 | 24.4 | ||||||||||||
39,142 | 39,142 | Escrow Winthrop Realty Trust | 0.3 | 0.3 | ||||||||||||
65,165 | 68,928 | Essex Property Trust, Inc. | 16.6 | 16.0 | ||||||||||||
121,584 | 123,598 | Extra Space Storage, Inc. | 9.7 | 9.5 | ||||||||||||
33,146 | 20,247 | Farmland Partners, Inc. | 0.3 | (9) | 0.2 | (9) | ||||||||||
72,018 | 75,390 | Federal Realty Investment Trust | 8.9 | 10.7 | ||||||||||||
— | 146,636 | FelCor Lodging Trust Incorporated | — | 1.2 | ||||||||||||
117,988 | 122,078 | First Industrial Realty Trust, Inc. | 3.6 | 3.4 | ||||||||||||
62,454 | 62,454 | First Potomac Realty Trust | 0.7 | 0.7 | ||||||||||||
242,943 | 247,510 | Forest City Realty Trust A | 6.2 | 5.2 | ||||||||||||
62,347 | 62,347 | Four Corners Property Trust | 1.6 | 1.3 | ||||||||||||
105,457 | 105,457 | Franklin Street Properties Corp. | 1.1 | 1.4 | ||||||||||||
200,306 | 215,403 | Gaming and Leisure Properties, Inc. | 7.4 | 6.6 | ||||||||||||
616,628 | 528,439 | General Growth Properties, Inc. | 12.8 | 13.2 | ||||||||||||
121,553 | 75,332 | GEO Group, Inc./The | 3.3 | 2.7 | ||||||||||||
32,335 | 27,304 | Getty Realty Corp. | 0.9 | 0.7 | ||||||||||||
27,842 | 24,752 | Gladstone Commercial Corporation | 0.6 | 0.5 | ||||||||||||
7,822 | — | Gladstone Land Corporation | 0.1 | — | ||||||||||||
14,323 | 14,323 | Global Medical REIT, Inc. | 0.1 | (9) | 0.1 | (9) | ||||||||||
66,375 | 169,785 | Global Net Lease, Inc. | 1.5 | 1.3 | ||||||||||||
93,766 | 74,542 | Government Properties Income Trust | 1.8 | 1.4 | ||||||||||||
150,155 | 439,336 | Gramercy Property Trust Inc. | 4.5 | 4.0 | ||||||||||||
468,228 | 488,199 | HCP, Inc. | 13.0 | 14.5 | ||||||||||||
121,482 | 121,172 | Healthcare Realty Trust Inc. | 3.9 | 3.7 | ||||||||||||
197,648 | 148,194 | Healthcare Trust of America | 5.9 | 4.3 | ||||||||||||
38,921 | 38,921 | Hersha Hospitality Trust | 0.7 | 0.8 | ||||||||||||
100,544 | 105,127 | Highwoods Properties, Inc. | 5.2 | 5.4 | ||||||||||||
162,463 | 172,557 | Hospitality Properties Trust | 4.6 | 5.5 | ||||||||||||
730,412 | 784,264 | Host Hotels & Resorts, Inc. | 13.5 | 14.8 | ||||||||||||
156,033 | 130,545 | Hudson Pacific Properties, Inc. | 5.2 | 4.5 | ||||||||||||
70,772 | 64,154 | Independence Realty Trust, Inc. | 0.7 | 0.6 | ||||||||||||
130,841 | 130,841 | Investors Real Estate Trust | 0.8 | 0.9 | ||||||||||||
87,831 | — | Invitation Homes | 2.0 | — | ||||||||||||
262,389 | 251,283 | Iron Mountain Inc. | 10.2 | 8.2 | ||||||||||||
1,500,000 | 1,500,000 | iShares Dow Jones US Real Estate Index Fund | 119.8 | 115.4 | (9) | |||||||||||
86,089 | — | JBG Smith Properties | 2.9 | — | ||||||||||||
96,468 | 96,739 | Kilroy Realty Corporation | 6.9 | 7.1 |
Shares | Issuer | Fair Value at | ||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
2017 | 2016 | |||||||||||||||
(Unaudited) | ||||||||||||||||
413,143 | 446,152 | Kimco Realty Corporation | $ | 8.1 | $ | 11.2 | ||||||||||
82,157 | 86,474 | Kite Realty Group Trust | 1.7 | 2.0 | ||||||||||||
82,861 | 86,839 | Lamar Advertising Corporation | 5.7 | 5.8 | ||||||||||||
113,248 | 118,625 | LaSalle Hotel Properties | 3.3 | 3.6 | ||||||||||||
233,615 | 246,697 | Lexington Realty Trust | 2.4 | 2.7 | ||||||||||||
147,200 | 154,875 | Liberty Property Trust | 6.0 | 6.1 | ||||||||||||
45,893 | 48,870 | Life Storage, Inc. | 3.8 | 4.2 | ||||||||||||
39,429 | 41,261 | LTC Properties, Inc. | 1.9 | 1.9 | ||||||||||||
91,244 | 93,046 | Mack-Cali Realty Corporation | 2.2 | 2.7 | ||||||||||||
29,800 | 23,475 | Medequities Realty Trust, Inc. | 0.4 | 0.3 | ||||||||||||
362,242 | 337,220 | Medical Properties Trust, Inc. | 4.8 | 4.1 | ||||||||||||
113,412 | 118,873 | Mid-America Apartment Communities, Inc. | 12.1 | 11.6 | ||||||||||||
71,720 | 69,038 | Monmouth Real Estate Investment Corporation | 1.2 | 1.1 | ||||||||||||
— | 175,519 | Monogram Residential Trust Inc. | — | 1.9 | ||||||||||||
39,678 | 38,542 | National Health Investors, Inc. | 3.1 | 2.9 | ||||||||||||
148,742 | 154,142 | National Retail Properties, Inc. | 6.2 | 6.8 | ||||||||||||
44,249 | 44,249 | National Storage Affiliates Trust | 1.1 | 1.0 | ||||||||||||
83,324 | 83,324 | New Senior Investment Group | 0.8 | 0.8 | ||||||||||||
— | 175,401 | New York REIT | — | 1.8 | ||||||||||||
17,140 | 17,140 | Nexpoint Residential Trust, Inc. | 0.4 | 0.4 | ||||||||||||
54,554 | 59,329 | NorthStar Realty Europe Corp. | 0.7 | 0.7 | ||||||||||||
— | 189,799 | NorthStar Realty Finance Corp. | — | 2.9 | ||||||||||||
194,823 | 181,435 | Omega Healthcare Investors, Inc. | 6.2 | (9) | 5.7 | |||||||||||
16,324 | 16,324 | One Liberty Properties, Inc. | 0.4 | 0.4 | ||||||||||||
138,381 | 144,614 | Outfront Media Inc. | 3.5 | 3.6 | ||||||||||||
198,430 | 157,741 | Paramount Group Inc. | 3.2 | 2.5 | ||||||||||||
144,718 | — | Park Hotels & Resorts, Inc. | 4.0 | — | ||||||||||||
42,820 | 45,533 | Parkway Properties, Inc. | 1.0 | 1.0 | ||||||||||||
68,431 | 75,815 | Pebblebrook Hotel Trust | 2.5 | (9) | 2.3 | |||||||||||
69,866 | 69,866 | Pennsylvania Real Estate Investment Trust | 0.7 | (9) | 1.3 | |||||||||||
178,281 | 141,267 | Physicians Realty Trust | 3.2 | 2.7 | ||||||||||||
144,783 | 153,053 | Piedmont Office Realty Trust, Inc. | 2.9 | 3.2 | ||||||||||||
40,092 | 39,487 | Potlatch Corporation | 2.0 | 1.6 | ||||||||||||
30,894 | 25,352 | Preferred Apartment Communities, Inc. | 0.6 | 0.4 | ||||||||||||
526,083 | 549,455 | ProLogis | 33.4 | 29.0 | ||||||||||||
19,639 | 20,916 | PS Business Parks, Inc. | 2.6 | 2.4 | ||||||||||||
147,591 | 152,197 | Public Storage, Inc. | 31.6 | 34.0 | ||||||||||||
47,384 | 47,125 | QTS Realty Trust, Inc. | 2.5 | 2.3 | ||||||||||||
96,479 | 98,883 | Quality Care Properties | 1.5 | 1.5 | ||||||||||||
78,232 | 82,342 | Ramco-Gershenson Properties Trust | 1.0 | 1.4 | ||||||||||||
127,625 | 129,796 | Rayonier, Inc. | 3.7 | 3.4 | ||||||||||||
272,317 | 270,184 | Realty Income Corporation | 15.6 | 15.5 | ||||||||||||
149,168 | 109,616 | Regency Centers Corporation | 9.3 | 7.6 | ||||||||||||
107,617 | 113,887 | Retail Opportunity Investment | 2.0 | 2.4 | ||||||||||||
230,343 | 247,302 | Retail Properties of America | 3.0 | 3.8 | ||||||||||||
70,011 | 67,197 | Rexford Industrial Realty Inc. | 2.0 | 1.6 | ||||||||||||
169,181 | 131,026 | RLJ Lodging Trust | 3.7 | 3.2 | ||||||||||||
44,005 | 50,994 | Ryman Hospitality Properties | 2.7 | 3.2 | ||||||||||||
173,736 | 68,440 | Sabra Health Care REIT Inc. | 3.8 | 1.7 |
Shares | Issuer | Fair Value at | ||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
2017 | 2016 | |||||||||||||||
(Unaudited) | ||||||||||||||||
11,006 | — | Safety Income and Growth, Inc. | $ | 0.2 | $ | — | ||||||||||
11,082 | 14,267 | Saul Centers, Inc. | 0.7 | 0.9 | ||||||||||||
119,786 | — | SBA Communications Corporation | 17.3 | — | ||||||||||||
63,334 | 71,466 | Select Income Real Estate Investment Trust | 1.5 | 1.8 | ||||||||||||
235,142 | 248,749 | Senior Housing Properties Trust | 4.6 | 4.7 | ||||||||||||
— | 36,820 | Silver Bay Realty Trust Corp. | — | 0.6 | ||||||||||||
310,266 | 329,687 | Simon Property Group, Inc. | 50.0 | 58.6 | ||||||||||||
96,162 | 106,453 | SL Green Realty Corp. | 9.7 | 11.4 | ||||||||||||
483,394 | 483,032 | Spirit Realty Capital Inc. | 4.1 | 5.2 | ||||||||||||
91,969 | 78,649 | Stag Industrial, Inc. | 2.5 | 1.9 | ||||||||||||
126,762 | — | Starwood Waypoint Homes | 4.6 | — | ||||||||||||
170,571 | 162,012 | STORE Capital Corporation | 4.2 | 4.0 | ||||||||||||
101,582 | 88,627 | Summit Hotel Properties, Inc. | 1.6 | 1.4 | ||||||||||||
75,320 | 68,173 | Sun Communities, Inc. | 6.5 | 5.2 | ||||||||||||
223,998 | 227,526 | Sunstone Hotel Investors, Inc. | 3.6 | 3.5 | ||||||||||||
93,587 | 100,862 | Tanger Factory Outlet Centers, Inc. | 2.3 | 3.6 | ||||||||||||
59,024 | 63,335 | Taubman Centers, Inc. | 2.9 | 4.7 | ||||||||||||
50,869 | 48,484 | Terreno Realty Corporation | 1.8 | 1.4 | ||||||||||||
136,929 | 150,999 | The Macerich Company | 7.5 | 10.7 | ||||||||||||
50,411 | 50,411 | Tier Inc. | 1.0 | 0.9 | ||||||||||||
265,245 | 280,233 | UDR, Inc. | 10.1 | 10.2 | ||||||||||||
30,879 | 27,329 | UMH Properties, Inc. | 0.5 | 0.4 | ||||||||||||
165,032 | — | UNITI Group, Inc. | 2.4 | — | ||||||||||||
13,049 | 14,676 | Universal Health Realty Income Trust | 1.0 | 1.0 | ||||||||||||
97,222 | 93,500 | Urban Edge Properties | 2.3 | 2.6 | ||||||||||||
31,959 | 31,959 | Urstadt Biddle Properties, Inc. | 0.7 | 0.8 | ||||||||||||
353,728 | 371,296 | Ventas, Inc. | 23.0 | 23.2 | ||||||||||||
975,362 | 1,012,629 | VEREIT, Inc. | 8.1 | 8.6 | ||||||||||||
172,179 | 177,780 | Vornado Realty Trust | 13.2 | 18.6 | ||||||||||||
185,508 | 193,859 | Washington Prime Group, Inc. | 1.5 | 2.0 | ||||||||||||
76,866 | 78,200 | Washington Real Estate Investment Trust | 2.5 | 2.6 | ||||||||||||
119,216 | 120,820 | Weingarten Realty Investors | 3.8 | 4.3 | ||||||||||||
365,663 | 380,425 | Welltower Inc. | 25.7 | 25.5 | ||||||||||||
744,863 | 783,938 | Weyerhaeuser Company | 25.3 | 23.6 | ||||||||||||
38,883 | 32,110 | Whitestone Real Estate Investment Trust B | 0.5 | 0.5 | ||||||||||||
105,577 | 95,234 | WP Carey Inc. | 7.1 | 5.6 | ||||||||||||
107,316 | 113,720 | Xenia Hotels & Resorts Inc. | 2.3 | 2.2 | ||||||||||||
TOTAL REAL ESTATE-RELATED MARKETABLE SECURITIES (Cost $889.5 and $883.9) | $ | 1,121.0 | $ | 1,081.5 |
Principal | Issuer | Yield(4) | Maturity Date | Fair Value at | ||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
$ | — | $ | 22.0 | Fannie Mae Discount Notes | 0.416% | 2/1/2017 | $ | — | $ | 22.0 | ||||||||||
— | 42.0 | Fannie Mae Discount Notes | 0.366% - 0.482% | 3/1/2017 | — | 42.0 | ||||||||||||||
— | 10.0 | Fannie Mae Discount Notes | 0.427% | 3/3/2017 | — | 10.0 | ||||||||||||||
— | 20.0 | Fannie Mae Discount Notes | 0.427% | 3/6/2017 | — | 20.0 | ||||||||||||||
— | 20.0 | Fannie Mae Discount Notes | 0.406% | 3/13/2017 | — | 20.0 | ||||||||||||||
— | 30.3 | Fannie Mae Discount Notes | 0.406% | 3/27/2017 | — | 30.3 | ||||||||||||||
— | 25.0 | Fannie Mae Discount Notes | 0.406% | 3/28/2017 | — | 25.0 | ||||||||||||||
— | 30.0 | Fannie Mae Discount Notes | 0.518% | 4/18/2017 | — | 29.9 | ||||||||||||||
— | 24.0 | Fannie Mae Discount Notes | 0.483% - 0.579% | 4/19/2017 | — | 24.0 | ||||||||||||||
— | 31.5 | Fannie Mae Discount Notes | 0.447% - 0.539% | 5/1/2017 | — | 31.5 | ||||||||||||||
— | 49.9 | Fannie Mae Discount Notes | 0.518% | 5/2/2017 | — | 49.9 | ||||||||||||||
— | 39.9 | Fannie Mae Discount Notes | 0.539% | 5/5/2017 | — | 39.9 | ||||||||||||||
34.9 | — | Fannie Mae Discount Notes | 0.987% | 10/2/2017 | 34.9 | — | ||||||||||||||
47.1 | — | Fannie Mae Discount Notes | 1.017% - 1.038% | 10/11/2017 | 47.1 | — | ||||||||||||||
35.1 | — | Fannie Mae Discount Notes | 1.027% | 10/12/2017 | 35.1 | — | ||||||||||||||
33.6 | — | Fannie Mae Discount Notes | 1.017% | 10/13/2017 | 33.6 | — | ||||||||||||||
37.1 | — | Fannie Mae Discount Notes | 1.017% - 1.037% | 10/19/2017 | 37.1 | — | ||||||||||||||
15.1 | — | Fannie Mae Discount Notes | 1.038% | 10/23/2017 | 15.1 | — | ||||||||||||||
20.0 | — | Fannie Mae Discount Notes | 1.038% | 10/25/2017 | 20.0 | — | ||||||||||||||
40.0 | — | Fannie Mae Discount Notes | 1.038% | 10/27/2017 | 40.0 | — | ||||||||||||||
35.0 | — | Fannie Mae Discount Notes | 0.996% | 10/30/2017 | 35.0 | — | ||||||||||||||
75.1 | — | Fannie Mae Discount Notes | 0.996% - 1.006% | 11/1/2017 | 75.0 | — | ||||||||||||||
10.0 | — | Fannie Mae Discount Notes | 0.985% | 11/3/2017 | 10.0 | — | ||||||||||||||
24.6 | — | Fannie Mae Discount Notes | 1.048% | 11/6/2017 | 24.5 | — | ||||||||||||||
5.0 | — | Fannie Mae Discount Notes | 1.048% | 11/9/2017 | 5.0 | — | ||||||||||||||
75.0 | — | Fannie Mae Discount Notes | 1.058% | 11/20/2017 | 74.9 | — | ||||||||||||||
75.0 | — | Fannie Mae Discount Notes | 1.058% | 11/21/2017 | 74.9 | — | ||||||||||||||
30.0 | — | Fannie Mae Discount Notes | 1.058% | 11/22/2017 | 30.0 | — | ||||||||||||||
20.0 | — | Fannie Mae Discount Notes | 1.007% | 11/24/2017 | 20.0 | — | ||||||||||||||
25.0 | — | Fannie Mae Discount Notes | 1.042% | 12/20/2017 | 24.9 | — | ||||||||||||||
40.0 | — | Fannie Mae Discount Notes | 1.063% | 1/11/2018 | 40.0 | — | ||||||||||||||
30.0 | — | Fannie Mae Discount Notes | 1.038% | 1/22/2018 | 29.9 | — | ||||||||||||||
46.2 | — | Fannie Mae Discount Notes | 1.038% | 1/23/2018 | 46.0 | — | ||||||||||||||
35.1 | — | Fannie Mae Discount Notes | 1.038% | 1/24/2018 | 35.0 | — | ||||||||||||||
— | 19.9 | Farmer Mac Discount Notes | 0.682% | 6/1/2017 | — | 19.9 | ||||||||||||||
— | 15.5 | Federal Farm Credit Bank Discount Notes | 0.376% - 0.381% | 2/22/2017 | — | 15.5 | ||||||||||||||
— | 34.7 | Federal Home Loan Bank Discount Notes | 0.304% - 0.355% | 1/3/2017 | — | 34.7 | ||||||||||||||
— | 40.0 | Federal Home Loan Bank Discount Notes | 0.345% | 1/4/2017 | — | 40.0 | ||||||||||||||
— | 29.2 | Federal Home Loan Bank Discount Notes | 0.355% - 0.447% | 1/6/2017 | — | 29.2 | ||||||||||||||
— | 7.1 | Federal Home Loan Bank Discount Notes | 0.299% - 0.345% | 1/9/2017 | — | 7.1 | ||||||||||||||
— | 25.0 | Federal Home Loan Bank Discount Notes | 0.325% | 1/10/2017 | — | 25.0 | ||||||||||||||
— | 50.0 | Federal Home Loan Bank Discount Notes | 0.304% - 0.396% | 1/11/2017 | — | 50.0 | ||||||||||||||
— | 33.0 | Federal Home Loan Bank Discount Notes | 0.365% - 0.396% | 1/12/2017 | — | 33.0 | ||||||||||||||
— | 50.0 | Federal Home Loan Bank Discount Notes | 0.386% | 1/13/2017 | — | 50.0 | ||||||||||||||
— | 36.0 | Federal Home Loan Bank Discount Notes | 0.345% | 1/17/2017 | — | 36.0 | ||||||||||||||
— | 42.1 | Federal Home Loan Bank Discount Notes | 0.294% - 0.365% | 1/18/2017 | — | 42.1 |
Principal | Issuer | Yield(4) | Maturity Date | Fair Value at | ||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
$ | — | $ | 20.0 | Federal Home Loan Bank Discount Notes | 0.284% | 1/20/2017 | $ | — | $ | 20.0 | ||||||||||
— | 50.0 | Federal Home Loan Bank Discount Notes | 0.335% | 1/23/2017 | — | 50.0 | ||||||||||||||
— | 47.0 | Federal Home Loan Bank Discount Notes | 0.345% | 1/24/2017 | — | 47.0 | ||||||||||||||
— | 34.8 | Federal Home Loan Bank Discount Notes | 0.304% - 0.360% | 1/25/2017 | — | 34.8 | ||||||||||||||
— | 45.0 | Federal Home Loan Bank Discount Notes | 0.294% - 0.406% | 1/27/2017 | — | 45.0 | ||||||||||||||
— | 25.0 | Federal Home Loan Bank Discount Notes | 0.416% | 1/30/2017 | — | 25.0 | ||||||||||||||
— | 34.7 | Federal Home Loan Bank Discount Notes | 0.467% - 0.497% | 2/1/2017 | — | 34.7 | ||||||||||||||
— | 42.0 | Federal Home Loan Bank Discount Notes | 0.406% | 2/3/2017 | — | 42.0 | ||||||||||||||
— | 15.0 | Federal Home Loan Bank Discount Notes | 0.416% | 2/7/2017 | — | 15.0 | ||||||||||||||
— | 10.2 | Federal Home Loan Bank Discount Notes | 0.376% | 2/10/2017 | — | 10.2 | ||||||||||||||
— | 50.0 | Federal Home Loan Bank Discount Notes | 0.386% - 0.487% | 2/17/2017 | — | 50.0 | ||||||||||||||
— | 30.0 | Federal Home Loan Bank Discount Notes | 0.365% | 2/21/2017 | — | 30.0 | ||||||||||||||
— | 30.0 | Federal Home Loan Bank Discount Notes | 0.437% | 2/22/2017 | — | 30.0 | ||||||||||||||
— | 50.0 | Federal Home Loan Bank Discount Notes | 0.396% | 2/24/2017 | — | 50.0 | ||||||||||||||
— | 20.0 | Federal Home Loan Bank Discount Notes | 0.533% | 2/27/2017 | — | 20.0 | ||||||||||||||
— | 10.1 | Federal Home Loan Bank Discount Notes | 0.518% | 3/3/2017 | — | 10.1 | ||||||||||||||
— | 15.0 | Federal Home Loan Bank Discount Notes | 0.523% | 3/6/2017 | — | 15.0 | ||||||||||||||
— | 30.0 | Federal Home Loan Bank Discount Notes | 0.538% | 3/8/2017 | — | 30.0 | ||||||||||||||
— | 45.8 | Federal Home Loan Bank Discount Notes | 0.447% - 0.574% | 3/10/2017 | — | 45.8 | ||||||||||||||
— | 20.0 | Federal Home Loan Bank Discount Notes | 0.543% | 3/14/2017 | — | 20.0 | ||||||||||||||
— | 40.5 | Federal Home Loan Bank Discount Notes | 0.528% - 0.579% | 3/17/2017 | — | 40.5 | ||||||||||||||
— | 49.9 | Federal Home Loan Bank Discount Notes | 0.538% | 3/20/2017 | — | 49.9 | ||||||||||||||
— | 36.1 | Federal Home Loan Bank Discount Notes | 0.533% | 3/22/2017 | — | 36.1 | ||||||||||||||
— | 28.0 | Federal Home Loan Bank Discount Notes | 0.427% - 0.518% | 3/23/2017 | — | 28.0 | ||||||||||||||
— | 40.0 | Federal Home Loan Bank Discount Notes | 0.528% | 3/24/2017 | — | 40.0 | ||||||||||||||
— | 25.0 | Federal Home Loan Bank Discount Notes | 0.548% | 3/28/2017 | — | 25.0 | ||||||||||||||
— | 31.0 | Federal Home Loan Bank Discount Notes | 0.558% | 3/29/2017 | — | 31.0 | ||||||||||||||
— | 6.4 | Federal Home Loan Bank Discount Notes | 0.477% | 3/31/2017 | — | 6.4 | ||||||||||||||
— | 49.9 | Federal Home Loan Bank Discount Notes | 0.559% | 4/17/2017 | — | 49.9 | ||||||||||||||
— | 26.0 | Federal Home Loan Bank Discount Notes | 0.548% - 0.605% | 4/19/2017 | — | 26.0 | ||||||||||||||
— | 20.1 | Federal Home Loan Bank Discount Notes | 0.488% | 4/28/2017 | — | 20.1 | ||||||||||||||
— | 25.0 | Federal Home Loan Bank Discount Notes | 0.538% - 0.600% | 5/5/2017 | — | 25.0 | ||||||||||||||
— | 37.2 | Federal Home Loan Bank Discount Notes | 0.558% - 0.641% | 5/12/2017 | — | 37.2 | ||||||||||||||
27.1 | — | Federal Home Loan Bank Discount Notes | 1.015% | 10/5/2017 | 27.1 | — | ||||||||||||||
30.8 | — | Federal Home Loan Bank Discount Notes | 0.968% | 10/6/2017 | 30.8 | — | ||||||||||||||
40.1 | — | Federal Home Loan Bank Discount Notes | 1.020% - 1.053% | 10/10/2017 | 40.1 | — | ||||||||||||||
4.0 | — | Federal Home Loan Bank Discount Notes | 1.049% | 10/13/2017 | 4.0 | — | ||||||||||||||
88.3 | — | Federal Home Loan Bank Discount Notes | 1.020% - 1.025% | 10/16/2017 | 88.3 | — | ||||||||||||||
44.2 | — | Federal Home Loan Bank Discount Notes | 1.063% | 10/18/2017 | 44.1 | — | ||||||||||||||
39.6 | — | Federal Home Loan Bank Discount Notes | 1.008% - 1.039% | 10/20/2017 | 39.6 | — | ||||||||||||||
30.1 | — | Federal Home Loan Bank Discount Notes | 1.031% - 1.049% | 10/23/2017 | 30.0 | — | ||||||||||||||
42.2 | — | Federal Home Loan Bank Discount Notes | 1.013% | 10/24/2017 | 42.1 | — | ||||||||||||||
23.2 | — | Federal Home Loan Bank Discount Notes | 1.036% - 1.048% | 10/25/2017 | 23.2 | — | ||||||||||||||
10.2 | — | Federal Home Loan Bank Discount Notes | 1.041% | 10/27/2017 | 10.1 | — | ||||||||||||||
37.1 | — | Federal Home Loan Bank Discount Notes | 1.048% | 10/30/2017 | 37.1 | — | ||||||||||||||
34.5 | — | Federal Home Loan Bank Discount Notes | 1.019% - 1.041% | 11/1/2017 | 34.4 | — | ||||||||||||||
43.2 | — | Federal Home Loan Bank Discount Notes | 1.048% | 11/2/2017 | 43.1 | — | ||||||||||||||
50.0 | — | Federal Home Loan Bank Discount Notes | 1.024% - 1.031% | 11/3/2017 | 50.0 | — |
Principal | Issuer | Yield(4) | Maturity Date | Fair Value at | ||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
$ | 58.2 | $ | — | Federal Home Loan Bank Discount Notes | 1.031% - 1.048% | 11/7/2017 | $ | 58.1 | $ | — | ||||||||||
50.0 | — | Federal Home Loan Bank Discount Notes | 1.031% - 1.069% | 11/8/2017 | 49.9 | — | ||||||||||||||
61.0 | — | Federal Home Loan Bank Discount Notes | 1.030% - 1.068% | 11/9/2017 | 60.9 | — | ||||||||||||||
33.6 | — | Federal Home Loan Bank Discount Notes | 1.079% | 11/10/2017 | 33.6 | — | ||||||||||||||
42.3 | — | Federal Home Loan Bank Discount Notes | 1.032% - 1.079% | 11/13/2017 | 42.3 | — | ||||||||||||||
51.9 | — | Federal Home Loan Bank Discount Notes | 1.068% - 1.079% | 11/14/2017 | 51.9 | — | ||||||||||||||
43.4 | — | Federal Home Loan Bank Discount Notes | 1.068% - 1.109% | 11/15/2017 | 43.4 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.068% | 11/16/2017 | 40.0 | — | ||||||||||||||
66.4 | — | Federal Home Loan Bank Discount Notes | 1.068% - 1.069% | 11/17/2017 | 66.3 | — | ||||||||||||||
15.2 | — | Federal Home Loan Bank Discount Notes | 1.069% | 11/27/2017 | 15.2 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.110% | 11/28/2017 | 39.9 | — | ||||||||||||||
30.0 | — | Federal Home Loan Bank Discount Notes | 1.068% | 11/29/2017 | 30.0 | — | ||||||||||||||
36.9 | — | Federal Home Loan Bank Discount Notes | 1.047% - 1.069% | 12/1/2017 | 36.9 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.110% | 12/5/2017 | 39.9 | — | ||||||||||||||
20.3 | — | Federal Home Loan Bank Discount Notes | 1.110% | 12/6/2017 | 20.2 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.100% | 12/8/2017 | 39.9 | — | ||||||||||||||
20.0 | — | Federal Home Loan Bank Discount Notes | 1.068% | 12/11/2017 | 20.0 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.079% | 12/12/2017 | 39.9 | — | ||||||||||||||
44.3 | — | Federal Home Loan Bank Discount Notes | 1.067% - 1.074% | 12/15/2017 | 44.2 | — | ||||||||||||||
15.2 | — | Federal Home Loan Bank Discount Notes | 1.079% | 12/18/2017 | 15.1 | — | ||||||||||||||
25.1 | — | Federal Home Loan Bank Discount Notes | 1.079% | 12/19/2017 | 25.0 | — | ||||||||||||||
28.5 | — | Federal Home Loan Bank Discount Notes | 1.058% - 1.074% | 12/20/2017 | 28.4 | — | ||||||||||||||
30.0 | — | Federal Home Loan Bank Discount Notes | 1.074% | 12/22/2017 | 29.9 | — | ||||||||||||||
30.0 | — | Federal Home Loan Bank Discount Notes | 1.069% | 12/26/2017 | 29.9 | — | ||||||||||||||
30.0 | — | Federal Home Loan Bank Discount Notes | 1.069% | 12/27/2017 | 29.9 | — | ||||||||||||||
25.0 | — | Federal Home Loan Bank Discount Notes | 1.069% | 12/29/2017 | 24.9 | — | ||||||||||||||
20.2 | — | Federal Home Loan Bank Discount Notes | 1.069% | 1/2/2018 | 20.1 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.079% | 1/3/2018 | 39.9 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.068% | 1/5/2018 | 39.9 | — | ||||||||||||||
40.0 | — | Federal Home Loan Bank Discount Notes | 1.068% | 1/8/2018 | 39.9 | — | ||||||||||||||
33.0 | — | Federal Home Loan Bank Discount Notes | 1.058% | 1/9/2018 | 32.9 | — | ||||||||||||||
20.0 | — | Federal Home Loan Bank Discount Notes | 1.068% | 1/10/2018 | 19.9 | — | ||||||||||||||
10.0 | — | Federal Home Loan Bank Discount Notes | 1.089% | 1/12/2018 | 10.0 | — | ||||||||||||||
38.1 | — | Federal Home Loan Bank Discount Notes | 1.068% | 1/16/2018 | 38.0 | — | ||||||||||||||
30.0 | — | Federal Home Loan Bank Discount Notes | 1.094% | 1/17/2018 | 29.9 | — | ||||||||||||||
30.2 | — | Federal Home Loan Bank Discount Notes | 1.063% | 1/19/2018 | 30.1 | — | ||||||||||||||
38.0 | — | Federal Home Loan Bank Discount Notes | 1.063% | 1/25/2018 | 37.8 | — | ||||||||||||||
36.1 | — | Federal Home Loan Bank Discount Notes | 1.063% | 1/26/2018 | 36.0 | — | ||||||||||||||
19.2 | — | Federal Home Loan Bank Discount Notes | 1.069% | 1/29/2018 | 19.1 | — | ||||||||||||||
37.1 | — | Federal Home Loan Bank Discount Notes | 1.069% | 2/9/2018 | 37.0 | — | ||||||||||||||
2.2 | — | Federal Home Loan Bank Discount Notes | 1.161% | 3/2/2018 | 2.1 | — | ||||||||||||||
— | 16.1 | Freddie Mac Discount Notes | 0.345% | 1/9/2017 | — | 16.1 | ||||||||||||||
— | 25.0 | Freddie Mac Discount Notes | 0.335% | 1/10/2017 | — | 25.0 | ||||||||||||||
— | 30.0 | Freddie Mac Discount Notes | 0.391% | 1/20/2017 | — | 30.0 | ||||||||||||||
— | 13.1 | Freddie Mac Discount Notes | 0.426% | 1/30/2017 | — | 13.1 | ||||||||||||||
— | 40.0 | Freddie Mac Discount Notes | 0.447% | 2/6/2017 | — | 40.0 | ||||||||||||||
— | 36.9 | Freddie Mac Discount Notes | 0.436% - 0.457% | 2/7/2017 | — | 36.9 | ||||||||||||||
— | 44.2 | Freddie Mac Discount Notes | 0.360% | 2/8/2017 | — | 44.2 |
Principal | Issuer | Yield(4) | Maturity Date | Fair Value at | ||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
$ | — | $ | 25.0 | Freddie Mac Discount Notes | 0.360% | 2/10/2017 | $ | — | $ | 25.0 | ||||||||||
— | 40.0 | Freddie Mac Discount Notes | 0.365% | 2/13/2017 | — | 40.0 | ||||||||||||||
— | 30.0 | Freddie Mac Discount Notes | 0.376% | 2/14/2017 | — | 30.0 | ||||||||||||||
— | 20.0 | Freddie Mac Discount Notes | 0.467% | 2/21/2017 | — | 20.0 | ||||||||||||||
— | 27.0 | Freddie Mac Discount Notes | 0.386% | 2/27/2017 | — | 27.0 | ||||||||||||||
— | 15.0 | Freddie Mac Discount Notes | 0.401% | 3/3/2017 | — | 15.0 | ||||||||||||||
— | 35.2 | Freddie Mac Discount Notes | 0.406% | 3/7/2017 | — | 35.2 | ||||||||||||||
— | 14.0 | Freddie Mac Discount Notes | 0.411% | 3/14/2017 | — | 14.0 | ||||||||||||||
— | 50.0 | Freddie Mac Discount Notes | 0.427% | 3/21/2017 | — | 49.9 | ||||||||||||||
— | 18.0 | Freddie Mac Discount Notes | 0.600% | 4/21/2017 | — | 18.0 | ||||||||||||||
— | 39.9 | Freddie Mac Discount Notes | 0.457% | 5/3/2017 | — | 39.9 | ||||||||||||||
— | 22.9 | Freddie Mac Discount Notes | 0.483% | 5/4/2017 | — | 22.9 | ||||||||||||||
45.2 | — | Freddie Mac Discount Notes | 0.997% | 10/3/2017 | 45.2 | — | ||||||||||||||
42.2 | — | Freddie Mac Discount Notes | 0.997% | 10/4/2017 | 42.2 | — | ||||||||||||||
40.0 | — | Freddie Mac Discount Notes | 1.013% | 10/16/2017 | 40.0 | — | ||||||||||||||
37.1 | — | Freddie Mac Discount Notes | 1.013% | 10/17/2017 | 37.1 | — | ||||||||||||||
10.5 | — | Freddie Mac Discount Notes | 1.005% | 10/20/2017 | 10.5 | — | ||||||||||||||
42.5 | — | Freddie Mac Discount Notes | 1.001% - 1.028% | 10/26/2017 | 42.5 | — | ||||||||||||||
15.0 | — | Freddie Mac Discount Notes | 1.079% | 11/6/2017 | 15.0 | — | ||||||||||||||
15.0 | — | Freddie Mac Discount Notes | 1.006% | 11/10/2017 | 15.0 | — | ||||||||||||||
30.0 | — | Freddie Mac Discount Notes | 1.027% | 11/27/2017 | 30.0 | — | ||||||||||||||
12.5 | — | Freddie Mac Discount Notes | 1.036% | 12/1/2017 | 12.5 | — | ||||||||||||||
51.1 | — | Freddie Mac Discount Notes | 1.027% - 1.074% | 12/4/2017 | 51.0 | — | ||||||||||||||
15.0 | — | Freddie Mac Discount Notes | 1.043% | 12/6/2017 | 15.0 | — | ||||||||||||||
20.4 | — | Freddie Mac Discount Notes | 1.064% | 12/11/2017 | 20.4 | — | ||||||||||||||
40.0 | — | Freddie Mac Discount Notes | 1.064% | 12/13/2017 | 39.9 | — | ||||||||||||||
40.0 | — | Freddie Mac Discount Notes | 1.063% | 12/14/2017 | 39.9 | — | ||||||||||||||
25.0 | — | Freddie Mac Discount Notes | 1.101% | 2/2/2018 | 24.9 | — | ||||||||||||||
30.0 | — | Freddie Mac Discount Notes | 1.101% | 2/5/2018 | 29.9 | — | ||||||||||||||
25.0 | — | Freddie Mac Discount Notes | 1.090% | 2/6/2018 | 24.9 | — | ||||||||||||||
20.1 | — | Freddie Mac Discount Notes | 1.100% | 2/7/2018 | 20.0 | — | ||||||||||||||
TOTAL GOVERNMENT AGENCY NOTES (Cost $3,276.0 and $2,309.0) | $ | 3,276.1 | $ | 2,308.9 |
Principal | Issuer | Yield(4) | Maturity Date | Fair Value at | |||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
$ | — | $ | 35.9 | United States Treasury Bills | 0.345% - 0.369% | 1/5/2017 | $ | — | $ | 35.9 | |||||||||||
— | 47.9 | United States Treasury Bills | 0.423% - 0.428% | 1/19/2017 | — | 48.0 | |||||||||||||||
— | 36.1 | United States Treasury Bills | 0.371% - 0.401% | 1/26/2017 | — | 36.1 | |||||||||||||||
— | 60.1 | United States Treasury Bills | 0.363% - 0.423% | 2/2/2017 | ��� | 60.1 | |||||||||||||||
— | 75.0 | United States Treasury Bills | 0.315% - 0.426% | 2/9/2017 | — | 75.0 | |||||||||||||||
— | 48.0 | United States Treasury Bills | 0.325% - 0.437% | 2/16/2017 | — | 48.0 | |||||||||||||||
— | 48.0 | United States Treasury Bills | 0.448% - 0.473% | 2/23/2017 | — | 48.0 | |||||||||||||||
— | 36.0 | United States Treasury Bills | 0.368% - 0.477% | 3/2/2017 | — | 36.0 | |||||||||||||||
— | 48.7 | United States Treasury Bills | 0.386% - 0.518% | 3/9/2017 | — | 48.7 | |||||||||||||||
— | 59.9 | United States Treasury Bills | 0.406% - 0.481% | 3/16/2017 | — | 60.0 | |||||||||||||||
— | 129.0 | United States Treasury Bills | 0.380% - 0.533% | 3/23/2017 | — | 129.0 | |||||||||||||||
— | 25.9 | United States Treasury Bills | 0.396% - 0.518% | 3/30/2017 | — | 25.9 | |||||||||||||||
— | 58.9 | United States Treasury Bills | 0.411% - 0.509% | 4/6/2017 | — | 58.9 | |||||||||||||||
— | 130.8 | United States Treasury Bills | 0.518% - 0.529% | 4/13/2017 | — | 130.8 | |||||||||||||||
— | 49.9 | United States Treasury Bills | 0.514% - 0.559% | 4/20/2017 | — | 49.9 | |||||||||||||||
— | 48.2 | United States Treasury Bills | 0.554% - 0.781% | 4/27/2017 | — | 48.2 | |||||||||||||||
— | 49.9 | United States Treasury Bills | 0.514% | 5/4/2017 | — | 49.9 | |||||||||||||||
— | 42.0 | United States Treasury Bills | 0.601% - 0.623% | 5/11/2017 | — | 42.0 | |||||||||||||||
— | 30.1 | United States Treasury Bills | 0.584% - 0.620% | 5/18/2017 | — | 30.1 | |||||||||||||||
— | 32.0 | United States Treasury Bills | 0.587% | 6/8/2017 | — | 32.0 | |||||||||||||||
— | 74.8 | United States Treasury Bills | 0.541% - 0.654% | 7/20/2017 | — | 74.7 | |||||||||||||||
— | 86.7 | United States Treasury Bills | 0.574% - 0.591% | 8/17/2017 | — | 86.6 | |||||||||||||||
— | 34.8 | United States Treasury Bills | 0.696% - 0.934% | 9/14/2017 | — | 34.8 | |||||||||||||||
30.0 | — | United States Treasury Bills | 0.943% | 10/5/2017 | 30.0 | — | |||||||||||||||
0.8 | — | United States Treasury Bills | 0.956% | 10/12/2017 | 0.8 | — | |||||||||||||||
20.0 | — | United States Treasury Bills | 1.017% | 11/24/2017 | 20.0 | — | |||||||||||||||
50.0 | — | United States Treasury Bills | 0.998% | 11/30/2017 | 49.9 | — | |||||||||||||||
49.0 | — | United States Treasury Bills | 0.768% | 12/7/2017 | 48.9 | — | |||||||||||||||
50.0 | — | United States Treasury Bills | 1.090% | 12/21/2017 | 49.9 | — | |||||||||||||||
97.0 | — | United States Treasury Bills | 1.099% - 1.100% | 12/28/2017 | 96.7 | — | |||||||||||||||
50.0 | — | United States Treasury Bills | 1.084% | 1/4/2018 | 49.9 | — | |||||||||||||||
40.0 | — | United States Treasury Bills | 1.114% | 1/18/2018 | 39.9 | — | |||||||||||||||
71.0 | — | United States Treasury Bills | 1.132% | 1/25/2018 | 70.8 | — | |||||||||||||||
36.0 | — | United States Treasury Bills | 1.106% | 2/1/2018 | 35.9 | — | |||||||||||||||
93.0 | — | United States Treasury Bills | 1.075% - 1.077% | 2/8/2018 | 92.6 | — | |||||||||||||||
98.0 | — | United States Treasury Bills | 1.106% - 1.122% | 2/22/2018 | 97.6 | — | |||||||||||||||
81.0 | — | United States Treasury Bills | 1.060% - 1.117% | 3/1/2018 | 80.6 | — | |||||||||||||||
— | 69.9 | United States Treasury Notes | 0.431% - 0.451% | 1/31/2017 | — | 69.9 | |||||||||||||||
— | 46.9 | United States Treasury Notes | 0.441% - 0.471% | 2/15/2017 | — | 47.0 | |||||||||||||||
— | 49.7 | United States Treasury Notes | 0.502% | 2/28/2017 | — | 49.7 | |||||||||||||||
— | 50.0 | United States Treasury Notes | 0.542% | 3/15/2017 | — | 50.0 | |||||||||||||||
— | 50.0 | United States Treasury Notes | 0.515% | 3/31/2017 | — | 50.0 | |||||||||||||||
— | 69.6 | United States Treasury Notes | 0.550% - 0.621% | 5/31/2017 | — | 69.6 | |||||||||||||||
— | 40.1 | United States Treasury Notes | 0.580% | 6/15/2017 | — | 40.1 | |||||||||||||||
— | 50.0 | United States Treasury Notes | 0.586% | 6/30/2017 | — | 50.0 | |||||||||||||||
— | 30.0 | United States Treasury Notes | 0.668% - 0.710% | 7/31/2017 | — | 30.0 | |||||||||||||||
50.0 | — | United States Treasury Notes | 0.768% | 10/31/2017 | 50.0 | — |
Principal | Issuer | Yield(4) | Maturity Date | Fair Value at | |||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
$ | 21.1 | $ | — | United States Treasury Notes | 0.812% - 0.935% | 11/30/2017 | $ | 21.0 | $ | — | |||||||||||
5.0 | — | United States Treasury Notes | 0.997% | 12/15/2017 | 5.0 | — | |||||||||||||||
50.0 | — | United States Treasury Notes | 1.148% - 1.180% | 1/31/2018 | 49.9 | — | |||||||||||||||
40.0 | — | United States Treasury Notes | 1.175% - 1.184% | 2/15/2018 | 40.0 | — | |||||||||||||||
48.0 | — | United States Treasury Notes | 1.200% | 2/28/2018 | 47.9 | — | |||||||||||||||
40.0 | — | United States Treasury Notes | 1.179% | 3/15/2018 | 40.0 | — | |||||||||||||||
TOTAL UNITED STATES TREASURY SECURITIES (Cost $1,017.3 and $1,745.0) | $ | 1,017.3 | $ | 1,744.9 | |||||||||||||||||
TOTAL OTHER MARKETABLE SECURITIES (Cost $4,293.3 and $4,054.0) | $ | 4,293.4 | $ | 4,053.8 | |||||||||||||||||
TOTAL MARKETABLE SECURITIES (Cost $5,182.8 and $4,937.9) | $ | 5,414.4 | $ | 5,135.3 | |||||||||||||||||
LOANS RECEIVABLE—1.1% and 1.1% | Fair Value at | ||||||||||||||||||||
Borrower | Interest Rate(7) | Maturity Date | September 30, 2017 | December 31, 2016 | |||||||||||||||||
(Unaudited) | |||||||||||||||||||||
DJM Capital Partners(8) | 4.200% | 7/1/2018 | $ | 34.0 | $ | 32.3 | |||||||||||||||
Simply Self Storage Portfolio | 8.250% | 9/6/2021 | 37.6 | 37.6 | |||||||||||||||||
State Street Financial Center Junior Mezz | 6.500% | 11/10/2021 | 125.2 | 125.2 | |||||||||||||||||
Charles River Plaza North | 6.080% | 4/6/2029 | 102.0 | 100.6 | |||||||||||||||||
TOTAL LOANS RECEIVABLE (Cost $296.5 and $294.8) | $ | 298.8 | $ | 295.7 | |||||||||||||||||
TOTAL INVESTMENTS (Cost $22,964.2 and $22,581.2) | $ | 27,183.5 | $ | 26,643.7 |
Key Macro Economic Indicators* | Actuals | Forecast | ||||||||||||||||||||||||
2021 | 2Q 2022 | 2022 | 2023 | |||||||||||||||||||||||
Economy(1) | ||||||||||||||||||||||||||
Gross Domestic Product ("GDP") | 5.7% | (0.9)% | 2.5% | 1.6% | ||||||||||||||||||||||
Employment Growth (2) | 549 | 375 | 337 | 125 | ||||||||||||||||||||||
Unemployment Rate | 5.4% | 3.6% | 3.7% | 3.9% | ||||||||||||||||||||||
Interest Rates(3) | ||||||||||||||||||||||||||
10 Year Treasury | 1.5% | 3.0% | 3.3% | 3.1% |
2016 | 1Q 2017 | 2Q 2017 | 3Q 2017 | Forecast | ||||||
2017 | 2018 | |||||||||
Economy(1) | ||||||||||
Gross Domestic Product ("GDP") | 1.5% | 1.2% | 3.1% | 3.0% | 2.2% | 2.4% | ||||
Employment Growth (Thousands) | 2,240 | 498 | 562 | 274 | 2,100 | 1,800 | ||||
Unemployment Rate | 4.9% | 4.5% | 4.4% | 4.2% | 4.4% | 4.1% | ||||
Interest Rates(2) | ||||||||||
10 Year Treasury | 1.8% | 2.4% | 2.3% | 2.2% | 2.3% | 2.8% |
*Data subject to revision (1)GDP growth rates are annual rates. Quarterly unemployment rates are the reported value |
Top 5 Metro Areas by Fair Market Value(1) | Account % Leased Fair Value Weighted(2) | Number of Property Investments | Metro Area Fair Value as a % of Total RE Portfolio(3) | Metro Area Fair Value as a % of Total Investments | ||||||||||
Los Angeles-Long Beach-Anaheim, CA | 85.2% | 23 | 10.1% | 8.4% | ||||||||||
Washington-Arlington-Alexandria, DC-VA-MD-WV | 84.5% | 18 | 9.4% | 7.8% | ||||||||||
Riverside-San Bernardino-Ontario, CA | 100.0% | 7 | 9.4% | 7.8% | ||||||||||
New York-Newark-Jersey City, NY-NJ-PA | 85.2% | 14 | 6.8% | 5.6% | ||||||||||
Miami-Fort Lauderdale-West Palm Beach, FL | 95.2% | 14 | 6.7% | 5.6% |
Top 5 Metro Areas by Fair Market Value | Account % Leased Fair Value Weighted* | Number of Property Investments | Metro Area Fair Value as a % of Total RE Portfolio** | Metro Area Fair Value as a % of Total Investments |
New York-Jersey City-White Plains, NY-NJ | 93.3% | 16 | 13.1% | 10.3% |
Washington-Arlington-Alexandria, DC-VA-MD-WV | 86.4% | 13 | 11.4% | 9.0% |
Los Angeles-Long Beach-Glendale, CA | 86.5% | 12 | 8.9% | 7.0% |
Boston, MA | 91.6% | 5 | 7.1% | 5.5% |
Seattle-Bellevue-Everett, WA | 91.8% | 6 | 5.8% | 4.6% |
Account Square Foot Weighted Average Vacancy | Market Vacancy* | ||||||||||||||||||
Top 5 Office Metropolitan Areas | Total Sector by Metro Area ($M) | % of Total Investments | 2017 Q3 | 2017 Q2 | 2017 Q3 | 2017 Q2 | |||||||||||||
Account / Nation | 15.1 | % | 14.8 | % | 12.9 | % | 13.0 | % | |||||||||||
Washington-Arlington-Alexandria, DC-VA-MD-WV | $ | 1,475.0 | 5.4 | % | 16.5 | % | 13.7 | % | 15.4 | % | 15.6 | % | |||||||
Boston, MA | 1,467.0 | 5.4 | % | 10.9 | % | 11.3 | % | 9.8 | % | 9.8 | % | ||||||||
San Francisco-Redwood City-South San Francisco, CA | 1,132.6 | 4.2 | % | 8.3 | % | 6.6 | % | 7.1 | % | 7.4 | % | ||||||||
New York-Jersey City-White Plains, NY-NJ | 1,125.2 | 4.1 | % | 22.5 | % | 20.0 | % | 9.4 | % | 9.5 | % | ||||||||
Los Angeles-Long Beach-Glendale, CA | 742.2 | 2.7 | % | 27.0 | % | 27.6 | % | 13.6 | % | 13.7 | % |
Account Square Foot Weighted Average Vacancy | Market Vacancy(2) | |||||||||||||||||||||||||||||||||||||
Top 5 Office Metropolitan Areas(1) | Total Sector by Metro Area ($M) | % of Total Investments | Q2 2022 | Q1 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||||||||||||||||
19.2 | % | 18.0 | % | 12.3 | % | 12.2 | % | |||||||||||||||||||||||||||||||
Washington-Arlington-Alexandria, DC-VA-MD-WV | $ | 1,487.6 | 4.3 | % | 17.4 | % | 15.3 | % | 15.1 | % | 14.7 | % | ||||||||||||||||||||||||||
Boston-Cambridge-Newton, MA-NH | 1,206.1 | 3.5 | % | 17.7 | % | 21.6 | % | 9.1 | % | 9.0 | % | |||||||||||||||||||||||||||
New York-Newark-Jersey City, NY-NJ-PA | 1,105.6 | 3.2 | % | 25.7 | % | 30.7 | % | 12.9 | % | 12.3 | % | |||||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 973.3 | 2.8 | % | 18.8 | % | 17.7 | % | 13.5 | % | 13.6 | % | |||||||||||||||||||||||||||
San Diego-Carlsbad, CA | 788.4 | 2.3 | % | 2.7 | % | 2.7 | % | 10.5 | % | 11.2 | % |
Account Square Foot Weighted Average Vacancy | Market Vacancy* | ||||||||||||||||||
Top 5 Industrial Metropolitan Areas | Total Sector by Metro Area ($M) | % of Total Investments | 2017 Q3 | 2017 Q2 | 2017 Q3 | 2017 Q2 | |||||||||||||
Account / Nation | 9.7 | % | 8.2 | % | 7.7 | % | 7.8 | % | |||||||||||
Riverside-San Bernardino-Ontario, CA | $ | 772.2 | 2.8 | % | 0.0 | % | 0.0 | % | 6.2 | % | 6.4 | % | |||||||
Los Angeles-Long Beach-Glendale, CA | 320.1 | 1.2 | % | 9.0 | % | 5.1 | % | 4.2 | % | 3.9 | % | ||||||||
New York-Jersey City-White Plains, NY-NJ | 307.2 | 1.1 | % | 2.4 | % | 3.2 | % | 7.2 | % | 7.0 | % | ||||||||
Tacoma-Lakewood, WA | 295.2 | 1.1 | % | 7.3 | % | 4.1 | % | 4.7 | % | 4.7 | % | ||||||||
Dallas-Plano-Irving, TX | 263.9 | 1.0 | % | 4.7 | % | 6.1 | % | 8.0 | % | 8.1 | % |
Account Square Foot Weighted Average Vacancy | Market Vacancy(2) | |||||||||||||||||||||||||||||||||||||
Top 5 Industrial Metropolitan Areas(1) | Total Sector by Metro Area ($M) | % of Total Investments | Q2 2022 | Q1 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||||||||||||||||
Account / Nation | 8.0 | % | 3.9 | % | 3.9 | % | 4.1 | % | ||||||||||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | $ | 2,598.4 | 7.5 | % | — | % | — | % | 1.6 | % | 1.5 | % | ||||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 752.4 | 2.2 | % | 2.9 | % | 1.6 | % | 1.8 | % | 1.6 | % | |||||||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 616.9 | 1.8 | % | 10.0 | % | — | % | 5.6 | % | 5.8 | % | |||||||||||||||||||||||||||
Seattle-Tacoma-Bellevue, WA | 615.8 | 1.8 | % | — | % | — | % | 4.2 | % | 3.9 | % | |||||||||||||||||||||||||||
Miami-Fort Lauderdale-West Palm Beach, FL | 515.9 | 1.5 | % | — | % | 1.2 | % | 2.8 | % | 3.0 | % |
Account Units Weighted Average Vacancy | Market Vacancy(2) | |||||||||||||||||||||||||||||||||||||
Top 5 Apartment Metropolitan Areas(1) | Total Sector by Metro Area ($M) | % of Total Investments | Q2 2022 | Q1 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||||||||||||||||||
Account / Nation | 6.9 | % | 6.4 | % | 3.2 | % | 2.5 | % | ||||||||||||||||||||||||||||||
Washington-Arlington-Alexandria, DC-VA-MD-WV | $ | 877.4 | 2.5 | % | 7.0 | % | 8.4 | % | 3.4 | % | 2.6 | % | ||||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 876.4 | 2.5 | % | 5.6 | % | 6.2 | % | 2.7 | % | 2.1 | % | |||||||||||||||||||||||||||
Miami-Fort Lauderdale-West Palm Beach, FL | 771.2 | 2.2 | % | 6.8 | % | 6.4 | % | 1.5 | % | 1.5 | % | |||||||||||||||||||||||||||
Atlanta-Sandy Springs-Roswell, GA | 447.8 | 1.3 | % | 8.5 | % | 11.9 | % | 4.3 | % | 3.1 | % | |||||||||||||||||||||||||||
San Diego-Carlsbad, CA | 401.2 | 1.2 | % | 4.2 | % | 2.7 | % | 1.7 | % | 1.3 | % |
Account Units Foot Weighted Average Vacancy | Market Vacancy* | ||||||||||||||||||
Top 5 Apartment Metropolitan Areas | Total Sector by Metro Area ($M) | % of Total Investments | 2017 Q3 | 2017 Q2 | 2017 Q3 | 2017 Q2 | |||||||||||||
Account / Nation | 6.4 | % | 7.0 | % | 4.6 | % | 4.6 | % | |||||||||||
New York-Jersey City-White Plains, NY-NJ | $ | 863.1 | 3.2 | % | 3.1 | % | 4.8 | % | 3.1 | % | 3.2 | % | |||||||
Washington-Arlington-Alexandria, DC-VA-MD-WV | 803.2 | 3.0 | % | 8.2 | % | 8.6 | % | 4.7 | % | 4.5 | % | ||||||||
Los Angeles-Long Beach-Glendale, CA | 558.9 | 2.1 | % | 6.2 | % | 5.9 | % | 4.0 | % | 3.9 | % | ||||||||
Denver-Aurora-Lakewood, CO | 327.9 | 1.2 | % | 7.7 | % | 5.3 | % | 4.9 | % | 5.2 | % | ||||||||
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 295.9 | 1.1 | % | 8.3 | % | 12.3 | % | 6.0 | % | 5.6 | % |
Account Units Weighted Average Vacancy | Market Vacancy* | |||||||||||||||||||||||||||||||||||||
Total Exposure ($M) | % of Total Investments | Q2 2022 | Q1 2022 | Q2 2022 | Q1 2022 | |||||||||||||||||||||||||||||||||
All Retail | 10.5 | % | 10.8 | % | 4.4 | % | 4.5 | % | ||||||||||||||||||||||||||||||
Lifestyle & Mall | $ | 1,693.9 | 4.9 | % | 14.1 | % | 14.0 | % | 6.9 | % | 7.2 | % | ||||||||||||||||||||||||||
Neighborhood, Community & Strip | 1,387.2 | 4.0 | % | 6.9 | % | 7.3 | % | 6.3 | % | 6.4 | % | |||||||||||||||||||||||||||
Power Center** | 472.1 | 1.4 | % | 10.8 | % | 15.2 | % | 4.9 | % | 5.2 | % |
Ten Largest Real Estate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Investment Name | Ownership Percentage | City | State | Type | Gross Real Estate Fair Value(1) | Debt Fair Value(2) | Net Real Estate Fair Value(3) | Property as a % of Total Real Estate Portfolio(4) | Property as a % of Total Investments(5) | |||||||||||||||||||||||||||||||||||||||||||||||
Ontario Industrial Portfolio | 100% | Ontario | CA | Industrial | $ | 1,335.0 | $ | — | $ | 1,335.0 | 4.1% | 3.5% | ||||||||||||||||||||||||||||||||||||||||||||
Simpson Housing Portfolio | 80% | Various | U.S.A. | Apartment | 1,101.2 | 388.8 | 712.4 | 3.4% | 2.9% | |||||||||||||||||||||||||||||||||||||||||||||||
Fashion Show | 50% | Las Vegas | NV | Retail | 985.4 | 414.4 | 571.0 | 3.1% | 2.6% | |||||||||||||||||||||||||||||||||||||||||||||||
1001 Pennsylvania Avenue | 100% | Washington | DC | Office | 804.4 | 304.7 | 499.7 | 2.5% | 2.1% | |||||||||||||||||||||||||||||||||||||||||||||||
The Florida Mall | 50% | Orlando | FL | Retail | 737.5 | 298.6 | 438.9 | 2.3% | 2.0% | |||||||||||||||||||||||||||||||||||||||||||||||
Colorado Center | 50% | Santa Monica | CA | Office | 634.2 | 262.3 | 371.9 | 2.0% | 1.7% | |||||||||||||||||||||||||||||||||||||||||||||||
Lincoln Centre | 100% | Dallas | TX | Office | 574.7 | — | 574.7 | 1.8% | 1.5% | |||||||||||||||||||||||||||||||||||||||||||||||
Storage Portfolio II | 90% | Various | U.S.A. | Storage | 544.8 | 172.5 | 372.3 | 1.7% | 1.4% | |||||||||||||||||||||||||||||||||||||||||||||||
99 High Street | 100% | Boston | MA | Office | 529.8 | 261.5 | 268.3 | 1.7% | 1.4% | |||||||||||||||||||||||||||||||||||||||||||||||
701 Brickell Avenue | 100% | Miami | FL | Office | 504.6 | 176.9 | 327.7 | 1.6% | 1.4% |
Ten Largest Real Estate Investments | ||||||||||||||||||
Property Investment Name | City | State | Type | Fair Value (in millions)(1) | Property as a % of Total Real Estate Portfolio | Property as a % of Total Investments | ||||||||||||
Fashion Show | Las Vegas | NV | Retail | $ | 837.9 | (2) | 3.9 | % | 3.1 | % | ||||||||
1001 Pennsylvania Avenue | Washington | DC | Office | 810.0 | (3) | 3.8 | % | 3.0 | % | |||||||||
The Florida Mall | Orlando | FL | Retail | 754.8 | (4) | 3.5 | % | 2.8 | % | |||||||||
DDR | Various | USA | Retail | 615.8 | (5) | 2.9 | % | 2.3 | % | |||||||||
Fourth and Madison | Seattle | WA | Office | 527.0 | (6) | 2.5 | % | 1.9 | % | |||||||||
501 Boylston Street | Boston | MA | Office | 506.3 | (7) | 2.4 | % | 1.9 | % | |||||||||
99 High Street | Boston | MA | Office | 504.0 | 2.4 | % | 1.9 | % | ||||||||||
425 Park Avenue | New York | NY | Ground Lease | 454.0 | 2.1 | % | 1.7 | % | ||||||||||
780 Third Avenue | New York | NY | Office | 429.0 | (8) | 2.0 | % | 1.6 | % | |||||||||
Ontario Industrial Portfolio | Ontario | CA | Industrial | 397.4 | 1.9 | % | 1.5 | % |
For the Three Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||
Real estate income, net: | ||||||||||||||||||||||||||
Rental income | $ | 314.1 | $ | 305.3 | $ | 8.8 | 2.9 | % | ||||||||||||||||||
Real estate property level expenses: | ||||||||||||||||||||||||||
Operating expenses | 71.1 | 63.6 | 7.5 | 11.8 | % | |||||||||||||||||||||
Real estate taxes | 50.3 | 51.9 | (1.6) | (3.1) | % | |||||||||||||||||||||
Interest expense | 21.3 | 23.6 | (2.3) | (9.7) | % | |||||||||||||||||||||
Total real estate property level expenses | 142.7 | 139.1 | 3.6 | 2.6 | % | |||||||||||||||||||||
Real estate income, net | 171.4 | 166.2 | 5.2 | 3.1 | % | |||||||||||||||||||||
Income from real estate joint ventures | 42.5 | 49.3 | (6.8) | (13.8) | % | |||||||||||||||||||||
Income from real estate funds | 5.5 | 2.5 | 3.0 | N/M | ||||||||||||||||||||||
Interest | 22.3 | 20.8 | 1.5 | 7.2 | % | |||||||||||||||||||||
TOTAL INVESTMENT INCOME | 241.7 | 238.8 | 2.9 | 1.2 | % | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Investment management charges | 21.4 | 16.3 | 5.1 | 31.3 | % | |||||||||||||||||||||
Administrative charges | 8.9 | 11.7 | (2.8) | (23.9) | % | |||||||||||||||||||||
Distribution charges | 5.0 | 5.6 | (0.6) | (10.7) | % | |||||||||||||||||||||
Mortality and expense risk charges | 0.1 | 0.3 | (0.2) | (66.7) | % | |||||||||||||||||||||
Liquidity guarantee charges | 22.4 | 14.5 | 7.9 | 54.5 | % | |||||||||||||||||||||
TOTAL EXPENSES | 57.8 | 48.4 | 9.4 | 19.4 | % | |||||||||||||||||||||
INVESTMENT INCOME, NET | $ | 183.9 | $ | 190.4 | $ | (6.5) | (3.4) | % |
Rental Income | Operating Expenses | Real Estate Taxes | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||
Same Property | $ | 299.1 | $ | 284.0 | $ | 15.1 | 5.3 | % | $ | 67.9 | $ | 59.2 | $ | 8.7 | 14.7 | % | $ | 47.7 | $ | 48.1 | $ | (0.4) | (0.8) | % | |||||||||||||||||||||||
Properties Acquired | 9.7 | 0.1 | 9.6 | N/M | 1.9 | — | 1.9 | N/M | 1.5 | — | 1.5 | N/M | |||||||||||||||||||||||||||||||||||
Properties Sold | 5.3 | 21.2 | (15.9) | (75.0) | % | 1.3 | 4.4 | (3.1) | (70.5) | % | 1.1 | 3.8 | (2.7) | (71.1) | % | ||||||||||||||||||||||||||||||||
Impact of Properties Acquired/Sold | 15.0 | 21.3 | (6.3) | (29.6) | % | 3.2 | 4.4 | (1.2) | (27.3) | % | 2.6 | 3.8 | (1.2) | (31.6) | % | ||||||||||||||||||||||||||||||||
Total Property Portfolio | $ | 314.1 | $ | 305.3 | $ | 8.8 | 2.9 | % | $ | 71.1 | $ | 63.6 | $ | 7.5 | 11.8 | % | $ | 50.3 | $ | 51.9 | $ | (1.6) | (3.1) | % |
For the Nine Months Ended September 30, | Change | ||||||||||||||
2017 | 2016 | $ | % | ||||||||||||
INVESTMENT INCOME | |||||||||||||||
Real estate income, net: | |||||||||||||||
Rental income | $ | 791.6 | $ | 755.9 | $ | 35.7 | 4.7 | % | |||||||
Real estate property level expenses: | |||||||||||||||
Operating expenses | 164.9 | 163.5 | 1.4 | 0.9 | % | ||||||||||
Real estate taxes | 127.3 | 116.9 | 10.4 | 8.9 | % | ||||||||||
Interest expense | 67.3 | 63.3 | 4.0 | 6.3 | % | ||||||||||
Total real estate property level expenses | 359.5 | 343.7 | 15.8 | 4.6 | % | ||||||||||
Real estate income, net | 432.1 | 412.2 | 19.9 | 4.8 | % | ||||||||||
Income from real estate joint ventures and limited partnerships | 154.3 | 111.8 | 42.5 | 38.0 | % | ||||||||||
Interest | 37.6 | 17.8 | 19.8 | N/M | |||||||||||
Dividends | 15.7 | 19.9 | (4.2 | ) | (21.1 | )% | |||||||||
TOTAL INVESTMENT INCOME | 639.7 | 561.7 | 78.0 | 13.9 | % | ||||||||||
Expenses: | |||||||||||||||
Investment management charges | 52.9 | 51.8 | 1.1 | 2.1 | % | ||||||||||
Administrative charges | 46.0 | 48.4 | (2.4 | ) | (5.0 | )% | |||||||||
Distribution charges | 19.6 | 21.3 | (1.7 | ) | (8.0 | )% | |||||||||
Mortality and expense risk charges | 0.9 | 0.9 | — | — | % | ||||||||||
Liquidity guarantee charges | 34.5 | 28.1 | 6.4 | 22.8 | % | ||||||||||
TOTAL EXPENSES | 153.9 | 150.5 | 3.4 | 2.3 | % | ||||||||||
INVESTMENT INCOME, NET | $ | 485.8 | $ | 411.2 | $ | 74.6 | 18.1 | % |
For the Nine Months Ended September 30, | Change | ||||||||||||||
2017 | 2016 | $ | % | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND MORTGAGE LOANS PAYABLE | |||||||||||||||
Net realized gain (loss) on investments: | |||||||||||||||
Real estate properties | $ | 58.4 | $ | 26.5 | $ | 31.9 | N/M | ||||||||
Real estate joint ventures and limited partnerships | (8.6 | ) | 0.4 | (9.0 | ) | N/M | |||||||||
Marketable securities | 15.3 | 21.6 | (6.3 | ) | (29.2 | )% | |||||||||
Total realized gain on investments: | 65.1 | 48.5 | 16.6 | 34.2 | % | ||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Real estate properties | 74.8 | 242.2 | (167.4 | ) | (69.1 | )% | |||||||||
Real estate joint ventures and limited partnerships | 88.7 | 152.3 | (63.6 | ) | (41.8 | )% | |||||||||
Marketable securities | 34.2 | 84.2 | (50.0 | ) | (59.4 | )% | |||||||||
Loans receivable | 1.4 | 0.1 | 1.3 | N/M | |||||||||||
Mortgage loans payable | (10.6 | ) | (54.8 | ) | 44.2 | (80.7 | )% | ||||||||
Net change in unrealized appreciation on investments and mortgage loans payable | 188.5 | 424.0 | (235.5 | ) | (55.5 | )% | |||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND MORTGAGE LOANS PAYABLE | $ | 253.6 | $ | 472.5 | $ | (218.9 | ) | (46.3 | )% |
For the Three Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT | ||||||||||||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||||||||||||
Real estate properties | $ | 37.9 | $ | 199.8 | $ | (161.9) | (81.0) | % | ||||||||||||||||||
Real estate joint ventures | (37.8) | (0.1) | (37.7) | N/M | ||||||||||||||||||||||
Marketable securities | (0.3) | — | (0.3) | N/M | ||||||||||||||||||||||
Loans receivable | — | (13.4) | 13.4 | N/M | ||||||||||||||||||||||
Total realized (loss) gain on investments: | (0.2) | 186.3 | (186.5) | N/M | ||||||||||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||||||||
Real estate properties | 939.7 | 404.2 | 535.5 | N/M | ||||||||||||||||||||||
Real estate joint ventures | 277.1 | 99.8 | 177.3 | N/M | ||||||||||||||||||||||
Real estate funds | 16.3 | 0.3 | 16.0 | N/M | ||||||||||||||||||||||
Real estate operating business | 140.4 | 22.1 | 118.3 | N/M | ||||||||||||||||||||||
Foreign currency exchange on forward contracts | 1.6 | — | 1.6 | N/M | ||||||||||||||||||||||
Marketable securities | (9.9) | (0.3) | (9.6) | N/M | ||||||||||||||||||||||
Loans receivable | (83.2) | 5.4 | (88.6) | N/M | ||||||||||||||||||||||
Loans payable | 46.1 | 10.5 | 35.6 | N/M | ||||||||||||||||||||||
Senior notes payable | 13.8 | — | 13.8 | N/M | ||||||||||||||||||||||
Net change in unrealized gain on investments and debt | 1,341.9 | 542.0 | 799.9 | N/M | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT | $ | 1,341.7 | $ | 728.3 | $ | 613.4 | 84.2 | % |
For the Three Months Ended September 30, | Change | For the Six Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||
2017 | 2016 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||
INVESTMENT INCOME | INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||||||
Real estate income, net: | Real estate income, net: | ||||||||||||||||||||||||||||||||||||||||
Rental income | $ | 267.9 | $ | 257.4 | $ | 10.5 | 4.1 | % | Rental income | $ | 617.8 | $ | 594.1 | $ | 23.7 | 4.0 | % | ||||||||||||||||||||||||
Real estate property level expenses: | Real estate property level expenses: | ||||||||||||||||||||||||||||||||||||||||
Operating expenses | 56.9 | 54.8 | 2.1 | 3.8 | % | Operating expenses | 144.7 | 132.6 | 12.1 | 9.1 | % | ||||||||||||||||||||||||||||||
Real estate taxes | 43.2 | 40.4 | 2.8 | 6.9 | % | Real estate taxes | 102.0 | 106.7 | (4.7) | (4.4) | % | ||||||||||||||||||||||||||||||
Interest expense | 22.5 | 22.4 | 0.1 | 0.4 | % | Interest expense | 42.2 | 46.5 | (4.3) | (9.2) | % | ||||||||||||||||||||||||||||||
Total real estate property level expenses | 122.6 | 117.6 | 5.0 | 4.3 | % | Total real estate property level expenses | 288.9 | 285.8 | 3.1 | 1.1 | % | ||||||||||||||||||||||||||||||
Real estate income, net | 145.3 | 139.8 | 5.5 | 3.9 | % | Real estate income, net | 328.9 | 308.3 | 20.6 | 6.7 | % | ||||||||||||||||||||||||||||||
Income from real estate joint ventures and limited partnerships | 60.9 | 33.5 | 27.4 | 81.8 | % | ||||||||||||||||||||||||||||||||||||
Income from real estate joint ventures | Income from real estate joint ventures | 103.0 | 92.2 | 10.8 | 11.7 | % | |||||||||||||||||||||||||||||||||||
Income from real estate funds | Income from real estate funds | 11.5 | 4.7 | 6.8 | N/M | ||||||||||||||||||||||||||||||||||||
Interest | 15.9 | 6.3 | 9.6 | N/M | Interest | 43.0 | 40.7 | 2.3 | 5.7 | % | |||||||||||||||||||||||||||||||
Dividends | 7.9 | 9.2 | (1.3 | ) | (14.1 | )% | |||||||||||||||||||||||||||||||||||
Other | Other | 0.8 | — | 0.8 | N/M | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENT INCOME | 230.0 | 188.8 | 41.2 | 21.8 | % | TOTAL INVESTMENT INCOME | 487.2 | 445.9 | 41.3 | 9.3 | % | ||||||||||||||||||||||||||||||
Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||
Investment management charges | 15.5 | 17.6 | (2.1 | ) | (11.9 | )% | Investment management charges | 43.9 | 33.5 | 10.4 | 31.0 | % | |||||||||||||||||||||||||||||
Administrative charges | 14.7 | 17.0 | (2.3 | ) | (13.5 | )% | Administrative charges | 22.4 | 26.5 | (4.1) | (15.5) | % | |||||||||||||||||||||||||||||
Distribution charges | 6.4 | 7.2 | (0.8 | ) | (11.1 | )% | Distribution charges | 12.3 | 13.9 | (1.6) | (11.5) | % | |||||||||||||||||||||||||||||
Mortality and expense risk charges | 0.3 | 0.3 | — | — | % | Mortality and expense risk charges | 0.5 | 0.6 | (0.1) | (16.7) | % | ||||||||||||||||||||||||||||||
Liquidity guarantee charges | 12.5 | 10.2 | 2.3 | 22.5 | % | Liquidity guarantee charges | 45.1 | 28.4 | 16.7 | 58.8 | % | ||||||||||||||||||||||||||||||
TOTAL EXPENSES | 49.4 | 52.3 | (2.9 | ) | (5.5 | )% | TOTAL EXPENSES | 124.2 | 102.9 | 21.3 | 20.7 | % | |||||||||||||||||||||||||||||
INVESTMENT INCOME, NET | $ | 180.6 | $ | 136.5 | $ | 44.1 | 32.3 | % | INVESTMENT INCOME, NET | $ | 363.0 | $ | 343.0 | $ | 20.0 | 5.8 | % |
Rental Income | Operating Expenses | Real Estate Taxes | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | Change | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||
Same Property | $ | 586.5 | $ | 547.6 | $ | 38.9 | 7.1 | % | $ | 138.3 | $ | 122.9 | $ | 15.4 | 12.5 | % | $ | 96.7 | $ | 98.8 | $ | (2.1) | (2.1) | % | |||||||||||||||||||||||
Properties Acquired | 17.8 | 0.1 | 17.7 | N/M | 3.3 | — | 3.3 | N/M | 2.6 | — | 2.6 | N/M | |||||||||||||||||||||||||||||||||||
Properties Sold | 13.5 | 46.4 | (32.9) | (70.9) | % | 3.1 | 9.7 | (6.6) | (68.0) | % | 2.7 | 7.9 | (5.2) | (65.8) | % | ||||||||||||||||||||||||||||||||
Impact of Properties Acquired/Sold | 31.3 | 46.5 | (15.2) | (32.7) | % | 6.4 | 9.7 | (3.3) | (34.0) | % | 5.3 | 7.9 | (2.6) | (32.9) | % | ||||||||||||||||||||||||||||||||
Total Property Portfolio | $ | 617.8 | $ | 594.1 | $ | 23.7 | 4.0 | % | $ | 144.7 | $ | 132.6 | $ | 12.1 | 9.1 | % | $ | 102.0 | $ | 106.7 | $ | (4.7) | (4.4) | % |
For the Three Months Ended September 30, | Change | ||||||||||||||
2017 | 2016 | $ | % | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND MORTGAGE LOANS PAYABLE | |||||||||||||||
Net realized gain (loss) on investments: | |||||||||||||||
Real estate properties | $ | 75.2 | $ | 16.4 | $ | 58.8 | N/M | ||||||||
Real estate joint ventures and limited partnerships | (8.6 | ) | 0.2 | (8.8 | ) | N/M | |||||||||
Marketable securities | 2.6 | 3.1 | (0.5 | ) | (16.1 | )% | |||||||||
Total realized gain on investments: | 69.2 | 19.7 | 49.5 | N/M | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Real estate properties | (9.4 | ) | 36.9 | (46.3 | ) | N/M | |||||||||
Real estate joint ventures and limited partnerships | 26.9 | 24.3 | 2.6 | 10.7 | % | ||||||||||
Marketable securities | 2.2 | (26.0 | ) | 28.2 | N/M | ||||||||||
Loans receivable | 1.4 | 0.1 | 1.3 | N/M | |||||||||||
Mortgage loans payable | (4.1 | ) | (29.1 | ) | 25.0 | (85.9 | )% | ||||||||
Net change in unrealized appreciation on investments and mortgage loans payable | 17.0 | 6.2 | 10.8 | N/M | |||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND MORTGAGE LOANS PAYABLE | $ | 86.2 | $ | 25.9 | $ | 60.3 | N/M |
For the Six Months Ended June 30, | Change | |||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT | ||||||||||||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||||||||||||
Real estate properties | $ | 29.5 | $ | 202.8 | $ | (173.3) | N/M | |||||||||||||||||||
Real estate joint ventures | 13.1 | (0.1) | 13.2 | N/M | ||||||||||||||||||||||
Marketable securities | (1.3) | — | (1.3) | N/M | ||||||||||||||||||||||
Loans receivable | — | (14.1) | 14.1 | N/M | ||||||||||||||||||||||
Total realized gain on investments: | 41.3 | 188.6 | (147.3) | (78.1) | % | |||||||||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||||||||
Real estate properties | 2,152.1 | 692.0 | 1,460.1 | N/M | ||||||||||||||||||||||
Real estate joint ventures | 349.0 | 154.2 | 194.8 | N/M | ||||||||||||||||||||||
Real estate funds | 6.9 | 4.2 | 2.7 | 64.3 | % | |||||||||||||||||||||
Real estate operating business | 200.8 | 22.1 | 178.7 | N/M | ||||||||||||||||||||||
Foreign currency exchange on forward contracts | 1.6 | — | 1.6 | N/M | ||||||||||||||||||||||
Marketable securities | (38.5) | (0.3) | (38.2) | N/M | ||||||||||||||||||||||
Loans receivable | (82.2) | 18.7 | (100.9) | N/M | ||||||||||||||||||||||
Loans payable | 49.8 | 14.0 | 35.8 | N/M | ||||||||||||||||||||||
Senior notes payable | 13.8 | — | 13.8 | N/M | ||||||||||||||||||||||
Net change in unrealized gain on investments and debt | 2,653.3 | 904.9 | 1,748.4 | N/M | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT | $ | 2,694.6 | $ | 1,093.5 | $ | 1,601.1 | N/M | |||||||||||||||||||
Property Name | Transaction Date | Ownership Percentage | Sector | Location | Net Purchase Price(1) | |||||||||||||||||||||||||||
12 South Apartments | 04/12/2022 | 100.00% | Apartments | Nashville , TN | $ | 44.0 | ||||||||||||||||||||||||||
Storage Portfolio IV(2) | 04/21/2022 | 90.00% | Storage | Maricopa , AZ | $ | 24.6 | ||||||||||||||||||||||||||
Empire Business Park | 04/28/2022 | 100.00% | Land | Peoria, AZ | $ | 4.1 | ||||||||||||||||||||||||||
Storage Portfolio IV(2) | 05/12/2022 | 90.00% | Storage | Pearland , TX | $ | 15.4 | ||||||||||||||||||||||||||
Minneaoplis Core Portfolio (Northpark VI) | 05/13/2022 | 100.00% | Industrial | Brooklyn Park, MN | $ | 17.0 | ||||||||||||||||||||||||||
Orchards Apartments | 05/20/2022 | 100.00% | Apartments | Marlborough, MA | $ | 59.3 | ||||||||||||||||||||||||||
Jackson Shaw Portfolio - Parc 20 | 05/27/2022 | 100.00% | Industrial | Various, TX | $ | 52.7 | ||||||||||||||||||||||||||
Jackson Shaw Portfolio - 46 Ranch | 05/27/2022 | 100.00% | Industrial | Various, TX | $ | 19.3 | ||||||||||||||||||||||||||
Lennar MFPV Cane Bay Phase | 06/03/2022 | 90.00% | Land | Summerville, SC | $ | 5.2 | ||||||||||||||||||||||||||
Monee Development | 06/06/2022 | 100.00% | Industrial | Monee, IL | $ | 5.8 | ||||||||||||||||||||||||||
Storage Portfolio IV(2) | 06/09/2022 | 90.00% | Storage | Houston , TX | $ | 13.4 | ||||||||||||||||||||||||||
Lennar MFPV Cave Creek | 06/10/2022 | 90.00% | Land | Phoenix, AZ | $ | 6.9 | ||||||||||||||||||||||||||
355 W 52nd Street(3) | 06/14/2022 | 95.00% | Office | New York, NY | $ | 45.6 | ||||||||||||||||||||||||||
Property Name | Transaction Date | Ownership Percentage | Sector | Location | Net Sales Price(1) | Realized Gain (Loss) on Sale(2) | ||||||||||||||||||||||||||||||||
MiMa - Partial Sale(3) | 05/09/2022 | 70.00% | Multifamily - Retail | New York, NY | $ | 79.8 | $ | (37.8) | ||||||||||||||||||||||||||||||
Oceano | 05/23/2022 | 100.00% | Multifamily | Woodland Hills, CA | $ | 112.5 | $ | 26.8 | ||||||||||||||||||||||||||||||
200 Middlefield | 06/09/2022 | 100.00% | Office | Menlo Park, CA | $ | 62.1 | $ | 11.1 | ||||||||||||||||||||||||||||||
Fund Name | Date of Initial Capital Contribution | Amount of Initial Capital Contribution | Total Commitment | |||||||||||||||||
Silverpeak NRE REA FundCo III | 05/25/2022 | $ | 5.8 | $ | 100.0 | |||||||||||||||
Description | Transaction Date | Interest Rate | Sector | Maturity Date | Amount | |||||||||||||||||||||||||||
Project Sonic Senior Note | 05/13/2022 | 2.75% + SOFR | Industrial | 06/09/2025 | $ | 101.2 | ||||||||||||||||||||||||||
Project Sonic Mezzanine | 05/13/2022 | 2.75% + SOFR | Industrial | 06/09/2025 | $ | 30.4 | ||||||||||||||||||||||||||
One Biscayne Tower Senior Note | 06/27/2022 | 3.75% + SOFR | Retail | 07/09/2025 | $ | 131.8 | ||||||||||||||||||||||||||
One Biscayne Tower Mezzanine | 06/27/2022 | 3.75% + SOFR | Retail | 07/09/2025 | $ | 39.1 |
Description | Principal | Interest Rate | Issuance date | Maturity Date | |||||||||||||||||||
Series A - Senior Notes | $ | 300.0 | 3.24% | 06/10/2022 | 06/10/2029 | ||||||||||||||||||
Series B - Senior Notes | $ | 200.0 | 3.35% | 06/10/2022 | 06/10/2032 |
Description | Transaction Date | Interest Rate | Sector | Maturity Date | Amount | |||||||||||||||||||||||||||
West Town Mall | 06/29/2022 | 4.37% | Retail | 07/01/2022 | $ | 101.2 |
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(101) | The following financial information from the Quarterly Report on Form 10-Q for the period ended |
56 *Filed herewith. **Furnished electronically herewith. (1)Previously filed and incorporated herein by reference to Exhibit 1(A) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 15, 2013 (File No. 333-187309). (2)Previously filed and incorporated herein by reference to Exhibit 3(A) to the Account’s Registration Statement on Form S-1, filed with the Commission on April 22, 2015 (File No. 333-202583). (3)Previously filed and incorporated herein by reference to Exhibit 3(B) to the Account’s Registration Statement on Form S-1, filed with the Commission on April 22, 2015 (File No. 333-202583). (4)Previously filed and incorporated herein by reference to the Account’s Post-Effective Amendment No. 2 to the Registration Statement on Form S-1, filed with the Commission on April 30, 1996 (File No. 33-92990). (5)Previously filed and incorporated herein by reference to Exhibit 4(A) to the Account’s Post-Effective Amendment No. 1 to the Registration Statement on Form S-1, filed with the Commission on May 2, 2005 (File No. 333-121493). (6)Previously filed and incorporated herein by reference to the Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, filed with the Commission on April 29, 2004 (File No. 333-113602). (7)Previously filed and incorporated by reference to Exhibit 4(C) to the Account’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 and filed with the Commission on November 12, 2010 (File No. 33-92990). (8)Previously filed and incorporated herein by reference to Exhibit 10(B) to the Account's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and filed with the Commission on March 14, 2013 (File No. 33-92990). (9)Previously filed and incorporated herein by reference to Exhibit 4(D)(1) and 4(D)(2) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849). (10)Previously filed and incorporated herein by reference to Exhibit 4(E)(1) and 4(E)(2) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849). (11)Previously filed and incorporated herein by reference to Exhibit 4(F)(1) and 4(F)(2) to the Account’s Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849). (12)Previously filed and incorporated herein by reference to Exhibit 4(G) to the Account’s Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 333-216849). (13)Previously filed and incorporated herein by reference to Exhibit 4(H) to the Account’s Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 333-216849). (14)Previously filed and incorporated herein by reference to Exhibit 4(I) to the Account’s Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 333-216849). (15)Previously filed and incorporated by reference to Exhibit 10.1 to the Account's Current Report on Form 8-K, filed with the Commission on February 16, 2022 (File No. 33-92990). (16)Previously filed and incorporated herein by reference to Exhibit 4(J)(1) and 4(J)(2) to the Account’s Current Report on Form 10-K, filed with the Commission on March 14, 2019 (File No. 33-92990). (17)Previously filed and incorporated herein by reference to Exhibit 4(K) to the Account’s Current Report on Form 10-K, filed with the Commission on March 14, 2019 (File No. 33-92990). (18)Previously filed and incorporated herein by reference to Exhibit 4(L)(1) and 4(L)(2) to the Account's Current Report on Form 10-K, filed with the Commission on March 12, 2020 (File No. 33-92990). (19)Previously filed and incorporated herein by reference to Exhibit 4(M) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990). (20)Previously filed and incorporated herein by reference to Exhibit 4(N) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990). (21)Previously filed and incorporated herein by reference to Exhibit 4(O) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990). (22)Previously filed and incorporated herein by reference to Exhibit 4(P) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990). (23)Previously filed and incorporated herein by reference to Exhibit 4(Q) to the Account’s Current Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990). 57 |
TIAA REAL ESTATE ACCOUNT | |||||||||||
By: | |||||||||||
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA | |||||||||||
By: | /s/ | ||||||||||
Christine E. Dugan Executive Vice President and Product General Manager –Institutional Lifetime Income, Teachers Insurance and Annuity Association of America | |||||||||||
By: | /s/ | ||||||||||
Senior Corporate Controller of Teachers Insurance and Annuity Association of America |