| G2. | | WHY IS THE EXPENSE RATIO FOR THE REAL ESTATE ACCOUNT SO HIGH COMPARED WITH THOSE OF OTHER TIAA-CREF PRODUCTS? |
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| | | The Real Estate Account’s expense ratio is high in relation to the expense ratios of other TIAA-CREF retirement products for several reasons. The Real Estate Account incurs expenses that do not affect other TIAA-CREF products, including independent fiduciary fees, appraisal fees, the liquidity guarantee premium and in-house asset management fees. However, it should be noted that when compared to the fees charged by competing variable annuities and mutual fund products across all Morningstar categories, the Real Estate Account’s expense ratio is low.* |
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| | | * The current total estimated annual expense deduction from the Account’s net assets is 0.840%. |
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| | | For more information, please see theTIAA Real Estate Account Prospectus, under the Expense Deductions section. |
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| G3. | | WHERE CAN I GET MORE DETAILED INFORMATION ABOUT THE REAL ESTATE ACCOUNT? |
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| | | On the TIAA-CREF website: |
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| | | TIAA Real Estate Account Fact Sheet, which is updated on a quarterly basis |
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| | | TIAA Real Estate Account Composite Index Comparison, which is updated on a quarterly basis |
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| | | Securities and Exchange Commission (SEC) filings: |
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| | | TIAA Real Estate Account Prospectus |
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| | | TIAA Real Estate Account Form 10-K |
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| | | TIAA Real Estate Account Quarterly Form 10-Q |
TIAA REAL ESTATE ACCOUNT FREQUENTLY ASKED QUESTIONS |
Annuity products are issued by TIAA (Teachers Insurance and Annuity Association), New York, NY.
The risks associated with real estate ownership, include fluctuations in property values, higher expenses or lower income than expected and potential environmental problems and liability. For a more complete discussion of these and other risks, please consult the prospectus.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products.
You should consider the investment objectives, risks, charges and expenses carefully before investing. This presentation must be preceded or accompanied by a current prospectus. Please call 888 842-0318 or go to tiaa-cref.org/advisors for additional copies that contain this and other information. Please read the prospectus carefully before investing.
The TIAA Real Estate Account has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the TIAA Real Estate Account has filed with the Securities and Exchange Commission for more complete information about the TIAA Real Estate Account and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at http://www.sec.gov. Alternatively, the TIAA Real Estate Account, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request by calling toll-free 800 842-2776.
Any guarantees under annuities issued by TIAA are subject to TIAA’s claims paying ability. Payments under CREF and the TIAA Real Estate Account are variable and will rise and fall based on investment performance.
© 2008 Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.
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15 FREQUENTLY ASKED QUESTIONS