Tiaa Real Estate Account 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	TIAA REAL ESTATE ACCOUNT
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	0
Amendment Flag	false
Entity Central Index Key	946,155
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Investments, at fair value:
Real estate properties (cost: $12,352.7 and $12,289.0)	$ 14,762.2	$ 14,606.2
Real estate joint ventures and limited partnerships (cost: $3,187.8 and $3,171.4)	4,359.8	4,213.2
Marketable securities:
Real estate related (cost: $860.0 and $859.5)	1,069.5	1,024.4
Other (cost: $4,501.5 and $4,207.7)	4,502.2	4,207.2
Loan Receivable (cost: $100.0 and $100.0)	100.6	100.6
Total investments (cost: $21,002.0 and $20,627.6)	24,794.3	24,151.6
Cash and cash equivalents	13.4	11.9
Due from investment manager	12.3	5.7
Other	229.3	230.2
TOTAL ASSETS	25,049.3	24,399.4
LIABILITIES
Mortgage loans payable, at fair value—Note 5 (principal outstanding: $1,763.5 and $1,763.7)	1,795.8	1,794.4
Accrued real estate property expenses	169.5	191.5
Other	54.1	53.5
TOTAL LIABILITIES	$ 2,019.4	$ 2,039.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	$ 22,556.2	$ 21,898.6
Annuity Fund	473.7	461.4
TOTAL NET ASSETS	$ 23,029.9	$ 22,360
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in Shares)	61	60.4
NET ASSET VALUE, PER ACCUMULATION UNIT (in Dollars per share)	$ 369.614	$ 362.773

CONSOLIDATED STATEMENTS OF ASS3

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Real estate properties at cost	$ 12,352.7	$ 12,289
Real estate joint ventures and limited partnerships at cost	3,187.8	3,171.4
Real estate related marketable securities at cost	860	859.5
Other marketable securities at cost	4,501.5	4,207.7
Loan Receivable at cost	100	100
Cost of total investments	21,002	20,627.6
Principal outstanding on mortgage loans payable	$ 1,763.5	$ 1,763.7

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real estate income, net:
Rental income	$ 245.9	$ 217
Real estate property level expenses and taxes:
Operating expenses	57.6	51.1
Real estate taxes	38.1	35.3
Interest expense	17.4	23.3
Total real estate property level expenses and taxes	113.1	109.7
Real estate income, net	132.8	107.3
Income from real estate joint ventures and limited partnerships	27.8	31.7
Interest	5	1.4
Dividends	3.2	9
TOTAL INVESTMENT INCOME	168.8	149.4
Expenses:
Investment management charges	14.4	20
Administrative charges	17.3	12.9
Distribution charges	6.7	5.3
Mortality and expense risk charges	0.3	0.2
Liquidity guarantee charges	8.4	7.5
TOTAL EXPENSES	47.1	45.9
INVESTMENT INCOME, NET	121.7	103.5
Net realized gain on investments:
Real estate properties	8.3	216.9
Real estate joint ventures and limited partnerships		169.5
Marketable securities	14	27.4
Net realized gain on investments	22.3	413.8
Net change in unrealized appreciation (depreciation) on:
Real estate properties	92.3	(44.5)
Real estate joint ventures and limited partnerships	145.8	104.9
Marketable securities	43.3	34.9
Mortgage loans payable	(1.6)	(18.7)
Net change in unrealized appreciation on investments and mortgage loans payable	279.8	76.6
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND MORTGAGE LOANS PAYABLE	302.1	490.4
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 423.8	$ 593.9

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
FROM OPERATIONS
Investment income, net	$ 121.7	$ 103.5
Net realized gain on investments	22.3	413.8
Net change in unrealized appreciation on investments and mortgage loans payable	279.8	76.6
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	423.8	593.9
FROM PARTICIPANT TRANSACTIONS
Premiums	758.2	663.6
Annuity payments	(9.9)	(8.6)
Withdrawals and death benefits	(502.2)	(464.1)
NET INCREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS	246.1	190.9
NET INCREASE IN NET ASSETS	669.9	784.8
NET ASSETS
Beginning of period	22,360	19,829
End of period	$ 23,029.9	$ 20,613.8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$ 423.8	$ 593.9
Adjustments to reconcile net changes in net assets resulting from operations to net cash used in operating activities:
Net realized gain on investments	(22.3)	(413.8)
Net change in unrealized appreciation on investments and mortgage loans payable	(279.8)	(76.6)
Reinvestment of Limited Partnership distribution	(0.7)
Purchase of real estate properties	(107.4)	(188.4)
Capital improvements on real estate properties	(43.8)	(48.2)
Proceeds from sale of real estate properties	90.3	421.4
Purchases of long term investments	(11.8)	(169.9)
Proceeds from long term investments	22.6	413.4
Increase in other investments	(293.8)	(750)
Change in due from investment manager	(6.6)	(1.1)
Decrease in other assets	0.9	8.2
Decrease in other liabilities	(15.8)	(6.1)
NET CASH USED IN OPERATING ACTIVITIES	(244.4)	(217.2)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of mortgage loans	(0.2)	(0.2)
Premiums	758.2	663.6
Annuity payments	(9.9)	(8.6)
Withdrawals and death benefits	(502.2)	(464.1)
NET CASH PROVIDED BY FINANCING ACTIVITIES	245.9	190.7
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1.5	(26.5)
CASH AND CASH EQUIVALENTS
Beginning of period	11.9	36.5
End of period	13.4	10
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	$ 17.5	23.5
Loan assignment as part of a real estate disposition		$ 200

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1—Organization and Significant Accounting Policies Business: The investment objective of the Account is to seek favorable long-term returns primarily through rental income and capital appreciation from real estate and real estate-related investments owned by the Account. The Account holds real estate properties directly and through subsidiaries wholly owned by TIAA for the benefit of the Account. The Account also holds limited interests in real estate joint ventures and limited partnerships. The Account also holds an investment in a loan receivable with a commercial real estate property as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material. The following is a summary of the significant accounting policies of the Account. Basis of Presentation: The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions. Certain prior year amounts have been reclassified to conform to the current period presentation. Determination of Investments at Fair Value: Financial Services—Investment Companies. Financial Instruments The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and investment related mortgage loans payable. Valuation of Real Estate Properties • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include rental income and expense amounts, related rental income and expense growth rates, capital expenditures, discount rates and capitalization rates. Valuation techniques include discounted cash flow analysis, prevailing market capitalization rates or multiples applied to earnings from the property, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Amounts ultimately realized from each investment may vary significantly from the fair value presented. Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Account’s independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs). Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period. Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Account’s independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal). The independent fiduciary, RERC, LLC, has been appointed by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation. Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Mortgage Loans Payable Valuation of Real Estate Joint Ventures Valuation of Real Estate Limited Partnerships Valuation of Marketable Securities Debt securities with readily available market quotations, other than money market instruments, are generally valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities for which market quotations are not readily available, are valued at fair value as determined in good faith by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Short-term investments are valued in the same manner as debt securities, as described above. Money market instruments are valued at amortized cost, which approximates fair value. Equity and fixed income securities traded on a foreign exchange or in foreign markets are valued using their closing values under the valuation methods generally accepted in the country where traded, as of the valuation date. This value is converted to U.S. dollars at the exchange rate in effect on the valuation day. Under certain circumstances (for example, if there are significant movements in the U.S. markets and there is an expectation the securities traded on foreign markets will adjust based on such movements when the foreign markets open the next day), the Account may adjust the value of equity or fixed income securities that trade on a foreign exchange or market after the foreign exchange or market has closed. Valuation of Loans Receivable Valuation of Mortgage Loans Payable See Note 4—Assets and Liabilities Measured at Fair Value on a Recurring Basis Foreign Currency Transactions and Translation: Accumulation and Annuity Funds: Accounting for Investments: Real Estate Properties Real Estate Joint Ventures Limited Partnerships Marketable Securities Loan Receivable Realized and Unrealized Gains and Losses Unrealized gains and losses are recorded as the fair values of the Account’s investments are adjusted, and as discussed within the Real Estate Joint Ventures and Limited Partnerships Net Assets • the value of the Account’s cash; cash equivalents, and short-term and other debt instruments; • the value of the Account’s other securities and other non-real estate assets; • the value of the individual real properties (based on the most recent valuation of that property) and other real estate-related investments owned by the Account; • an estimate of the net operating income accrued by the Account from its properties, other real estate-related investments and non-real estate-related investments (including short-term marketable securities) since the end of the prior valuation day; and • actual net operating income earned from the Account’s properties, other real estate-related investments and non-real estate-related investments (but only to the extent any such item of income differs from the estimated income accrued for on such investments), and then reducing the sum by liabilities held within the Account, including the daily investment management fee, administration and distribution fees, mortality and expense fee, and liquidity guarantee fee, and certain other expenses attributable to operating the Account. Daily estimates of net operating income are adjusted to reflect actual net operating income on a monthly basis, at which time such adjustments (if any) are reflected in the Account’s unit value. After the end of every quarter, the Account reconciles the amount of expenses deducted from the Account (which is established in order to approximate the costs that the Account will incur) with the expenses the Account actually incurred. If there is a difference, the Account adds it to or deducts it from the Account in equal daily installments over the remaining days of the following quarter. Material differences may be repaid in the current calendar quarter. The Account’s at-cost deductions are based on projections of Account assets and overall expenses, and the size of any adjusting payments will be directly affected by the difference between management’s projections and the Account’s actual assets or expenses. Cash and Cash Equivalents: Other Assets and Other Liabilities: Federal Income Taxes: Restricted Cash: Note 5—Mortgage Loans Payable Changes in Net Assets: Due to/from Investment Manager: New Accounting Pronouncements: In March 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (“ASU 2015-03”). This ASU amends, amongst other items, the presentation of debt issuance costs on an entity’s balance sheet. These amendments are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. Management has concluded ASU 2015-03 has no impact on the Account’s Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01 Financial Instruments (Topic 825)—Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU amends, amongst other items, certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. These amendments are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Management is currently assessing the impact of ASU 2016-01 on the Account’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) (“ASU 2016-02”) which will supersede Topic 840, Leases. This ASU applies to all entities that enter into a lease. Lessees will be required to report assets and liabilities that arise from leases. Lessor accounting is expected to remain unchanged except in certain circumstances. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including all interim periods within those fiscal years. Management is currently assessing the impact of ASU 2016-02 on the Account’s Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-08 (Topic 606), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). This ASU does not change the core principle of the guidance stated in ASU 2014-09 (Topic 606), Revenue from Contracts with Customers. The amendments in this ASU are instead intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. Management has concluded ASU 2016-08 will not significantly impact the Account’s Consolidated Financial Statements.

Management Agreements, Arrangem

Management Agreements, Arrangements and Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Manangement Agreements And Arrangements [Abstract]
Manangement Agreements And Arrangements [Text Block]	Note 2—Management Agreements, Arrangements and Related Party Transactions Investment advisory services for the Account are provided by TIAA employees, under the direction of the Board and its Investment Committee, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management decisions for the Account are subject to review by the Account’s independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account. The Account is a party to the Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account (the “Distribution Agreement”), dated January 1, 2008, by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”), a wholly owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. TIAA and Services provide investment management, administrative and distribution services at cost. TIAA and Services receive payments from the Account on a daily basis according to formulas established each year and adjusted periodically with the objective of keeping the payments as close as possible to the Account’s expenses actually incurred. Any differences between actual expenses and the amounts paid by the Account are adjusted quarterly. TIAA also provides a liquidity guarantee to the Account, for a fee, to ensure that sufficient funds are available to meet participant transfer and cash withdrawal requests in the event that the Account’s cash flows and liquid investments are insufficient to fund such requests. TIAA ensures sufficient funds are available for such transfer and withdrawal requests by purchasing accumulation units of the Account. To the extent TIAA owns accumulation units issued pursuant to the liquidity guarantee, the independent fiduciary monitors and oversees, among other things, TIAA’s ownership interest in the Account and may require TIAA to eventually redeem some of its units, particularly when the Account has un-invested cash or liquid investments available. TIAA also receives a fee for assuming certain mortality and expense risks. The expenses for the services noted above that are provided to the Account by TIAA and Services are identified in the accompanying consolidated statements of operations and are reflected in Note 6—Financial Highlights.

Credit Risk Concentrations

Credit Risk Concentrations	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	Note 3—Credit Risk Concentrations Concentrations of credit risk may arise when a number of properties or tenants are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. The Account has no significant concentrations of tenants as no single tenant has annual contract rent that makes up more than 3% of the rental income of the Account. The Account’s wholly owned real estate and joint venture investments are located in the United States. The following table represents the diversification of the Account’s portfolio by region and property type as of March 31, 2016: Diversification by Fair Value (1) East West South Midwest Total Office 21.3 % 17.1 % 6.3 % 0.2 % 44.9 % Apartment 9.4 % 8.5 % 4.3 % — 22.2 % Retail 3.6 % 3.6 % 8.0 % 0.3 % 15.5 % Industrial 1.5 % 8.0 % 4.1 % 0.8 % 14.4 % Other (2) 2.6 % 0.2 % 0.1 % 0.1 % 3.0 % Total 38.4 % 37.4 % 22.8 % 1.4 % 100.0 % (1) Wholly owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value. (2) Represents interest in Storage Portfolio investment and a fee interest encumbered by a ground lease real estate investment. Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 4—Assets and Liabilities Measured at Fair Value on a Recurring Basis Valuation Hierarchy: Level 1—Valuations using unadjusted quoted prices for assets traded in active markets, such as stocks listed on the New York Stock Exchange. Active markets are defined as having the following characteristics for the measured asset or liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information regarding the issuer is publicly available. Level 1 assets held by the Account are generally marketable equity securities. Level 2—Valuations for assets and liabilities traded in less active, dealer or broker markets. Fair values are primarily obtained from third party pricing services for identical or comparable assets or liabilities. Level 2 inputs for fair value measurements are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: a. Quoted prices for similar assets or liabilities in active markets; b. Quoted prices for identical or similar assets or liabilities in markets that are not active (that is, markets in which there are few transactions for the asset (or liability), the prices are not current, price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly); c. Inputs other than quoted prices that are observable within the market for the asset (or liability) (for example, interest rates and yield curves, implied volatilities, prepayment speeds, loss severities, credit risks, and default rates that are observable at commonly quoted intervals); and d. Inputs that are derived principally from or corroborated by observable market data by correlation or other means (for example, market-corroborated inputs). Examples of securities which may be held by the Account and included in Level 2 include certificates of deposit, commercial paper, government agency notes, variable notes, United States Treasury securities, and debt securities. Level 3—Valuations for assets and liabilities that are derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market, and require significant professional judgment in determining the fair value assigned to such assets or liabilities. Examples of Level 3 assets and liabilities which may be held by the Account from time to time include investments in real estate, investments in joint ventures, and loans receivable and payable. An investment’s categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. The Account’s limited partnership investments are valued using the net asset value per share as a practical expedient, which excludes the investments from the valuation hierarchy. The Account’s determination of fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon vendor-provided, evaluated prices or internally developed models that primarily use market-based or independently sourced market data, including interest rate yield curves, market spreads, and currency rates. Valuation adjustments will be made to reflect changes in credit quality, counterparty’s creditworthiness, the Account’s creditworthiness, liquidity, and other observable and unobservable inputs that are applied consistently over time. The methods described above are considered to produce fair values that represent a good faith estimate of what an unaffiliated buyer in the marketplace would pay to purchase the asset or would receive to transfer the liability. Since fair value calculations involve significant professional judgment in the application of both observable and unobservable attributes, actual realizable values or future fair values may differ from amounts reported. Furthermore, while the Account believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments, while reasonable, could result in different estimates of fair value at the reporting date. As discussed in Note 1—Organization and Significant Accounting Policies The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 (unaudited) and December 31, 2015, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and practical expedient (in millions): Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties $ — $ — $ 14,762.2 $ — $ 14,762.2 Real estate joint ventures — — 4,221.0 — 4,221.0 Limited partnerships — — — 138.8 138.8 Marketable securities: Real estate related 1,069.5 — — — 1,069.5 Government agency notes — 2,966.7 — — 2,966.7 United States Treasury securities — 1,535.5 — — 1,535.5 Loan receivable — — 100.6 — 100.6 Total Investments at March 31, 2016 $ 1,069.5 $ 4,502.2 $ 19,083.8 $ 138.8 $ 24,794.3 Mortgage loans payable $ — $ — $ (1,795.8 ) $ — $ (1,795.8 ) Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties $ — $ — $ 14,606.2 $ — $ 14,606.2 Real estate joint ventures — — 4,068.4 — 4,068.4 Limited partnerships — — — 144.8 144.8 Marketable securities: Real estate related 1,024.4 — — — 1,024.4 Government agency notes — 2,666.8 — — 2,666.8 United States Treasury securities — 1,540.4 — — 1,540.4 Loan receivable — — 100.6 — 100.6 Total Investments at December 31, 2015 $ 1,024.4 $ 4,207.2 $ 18,775.2 $ 144.8 $ 24,151.6 Mortgage loans payable $ — $ — $ (1,794.4 ) $ — $ (1,794.4 ) The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2016 and 2015 (in millions, unaudited): Real Estate Real Estate Loan Total Mortgage For the three months ended March 31, 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 100.6 150.7 — 251.3 (1.6 ) Purchases (1) 145.7 2.1 — 147.8 — Sales (90.3 ) — — (90.3 ) — Settlements (2) — (0.2 ) — (0.2 ) 0.2 Ending balance March 31, 2016 $ 14,762.2 $ 4,221.0 $ 100.6 $ 19,083.8 $ (1,795.8 ) Real Estate Real Estate Convertible Total Mortgage For the three months ended March 31, 2015 Beginning balance January 1, 2015 $ 13,139.0 $ 3,022.1 $ — $ 16,161.1 $ (2,373.8 ) Total realized and unrealized gains (losses) included in changes in net assets 172.4 246.8 — 419.2 (18.7 ) Purchases (1) 233.5 6.0 100.0 339.5 — Sales (621.4 ) — — (621.4 ) — Settlements (2) — (0.2 ) — (0.2 ) 200.2 Ending balance March 31, 2015 $ 12,923.5 $ 3,274.7 $ 100.0 $ 16,298.2 $ (2,192.3 ) (1) Includes purchases, contributions for joint ventures, capital expenditures, and lending for mortgage loans receivable. (2) Includes operating income for real estate joint ventures, net of distributions, and principal payments and extinguishments of mortgage loans payable. The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2016 (unaudited). Type Asset Class Valuation Unobservable Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 8.5% (6.5%) Terminal Capitalization Rate 4.3% - 7.3% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 7.0% (4.7%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.7% - 8.8% (6.7%) Terminal Capitalization Rate 4.8% - 7.3% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 6.3% (5.1%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.3% (6.2%) Terminal Capitalization Rate 3.8% - 5.8% (4.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.3% - 5.3% (4.2%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.0% - 10.4% (6.7%) Terminal Capitalization Rate 4.8% - 8.8% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 8.5% (5.0%) Mortgage Loans Payable Office and Industrial Discounted Cash Flow Loan to Value Ratio 30.6% - 49.6% (43.6%) Equivalency Rate 2.9% - 3.9% (3.6%) Net Present Value Loan to Value Ratio 30.6% - 49.6% (43.6%) Weighted Average Cost of Capital Risk 1.2 - 1.3 (1.3) Apartment Discounted Cash Flow Loan to Value Ratio 30.2% - 62.6% (44.3%) Equivalency Rate 2.9% - 3.6% (3.3%) Net Present Value Loan to Value Ratio 30.2% - 62.6% (44.3%) Weighted Average Cost of Capital Risk 1.2 - 1.5 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 18.9% - 48.1% (35.1%) Equivalency Rate 2.8% - 4.1% (3.3%) Net Present Value Loan to Value Ratio 18.9% - 48.1% (35.1%) Weighted Average Cost of Capital Risk 1.1 - 1.3 (1.2) Loan Receivable Office Discounted Cash Flow Loan to Value Ratio 76.1% (76.1%) Equivalency Rate 6.1% (6.1%) Real Estate Properties and Joint Ventures: Mortgage Loans Payable: Loans Receivable: During the three months ended March 31, 2016 and 2015, there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized gains (losses) included in changes in net assets attributable to the change in net unrealized gains (losses) relating to Level 3 investments and mortgage loans payable using significant unobservable inputs still held as of the reporting date is as follows (in millions, unaudited): Real Estate Real Estate Loan Total Mortgage For the three months ended March 31, 2016 $ 101.4 $ 158.7 $ — $ 260.1 $ (1.6 ) For the three months ended March 31, 2015 $ 188.5 $ 246.8 $ — $ 435.3 $ (18.7 )

Mortgage Loans Payable

Mortgage Loans Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 5—Mortgage Loans Payable At March 31, 2016, the Account had outstanding mortgage loans payable secured by the following properties (in millions): Property Interest Rate and (2) Principal Maturity March 31, December 31, (Unaudited) Charleston Plaza (1)(4) 5.60% paid monthly $ 34.5 $ 34.7 September 11, 2016 The Legend at Kierland (4)(5) 4.97% paid monthly 21.8 21.8 August 1, 2017 The Tradition at Kierland (4)(5) 4.97% paid monthly 25.8 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 Corner (4) 4.66% paid monthly 105.0 105.0 June 1, 2021 The Palatine (4) 4.25% paid monthly 80.0 80.0 January 10, 2022 The Forum at Carlsbad (4) 4.25% paid monthly 90.0 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 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 55 Second Street (4)(7) 3.74% paid monthly 137.5 137.5 October 1, 2026 Total Principal Outstanding $ 1,763.5 $ 1,763.7 Fair Value Adjustment (3) 32.3 30.7 Total mortgage loans payable $ 1,795.8 $ 1,794.4 (1) The mortgage is adjusted monthly for principal payments. (2) Interest rates are fixed, unless stated otherwise. (3) The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1- Organization and Significant Accounting Policies. (4) These properties are each owned by separate wholly owned subsidiaries of TIAA for benefit of the Account. The assets and credit of each of these borrowings entities are not available to satisfy the debts and other obligations of the Account or any other entity or person other than such borrowing entity. (5) Represents mortgage loans on these individual properties which are held within the Kierland Apartment portfolio. (6) Represents mortgage loans on these individual properties which are held within Palomino Park portfolio. (7) This mortgage is comprised of three individual loans, all with equal recourse, interest rate and maturity. The principal balances by loan are $79.0 million, $45.0 million and $13.5 million.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information Disclosure [Text Block]	Note 6—Financial Highlights Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Three Years Ended December 31, 2015 2014 2013 (Unaudited) Per Accumulation Unit Data: Rental income $ 4.051 $ 15.538 $ 15.862 $ 15.313 Real estate property level expenses and taxes 1.863 7.319 7.788 8.112 Real estate income, net 2.188 8.219 8.074 7.201 Other income 0.593 3.342 3.459 2.759 Total income 2.781 11.561 11.533 9.960 Expense charges (1) 0.776 3.092 2.880 2.672 Investment income, net 2.005 8.469 8.653 7.288 Net realized and unrealized gain on investments and mortgage loans payable 4.836 18.911 27.868 19.015 Net increase in Accumulation Unit Value 6.841 27.380 36.521 26.303 Accumulation Unit Value: Beginning of period 362.773 335.393 298.872 272.569 End of period $ 369.614 $ 362.773 $ 335.393 $ 298.872 Total return 1.89% 8.16% 12.22% 9.65% Ratios to Average net assets (2) : Expenses (1) 0.84% 0.86% 0.89% 0.92% Investment income, net 2.16% 2.37% 2.68% 2.50% Portfolio turnover rate (3) : Real estate properties (4) 0.5% 5.7% 6.5% 2.1% Marketable securities (5) 0.9% 10.0% 15.9% 8.4% Accumulation Units outstanding at end of period (in millions) 61.0 60.4 57.9 55.3 Net assets end of period (in millions) $ 23,029.9 $ 22,360.0 $ 19,829.0 $ 16,907.9 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year to date Account-level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Percentages for the three months ended March 31, 2016 are annualized. (3) Percentages for the three months ended March 31, 2016 are not annualized. (4) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including loans receivable, contributions to, or return of capital distributions received from, existing joint venture and limited partnership investments) by the average value of the portfolio of real estate investments held during the period. (5) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units

Accumulation Units	3 Months Ended
	Mar. 31, 2016
Accumulated Units Disclosure [Abstract]
Accumulated Units Disclosure [Text Block]	Note 7—Accumulation Units Changes in the number of Accumulation Units outstanding were as follows (in millions): For the For the Year Ended (Unaudited) Outstanding: Beginning of period 60.4 57.9 Credited for premiums 2.0 8.1 Annuity, other periodic payments, withdrawals and death benefits (1.4 ) (5.6 ) End of period 61.0 60.4

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 8—Commitments and Contingencies Commitments Contingencies

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 9—Subsequent Events Purchases Fort Point Creative Exchange Portfolio—Boston, MA On April 8, 2016, the Account purchased a 100% fee simple interest in a portfolio of office properties located in Boston, Massachusetts for $220.4 million. The portfolio consists of six properties, totaling 408,342 square feet, which includes 20,553 square feet of retail space. At the time of purchase, the property was 96.6% leased. Financings 701 Brickell Avenue—Miami, FL On April 1, 2016, the Account entered into a new mortgage loan secured by its real estate investment located at 701 Brickell Avenue in Miami, Florida, with a principal amount of $184.0 million. The debt has an interest rate of 3.66%, maturing on April 1, 2026 and is interest only for the first five years. 1900 K Street, NW—Washington, DC On April 1, 2016, the Account entered into a new mortgage loan secured by its real estate investment located at 1900 K Street, NW in Washington, DC, with a principal amount of $163.0 million. The debt has an interest rate of 3.93%, maturing on April 1, 2028 and is interest only for the first six years. 501 Boylston Street—Boston, MA On April 1, 2016, the Account entered into a new mortgage loan secured by its real estate investment located at 501 Boylston Street in Boston, Massachusetts, with a principal amount of $216.5 million. The debt has an interest rate of 3.70%, maturing on April 1, 2028 and is interest only for the first 10 years.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis Of Presentation Policy [Policy Text Block]	Basis of Presentation: The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions. Certain prior year amounts have been reclassified to conform to the current period presentation.
Fair Value Measurement, Policy [Policy Text Block]	Determination of Investments at Fair Value: Financial Services—Investment Companies. Financial Instruments The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and investment related mortgage loans payable. Valuation of Real Estate Properties • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include rental income and expense amounts, related rental income and expense growth rates, capital expenditures, discount rates and capitalization rates. Valuation techniques include discounted cash flow analysis, prevailing market capitalization rates or multiples applied to earnings from the property, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Amounts ultimately realized from each investment may vary significantly from the fair value presented. Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Account’s independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs). Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period. Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Account’s independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal). The independent fiduciary, RERC, LLC, has been appointed by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation. Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Mortgage Loans Payable Valuation of Real Estate Joint Ventures Valuation of Real Estate Limited Partnerships Valuation of Marketable Securities Debt securities with readily available market quotations, other than money market instruments, are generally valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities for which market quotations are not readily available, are valued at fair value as determined in good faith by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Short-term investments are valued in the same manner as debt securities, as described above. Money market instruments are valued at amortized cost, which approximates fair value. Equity and fixed income securities traded on a foreign exchange or in foreign markets are valued using their closing values under the valuation methods generally accepted in the country where traded, as of the valuation date. This value is converted to U.S. dollars at the exchange rate in effect on the valuation day. Under certain circumstances (for example, if there are significant movements in the U.S. markets and there is an expectation the securities traded on foreign markets will adjust based on such movements when the foreign markets open the next day), the Account may adjust the value of equity or fixed income securities that trade on a foreign exchange or market after the foreign exchange or market has closed. Valuation of Loans Receivable Valuation of Mortgage Loans Payable See Note 4—Assets and Liabilities Measured at Fair Value on a Recurring Basis
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Transactions and Translation:
Accumulation And Annuity Funds Policy [Policy Text Block]	Accumulation and Annuity Funds:
Investment, Policy [Policy Text Block]	Accounting for Investments: Real Estate Properties Real Estate Joint Ventures Limited Partnerships Marketable Securities Loan Receivable Realized and Unrealized Gains and Losses Unrealized gains and losses are recorded as the fair values of the Account’s investments are adjusted, and as discussed within the Real Estate Joint Ventures and Limited Partnerships Net Assets • the value of the Account’s cash; cash equivalents, and short-term and other debt instruments; • the value of the Account’s other securities and other non-real estate assets; • the value of the individual real properties (based on the most recent valuation of that property) and other real estate-related investments owned by the Account; • an estimate of the net operating income accrued by the Account from its properties, other real estate-related investments and non-real estate-related investments (including short-term marketable securities) since the end of the prior valuation day; and • actual net operating income earned from the Account’s properties, other real estate-related investments and non-real estate-related investments (but only to the extent any such item of income differs from the estimated income accrued for on such investments), and then reducing the sum by liabilities held within the Account, including the daily investment management fee, administration and distribution fees, mortality and expense fee, and liquidity guarantee fee, and certain other expenses attributable to operating the Account. Daily estimates of net operating income are adjusted to reflect actual net operating income on a monthly basis, at which time such adjustments (if any) are reflected in the Account’s unit value. After the end of every quarter, the Account reconciles the amount of expenses deducted from the Account (which is established in order to approximate the costs that the Account will incur) with the expenses the Account actually incurred. If there is a difference, the Account adds it to or deducts it from the Account in equal daily installments over the remaining days of the following quarter. Material differences may be repaid in the current calendar quarter. The Account’s at-cost deductions are based on projections of Account assets and overall expenses, and the size of any adjusting payments will be directly affected by the difference between management’s projections and the Account’s actual assets or expenses.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents:
Other Assets and Other Liabilities, Policy [Policy Text Block]	Other Assets and Other Liabilities:
Income Tax, Policy [Policy Text Block]	Federal Income Taxes:
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash: Note 5—Mortgage Loans Payable
Changes In Net Assets Policy [Policy Text Block]	Changes in Net Assets:
Due To Form Investment Advisor Policy [Policy Text Block]	Due to/from Investment Manager:
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements: In March 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (“ASU 2015-03”). This ASU amends, amongst other items, the presentation of debt issuance costs on an entity’s balance sheet. These amendments are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. Management has concluded ASU 2015-03 has no impact on the Account’s Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01 Financial Instruments (Topic 825)—Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU amends, amongst other items, certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. These amendments are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Management is currently assessing the impact of ASU 2016-01 on the Account’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) (“ASU 2016-02”) which will supersede Topic 840, Leases. This ASU applies to all entities that enter into a lease. Lessees will be required to report assets and liabilities that arise from leases. Lessor accounting is expected to remain unchanged except in certain circumstances. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including all interim periods within those fiscal years. Management is currently assessing the impact of ASU 2016-02 on the Account’s Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-08 (Topic 606), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). This ASU does not change the core principle of the guidance stated in ASU 2014-09 (Topic 606), Revenue from Contracts with Customers. The amendments in this ASU are instead intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. Management has concluded ASU 2016-08 will not significantly impact the Account’s Consolidated Financial Statements.

Credit Risk Concentrations (Tab

Credit Risk Concentrations (Tables)	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The following table represents the diversification of the Account’s portfolio by region and property type as of March 31, 2016: East West South Midwest Total Office 21.3 % 17.1 % 6.3 % 0.2 % 44.9 % Apartment 9.4 % 8.5 % 4.3 % — 22.2 % Retail 3.6 % 3.6 % 8.0 % 0.3 % 15.5 % Industrial 1.5 % 8.0 % 4.1 % 0.8 % 14.4 % Other (2) 2.6 % 0.2 % 0.1 % 0.1 % 3.0 % Total 38.4 % 37.4 % 22.8 % 1.4 % 100.0 % (1) Wholly owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value. (2) Represents interest in Storage Portfolio investment and a fee interest encumbered by a ground lease real estate investment. Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI

Assets and Liabilities Measur18

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 (unaudited) and December 31, 2015, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and practical expedient (in millions): Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties $ — $ — $ 14,762.2 $ — $ 14,762.2 Real estate joint ventures — — 4,221.0 — 4,221.0 Limited partnerships — — — 138.8 138.8 Marketable securities: Real estate related 1,069.5 — — — 1,069.5 Government agency notes — 2,966.7 — — 2,966.7 United States Treasury securities — 1,535.5 — — 1,535.5 Loan receivable — — 100.6 — 100.6 Total Investments at March 31, 2016 $ 1,069.5 $ 4,502.2 $ 19,083.8 $ 138.8 $ 24,794.3 Mortgage loans payable $ — $ — $ (1,795.8 ) $ — $ (1,795.8 ) Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties $ — $ — $ 14,606.2 $ — $ 14,606.2 Real estate joint ventures — — 4,068.4 — 4,068.4 Limited partnerships — — — 144.8 144.8 Marketable securities: Real estate related 1,024.4 — — — 1,024.4 Government agency notes — 2,666.8 — — 2,666.8 United States Treasury securities — 1,540.4 — — 1,540.4 Loan receivable — — 100.6 — 100.6 Total Investments at December 31, 2015 $ 1,024.4 $ 4,207.2 $ 18,775.2 $ 144.8 $ 24,151.6 Mortgage loans payable $ — $ — $ (1,794.4 ) $ — $ (1,794.4 )
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Text Block]	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2016 and 2015 (in millions, unaudited): Real Estate Real Estate Loan Total Mortgage For the three months ended March 31, 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 100.6 150.7 — 251.3 (1.6 ) Purchases (1) 145.7 2.1 — 147.8 — Sales (90.3 ) — — (90.3 ) — Settlements (2) — (0.2 ) — (0.2 ) 0.2 Ending balance March 31, 2016 $ 14,762.2 $ 4,221.0 $ 100.6 $ 19,083.8 $ (1,795.8 ) Real Estate Real Estate Convertible Total Mortgage For the three months ended March 31, 2015 Beginning balance January 1, 2015 $ 13,139.0 $ 3,022.1 $ — $ 16,161.1 $ (2,373.8 ) Total realized and unrealized gains (losses) included in changes in net assets 172.4 246.8 — 419.2 (18.7 ) Purchases (1) 233.5 6.0 100.0 339.5 — Sales (621.4 ) — — (621.4 ) — Settlements (2) — (0.2 ) — (0.2 ) 200.2 Ending balance March 31, 2015 $ 12,923.5 $ 3,274.7 $ 100.0 $ 16,298.2 $ (2,192.3 ) (1) Includes purchases, contributions for joint ventures, capital expenditures, and lending for mortgage loans receivable. (2) Includes operating income for real estate joint ventures, net of distributions, and principal payments and extinguishments of mortgage loans payable.
Schedule of Unobservable Inputs Related to Level 3 Fair Value Measurements [Table Text Block]	The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2016 (unaudited). Type Asset Class Valuation Unobservable Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 8.5% (6.5%) Terminal Capitalization Rate 4.3% - 7.3% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 7.0% (4.7%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.7% - 8.8% (6.7%) Terminal Capitalization Rate 4.8% - 7.3% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 6.3% (5.1%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.3% (6.2%) Terminal Capitalization Rate 3.8% - 5.8% (4.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.3% - 5.3% (4.2%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.0% - 10.4% (6.7%) Terminal Capitalization Rate 4.8% - 8.8% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 8.5% (5.0%) Mortgage Loans Payable Office and Industrial Discounted Cash Flow Loan to Value Ratio 30.6% - 49.6% (43.6%) Equivalency Rate 2.9% - 3.9% (3.6%) Net Present Value Loan to Value Ratio 30.6% - 49.6% (43.6%) Weighted Average Cost of Capital Risk 1.2 - 1.3 (1.3) Apartment Discounted Cash Flow Loan to Value Ratio 30.2% - 62.6% (44.3%) Equivalency Rate 2.9% - 3.6% (3.3%) Net Present Value Loan to Value Ratio 30.2% - 62.6% (44.3%) Weighted Average Cost of Capital Risk 1.2 - 1.5 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 18.9% - 48.1% (35.1%) Equivalency Rate 2.8% - 4.1% (3.3%) Net Present Value Loan to Value Ratio 18.9% - 48.1% (35.1%) Weighted Average Cost of Capital Risk 1.1 - 1.3 (1.2) Loan Receivable Office Discounted Cash Flow Loan to Value Ratio 76.1% (76.1%) Equivalency Rate 6.1% (6.1%)
Fair Value Of Net Unrealized Gains Included In Changes In Net Assets Attributable To Investments And Mortgage Loans Payable Using Significant Unobservable Inputs [Table Text Block]	The amount of total net unrealized gains (losses) included in changes in net assets attributable to the change in net unrealized gains (losses) relating to Level 3 investments and mortgage loans payable using significant unobservable inputs still held as of the reporting date is as follows (in millions, unaudited): Real Estate Real Estate Loan Total Mortgage For the three months ended March 31, 2016 $ 101.4 $ 158.7 $ — $ 260.1 $ (1.6 ) For the three months ended March 31, 2015 $ 188.5 $ 246.8 $ — $ 435.3 $ (18.7 )

Mortgage Loans Payable (Tables)

Mortgage Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule Of Outstanding Mortgage Loans Payable Secured By Properties [Table Text Block]	At March 31, 2016, the Account had outstanding mortgage loans payable secured by the following properties (in millions): Property Interest Rate and (2) Principal Maturity March 31, December 31, (Unaudited) Charleston Plaza (1)(4) 5.60% paid monthly $ 34.5 $ 34.7 September 11, 2016 The Legend at Kierland (4)(5) 4.97% paid monthly 21.8 21.8 August 1, 2017 The Tradition at Kierland (4)(5) 4.97% paid monthly 25.8 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 Corner (4) 4.66% paid monthly 105.0 105.0 June 1, 2021 The Palatine (4) 4.25% paid monthly 80.0 80.0 January 10, 2022 The Forum at Carlsbad (4) 4.25% paid monthly 90.0 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 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 55 Second Street (4)(7) 3.74% paid monthly 137.5 137.5 October 1, 2026 Total Principal Outstanding $ 1,763.5 $ 1,763.7 Fair Value Adjustment (3) 32.3 30.7 Total mortgage loans payable $ 1,795.8 $ 1,794.4 (1) The mortgage is adjusted monthly for principal payments. (2) Interest rates are fixed, unless stated otherwise. (3) The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1- Organization and Significant Accounting Policies. (4) These properties are each owned by separate wholly owned subsidiaries of TIAA for benefit of the Account. The assets and credit of each of these borrowings entities are not available to satisfy the debts and other obligations of the Account or any other entity or person other than such borrowing entity. (5) Represents mortgage loans on these individual properties which are held within the Kierland Apartment portfolio. (6) Represents mortgage loans on these individual properties which are held within Palomino Park portfolio. (7) This mortgage is comprised of three individual loans, all with equal recourse, interest rate and maturity. The principal balances by loan are $79.0 million, $45.0 million and $13.5 million.

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information Disclosure [Abstract]
Schedule Of Condensed Financial Information For An Accumulation Unit Of The Account [Table Text Block]	Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Three Years Ended December 31, 2015 2014 2013 (Unaudited) Per Accumulation Unit Data: Rental income $ 4.051 $ 15.538 $ 15.862 $ 15.313 Real estate property level expenses and taxes 1.863 7.319 7.788 8.112 Real estate income, net 2.188 8.219 8.074 7.201 Other income 0.593 3.342 3.459 2.759 Total income 2.781 11.561 11.533 9.960 Expense charges (1) 0.776 3.092 2.880 2.672 Investment income, net 2.005 8.469 8.653 7.288 Net realized and unrealized gain on investments and mortgage loans payable 4.836 18.911 27.868 19.015 Net increase in Accumulation Unit Value 6.841 27.380 36.521 26.303 Accumulation Unit Value: Beginning of period 362.773 335.393 298.872 272.569 End of period $ 369.614 $ 362.773 $ 335.393 $ 298.872 Total return 1.89% 8.16% 12.22% 9.65% Ratios to Average net assets (2) : Expenses (1) 0.84% 0.86% 0.89% 0.92% Investment income, net 2.16% 2.37% 2.68% 2.50% Portfolio turnover rate (3) : Real estate properties (4) 0.5% 5.7% 6.5% 2.1% Marketable securities (5) 0.9% 10.0% 15.9% 8.4% Accumulation Units outstanding at end of period (in millions) 61.0 60.4 57.9 55.3 Net assets end of period (in millions) $ 23,029.9 $ 22,360.0 $ 19,829.0 $ 16,907.9 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year to date Account-level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Percentages for the three months ended March 31, 2016 are annualized. (3) Percentages for the three months ended March 31, 2016 are not annualized. (4) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including loans receivable, contributions to, or return of capital distributions received from, existing joint venture and limited partnership investments) by the average value of the portfolio of real estate investments held during the period. (5) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units (Tables)

Accumulation Units (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Units Disclosure [Abstract]
Schedule Of Changes In The Number Of Accumulation Units Outstanding [Table Text Block]	Changes in the number of Accumulation Units outstanding were as follows (in millions): For the For the Year Ended (Unaudited) Outstanding: Beginning of period 60.4 57.9 Credited for premiums 2.0 8.1 Annuity, other periodic payments, withdrawals and death benefits (1.4 ) (5.6 ) End of period 61.0 60.4

Organization and Significant 22

Organization and Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Description Of Valuation Change Of Real Estate Related Assets	Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Mortgage Loans Payable). The independent fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and mortgage loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal.
Maximum Percentage Of Average Net Assets For All Account Level Expenses	2.50%
Restricted Cash and Cash Equivalents	$ 45.3	$ 50.9

Credit Risk Concentrations (Det

Credit Risk Concentrations (Details)	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Maximum Percentage of Annual Contract Rent of Rental Income	3.00%

Credit Risk Concentrations (D24

Credit Risk Concentrations (Details) - Schedule of diversification of the Account's portfolio by region and property type	12 Months Ended
	Dec. 31, 2016	[1]
Concentration Risk [Line Items]
Concentration Risk Percentage	100.00%
Office [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	44.90%
Apartment [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	22.20%
Retail [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	15.50%
Industrial [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	14.40%
Others [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	3.00%	[2]
East [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	38.40%
East [Member] | Office [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	21.30%
East [Member] | Apartment [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	9.40%
East [Member] | Retail [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	3.60%
East [Member] | Industrial [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	1.50%
East [Member] | Others [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	2.60%	[2]
West [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	37.40%
West [Member] | Office [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	17.10%
West [Member] | Apartment [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	8.50%
West [Member] | Retail [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	3.60%
West [Member] | Industrial [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	8.00%
West [Member] | Others [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	0.20%	[2]
South [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	22.80%
South [Member] | Office [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	6.30%
South [Member] | Apartment [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	4.30%
South [Member] | Retail [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	8.00%
South [Member] | Industrial [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	4.10%
South [Member] | Others [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	0.10%	[2]
Midwest [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	1.40%
Midwest [Member] | Office [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	0.20%
Midwest [Member] | Apartment [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage
Midwest [Member] | Retail [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	0.30%
Midwest [Member] | Industrial [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	0.80%
Midwest [Member] | Others [Member]
Concentration Risk [Line Items]
Concentration Risk Percentage	0.10%	[2]
[1]	Wholly owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.
[2]	Represents interest in Storage Portfolio investment and a fee interest encumbered by a ground lease real estate investment.Properties in the "East" region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WVProperties in the "West" region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WYProperties in the "South" region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX Properties in the "Midwest" region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI

Assets and Liabilities Measur25

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis [Line Items]
Real Estate properties	$ 14,762.2	$ 14,606.2
Real Estate joint ventures	4,221	4,068.4
Limited partnerships	138.8	144.8
Marketable securities:
Real Estate Related	1,069.5	1,024.4
Marketable Securities Excluding Real Estate	4,502.2	4,207.2
Loan receivable	100.6	100.6
Total Investments	24,794.3	24,151.6
Mortgage loans payable	(1,795.8)	(1,794.4)
US Government Agencies Debt Securities [Member]
Marketable securities:
Marketable Securities Excluding Real Estate	2,966.7	2,666.8
US Treasury Securities [Member]
Marketable securities:
Marketable Securities Excluding Real Estate	1,535.5	1,540.4
Fair Value, Inputs, Level 1 [Member]
Marketable securities:
Real Estate Related	1,069.5	1,024.4
Total Investments	1,069.5	1,024.4
Fair Value, Inputs, Level 2 [Member]
Marketable securities:
Total Investments	4,502.2	4,207.2
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Marketable securities:
Marketable Securities Excluding Real Estate	2,966.7	2,666.8
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Marketable securities:
Marketable Securities Excluding Real Estate	1,535.5	1,540.4
Fair Value, Inputs, Level 3 [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis [Line Items]
Real Estate properties	14,762.2	14,606.2
Real Estate joint ventures	4,221	4,068.4
Marketable securities:
Loan receivable	100.6	100.6
Total Investments	19,083.8	18,775.2
Mortgage loans payable	(1,795.8)	(1,794.4)
Fair Value Using Practical Expedient [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis [Line Items]
Limited partnerships	138.8	144.8
Marketable securities:
Total Investments	$ 138.8	$ 144.8

Assets and Liabilities Measur26

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Real Estate Properties [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs [Line Items]
Beginning balance		$ 14,606.2	$ 13,139
Total realized and unrealized gains (losses) included in changes in net assets		100.6	172.4
Purchases1	[1]	145.7	233.5
Sales		$ (90.3)	$ (621.4)
Settlements2	[2]
Ending balance		$ 14,762.2	$ 12,923.5
Real Estate Joint Ventures [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs [Line Items]
Beginning balance		4,068.4	3,022.1
Total realized and unrealized gains (losses) included in changes in net assets		150.7	246.8
Purchases1	[1]	2.1	6
Settlements2	[2]	(0.2)	(0.2)
Ending balance		4,221	3,274.7
Loans Receivable [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs [Line Items]
Beginning balance		$ 100.6
Purchases1	[1]		$ 100
Settlements2	[2]
Ending balance		$ 100.6	$ 100
Total Level 3 Investments [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs [Line Items]
Beginning balance		18,775.2	16,161.1
Total realized and unrealized gains (losses) included in changes in net assets		251.3	419.2
Purchases1	[1]	147.8	339.5
Sales		(90.3)	(621.4)
Settlements2	[2]	(0.2)	(0.2)
Ending balance		19,083.8	16,298.2
Mortgage Loans Payable [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs [Line Items]
Beginning balance		(1,794.4)	(2,373.8)
Total realized and unrealized gains (losses) included in changes in net assets		$ (1.6)	$ (18.7)
Purchases1	[1]
Settlements2	[2]	$ 0.2	$ 200.2
Ending balance		$ (1,795.8)	$ (2,192.3)
[1]	Includes purchases, contributions for joint ventures, capital expenditures, and lending for mortgage loans receivable.
[2]	Includes operating income for real estate joint ventures, net of distributions, and principal payments and extinguishments of mortgage loans payable.

Assets and Liabilities Measur27

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements	3 Months Ended
	Mar. 31, 2016
Minimum [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	30.20%
Equivalency Rate	2.90%
Minimum [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	18.90%
Equivalency Rate	2.80%
Minimum [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Office and Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	30.60%
Equivalency Rate	2.90%
Minimum [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	30.20%
Weighted Average Cost of Capital Risk Premium Multiple	1.20%
Minimum [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	18.90%
Weighted Average Cost of Capital Risk Premium Multiple	1.10%
Minimum [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Office and Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	30.60%
Weighted Average Cost of Capital Risk Premium Multiple	1.20%
Minimum [Member] | Loans Receivable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	76.10%
Equivalency Rate	6.10%
Minimum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	5.80%
Terminal Capitalization Rate	4.30%
Minimum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	5.70%
Terminal Capitalization Rate	4.80%
Minimum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	5.30%
Terminal Capitalization Rate	3.80%
Minimum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	5.00%
Terminal Capitalization Rate	4.80%
Minimum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	3.80%
Minimum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	4.00%
Minimum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	3.30%
Minimum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	4.30%
Weighted Average [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(44.30%)
Equivalency Rate	(3.30%)
Weighted Average [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(35.10%)
Equivalency Rate	(3.30%)
Weighted Average [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Office and Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(43.60%)
Equivalency Rate	(3.60%)
Weighted Average [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(44.30%)
Weighted Average Cost of Capital Risk Premium Multiple	(1.30%)
Weighted Average [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(35.10%)
Weighted Average Cost of Capital Risk Premium Multiple	(1.20%)
Weighted Average [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Office and Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(43.60%)
Weighted Average Cost of Capital Risk Premium Multiple	(1.30%)
Weighted Average [Member] | Loans Receivable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	(76.10%)
Equivalency Rate	(6.10%)
Weighted Average [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	(6.50%)
Terminal Capitalization Rate	(5.40%)
Weighted Average [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	(6.70%)
Terminal Capitalization Rate	(5.70%)
Weighted Average [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	(6.20%)
Terminal Capitalization Rate	(4.80%)
Weighted Average [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	(6.70%)
Terminal Capitalization Rate	(5.50%)
Weighted Average [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	(4.70%)
Weighted Average [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	(5.10%)
Weighted Average [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	(4.20%)
Weighted Average [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	(5.00%)
Maximum [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	62.60%
Equivalency Rate	3.60%
Maximum [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	48.10%
Equivalency Rate	4.10%
Maximum [Member] | Mortgage Loans Payable [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Office and Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	49.60%
Equivalency Rate	3.90%
Maximum [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	62.60%
Weighted Average Cost of Capital Risk Premium Multiple	1.50%
Maximum [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	48.10%
Weighted Average Cost of Capital Risk Premium Multiple	1.30%
Maximum [Member] | Mortgage Loans Payable [Member] | Net Present Value Valuation Technique [Member] | Office and Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Loan to Value Ratio	49.60%
Weighted Average Cost of Capital Risk Premium Multiple	1.30%
Maximum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	8.50%
Terminal Capitalization Rate	7.30%
Maximum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	8.80%
Terminal Capitalization Rate	7.30%
Maximum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	7.30%
Terminal Capitalization Rate	5.80%
Maximum [Member] | Discounted Cash Flow Analysis Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Discount Rate	10.40%
Terminal Capitalization Rate	8.80%
Maximum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Office [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	7.00%
Maximum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Industrial [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	6.30%
Maximum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Apartment [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	5.30%
Maximum [Member] | Direct Capitalization Valuation Technique [Member] | Real Estate Properties and Real Estate Joint Ventures [Member] | Income Approach Valuation Technique [Member] | Retail [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of unobservable inputs related to Level 3 fair value measurements [Line Items]
Overall Capitalization Rate	8.50%

Assets and Liabilities Measur28

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Properties [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable [Line Items]
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Mortgage Loans Payable Unrealized Gain Loss Included in Earnings	$ 101.4	$ 188.5
Real Estate Joint Ventures [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable [Line Items]
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Mortgage Loans Payable Unrealized Gain Loss Included in Earnings	158.7	246.8
Total Level 3 Investments [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable [Line Items]
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Mortgage Loans Payable Unrealized Gain Loss Included in Earnings	260.1	435.3
Mortgage Loans Payable [Member]
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable [Line Items]
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Mortgage Loans Payable Unrealized Gain Loss Included in Earnings	$ (1.6)	$ (18.7)

Mortgage Loans Payable (Details

Mortgage Loans Payable (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans Payable (Details) [Line Items]
Principal Amount Outstanding On Mortgage Loans Payable	$ 1,763.5	$ 1,763.7
Loan One
Mortgage Loans Payable (Details) [Line Items]
Principal Amount Outstanding On Mortgage Loans Payable	79
Loan Two
Mortgage Loans Payable (Details) [Line Items]
Principal Amount Outstanding On Mortgage Loans Payable	45
Loan Three
Mortgage Loans Payable (Details) [Line Items]
Principal Amount Outstanding On Mortgage Loans Payable	$ 13.5

Mortgage Loans Payable (Detai30

Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Principal Outstanding		$ 1,763.5	$ 1,763.7
Fair Value Adjustment(3)	[1]	32.3	30.7
Total mortgage loans payable		$ 1,795.8	1,794.4
Charleston Plaza [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[3],[4]	5.60% paid monthly
Principal Outstanding	[3],[4]	$ 34.5	34.7
Maturity	[3],[4]	Sep. 11, 2016
The Legend at Kierland [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4],[5]	4.97% paid monthly
Principal Outstanding	[4],[5]	$ 21.8	21.8
Maturity	[4],[5]	Aug. 1, 2017
The Tradition at Kierland [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4],[5]	4.97% paid monthly
Principal Outstanding	[4],[5]	$ 25.8	25.8
Maturity	[4],[5]	Aug. 1, 2017
Mass Court [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	2.88% paid monthly
Principal Outstanding	[4]	$ 92.6	92.6
Maturity	[4]	Sep. 1, 2019
Red Canyon at Palomino Park [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4],[6]	5.34% paid monthly
Principal Outstanding	[4],[6]	$ 27.1	27.1
Maturity	[4],[6]	Aug. 1, 2020
Green River at Palomino Park [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4],[6]	5.34% paid monthly
Principal Outstanding	[4],[6]	$ 33.2	33.2
Maturity	[4],[6]	Aug. 1, 2020
Blue Ridge at Palomino Park [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4],[6]	5.34% paid monthly
Principal Outstanding	[4],[6]	$ 33.4	33.4
Maturity	[4],[6]	Aug. 1, 2020
Ashford Meadows [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	5.17% paid monthly
Principal Outstanding	[4]	$ 44.6	44.6
Maturity	[4]	Aug. 1, 2020
The Corner [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	4.66% paid monthly
Principal Outstanding	[4]	$ 105	105
Maturity	[4]	Jun. 1, 2021
The Palatine [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	4.25% paid monthly
Principal Outstanding	[4]	$ 80	80
Maturity	[4]	Jan. 10, 2022
The Forum at Carlsbad [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	4.25% paid monthly
Principal Outstanding	[4]	$ 90	90
Maturity	[4]	Mar. 1, 2022
The Colorado [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.69% paid monthly
Principal Outstanding	[4]	$ 91.7	91.7
Maturity	[4]	Nov. 1, 2022
The Legacy at Westwood [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.69% paid monthly
Principal Outstanding	[4]	$ 46.7	46.7
Maturity	[4]	Nov. 1, 2022
Regents Court [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.69% paid monthly
Principal Outstanding	[4]	$ 39.6	39.6
Maturity	[4]	Nov. 1, 2022
The Caruth [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.69% paid monthly
Principal Outstanding	[4]	$ 45	45
Maturity	[4]	Nov. 1, 2022
Fourth And Madison [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.75% paid monthly
Principal Outstanding	[4]	$ 200	200
Maturity	[4]	Jun. 1, 2023
Pennsylvania Avenue 1001 [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2]	3.70% paid monthly
Principal Outstanding		$ 330	330
Maturity		Jun. 1, 2023
H Street 1401 [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.65% paid monthly
Principal Outstanding	[4]	$ 115	115
Maturity	[4]	Nov. 5, 2024
780 Third Avenue [Member] | Loan A [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.55% paid monthly
Principal Outstanding	[4]	$ 150	150
Maturity	[4]	Aug. 1, 2025
780 Third Avenue [Member] | Loan B [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4]	3.55% paid monthly
Principal Outstanding	[4]	$ 20	20
Maturity	[4]	Aug. 1, 2025
55 Second Street [Member]
Mortgage Loans Payable (Details) - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	[2],[4],[7]	3.74% paid monthly
Principal Outstanding	[4],[7]	$ 137.5	$ 137.5
Maturity	[4],[7]	Oct. 1, 2026
[1]	The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1- Organization and Significant Accounting Policies.
[2]	Interest rates are fixed, unless stated otherwise.
[3]	The mortgage is adjusted monthly for principal payments.
[4]	These properties are each owned by separate wholly owned subsidiaries of TIAA for benefit of the Account. The assets and credit of each of these borrowings entities are not available to satisfy the debts and other obligations of the Account or any other entity or person other than such borrowing entity.
[5]	Represents mortgage loans on these individual properties which are held within the Kierland Apartment portfolio.
[6]	Represents mortgage loans on these individual properties which are held within Palomino Park portfolio.
[7]	This mortgage is comprised of three individual loans, all with equal recourse, interest rate and maturity. The principal balances by loan are $79.0 million, $45.0 million and $13.5 million.

Financial Highlights (Details)

Financial Highlights (Details) - Schedule of condensed financial information for an accumulation unit of the account - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
Per Accumulation Unit Data:
Rental income		$ 4.051	$ 15.538	$ 15.862	$ 15.313
Real estate property level expenses and taxes		1.863	7.319	7.788	8.112
Real estate income, net		2.188	8.219	8.074	7.201
Other income		0.593	3.342	3.459	2.759
Total income		2.781	11.561	11.533	9.960
Expense charges(1)	[1]	0.776	3.092	2.880	2.672
Investment income, net		2.005	8.469	8.653	7.288
Net realized and unrealized gain on investments and mortgage loans payable		4.836	18.911	27.868	19.015
Net increase in Accumulation Unit Value		6.841	27.380	36.521	26.303
Accumulation Unit Value:
Beginning of period		362.773	335.393	298.872	272.569
End of period		$ 369.614	$ 362.773	$ 335.393	$ 298.872
Total return		1.89%	8.16%	12.22%	9.65%
Ratios to Average net assets(2):
Expenses1	[1],[2]	0.84%	0.86%	0.89%	0.92%
Investment income, net	[2]	2.16%	2.37%	2.68%	2.50%
Portfolio turnover rate(3):
Real estate properties(4)	[3],[4]	0.50%	5.70%	6.50%	2.10%
Marketable securities(5)	[3],[5]	0.90%	10.00%	15.90%	8.40%
Accumulation Units outstanding at end of period (in millions) (in Shares)		61	60.4	57.9	55.3
Net assets end of period (in millions) (in Dollars)		$ 23,029.9	$ 22,360	$ 19,829	$ 16,907.9	$ 20,613.8
[1]	Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year to date Account-level expenses and exclude real estate property level expenses which are included in real estate income, net.
[2]	Percentages for the three months ended March 31, 2016 are annualized.
[3]	Percentages for the three months ended March 31, 2016 are not annualized.
[4]	Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including loans receivable, contributions to, or return of capital distributions received from, existing joint venture and limited partnership investments) by the average value of the portfolio of real estate investments held during the period.
[5]	Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units (Details) -

Accumulation Units (Details) - Schedule of changes in the number of accumulation units outstanding - shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Outstanding:
Beginning of period	60.4	57.9
Credited for premiums	2	8.1
Annuity, other periodic payments, withdrawals and death benefits	(1.4)	(5.6)
End of period	61	60.4

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Commitments and Contingencies (Details) [Line Items]
Callable Commitments Amount	$ 45	$ 45
Minimum [Member]
Commitments and Contingencies (Details) [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	60.00%
Maximum [Member]
Commitments and Contingencies (Details) [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	90.00%

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)ft²
Fort Point Creative Exchange Portfolio [Member]
Subsequent Events (Details) [Line Items]
Subsequent Event, Description	On April 8, 2016, the Account purchased a 100% fee simple interest in a portfolio of office properties located in Boston, Massachusetts for $220.4 million. The portfolio consists of six properties, totaling 408,342 square feet, which includes 20,553 square feet of retail space. At the time of purchase, the property was 96.6% leased
Subsequent Event, Date	Apr. 8, 2016
Payments to Acquire Real Estate	$ 220.4
Number of Real Estate Properties	6
Area of Real Estate Property | ft²	408,342
Percentage of Property Leased	96.60%
Fort Point Creative Exchange Portfolio [Member] | Retail [Member]
Subsequent Events (Details) [Line Items]
Area of Real Estate Property | ft²	20,553
Brickell Avenue [Member]
Subsequent Events (Details) [Line Items]
Subsequent Event, Description	On April 1, 2016, the Account entered into a new mortgage loan secured by its real estate investment located at 701 Brickell Avenue in Miami, Florida, with a principal amount of $184.0 million. The debt has an interest rate of 3.66%, maturing on April 1, 2026 and is interest only for the first five years.
Subsequent Event, Date	Apr. 1, 2016
Mortgage Loans on Real Estate	$ 184
Mortgage Loans on Real Estate, Interest Rate	3.66%
Mortgage Loans on Real Estate, Final Maturity Date	Apr. 1, 2026
K Street [Member]
Subsequent Events (Details) [Line Items]
Subsequent Event, Description	On April 1, 2016, the Account entered into a new mortgage loan secured by its real estate investment located at 1900 K Street, NW in Washington, DC, with a principal amount of $163.0 million. The debt has an interest rate of 3.93%, maturing on April 1, 2028 and is interest only for the first six years.
Subsequent Event, Date	Apr. 1, 2016
Mortgage Loans on Real Estate	$ 163
Mortgage Loans on Real Estate, Interest Rate	3.93%
Mortgage Loans on Real Estate, Final Maturity Date	Apr. 1, 2028
Boylston Street [Member]
Subsequent Events (Details) [Line Items]
Subsequent Event, Description	On April 1, 2016, the Account entered into a new mortgage loan secured by its real estate investment located at 501 Boylston Street in Boston, Massachusetts, with a principal amount of $216.5 million. The debt has an interest rate of 3.70%, maturing on April 1, 2028 and is interest only for the first 10 years
Subsequent Event, Date	Apr. 1, 2016
Mortgage Loans on Real Estate	$ 216.5
Mortgage Loans on Real Estate, Interest Rate	3.70%
Mortgage Loans on Real Estate, Final Maturity Date	Apr. 1, 2028