Tiaa Real Estate Account 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	33-92990
Entity Registrant Name	TIAA REAL ESTATE ACCOUNT
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	730 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-3206
City Area Code	212
Local Phone Number	490-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding (in shares)	0
Amendment Flag	false
Entity Central Index Key	0000946155
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, at fair value:
Real estate properties (cost: $14,038.3 and $13,986.3)	$ 16,816.5	$ 16,476.7
Real estate joint ventures and funds (cost: $5,509.3 and $5,395.2)	6,677.2	6,522.1
Real estate operating business (cost: $250.2 and $250.2)	250	250
Marketable Securities (cost: $830.0 and $739.3)	830.2	739.3
Loans receivable (principal: $1,481.3 and $1,527.6)	1,460.2	1,493.2
Loans receivable with related parties (principal: $69.3 and $69.3)	69.4	69.4
Total investments (cost: $22,178.4 and $21,967.9)	26,103.5	25,550.7
Cash and cash equivalents	30.3	37.8
Due from investment manager	13.5	17.9
Other	308.1	331.4
TOTAL ASSETS	26,455.4	25,937.8
LIABILITIES
Loans payable, at fair value (principal outstanding: $2,377.0 and $2,381.3)	2,403.6	2,411.4
Accrued real estate property expenses	242.5	246.5
Other	37.2	36
TOTAL LIABILITIES	2,683.3	2,693.9
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	23,253.8	22,729
Annuity Fund	518.3	514.9
TOTAL NET ASSETS	$ 23,772.1	$ 23,243.9
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares)	52.1	52
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share)	$ 446.469	$ 436.722

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Real estate properties at cost	$ 14,038.3	$ 13,986.3
Real estate joint ventures and funds at cost	5,509.3	5,395.2
Real estate operating business, at cost	250.2	250.2
Other Marketable securities at cost	830	739.3
Loans receivable at cost	1,481.3	1,527.6
Loans receivable from related parties at cost	69.3	69.3
Total investments at cost	22,178.4	21,967.9
Principal outstanding on loans payable	$ 2,377	$ 2,381.3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real estate income, net:
Rental income	$ 288.8	$ 299.7
Real estate property level expenses and taxes:
Operating expenses	69	69.2
Real estate taxes	54.8	50.1
Interest expense	22.9	24.3
Total real estate property level expenses and taxes	146.7	143.6
Real estate income, net	142.1	156.1
Income from real estate joint ventures and funds	45.1	55.2
Interest	19.9	42.5
Dividends	0	4.5
TOTAL INVESTMENT INCOME	207.1	258.3
Expenses:
Investment management charges	17.2	17.2
Administrative charges	14.8	11.7
Distribution charges	8.3	7.6
Mortality and expense risk charges	0.3	0.3
Liquidity guarantee charges	13.9	16.2
TOTAL EXPENSES	54.5	53
INVESTMENT INCOME, NET	152.6	205.3
Net realized gain (loss) on investments:
Real estate properties	3	(59.2)
Real estate joint ventures and funds	0	(460.3)
Marketable securities	0	35.2
Loans receivable	(0.7)	(1.6)
Net realized gain (loss) on investments	2.3	(485.9)
Net change in unrealized appreciation (depreciation) on:
Real estate properties	287.8	196.7
Real estate joint ventures and funds	58.3	300.5
Marketable securities	0	(230.8)
Loans receivable	13.3	(10.6)
Loans receivable with related parties	0	(0.5)
Loans payable	3.5	45.7
Net change in unrealized appreciation on investments and loans payable	362.9	301
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND LOANS PAYABLE	365.2	(184.9)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 517.8	$ 20.4

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
FROM OPERATIONS
Investment income, net	$ 152.6	$ 205.3
Net realized gain (loss) on investments	2.3	(485.9)
Net change in unrealized appreciation on investments and loans payable	362.9	301
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	517.8	20.4
FROM PARTICIPANT TRANSACTIONS
Premiums	688.1	702.6
Annuity payments	(12)	(12.3)
Withdrawals and death benefits	(665.7)	(2,003.5)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS	10.4	(1,313.2)
NET INCREASE (DECREASE) IN NET ASSETS	528.2	(1,292.8)
NET ASSETS
Beginning of period	23,243.9	27,307.9
End of period	$ 23,772.1	$ 26,015.1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations		$ 517.8	$ 20.4
Adjustments to reconcile net changes in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gain) loss on investments		(2.3)	485.9
Net change in unrealized appreciation on investments and loans payable		(362.9)	(301)
Purchase of real estate properties		(0.6)	(1,097.7)
Capital improvements on real estate properties		(56)	(68.5)
Proceeds from sale of real estate properties		3	347.6
Purchases of long term investments		(96.7)	(701.7)
Proceeds from long term investments		0	1,385.8
Purchases and originations of loans receivable		(46.6)	(107.7)
Proceeds from sales of loans receivable		81.2	28
Proceeds from payoffs of loans receivable		10.9	11.4
(Increase) decrease in other investments		(90.8)	2,788.6
Net Change in due to/from investment manager		4.4	24.5
Increase in receivable for securities sold		0	(363.5)
Increase in payable for securities purchased		0	251.6
Decrease in other assets		21.2	16.3
Increase (decrease) in other liabilities		1.7	(8.3)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(15.7)	2,711.7
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit		0	400
Payments on line of credit		0	(460)
Payments of mortgage loans		(4.3)	(3.3)
Premiums		688.1	702.6
Annuity payments		(12)	(12.3)
Withdrawals and death benefits		(665.7)	(2,003.5)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		6.1	(1,376.5)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(9.6)	1,335.2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash		61.1	40.4
Net (decrease) increase in cash, cash equivalents and restricted cash		(9.6)	1,335.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance		51.5	1,375.6
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		23.5	24.3
Mortgage loan assumed as part of real estate acquisition		0	289.6
Loan receivable converted to equity in real estate investment		0	(3.3)
Cash and cash equivalents		30.3	1,354.1
Restricted cash	[1]	21.2	21.5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total		$ 51.5	$ 1,375.6
[1]	Restricted cash is included within other assets in the Consolidated Statements of Assets and Liabilities.

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Business: The TIAA Real Estate Account (“Account”) is an insurance separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and was established by resolution of TIAA’s Board of Trustees (the “Board”) on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance. The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures and funds, as well as investments in loans receivable with real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). The Consolidated Financial Statements of the Account as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report pursuant to the rules of the SEC. As a result, these Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Account’s annual report on Form 10-K for the year ended December 31, 2020. Use of Estimates: The Consolidated Financial Statements were prepared in accordance with GAAP, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material. The outbreak of the novel coronavirus (commonly known as “COVID-19”) and the subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the first quarter of 2020. During the second and third quarters of 2020, the Account received multiple requests for rent and loan payment relief as a result of the COVID-19 pandemic, however, the requests were minimal during the fourth quarter of 2020 and first quarter of 2021. Requests have generally been comprised of deferrals, with payments generally postponed for a brief period (i.e., less than six months) and then repaid over the remaining duration of the contract. As of March 31, 2021, the Account has not had material exposure to rent concessions, tenant defaults or loan defaults. The long-term duration and impact of the ongoing COVID-19 pandemic cannot be reasonably estimated at this time. The ultimate impact of the COVID-19 pandemic and the extent to which the COVID-19 pandemic impacts the Account’s business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated. The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant (or "contract owner") transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions. Determination of Investments at Fair Value: The Account reports all investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946 —Financial Services—Investment Companies (“ASC 946”) . Further in accordance with the adoption of the fair value option allowed under ASC 825 —Financial Instruments , and at the election of Account management, loans payable and a line of credit are reported at fair value. The FASB has defined fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants excluding transaction costs. The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and investment related loans payable. Valuation of Real Estate Properties —Investments in real estate properties are stated at fair value, as determined in accordance with policies and procedures reviewed by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Accordingly, the Account does not record depreciation. Determination of fair value involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction. The Account’s primary objective when valuing its real estate investments will be to produce a valuation that represents a reasonable estimate of the fair value of its investments. Implicit in the Account’s definition of fair value are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are similarly 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, but are not limited to, 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 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 may require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified previously) 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 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. Valuation of Real Estate Joint Ventures —Real estate joint ventures are stated at the fair value of the Account’s ownership interests of the underlying entities. The Account’s ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate and loans payable held by joint ventures is determined in the same manner described above in Valuation of Real Estate Properties. The independent fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account. Upon the disposition of all real estate investments by an investee entity, the Account will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, which occurs prior to the dissolution of the investee entity. Valuation of Real Estate Funds —Real estate fund interests are stated at the fair value of the Account’s ownership in the real estate fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from limited partners on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and determines whether the net asset values provided are an appropriate representation of the fair value of the Account's interests in the real estate funds and makes valuation adjustments as necessary. Valuation of real estate funds proceeds under the direction of the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Valuation of Real Estate Operating Businesses —Real estate operating businesses are held at fair value, which is equal to their cost basis on the initial investment date. Subsequently, valuations are completed on a quarterly basis, with a third-party vendor utilized semi-annually and the interim quarters completed by TIAA’s internal valuation department. Valuations are subject to review by the independent fiduciary. Fair value is based on the enterprise value of the business, subject to any preferential distributions that would be required upon liquidation, if applicable. Management reserves the right to order an external valuation outside of the normal quarterly process when facts or circumstances at the business materially change from the latest available valuation. Any differences in the conclusions of TIAA’s internal valuation department and the external vendor will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent additional valuation). Valuation of Marketable Securities —Equity securities listed or traded on any national market or exchange are valued at the last sale price as of the close of the principal securities market or exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and ask prices on such market or exchange, exclusive of transaction costs . Valuation of Debt 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 by management and 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. Valuation of Loans Receivable (i.e., the Account as a creditor) —Loans receivable are stated at fair value and are initially valued at the face amount of the loan funding. Subsequently, loans receivable are valued at least quarterly by TIAA’s internal valuation department based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The independent fiduciary reviews and approves all loan receivable valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each loan receivable to calculate the Account’s daily net asset value until the next valuation review. Valuation of Loans Payable (i.e., the Account as a debtor) —Mortgage or other loans payable, including the Account's lines of credit, are stated at fair value. The estimated fair value of loans payable is generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs. Fair values are estimated based on market factors, such as market interest rates and spreads on comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the maturity date of the loan, the return demands of the market, and the credit quality of the Account. Different assumptions or changes in future market conditions could significantly affect estimated fair values. At times, the Account may assume debt in connection with the purchase of real estate, including under the Credit Agreements (as defined below) or additional credit facilities or other lines of credit in the future or the issuance (if permitted by applicable insurance law) of debt securities by the Account. See Note 5 — Assets and Liabilities Measured at Fair Value on a Recurring Basis for further discussion and disclosure regarding the determination of the fair value of the Account’s investments. Accumulation and Annuity Funds: The accumulation fund represents the net assets attributable to contract owners in the accumulation phase of their investment (“Accumulation Fund”). The annuity fund represents the net assets attributable to the contract owners currently receiving annuity payments (“Annuity Fund”). The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Once an Account contract owner begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. In addition, the contracts pursuant to which the Account is offered are required to stipulate the maximum expense charge for all Account level expenses that can be assessed, which is not to exceed 2.5% of average net assets per year. The Account pays a fee to TIAA to assume mortality and expense risks. Accounting for Investments: The investments held by the Account are accounted for as follows: Real Estate Properties —Rent from real estate properties consists of all amounts earned under tenant operating leases, including base rent, recoveries of real estate taxes and other expenses and charges for miscellaneous services provided to tenants. Rental income is recognized in accordance with the billing terms of the lease agreements. The Account bears the direct expenses of the real estate properties owned. These expenses include, but are not limited to, fees to local property management companies, property taxes, utilities, maintenance, repairs, insurance, and other operating and administrative costs. An estimate of the net operating income earned from each real estate property is accrued by the Account on a daily basis and such estimates are adjusted when actual operating results are determined. Real Estate Joint Ventures —The Account has ownership interests in various real estate joint ventures (collectively, the “joint ventures”). The Account records its contributions as increases to its investments in the joint ventures, and distributions from the joint ventures are treated as income within income from real estate joint ventures and real estate funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Income distributions from the joint ventures are recorded based on the Account’s proportional interest of the income distributed by the joint ventures. Income and losses incurred but not yet distributed or realized from the Account by the joint ventures are recorded as unrealized gains and losses. Real Estate Funds —The Account has limited ownership interests in various private real estate funds. The Account records its contributions as increases to the investments, and distributions from the investments are treated as income within income from real estate joint ventures and real estate funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Unrealized gains and losses are recorded based upon the changes in the net asset values of the real estate funds as determined from the financial statements of the real estate funds when received by the Account. Prior to the receipt of the financial statements from the real estate funds, the Account estimates the value of its interest using information provided by the fund managers. Changes in value based on such estimates are recorded by the Account as unrealized gains and losses. Real Estate Operating Business —The Account has a non-controlling ownership interest in one real estate operating business. The Account records contributions into the business as increases to the cost basis of its investment. Distributions are characterized by the business as either income, capital gains, or return of capital. Distributions classified as income are presented within income from real estate joint ventures, funds, and operating business in the Account’s Consolidated Statements of Operations. Distributions identified as capital gains are presented as realized gains in the Account’s Consolidated Statements of Operations. Distributions identified as returns of capital are recorded as a reduction to the cost basis of the investment. Unrealized gains and losses are recorded based upon the changes in the fair value of the enterprise value of the business. Marketable Securities —Transactions in marketable securities are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date within dividend income. Dividends that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas dividends identified as capital gains or losses are recorded as realized gains or losses. Realized gains and losses on securities transactions are accounted for on the specific identification method. Loans Receivable —The Account may originate, purchase or sell loans collateralized by real estate. The cost basis of originated loans is comprised of the principal balance and direct costs incurred that represent a component of the loan’s reported fair value. The cost basis of purchased loans consists of the purchase price of the loan and additional direct costs incurred that represent a component of the loan’s reported fair value. Additional costs incurred by the Account to originate or purchase loans that do not represent a component of a loan’s fair value are recorded as expenses in the period incurred. Nonrefundable origination fees paid by borrowers are recognized as interest income once all activities required to execute the loan are completed. Prepayment fees received from the payoff of loans in advance of their maturity date are recognized as interest income on the date the payoff occurs. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income accruals are suspended when a loan becomes a non-performing loan, defined as a loan more than ninety days in arrears or at any point when management believes the full collection of principal is doubtful. Interest income on non-performing loans is recognized only as cash payments are received. Loans can be rehabilitated to accrual status once all past due interest has been collected and management believes the full collection of principal is likely. Realized and Unrealized Gains and Losses —Realized gains and losses are recorded at the time an investment is sold or a distribution is received in relation to an investment sale from a real estate joint venture or fund. Real estate and loan receivable transactions are accounted for as of the date on which the purchase or sale transactions close (settlement date). The Account recognizes a realized gain on the sale of an investment to the extent that the contract sales price exceeds the cost-to-date of the investment being sold. A realized loss occurs when the cost-to-date exceeds the sales price. Realized gains and losses from partial sales of non-financial assets are recognized in accordance with ASC 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets . Realized gains and losses from the sale of financial assets are recognized in accordance with ASC 860 - Transfers and Servicing . 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, Real Estate Funds and Loans Receivable sections above. Net Assets —The Account’s net assets as of the close of each valuation day are valued by taking the sum of: • 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, 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. Variable Interest Entities: Variable interests are financial relationships which expose a reporting entity to the risks and rewards of variability in the entity's assets and operations. When variable interests exist, they are subject to evaluation under the variable interest entity ("VIE") model if any one of the following four characteristics are present: (a) the entity is insufficiently capitalized; (b) the equity holders do not have power to control the activities that most significantly impact the entity's financial performance; (c) the voting rights of the equity holders are not proportionate to their economic interests; or (d) the equity holders are not exposed to the residual losses or benefits that would normally be associated with equity interests. ASC 810 - Consolidation prohibits a reporting entity that qualifies as an investment company under ASC 946 from consolidating an investee that is not an investment company. This scope exception does not apply to situations in which an investment company has an interest in another investment company. Accordingly, the Account's investments in other investment companies (e.g., real estate funds) are subject to evaluation under the VIE model. The Account consolidates a VIE if it concludes that the Account is the primary beneficiary of the VIE. The primary beneficiary has both: (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The following activities have been identified by the Account as having the most significant impact on a VIE's economic performance: • control over the ability to acquire and dispose of investments held by the entity; • the ability to kick out a managing entity without cause, either unilaterally or with a group of equity investors; • the ability to modify the power of the managing entity without its consent; and • control over the day-to-day decision making of the underlying investments An equity investor in a VIE may not actively be involved in the significant activities (i.e., it may cede day-to-day decision making to a third party), but if the equity investor has approval rights or some other mechanism to retain ultimate control, the equity investor with these rights would be concluded as having power over the activity. On a quarterly basis, the Account evaluates all involvements with VIEs, including any changes to governing powers of continuing VIEs. The consolidation status of VIEs may change as a result of such continued evaluation. At the reporting date, the Account was not deemed to be the primary beneficiary of any VIEs. Refer to Note 7—Investments in Real Estate Funds for additional detail. Cash and Cash Equivalents: Cash and cash equivalents are balances held by the Account in bank deposit accounts which, at times, may exceed federally insured limits. The Account’s management monitors these balances to mitigate the exposure of risk due to concentration and has not experienced any losses from such concentration. Other Assets and Other Liabilities: Other assets and other liabilities consist of operating assets and liabilities utilized and held at each individual real estate property investment. Other assets consist of, amongst other items, cash, tenant receivables and prepaid expenses; whereas other liabilities primarily consist of security deposits. Other assets also include cash collateral held for securities on loan. Federal Income Taxes: Based on provisions of the Internal Revenue Code of 198

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Investment management, administrative and distribution services are provided to the Account at cost by TIAA. Services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly. Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management decisions for the Account are subject to review by the 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”). Services is a direct wholly-owned subsidiary of TIAA, and is registered with the SEC as a broker-dealer and a registered investment adviser and is a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. In addition to providing the services described above, TIAA charges the Account fees to bear certain mortality and expense risks, and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually. Once an Account contract owner begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk expenses are contractual charges for TIAA’s assumption of this risk. TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 (96-76) from the U.S. Department of Labor (the “PTE 96-76”). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account’s net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent contract owner withdrawal activity and the Account’s expected working capital, debt service and cash needs, and subject to the oversight of the independent fiduciary. If the Account cannot fund contract owner withdrawal or redemption requests from the Account’s own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as “liquidity units”). TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account’s contract owners. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA’s ownership should not exceed (the “trigger point”), has established the trigger point at 45% of the outstanding accumulation units. Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in Note 11—Financial Highlights . The Account has loans receivable outstanding with related parties as of March 31, 2021. The loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies . The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal March 31, 2021 December 31, 2020 2021 2020 36.5 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + LIBOR 9/1/2022 $ 36.5 $ 36.5 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES $ 69.4 $ 69.4

Concentrations of Risk

Concentrations of Risk	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of RiskConcentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry. As of March 31, 2021, the Account had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Account. Moreover, the Account's tenants have no notable concentration present in any one industry. The Account’s wholly-owned real estate investments and investments in joint ventures are 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, 2021: Diversification by Fair Value (1) West East South Midwest Total Office 13.6 % 18.4 % 5.7 % 0.1 % 37.8 % Apartment 9.9 % 6.5 % 8.0 % 1.1 % 25.5 % Retail 6.2 % 3.3 % 7.2 % 0.8 % 17.5 % Industrial 10.4 % 1.5 % 4.8 % 0.5 % 17.2 % Other (2) 0.7 % 0.4 % 0.8 % 0.1 % 2.0 % Total 40.8 % 30.1 % 26.5 % 2.6 % 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 interests in Storage Portfolio investments, a hotel investment and land. Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY. 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 “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.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2021 and December 31, 2020 are as follows (in millions): As of Years Ended March 31, 2021 December 31, 2020 2021 $ 479.2 (1) $ 638.6 2022 587.8 576.0 2023 522.3 504.6 2024 449.7 430.2 2025 371.6 353.2 Thereafter 1,148.1 1,037.6 Total $ 3,558.7 $ 3,540.2 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2021. Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of March 31, 2021 December 31, 2020 Assets: Right-of-use assets, at fair value $ 37.1 $ 36.8 Liabilities: Ground lease liabilities, at fair value $ 37.1 $ 36.8 Key Terms: Weighted-average remaining lease term (years) 68.4 69.4 Weighted-average discount rate (1) 8.10 % 8.05 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the three months ended March 31, 2021 and 2020, operating lease costs related to ground leases were $0.6 million and $0.4 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of March 31, 2021 December 31, 2020 Years Ended 2021 (1) $ 1.7 (1) $ 2.2 2022 2.3 2.3 2023 2.4 2.3 2024 2.4 2.3 2025 2.4 2.3 Thereafter 427.6 402.8 Total $ 438.8 $ 414.2 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2021. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of the COVID-19 pandemic on the application of lease modification guidance in Accounting Standards Codification (“ASC”) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. There was no material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the quarter ended March 31, 2021.
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2021 and December 31, 2020 are as follows (in millions): As of Years Ended March 31, 2021 December 31, 2020 2021 $ 479.2 (1) $ 638.6 2022 587.8 576.0 2023 522.3 504.6 2024 449.7 430.2 2025 371.6 353.2 Thereafter 1,148.1 1,037.6 Total $ 3,558.7 $ 3,540.2 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2021. Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of March 31, 2021 December 31, 2020 Assets: Right-of-use assets, at fair value $ 37.1 $ 36.8 Liabilities: Ground lease liabilities, at fair value $ 37.1 $ 36.8 Key Terms: Weighted-average remaining lease term (years) 68.4 69.4 Weighted-average discount rate (1) 8.10 % 8.05 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the three months ended March 31, 2021 and 2020, operating lease costs related to ground leases were $0.6 million and $0.4 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of March 31, 2021 December 31, 2020 Years Ended 2021 (1) $ 1.7 (1) $ 2.2 2022 2.3 2.3 2023 2.4 2.3 2024 2.4 2.3 2025 2.4 2.3 Thereafter 427.6 402.8 Total $ 438.8 $ 414.2 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2021. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of the COVID-19 pandemic on the application of lease modification guidance in Accounting Standards Codification (“ASC”) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. There was no material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the quarter ended March 31, 2021.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows: • Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. • Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. An 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. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See Note 1 — Organization and Significant Accounting Policies for further discussion regarding the use of a practical expedient for the valuation of real estate funds. The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 fair value using the practical expedient (millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at March 31, 2021 Real estate properties $ — $ — $ 16,816.5 $ — $ 16,816.5 Real estate joint ventures — — 6,215.3 — 6,215.3 Real estate funds — — — 461.9 461.9 Real estate operating business — — 250.0 — 250.0 Marketable securities: Government agency notes — 339.0 — — 339.0 United States treasury securities — 491.2 — — 491.2 Loans receivable (1) — — 1,529.6 — 1,529.6 Total Investments at March 31, 2021 $ — $ 830.2 $ 24,811.4 $ 461.9 $ 26,103.5 Loans payable $ — $ — $ (2,403.6) $ — $ (2,403.6) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at December 31, 2020 Real estate properties $ — $ — $ 16,476.7 $ — $ 16,476.7 Real estate joint ventures — — 6,128.9 — 6,128.9 Real estate funds — — — 393.2 393.2 Real estate operating business — — 250.0 — 250.0 Marketable securities: Government agency notes — 157.0 — — 157.0 United States treasury securities — 582.3 — — 582.3 Loans receivable (1) — — 1,562.6 — 1,562.6 Total Investments at December 31, 2020 $ — $ 739.3 $ 24,418.2 $ 393.2 $ 25,550.7 Loans payable $ — $ — $ (2,411.4) $ — $ (2,411.4) (1) Amount shown is reflective of loans receivable and loans receivable with related parties. The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021 and 2020 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the three months ended March 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.5 $ 24,418.1 $ (2,411.4) Total realized and unrealized gains included in changes in net assets 290.8 54.3 — 12.6 357.7 3.5 Purchases (1) 52.0 32.2 — 46.6 130.8 — Sales (4) (3.0) — — (81.2) (84.2) — Settlements (2) — (0.1) — (10.9) (11.0) 4.3 Ending balance March 31, 2021 $ 16,816.5 $ 6,215.3 $ 250.0 $ 1,529.6 $ 24,811.4 $ (2,403.6) Real Estate Real Estate Loans (3) Total Loans Line of Credit For the three months ended March 31, 2020 Beginning balance January 1, 2020 $ 15,835.0 $ 7,204.2 $ 1,572.1 $ 24,611.3 $ (2,365.0) $ (250.0) Total realized and unrealized gains (losses) included in changes in net assets 137.5 (156.4) (12.7) (31.6) 45.7 — Purchases (1) 1,457.2 20.6 107.7 1,585.5 (289.6) (400.0) Sales (347.6) — — (347.6) — — Settlements (2) — (831.0) (36.1) (867.1) 3.3 460.0 Ending balance March 31, 2020 $ 17,082.1 $ 6,237.4 $ 1,631.0 $ 24,950.5 $ (2,605.6) $ (190.0) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of loans payable. (2) Includes operating income for real estate joint ventures net of distributions, principal payments and payoffs of loans receivable, and principal payments and extinguishment of loans payable. (3) Amount shown is reflective of loans receivable and loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses. The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2021. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.3% (6.7%) 4.8% - 8.5% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.2% - 9.0% (6.4%) 4.3% - 7.3% (5.2%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.3% - 7.0% (4.6%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.8% (6.3%) 4.3% - 6.8% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 6.0% (4.5%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.3% - 12.0% (6.8%) 4.5% - 9.5% (5.7%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 12.0% (5.3%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% (10.3%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% (7.8%) Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% 2.5% Market Approach EBITDA Multiple 13.9x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.4% - 53.6% (45.4%) 2.3% - 3.4% (3.1%) Net Present Value Loan to Value Ratio 35.4% - 53.6% (45.4%) 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 49.2% - 56.1% (52.2%) 3.3% - 3.4% (3.3%) Net Present Value Loan to Value Ratio 49.2% - 56.1% (52.2%) 1.4 - 1.5 (1.4) Apartment Discounted Cash Flow Loan to Value Ratio 43.2% - 65.6% (50.9%) 2.5% - 3.0% (2.7%) Net Present Value Loan to Value Ratio 43.2% - 65.6% (50.9%) 1.2 - 1.7 (1.4) Retail Discounted Cash Flow Loan to Value Ratio 40.0% - 73.6% (47.5%) 3.0% - 4.5% (3.4%) Net Present Value Loan to Value Ratio 40.0% - 73.6% (47.5%) 1.3- 1.8 (1.4) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 50.8% - 91.8% (77.7%) 3.6% - 9.8% (6.9%) Industrial Discounted Cash Flow Loan to Value Ratio 30.9% - 68.7% (65.9%) 4.3% - 5.1% (4.7%) Apartment Discounted Cash Flow Loan to Value Ratio 47.3% - 77.3% (64.6%) 2.9% - 7.3% (4.8%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 64.6% - 86.2% (73.9%) 4.0% - 7.4% (5.1%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2020. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.5% - 8.5% (6.6%) 4.0% - 7.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.9% - 7.0% (4.9%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.2% - 9.3% (6.7%) 4.3% - 8.3% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 7.7% (4.8%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.8% (6.4%) 4.3% - 6.8% (5.1%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 6.0% (4.6%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.3% - 11.7% (6.7%) 5.0% - 9.4% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 11.0% (5.1%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% (10.3%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% (7.8%) Loans Payable Office and Industrial Discounted Cash Flow Loan to Value Ratio 31.1% - 59.3% (45.8%) 3.2% - 4.3% (3.8%) Net Present Value Loan to Value Ratio 31.1% - 59.3% (45.8%) 3.2 - 4.3 (3.8) Apartment Discounted Cash Flow Loan to Value Ratio 30.0% - 69.0% (46.6%) 3.1% - 4.1% (3.7%) Net Present Value Loan to Value Ratio 30.0% - 69.0% (46.3%) 1.2 - 1.6 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 37.1% - 63.8% (44.2%) 3.1% - 4.5% (3.9%) Net Present Value Loan to Value Ratio 37.1% - 63.8% (44.2%) 1.2 - 1.5 (1.3) Loans Receivable, including those with related parties Apartment, Hotel, Industrial, Office, Retail and Storage Discounted Cash Flow Loan to Value Ratio 30.9% - 90.2% (73.0%) 3.1% - 10.3% (6.0%) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments. Real Estate Properties and Joint Ventures: The significant unobservable inputs used in the fair value measurement of the Account’s real estate property and joint venture investments are the selection of certain investment rates (Discount Rate, Terminal Capitalization Rate, and Overall Capitalization Rate). Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively. Real Estate Operating Business: The significant unobservable inputs used in the fair value measurement of the Account's real estate operating business are the selection of certain investment rates and ratios (Discount Rate, Terminal Growth Rate, and EBITDA Multiple). Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively. Loans Payable: The significant unobservable inputs used in the fair value measurement of the Account’s loans payable are the loan to value ratios and the selection of certain credit spreads and weighted average cost of capital risk premiums. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value, respectively. Loans Receivable: The significant unobservable inputs used in the fair value measurement of the Account’s loans receivable are the loan to value ratios and the selection of certain credit spreads. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value, respectively. During the three months ended March 31, 2021 and 2020, there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized gains (losses) included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Loans Receivable (1) Total Loans For the three months ended March 31, 2021 $ 287.8 $ 50.0 $ 5.0 $ 342.8 $ 3.5 For the three months ended March 31, 2020 $ 147.7 $ (62.6) $ (11.1) $ 74.0 $ 45.7 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures

Investments in Joint Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	Investments in Joint Ventures The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At March 31, 2021, the Account held investments in joint ventures with ownership interest percentages that ranged from 33.3% to 98.0%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold. A condensed summary of the results of operations of the joint ventures are shown below (millions): For the Three Months Ended March 31, 2021 2020 Operating Revenue and Expenses Revenues $ 251.7 $ 285.5 Expenses 143.0 154.6 Excess of revenues over expenses $ 108.7 $ 130.9

Investments in Real Estate Fund

Investments in Real Estate Funds	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Real Estate Funds	Investments in Real Estate Funds The Account has ownership interests in real estate funds (each a “Fund”, and collectively the “Funds”). The Funds are setup as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a VIE as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies for a description of the methodology used to determine the primary beneficiary of a VIE. No financial support (such as loans or financial guarantees) was provided to the Funds during the three months ended March 31, 2021. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are identified in Note 13—Commitments and Contingencies . The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at March 31, 2021 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 205.4 $ 205.4 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 58.9 $ 58.9 Redemptions prohibited prior to liquidation. To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). The Account is not permitted to sell or transfer its interest in the fund until August 2022. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. SP V - II, LLC (61.8% Account Interest) $ 49.8 $ 49.8 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2022. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Taconic New York City GP Fund, LP (60.0% Account Interest) $ 31.6 $ 31.6 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2024. The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. Silverpeak - REA Alt Inv Fund LP (90.0% Account Interest) $ 29.3 $ 29.3 Redemptions prohibited prior to liquidation. To invest in alternative real estate investments primarily in major U.S. metropolitan markets. Liquidation estimated to begin no earlier than 2028. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. IDR - Core Property Index Fund, LLC (1.9% Account Interest) $ 24.5 $ 24.5 Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. Townsend Group Value-Add Fund (99.0% Account Interest) $ 20.8 $ 20.8 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 18.0 $ 18.0 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 16.4 $ 16.4 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is not permitted to sell or transfer its interest in the fund until June 2021. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. JCR Capital - REA Preferred Equity Parallel Fund (39.7% Account Interest) $ 7.2 $ 7.2 Redemptions prohibited prior to liquidation. To invest primarily in multi-family properties. Liquidation estimated to begin no earlier than 2026. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Total $ 461.9 $ 461.9

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Receivable	Loans Receivable The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s direct and indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): March 31, 2021 December 31, 2020 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 795.4 $ 780.1 51.0 % $ 794.5 $ 778.4 49.9 % Apartments (1) 307.9 305.3 20.0 % 262.2 259.7 16.6 % Industrial 194.3 194.3 12.7 % 194.3 194.3 12.4 % Retail 127.7 125.8 8.2 % 128.6 126.5 8.1 % Hotel 125.3 124.1 8.1 % 135.3 129.9 8.3 % Storage — — — % 82.0 73.8 4.7 % $ 1,550.6 $ 1,529.6 100.0 % $ 1,596.9 $ 1,562.6 100.0 % (1) Includes loans receivable with related parties. The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are more than 90 days past due are classified as delinquent and assigned a D rating. Mezzanine debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers' having adequate financial resources to service their financial commitments, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay. All borrowers of loans rated C or higher are current as of March 31, 2021. Two of the Account's loans are currently in forbearance. The total principal outstanding on these two loans is $125.3 million as of March 31, 2021. The forbearance allows for the deferral of the June, July and August 2020 debt service payments. The deferred payments are being repaid in 12 equal installments over the period from January 9, 2021 to December 9, 2021, at which time the forbearance period will end. The forbearance period is not based upon current COVID-19 relief provided under the CARES Act. Interest income continues to be accrued during the forbearance period so long as future collection of the deferred payments are probable. The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2021 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): March 31, 2021 December 31, 2020 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value A 3 205.1 13.4 % — — — % BBB 9 478.8 31.4 % 1 69.6 4.5 % BB 9 447.4 29.2 % 10 444.6 28.5 % B — — — % 11 758.2 48.5 % C 4 328.9 21.5 % 2 147.0 9.4 % D — — — % 1 73.8 4.7 % NR (1) 2 69.4 4.5 % 2 69.4 4.4 % 27 $ 1,529.6 100.0 % 27 $ 1,562.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2021 and December 31, 2020, this is comprised of two loans with related parties. The loans are collateralized by equity interests in real estate investments.

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Loans Payable	Loans Payable At March 31, 2021, the Account had outstanding loans payable secured by the following assets (millions): Property Annual Interest Rate and Payment Frequency (2) Principal Maturity March 31, 2021 December 31, 2020 Ascent at Windward 3.51% paid monthly $ 34.6 $ 34.6 January 1, 2022 The Palatine (1) 4.25% paid monthly 74.0 74.4 January 10, 2022 The Forum at Carlsbad (1) 4.25% paid monthly 83.5 84.0 March 1, 2022 Fusion 1560 3.42% paid monthly 37.4 37.4 June 10, 2022 San Diego Office Portfolio (4) 3.62% paid monthly 51.2 51.2 August 15, 2022 The Colorado (1) 3.69% paid monthly 85.9 86.4 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly 43.8 44.0 November 1, 2022 Regents Court (1) 3.69% paid monthly 37.1 37.3 November 1, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly 312.6 314.3 June 1, 2023 Biltmore at Midtown 3.94% paid monthly 36.4 36.4 July 5, 2023 Cherry Knoll 3.78% paid monthly 35.3 35.3 July 5, 2023 Lofts at SoDo 3.94% paid monthly 35.1 35.1 July 5, 2023 Pacific City 2.00 + LIBOR paid monthly 105.0 105.0 October 1, 2023 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (1) 3.84% paid monthly 38.3 38.4 December 1, 2024 The District on La Frontera (1) 4.96% paid monthly 4.2 4.2 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (1) 3.60% paid monthly 69.9 70.3 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Vista Station Office Portfolio (1) 4.00% paid monthly 19.7 19.9 July 1, 2025 780 Third Avenue 3.55% paid monthly 150.0 150.0 August 1, 2025 780 Third Avenue 3.55% paid monthly 20.0 20.0 August 1, 2025 Property Annual Interest Rate and Payment Frequency (2) Principal Maturity March 31, 2021 December 31, 2020 Vista Station Office Portfolio (1) 4.20% paid monthly $ 43.8 $ 43.9 November 1, 2025 701 Brickell Avenue 3.66% paid monthly 184.0 184.0 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW 3.93% paid monthly 163.0 163.0 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,377.0 $ 2,381.3 Fair Value Adjustment (3) 26.6 30.1 Total Loans Payable $ 2,403.6 $ 2,411.4 The mortgage is adjusted monthly for principal payments. (1) All interest rates are fixed except for Pacific City, which has a variable interest rate based on a spread above the one month London Interbank Offered Rate, as published by ICE Benchmark Administration Limited. Some mortgages held by the Account are structured to begin principal and interest payments after an initial interest only period. (2) 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) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above.

Lines of Credit

Lines of Credit	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Lines of Credit	Lines of Credit The Account has two unsecured revolving credit agreements (“Credit Agreements”), each with a maximum total commitment of $500.0 million. Draws against the Credit Agreements can take the form of Eurodollar Loans or Alternate Base Rate Loans (“ABR Loans”). Eurodollar Loans and ABR Loans require a minimum funding of $5.0 million. Eurodollar Loans are issued for a term of twelve months or less and bear interest during the period (“Interest Period”) at a rate equal to the Adjusted London Interbank Offered Rate (“Adjusted LIBOR”) plus a spread (the “Eurodollar Applicable Rate”), with the spread dependent upon the leverage ratio of the Account. Adjusted LIBOR is calculated by multiplying the Statutory Reserve Rate, as determined by the Federal Reserve Board for Eurodollar liabilities, by LIBOR, as determined by the Intercontinental Exchange on the date of issuance that corresponds to the length of the Interest Period. The Account may prepay Eurodollar Loans at any time during the life of the loan without penalty. The Account is limited to five active Eurodollar Loans on each Credit Agreement; however, the Account may retire and initiate new Eurodollar Loans without restriction so long as the total number of loans in active status does not exceed the limit. ABR Loans are issued for a specific length of time and bear interest at a rate equal to the highest rate among the following calculations plus a spread (the "ABR Applicable Rate"), with the spread dependent on the leverage ratio of the Account: (i) the Prime Rate on the date of issuance, with the Prime Rate being defined as the rate of interest last quoted by the Wall Street Journal as the Prime Rate; (ii) the Federal Reserve Bank of New York (“NYFRB”) rate as provided by the NYFRB on the date of issuance plus 0.5%; or (iii) the Adjusted LIBOR rate plus 1.0%. The Account may prepay ABR Loans at any time during the life of the loan without penalty. As of March 31, 2021, the Account was in compliance with all covenants required by the Credit Agreements. The following table provides a summary of the key characteristics of the Credit Agreements as of March 31, 2021: Line of Credit I Line of Credit II Current Balance (in millions) $ — $ — Maximum Capacity (in millions) $ 500.0 $ 500.0 Inception Date September 20, 2018 August 18, 2020 Maturity Date September 20, 2021 August 16, 2021 Extension Option Yes (1) No Eurodollar Applicable Rate Range 0.85% - 1.05% 1.60% - 1.80% ABR Applicable Rate Range 0.85% - 1.05% 0.60% - 0.80% Unused Fee (2) 0.20% per annum 0.25% per annum (1) The line of credit expires on September 20, 2021, with an option to extend for two consecutive twelve (2) The Account is charged a fee on the unused portion of the Credit Agreements.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Financial Highlights	Financial Highlights Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Three Months Ended March 31, 2021 Years Ended December 31, 2020 2019 2018 Per Accumulation Unit Data: Rental income $ 5.543 $ 21.145 $ 18.165 $ 17.757 Real estate property level expenses and taxes 2.816 10.067 8.734 8.548 Real estate income, net 2.727 11.078 9.431 9.209 Other income 1.248 4.980 6.752 6.162 Total income 3.975 16.058 16.183 15.371 Expense charges (1) 1.046 3.562 3.439 3.161 Investment income, net 2.929 12.496 12.744 12.210 Net realized and unrealized gain (loss) on investments and loans payable 6.818 (16.196) 10.262 6.877 Net increase (decrease) in Accumulation Unit Value 9.747 (3.700) 23.006 19.087 Accumulation Unit Value: Beginning of period 436.722 440.422 417.416 398.329 End of period $ 446.469 $ 436.722 $ 440.422 $ 417.416 Total return (3) 2.23 % (0.84) % 5.51 % 4.79 % Ratios to Average net assets (2) : Expenses (1) 0.94 % 0.81 % 0.78 % 0.76 % Investment income, net 2.64 % 2.85 % 2.90 % 2.95 % Portfolio turnover rate (3) : Real estate properties (4) 0.5 % 7.1 % 7.8 % 11.8 % Marketable securities (5) — % 113.4 % 28.7 % 5.1 % Accumulation Units outstanding at end of period (millions) 52.1 52.0 60.8 60.7 Net assets end of period (millions) $ 23,772.1 $ 23,243.9 $ 27,307.9 $ 25,842.6 (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, 2021 are annualized. (3) Percentages for the three months ended March 31, 2021 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 contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period. (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, 2021
Accumulated Units Disclosure [Abstract]
Accumulation Units	Accumulation Units Changes in the number of Accumulation Units outstanding were as follows (in millions): For the Three Months Ended March 31, 2021 For the Year Ended December 31, 2020 Outstanding: Beginning of period 52.0 60.8 Credited for premiums 1.6 4.6 Annuity, other periodic payments, withdrawals and death benefits (1.5) (13.4) End of period 52.1 52.0

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments —As of March 31, 2021 and December 31, 2020, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions): Commitment Expiration March 31, 2021 December 31, 2020 Real Estate Funds (1) Flagler - REA Healthcare Properties Partnership 04/2021 $ 10.0 $ 49.6 LCS SHIP Venture I, LLC 06/2021 28.1 28.1 Townsend Group Value-Add Fund 06/2021 226.9 241.9 Grubb Southeast Real Estate Fund VI, LLC 06/2021 80.7 81.5 Silverpeak - REA Alt Inv Fund LP 12/2021 70.7 81.1 Veritas Trophy VI, LLC 08/2022 27.1 29.4 SP V - II, LLC 09/2022 48.5 67.1 JCR Capital - REA Preferred Equity Parallel Fund 12/2022 92.3 92.3 Taconic New York City GP Fund 11/2023 6.0 6.0 $ 590.3 $ 677.0 Loans Receivable (2) 311 South Wacker Mezzanine 06/2021 $ 4.6 $ 5.4 Rosemont Towson Mezzanine 09/2021 1.1 1.2 Liberty Park Mezzanine 11/2021 3.1 3.1 BREP VIII Industrial Mezzanine 03/2022 15.5 15.5 SCG Oakland Portfolio Mezzanine 03/2022 6.5 6.5 San Diego Office Portfolio Senior Loan 08/2022 7.0 7.0 San Diego Office Portfolio Mezzanine 08/2022 2.3 2.3 MRA Hub 34 Holding, LLC 09/2022 1.4 1.5 1330 Broadway Mezzanine 09/2022 10.9 10.9 Colony New England Hotel Portfolio Senior Loan 11/2022 14.1 14.1 Colony New England Hotel Portfolio Mezzanine 11/2022 4.7 4.7 Commitment Expiration March 31, 2021 December 31, 2020 Exo Apartments Senior Loan 01/2023 $ 7.1 $ 7.1 Exo Apartments Mezzanine 01/2023 2.4 2.4 Five Oak Mezzanine 03/2023 2.3 2.3 5 Points Towers Mezzanine 03/2024 4.3 — $ 87.3 $ 84.0 TOTAL COMMITMENTS $ 677.6 $ 761.0 (1) Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements. (2) Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term. Contingencies —In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation. The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters. As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated.
Determination of Investments at Fair Value	Determination of Investments at Fair Value: The Account reports all investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946 —Financial Services—Investment Companies (“ASC 946”) . Further in accordance with the adoption of the fair value option allowed under ASC 825 —Financial Instruments , and at the election of Account management, loans payable and a line of credit are reported at fair value. The FASB has defined fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants excluding transaction costs. The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and investment related loans payable. Valuation of Real Estate Properties —Investments in real estate properties are stated at fair value, as determined in accordance with policies and procedures reviewed by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Accordingly, the Account does not record depreciation. Determination of fair value involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction. The Account’s primary objective when valuing its real estate investments will be to produce a valuation that represents a reasonable estimate of the fair value of its investments. Implicit in the Account’s definition of fair value are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are similarly 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, but are not limited to, 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 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 may require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified previously) 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 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. Valuation of Real Estate Joint Ventures —Real estate joint ventures are stated at the fair value of the Account’s ownership interests of the underlying entities. The Account’s ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate and loans payable held by joint ventures is determined in the same manner described above in Valuation of Real Estate Properties. The independent fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account. Upon the disposition of all real estate investments by an investee entity, the Account will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, which occurs prior to the dissolution of the investee entity. Valuation of Real Estate Funds —Real estate fund interests are stated at the fair value of the Account’s ownership in the real estate fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from limited partners on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and determines whether the net asset values provided are an appropriate representation of the fair value of the Account's interests in the real estate funds and makes valuation adjustments as necessary. Valuation of real estate funds proceeds under the direction of the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Valuation of Real Estate Operating Businesses —Real estate operating businesses are held at fair value, which is equal to their cost basis on the initial investment date. Subsequently, valuations are completed on a quarterly basis, with a third-party vendor utilized semi-annually and the interim quarters completed by TIAA’s internal valuation department. Valuations are subject to review by the independent fiduciary. Fair value is based on the enterprise value of the business, subject to any preferential distributions that would be required upon liquidation, if applicable. Management reserves the right to order an external valuation outside of the normal quarterly process when facts or circumstances at the business materially change from the latest available valuation. Any differences in the conclusions of TIAA’s internal valuation department and the external vendor will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent additional valuation). Valuation of Marketable Securities —Equity securities listed or traded on any national market or exchange are valued at the last sale price as of the close of the principal securities market or exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and ask prices on such market or exchange, exclusive of transaction costs . Valuation of Debt 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 by management and 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. Valuation of Loans Receivable (i.e., the Account as a creditor) —Loans receivable are stated at fair value and are initially valued at the face amount of the loan funding. Subsequently, loans receivable are valued at least quarterly by TIAA’s internal valuation department based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The independent fiduciary reviews and approves all loan receivable valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each loan receivable to calculate the Account’s daily net asset value until the next valuation review. Valuation of Loans Payable (i.e., the Account as a debtor) —Mortgage or other loans payable, including the Account's lines of credit, are stated at fair value. The estimated fair value of loans payable is generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs. Fair values are estimated based on market factors, such as market interest rates and spreads on comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the maturity date of the loan, the return demands of the market, and the credit quality of the Account. Different assumptions or changes in future market conditions could significantly affect estimated fair values. At times, the Account may assume debt in connection with the purchase of real estate, including under the Credit Agreements (as defined below) or additional credit facilities or other lines of credit in the future or the issuance (if permitted by applicable insurance law) of debt securities by the Account.
Accumulation and Annuity Funds	Accumulation and Annuity Funds: The accumulation fund represents the net assets attributable to contract owners in the accumulation phase of their investment (“Accumulation Fund”). The annuity fund represents the net assets attributable to the contract owners currently receiving annuity payments (“Annuity Fund”). The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily
Accounting for Investments	Accounting for Investments: The investments held by the Account are accounted for as follows: Real Estate Properties —Rent from real estate properties consists of all amounts earned under tenant operating leases, including base rent, recoveries of real estate taxes and other expenses and charges for miscellaneous services provided to tenants. Rental income is recognized in accordance with the billing terms of the lease agreements. The Account bears the direct expenses of the real estate properties owned. These expenses include, but are not limited to, fees to local property management companies, property taxes, utilities, maintenance, repairs, insurance, and other operating and administrative costs. An estimate of the net operating income earned from each real estate property is accrued by the Account on a daily basis and such estimates are adjusted when actual operating results are determined. Real Estate Joint Ventures —The Account has ownership interests in various real estate joint ventures (collectively, the “joint ventures”). The Account records its contributions as increases to its investments in the joint ventures, and distributions from the joint ventures are treated as income within income from real estate joint ventures and real estate funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Income distributions from the joint ventures are recorded based on the Account’s proportional interest of the income distributed by the joint ventures. Income and losses incurred but not yet distributed or realized from the Account by the joint ventures are recorded as unrealized gains and losses. Real Estate Funds —The Account has limited ownership interests in various private real estate funds. The Account records its contributions as increases to the investments, and distributions from the investments are treated as income within income from real estate joint ventures and real estate funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Unrealized gains and losses are recorded based upon the changes in the net asset values of the real estate funds as determined from the financial statements of the real estate funds when received by the Account. Prior to the receipt of the financial statements from the real estate funds, the Account estimates the value of its interest using information provided by the fund managers. Changes in value based on such estimates are recorded by the Account as unrealized gains and losses. Real Estate Operating Business —The Account has a non-controlling ownership interest in one real estate operating business. The Account records contributions into the business as increases to the cost basis of its investment. Distributions are characterized by the business as either income, capital gains, or return of capital. Distributions classified as income are presented within income from real estate joint ventures, funds, and operating business in the Account’s Consolidated Statements of Operations. Distributions identified as capital gains are presented as realized gains in the Account’s Consolidated Statements of Operations. Distributions identified as returns of capital are recorded as a reduction to the cost basis of the investment. Unrealized gains and losses are recorded based upon the changes in the fair value of the enterprise value of the business. Marketable Securities —Transactions in marketable securities are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date within dividend income. Dividends that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas dividends identified as capital gains or losses are recorded as realized gains or losses. Realized gains and losses on securities transactions are accounted for on the specific identification method. Loans Receivable —The Account may originate, purchase or sell loans collateralized by real estate. The cost basis of originated loans is comprised of the principal balance and direct costs incurred that represent a component of the loan’s reported fair value. The cost basis of purchased loans consists of the purchase price of the loan and additional direct costs incurred that represent a component of the loan’s reported fair value. Additional costs incurred by the Account to originate or purchase loans that do not represent a component of a loan’s fair value are recorded as expenses in the period incurred. Nonrefundable origination fees paid by borrowers are recognized as interest income once all activities required to execute the loan are completed. Prepayment fees received from the payoff of loans in advance of their maturity date are recognized as interest income on the date the payoff occurs. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income accruals are suspended when a loan becomes a non-performing loan, defined as a loan more than ninety days in arrears or at any point when management believes the full collection of principal is doubtful. Interest income on non-performing loans is recognized only as cash payments are received. Loans can be rehabilitated to accrual status once all past due interest has been collected and management believes the full collection of principal is likely. Realized and Unrealized Gains and Losses —Realized gains and losses are recorded at the time an investment is sold or a distribution is received in relation to an investment sale from a real estate joint venture or fund. Real estate and loan receivable transactions are accounted for as of the date on which the purchase or sale transactions close (settlement date). The Account recognizes a realized gain on the sale of an investment to the extent that the contract sales price exceeds the cost-to-date of the investment being sold. A realized loss occurs when the cost-to-date exceeds the sales price. Realized gains and losses from partial sales of non-financial assets are recognized in accordance with ASC 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets . Realized gains and losses from the sale of financial assets are recognized in accordance with ASC 860 - Transfers and Servicing . 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, Real Estate Funds and Loans Receivable sections above. Net Assets —The Account’s net assets as of the close of each valuation day are valued by taking the sum of: • 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, 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.
Variable Interest Entities	Variable Interest Entities: Variable interests are financial relationships which expose a reporting entity to the risks and rewards of variability in the entity's assets and operations. When variable interests exist, they are subject to evaluation under the variable interest entity ("VIE") model if any one of the following four characteristics are present: (a) the entity is insufficiently capitalized; (b) the equity holders do not have power to control the activities that most significantly impact the entity's financial performance; (c) the voting rights of the equity holders are not proportionate to their economic interests; or (d) the equity holders are not exposed to the residual losses or benefits that would normally be associated with equity interests. ASC 810 - Consolidation prohibits a reporting entity that qualifies as an investment company under ASC 946 from consolidating an investee that is not an investment company. This scope exception does not apply to situations in which an investment company has an interest in another investment company. Accordingly, the Account's investments in other investment companies (e.g., real estate funds) are subject to evaluation under the VIE model. The Account consolidates a VIE if it concludes that the Account is the primary beneficiary of the VIE. The primary beneficiary has both: (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The following activities have been identified by the Account as having the most significant impact on a VIE's economic performance: • control over the ability to acquire and dispose of investments held by the entity; • the ability to kick out a managing entity without cause, either unilaterally or with a group of equity investors; • the ability to modify the power of the managing entity without its consent; and • control over the day-to-day decision making of the underlying investments An equity investor in a VIE may not actively be involved in the significant activities (i.e., it may cede day-to-day decision making to a third party), but if the equity investor has approval rights or some other mechanism to retain ultimate control, the equity investor with these rights would be concluded as having power over the activity.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents are balances held by the Account in bank deposit accounts which, at times, may exceed federally insured limits. The Account’s management monitors these balances to mitigate the exposure of risk due to concentration and has not experienced any losses from such concentration.
Other Assets and Other Liabilities	Other Assets and Other Liabilities: Other assets and other liabilities consist of operating assets and liabilities utilized and held at each individual real estate property investment. Other assets consist of, amongst other items, cash, tenant receivables and prepaid expenses; whereas other liabilities primarily consist of security deposits. Other assets also include cash collateral held for securities on loan.
Federal Income Taxes	Federal Income Taxes: Based on provisions of the Internal Revenue Code of 1986, Section 817, as amended, the Account is taxed as a segregated asset account of TIAA and as such, the Account incurs no material federal income tax attributable to the net investment activity of the Account. The Account’s federal income tax return is generally subject to examination for a period of three years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account’s Consolidated Financial Statements.
Restricted Cash	Restricted Cash: The Account held restricted cash in escrow accounts for security deposits, as required by certain states, as well as for property taxes, insurance, and various other property related matters as required by certain creditors related to outstanding loans payable collateralized by certain real estate investments. These amounts are recorded within other assets on the Consolidated Statements of Assets and Liabilities.
Changes In Net Assets	Changes in Net Assets: Premiums include premiums paid by existing accumulation unit holders in the Account and transfers into the Account. Withdrawals and death benefits include withdrawals out of the Account which include transfers out of the Account and required minimum distributions.
Due to/from Investment Manager	Due to/from Investment Manager: Due to/from investment manager represents amounts that are to be paid or received by TIAA on behalf of the Account. Amounts generally are paid or received by the Account within one two
Securities Lending	Securities Lending: The Account may lend securities to qualified borrowers to earn additional income. The Account receives cash collateral against the loaned securities and maintains cash collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account is invested exclusively in an interest-bearing deposit account. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Consolidated Statements of Assets and Liabilities. When loaning securities, the Account retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the securities. All income generated by the securities lending program is reflected within interest income on the Consolidated Statements of Operations. Securities lending transactions are for real estate-related equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of interest earned on cash collateral and lending fees, net of any rebates to the borrower and compensation to the agent. Such income is reflected within interest income on the Consolidated Statements of Operations. In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk that the agent may default on its contractual obligations to the Account. The agent bears the risk that the borrower may default on its obligation to return the loaned securities as the agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging 12 relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The expedients and exceptions are effective for the period from March 12, 2020 through December 31, 2022. Management does not expect the guidance to materially impact the Account.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Key Terms of the Loans	The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal March 31, 2021 December 31, 2020 2021 2020 36.5 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + LIBOR 9/1/2022 $ 36.5 $ 36.5 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES $ 69.4 $ 69.4

Concentrations of Risk (Tables)

Concentrations of Risk (Tables)	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Schedule of Diversification of Portfolio by Region and Property Type	The following table represents the diversification of the Account’s portfolio by region and property type as of March 31, 2021: Diversification by Fair Value (1) West East South Midwest Total Office 13.6 % 18.4 % 5.7 % 0.1 % 37.8 % Apartment 9.9 % 6.5 % 8.0 % 1.1 % 25.5 % Retail 6.2 % 3.3 % 7.2 % 0.8 % 17.5 % Industrial 10.4 % 1.5 % 4.8 % 0.5 % 17.2 % Other (2) 0.7 % 0.4 % 0.8 % 0.1 % 2.0 % Total 40.8 % 30.1 % 26.5 % 2.6 % 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 interests in Storage Portfolio investments, a hotel investment and land. Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY. 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 “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.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Aggregate Minimum Annual Rental Payments	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2021 and December 31, 2020 are as follows (in millions): As of Years Ended March 31, 2021 December 31, 2020 2021 $ 479.2 (1) $ 638.6 2022 587.8 576.0 2023 522.3 504.6 2024 449.7 430.2 2025 371.6 353.2 Thereafter 1,148.1 1,037.6 Total $ 3,558.7 $ 3,540.2 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2021.
Schedule of Right-of-Use Assets and Lease Liabilities Related to Ground Leases	The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of March 31, 2021 December 31, 2020 Assets: Right-of-use assets, at fair value $ 37.1 $ 36.8 Liabilities: Ground lease liabilities, at fair value $ 37.1 $ 36.8 Key Terms: Weighted-average remaining lease term (years) 68.4 69.4 Weighted-average discount rate (1) 8.10 % 8.05 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.
Schedule of Aggregate Minimum Annual Payments for Ground Leases	Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of March 31, 2021 December 31, 2020 Years Ended 2021 (1) $ 1.7 (1) $ 2.2 2022 2.3 2.3 2023 2.4 2.3 2024 2.4 2.3 2025 2.4 2.3 Thereafter 427.6 402.8 Total $ 438.8 $ 414.2 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2021.

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 fair value using the practical expedient (millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at March 31, 2021 Real estate properties $ — $ — $ 16,816.5 $ — $ 16,816.5 Real estate joint ventures — — 6,215.3 — 6,215.3 Real estate funds — — — 461.9 461.9 Real estate operating business — — 250.0 — 250.0 Marketable securities: Government agency notes — 339.0 — — 339.0 United States treasury securities — 491.2 — — 491.2 Loans receivable (1) — — 1,529.6 — 1,529.6 Total Investments at March 31, 2021 $ — $ 830.2 $ 24,811.4 $ 461.9 $ 26,103.5 Loans payable $ — $ — $ (2,403.6) $ — $ (2,403.6) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at December 31, 2020 Real estate properties $ — $ — $ 16,476.7 $ — $ 16,476.7 Real estate joint ventures — — 6,128.9 — 6,128.9 Real estate funds — — — 393.2 393.2 Real estate operating business — — 250.0 — 250.0 Marketable securities: Government agency notes — 157.0 — — 157.0 United States treasury securities — 582.3 — — 582.3 Loans receivable (1) — — 1,562.6 — 1,562.6 Total Investments at December 31, 2020 $ — $ 739.3 $ 24,418.2 $ 393.2 $ 25,550.7 Loans payable $ — $ — $ (2,411.4) $ — $ (2,411.4) (1) Amount shown is reflective of loans receivable and loans receivable with related parties.
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis, Unobservable Inputs	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, 2021 and 2020 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the three months ended March 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.5 $ 24,418.1 $ (2,411.4) Total realized and unrealized gains included in changes in net assets 290.8 54.3 — 12.6 357.7 3.5 Purchases (1) 52.0 32.2 — 46.6 130.8 — Sales (4) (3.0) — — (81.2) (84.2) — Settlements (2) — (0.1) — (10.9) (11.0) 4.3 Ending balance March 31, 2021 $ 16,816.5 $ 6,215.3 $ 250.0 $ 1,529.6 $ 24,811.4 $ (2,403.6) Real Estate Real Estate Loans (3) Total Loans Line of Credit For the three months ended March 31, 2020 Beginning balance January 1, 2020 $ 15,835.0 $ 7,204.2 $ 1,572.1 $ 24,611.3 $ (2,365.0) $ (250.0) Total realized and unrealized gains (losses) included in changes in net assets 137.5 (156.4) (12.7) (31.6) 45.7 — Purchases (1) 1,457.2 20.6 107.7 1,585.5 (289.6) (400.0) Sales (347.6) — — (347.6) — — Settlements (2) — (831.0) (36.1) (867.1) 3.3 460.0 Ending balance March 31, 2020 $ 17,082.1 $ 6,237.4 $ 1,631.0 $ 24,950.5 $ (2,605.6) $ (190.0) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of loans payable. (2) Includes operating income for real estate joint ventures net of distributions, principal payments and payoffs of loans receivable, and principal payments and extinguishment of loans payable. (3) Amount shown is reflective of loans receivable and loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses.
Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis, Unobservable Inputs	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, 2021 and 2020 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the three months ended March 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.5 $ 24,418.1 $ (2,411.4) Total realized and unrealized gains included in changes in net assets 290.8 54.3 — 12.6 357.7 3.5 Purchases (1) 52.0 32.2 — 46.6 130.8 — Sales (4) (3.0) — — (81.2) (84.2) — Settlements (2) — (0.1) — (10.9) (11.0) 4.3 Ending balance March 31, 2021 $ 16,816.5 $ 6,215.3 $ 250.0 $ 1,529.6 $ 24,811.4 $ (2,403.6) Real Estate Real Estate Loans (3) Total Loans Line of Credit For the three months ended March 31, 2020 Beginning balance January 1, 2020 $ 15,835.0 $ 7,204.2 $ 1,572.1 $ 24,611.3 $ (2,365.0) $ (250.0) Total realized and unrealized gains (losses) included in changes in net assets 137.5 (156.4) (12.7) (31.6) 45.7 — Purchases (1) 1,457.2 20.6 107.7 1,585.5 (289.6) (400.0) Sales (347.6) — — (347.6) — — Settlements (2) — (831.0) (36.1) (867.1) 3.3 460.0 Ending balance March 31, 2020 $ 17,082.1 $ 6,237.4 $ 1,631.0 $ 24,950.5 $ (2,605.6) $ (190.0) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of loans payable. (2) Includes operating income for real estate joint ventures net of distributions, principal payments and payoffs of loans receivable, and principal payments and extinguishment of loans payable. (3) Amount shown is reflective of loans receivable and loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses.
Schedule of Unobservable Inputs Related to Level 3 Fair Value Measurements	The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2021. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.3% (6.7%) 4.8% - 8.5% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.2% - 9.0% (6.4%) 4.3% - 7.3% (5.2%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.3% - 7.0% (4.6%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.8% (6.3%) 4.3% - 6.8% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 6.0% (4.5%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.3% - 12.0% (6.8%) 4.5% - 9.5% (5.7%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 12.0% (5.3%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% (10.3%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% (7.8%) Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% 2.5% Market Approach EBITDA Multiple 13.9x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.4% - 53.6% (45.4%) 2.3% - 3.4% (3.1%) Net Present Value Loan to Value Ratio 35.4% - 53.6% (45.4%) 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 49.2% - 56.1% (52.2%) 3.3% - 3.4% (3.3%) Net Present Value Loan to Value Ratio 49.2% - 56.1% (52.2%) 1.4 - 1.5 (1.4) Apartment Discounted Cash Flow Loan to Value Ratio 43.2% - 65.6% (50.9%) 2.5% - 3.0% (2.7%) Net Present Value Loan to Value Ratio 43.2% - 65.6% (50.9%) 1.2 - 1.7 (1.4) Retail Discounted Cash Flow Loan to Value Ratio 40.0% - 73.6% (47.5%) 3.0% - 4.5% (3.4%) Net Present Value Loan to Value Ratio 40.0% - 73.6% (47.5%) 1.3- 1.8 (1.4) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 50.8% - 91.8% (77.7%) 3.6% - 9.8% (6.9%) Industrial Discounted Cash Flow Loan to Value Ratio 30.9% - 68.7% (65.9%) 4.3% - 5.1% (4.7%) Apartment Discounted Cash Flow Loan to Value Ratio 47.3% - 77.3% (64.6%) 2.9% - 7.3% (4.8%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 64.6% - 86.2% (73.9%) 4.0% - 7.4% (5.1%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2020. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.5% - 8.5% (6.6%) 4.0% - 7.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.9% - 7.0% (4.9%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.2% - 9.3% (6.7%) 4.3% - 8.3% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 7.7% (4.8%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.8% (6.4%) 4.3% - 6.8% (5.1%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 6.0% (4.6%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.3% - 11.7% (6.7%) 5.0% - 9.4% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 11.0% (5.1%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% (10.3%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% (7.8%) Loans Payable Office and Industrial Discounted Cash Flow Loan to Value Ratio 31.1% - 59.3% (45.8%) 3.2% - 4.3% (3.8%) Net Present Value Loan to Value Ratio 31.1% - 59.3% (45.8%) 3.2 - 4.3 (3.8) Apartment Discounted Cash Flow Loan to Value Ratio 30.0% - 69.0% (46.6%) 3.1% - 4.1% (3.7%) Net Present Value Loan to Value Ratio 30.0% - 69.0% (46.3%) 1.2 - 1.6 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 37.1% - 63.8% (44.2%) 3.1% - 4.5% (3.9%) Net Present Value Loan to Value Ratio 37.1% - 63.8% (44.2%) 1.2 - 1.5 (1.3) Loans Receivable, including those with related parties Apartment, Hotel, Industrial, Office, Retail and Storage Discounted Cash Flow Loan to Value Ratio 30.9% - 90.2% (73.0%) 3.1% - 10.3% (6.0%) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.
Schedule of Fair Value of Net Unrealized Gains Included in Changes in Net Assets Attributable to Investments and Loans Payable Using Significant Unobservable Inputs	The amount of total net unrealized gains (losses) included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Loans Receivable (1) Total Loans For the three months ended March 31, 2021 $ 287.8 $ 50.0 $ 5.0 $ 342.8 $ 3.5 For the three months ended March 31, 2020 $ 147.7 $ (62.6) $ (11.1) $ 74.0 $ 45.7 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Results of Operations of the Joint Venture	A condensed summary of the results of operations of the joint ventures are shown below (millions): For the Three Months Ended March 31, 2021 2020 Operating Revenue and Expenses Revenues $ 251.7 $ 285.5 Expenses 143.0 154.6 Excess of revenues over expenses $ 108.7 $ 130.9

Investments in Real Estate Fu_2

Investments in Real Estate Funds (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Amount and Maximum Exposure to Loss Relating to VIEs	The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at March 31, 2021 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 205.4 $ 205.4 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 58.9 $ 58.9 Redemptions prohibited prior to liquidation. To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). The Account is not permitted to sell or transfer its interest in the fund until August 2022. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. SP V - II, LLC (61.8% Account Interest) $ 49.8 $ 49.8 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2022. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Taconic New York City GP Fund, LP (60.0% Account Interest) $ 31.6 $ 31.6 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2024. The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. Silverpeak - REA Alt Inv Fund LP (90.0% Account Interest) $ 29.3 $ 29.3 Redemptions prohibited prior to liquidation. To invest in alternative real estate investments primarily in major U.S. metropolitan markets. Liquidation estimated to begin no earlier than 2028. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. IDR - Core Property Index Fund, LLC (1.9% Account Interest) $ 24.5 $ 24.5 Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. Townsend Group Value-Add Fund (99.0% Account Interest) $ 20.8 $ 20.8 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 18.0 $ 18.0 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 16.4 $ 16.4 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is not permitted to sell or transfer its interest in the fund until June 2021. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. JCR Capital - REA Preferred Equity Parallel Fund (39.7% Account Interest) $ 7.2 $ 7.2 Redemptions prohibited prior to liquidation. To invest primarily in multi-family properties. Liquidation estimated to begin no earlier than 2026. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Total $ 461.9 $ 461.9

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Loans Receivable, Underlying Real Estate Collateral by Property Types	The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): March 31, 2021 December 31, 2020 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 795.4 $ 780.1 51.0 % $ 794.5 $ 778.4 49.9 % Apartments (1) 307.9 305.3 20.0 % 262.2 259.7 16.6 % Industrial 194.3 194.3 12.7 % 194.3 194.3 12.4 % Retail 127.7 125.8 8.2 % 128.6 126.5 8.1 % Hotel 125.3 124.1 8.1 % 135.3 129.9 8.3 % Storage — — — % 82.0 73.8 4.7 % $ 1,550.6 $ 1,529.6 100.0 % $ 1,596.9 $ 1,562.6 100.0 % (1) Includes loans receivable with related parties.
Schedule of Fair Value Based on Risk Ratings	The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2021 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): March 31, 2021 December 31, 2020 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value A 3 205.1 13.4 % — — — % BBB 9 478.8 31.4 % 1 69.6 4.5 % BB 9 447.4 29.2 % 10 444.6 28.5 % B — — — % 11 758.2 48.5 % C 4 328.9 21.5 % 2 147.0 9.4 % D — — — % 1 73.8 4.7 % NR (1) 2 69.4 4.5 % 2 69.4 4.4 % 27 $ 1,529.6 100.0 % 27 $ 1,562.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2021 and December 31, 2020, this is comprised of two loans with related parties. The loans are collateralized by equity interests in real estate investments.

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Loans Payable	At March 31, 2021, the Account had outstanding loans payable secured by the following assets (millions): Property Annual Interest Rate and Payment Frequency (2) Principal Maturity March 31, 2021 December 31, 2020 Ascent at Windward 3.51% paid monthly $ 34.6 $ 34.6 January 1, 2022 The Palatine (1) 4.25% paid monthly 74.0 74.4 January 10, 2022 The Forum at Carlsbad (1) 4.25% paid monthly 83.5 84.0 March 1, 2022 Fusion 1560 3.42% paid monthly 37.4 37.4 June 10, 2022 San Diego Office Portfolio (4) 3.62% paid monthly 51.2 51.2 August 15, 2022 The Colorado (1) 3.69% paid monthly 85.9 86.4 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly 43.8 44.0 November 1, 2022 Regents Court (1) 3.69% paid monthly 37.1 37.3 November 1, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly 312.6 314.3 June 1, 2023 Biltmore at Midtown 3.94% paid monthly 36.4 36.4 July 5, 2023 Cherry Knoll 3.78% paid monthly 35.3 35.3 July 5, 2023 Lofts at SoDo 3.94% paid monthly 35.1 35.1 July 5, 2023 Pacific City 2.00 + LIBOR paid monthly 105.0 105.0 October 1, 2023 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (1) 3.84% paid monthly 38.3 38.4 December 1, 2024 The District on La Frontera (1) 4.96% paid monthly 4.2 4.2 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (1) 3.60% paid monthly 69.9 70.3 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Vista Station Office Portfolio (1) 4.00% paid monthly 19.7 19.9 July 1, 2025 780 Third Avenue 3.55% paid monthly 150.0 150.0 August 1, 2025 780 Third Avenue 3.55% paid monthly 20.0 20.0 August 1, 2025 Property Annual Interest Rate and Payment Frequency (2) Principal Maturity March 31, 2021 December 31, 2020 Vista Station Office Portfolio (1) 4.20% paid monthly $ 43.8 $ 43.9 November 1, 2025 701 Brickell Avenue 3.66% paid monthly 184.0 184.0 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW 3.93% paid monthly 163.0 163.0 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,377.0 $ 2,381.3 Fair Value Adjustment (3) 26.6 30.1 Total Loans Payable $ 2,403.6 $ 2,411.4 The mortgage is adjusted monthly for principal payments. (1) All interest rates are fixed except for Pacific City, which has a variable interest rate based on a spread above the one month London Interbank Offered Rate, as published by ICE Benchmark Administration Limited. Some mortgages held by the Account are structured to begin principal and interest payments after an initial interest only period. (2) 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) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above.

Lines of Credit (Tables)

Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Key Characteristics of Lines of Credit	The following table provides a summary of the key characteristics of the Credit Agreements as of March 31, 2021: Line of Credit I Line of Credit II Current Balance (in millions) $ — $ — Maximum Capacity (in millions) $ 500.0 $ 500.0 Inception Date September 20, 2018 August 18, 2020 Maturity Date September 20, 2021 August 16, 2021 Extension Option Yes (1) No Eurodollar Applicable Rate Range 0.85% - 1.05% 1.60% - 1.80% ABR Applicable Rate Range 0.85% - 1.05% 0.60% - 0.80% Unused Fee (2) 0.20% per annum 0.25% per annum (1) The line of credit expires on September 20, 2021, with an option to extend for two consecutive twelve (2) The Account is charged a fee on the unused portion of the Credit Agreements.

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Schedule Of Condensed Financial Information For An Accumulation Unit of The Account	Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Three Months Ended March 31, 2021 Years Ended December 31, 2020 2019 2018 Per Accumulation Unit Data: Rental income $ 5.543 $ 21.145 $ 18.165 $ 17.757 Real estate property level expenses and taxes 2.816 10.067 8.734 8.548 Real estate income, net 2.727 11.078 9.431 9.209 Other income 1.248 4.980 6.752 6.162 Total income 3.975 16.058 16.183 15.371 Expense charges (1) 1.046 3.562 3.439 3.161 Investment income, net 2.929 12.496 12.744 12.210 Net realized and unrealized gain (loss) on investments and loans payable 6.818 (16.196) 10.262 6.877 Net increase (decrease) in Accumulation Unit Value 9.747 (3.700) 23.006 19.087 Accumulation Unit Value: Beginning of period 436.722 440.422 417.416 398.329 End of period $ 446.469 $ 436.722 $ 440.422 $ 417.416 Total return (3) 2.23 % (0.84) % 5.51 % 4.79 % Ratios to Average net assets (2) : Expenses (1) 0.94 % 0.81 % 0.78 % 0.76 % Investment income, net 2.64 % 2.85 % 2.90 % 2.95 % Portfolio turnover rate (3) : Real estate properties (4) 0.5 % 7.1 % 7.8 % 11.8 % Marketable securities (5) — % 113.4 % 28.7 % 5.1 % Accumulation Units outstanding at end of period (millions) 52.1 52.0 60.8 60.7 Net assets end of period (millions) $ 23,772.1 $ 23,243.9 $ 27,307.9 $ 25,842.6 (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, 2021 are annualized. (3) Percentages for the three months ended March 31, 2021 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 contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period. (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, 2021
Accumulated Units Disclosure [Abstract]
Schedule Of Changes In The Number Of Accumulation Units Outstanding	Changes in the number of Accumulation Units outstanding were as follows (in millions): For the Three Months Ended March 31, 2021 For the Year Ended December 31, 2020 Outstanding: Beginning of period 52.0 60.8 Credited for premiums 1.6 4.6 Annuity, other periodic payments, withdrawals and death benefits (1.5) (13.4) End of period 52.1 52.0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Callable Commitments	As of March 31, 2021 and December 31, 2020, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions): Commitment Expiration March 31, 2021 December 31, 2020 Real Estate Funds (1) Flagler - REA Healthcare Properties Partnership 04/2021 $ 10.0 $ 49.6 LCS SHIP Venture I, LLC 06/2021 28.1 28.1 Townsend Group Value-Add Fund 06/2021 226.9 241.9 Grubb Southeast Real Estate Fund VI, LLC 06/2021 80.7 81.5 Silverpeak - REA Alt Inv Fund LP 12/2021 70.7 81.1 Veritas Trophy VI, LLC 08/2022 27.1 29.4 SP V - II, LLC 09/2022 48.5 67.1 JCR Capital - REA Preferred Equity Parallel Fund 12/2022 92.3 92.3 Taconic New York City GP Fund 11/2023 6.0 6.0 $ 590.3 $ 677.0 Loans Receivable (2) 311 South Wacker Mezzanine 06/2021 $ 4.6 $ 5.4 Rosemont Towson Mezzanine 09/2021 1.1 1.2 Liberty Park Mezzanine 11/2021 3.1 3.1 BREP VIII Industrial Mezzanine 03/2022 15.5 15.5 SCG Oakland Portfolio Mezzanine 03/2022 6.5 6.5 San Diego Office Portfolio Senior Loan 08/2022 7.0 7.0 San Diego Office Portfolio Mezzanine 08/2022 2.3 2.3 MRA Hub 34 Holding, LLC 09/2022 1.4 1.5 1330 Broadway Mezzanine 09/2022 10.9 10.9 Colony New England Hotel Portfolio Senior Loan 11/2022 14.1 14.1 Colony New England Hotel Portfolio Mezzanine 11/2022 4.7 4.7 Commitment Expiration March 31, 2021 December 31, 2020 Exo Apartments Senior Loan 01/2023 $ 7.1 $ 7.1 Exo Apartments Mezzanine 01/2023 2.4 2.4 Five Oak Mezzanine 03/2023 2.3 2.3 5 Points Towers Mezzanine 03/2024 4.3 — $ 87.3 $ 84.0 TOTAL COMMITMENTS $ 677.6 $ 761.0 (1) Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements. (2) Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term.

Organization and Significant _3

Organization and Significant Accounting Policies - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021
Principal Transaction Revenue [Line Items]
Independent appraisal firm, property rotation, period (at least)	3 years
Description of valuation change of real estate related assets	Also, the independent fiduciary may require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified previously) 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 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.
Threshold percentage, property value change compared to most recent independent annual appraisal (more than)	6.00%
Threshold percentage, property value change within any calendar quarter (more than)	4.00%
Threshold percentage, property value change compared to prior calendar month (more than)	2.00%
Maximum percentage of average net assets for all account level expenses (not to exceed)	2.50%	2.50%
COVID-19 Pandemic Related
Principal Transaction Revenue [Line Items]
Deferred rent payments requested, period (less than)		6 months
Minimum
Principal Transaction Revenue [Line Items]
Investment advisory fees, paid or received, period	1 day
Maximum
Principal Transaction Revenue [Line Items]
Investment advisory fees, paid or received, period	2 days

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Distribution Agreement, termination period	60 days

Related Party Transactions - Sc

Related Party Transactions - Schedule of Key Terms of the Loans (Details) - Loans Receivable - Related Party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 69.4	$ 69.4
MRA Hub 34 Holding, LLC
Related Party Transaction [Line Items]
Principal	$ 36.5	36.5
Equity Ownership Interest	95.00%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 36.5	36.5
MRA Hub 34 Holding, LLC | LIBOR
Related Party Transaction [Line Items]
Interest Rate, Variable	2.50%
THP Student Housing, LLC
Related Party Transaction [Line Items]
Principal	$ 32.8	32.8
Equity Ownership Interest	97.00%
Interest Rate	3.20%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 32.9	$ 32.9

Concentrations of Risk - Narrat

Concentrations of Risk - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Maximum percentage of annual contract rent of rental income	4.00%

Concentrations of Risk - Schedu

Concentrations of Risk - Schedule of diversification of the Account's portfolio by region and property type (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Total	100.00%	100.00%
Office
Concentration Risk [Line Items]
Total	37.80%
Apartment
Concentration Risk [Line Items]
Total	25.50%
Retail
Concentration Risk [Line Items]
Total	17.50%
Industrial
Concentration Risk [Line Items]
Total	17.20%
Other
Concentration Risk [Line Items]
Total	2.00%
West
Concentration Risk [Line Items]
Total	40.80%
West | Office
Concentration Risk [Line Items]
Total	13.60%
West | Apartment
Concentration Risk [Line Items]
Total	9.90%
West | Retail
Concentration Risk [Line Items]
Total	6.20%
West | Industrial
Concentration Risk [Line Items]
Total	10.40%
West | Other
Concentration Risk [Line Items]
Total	0.70%
East
Concentration Risk [Line Items]
Total	30.10%
East | Office
Concentration Risk [Line Items]
Total	18.40%
East | Apartment
Concentration Risk [Line Items]
Total	6.50%
East | Retail
Concentration Risk [Line Items]
Total	3.30%
East | Industrial
Concentration Risk [Line Items]
Total	1.50%
East | Other
Concentration Risk [Line Items]
Total	0.40%
South
Concentration Risk [Line Items]
Total	26.50%
South | Office
Concentration Risk [Line Items]
Total	5.70%
South | Apartment
Concentration Risk [Line Items]
Total	8.00%
South | Retail
Concentration Risk [Line Items]
Total	7.20%
South | Industrial
Concentration Risk [Line Items]
Total	4.80%
South | Other
Concentration Risk [Line Items]
Total	0.80%
Midwest
Concentration Risk [Line Items]
Total	2.60%
Midwest | Office
Concentration Risk [Line Items]
Total	0.10%
Midwest | Apartment
Concentration Risk [Line Items]
Total	1.10%
Midwest | Retail
Concentration Risk [Line Items]
Total	0.80%
Midwest | Industrial
Concentration Risk [Line Items]
Total	0.50%
Midwest | Other
Concentration Risk [Line Items]
Total	0.10%

Leases - Schedule of aggregate

Leases - Schedule of aggregate minimum annual rental payments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Period [Abstract]
2021	$ 479.2
2022	587.8	$ 638.6
2023	522.3	576
2024	449.7	504.6
2025	371.6	430.2
Thereafter	1,148.1
Total	3,558.7	3,540.2
Prior Year [Abstract]
2021	587.8	638.6
2022	522.3	576
2023	449.7	504.6
2024	371.6	430.2
2025		353.2
Thereafter		1,037.6
Total	$ 3,558.7	$ 3,540.2

Leases - Schedule of right-of-u

Leases - Schedule of right-of-use assets and lease liabilities related to ground leases (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Key Terms:
Weighted-average remaining lease term (years)	68 years 4 months 24 days	69 years 4 months 24 days
Weighted-average discount rate	8.10%	8.05%
Ground
Assets:
Right-of-use assets, at fair value	$ 37.1	$ 36.8
Liabilities:
Ground lease liabilities, at fair value	$ 37.1	$ 36.8

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Ground
Lessee, Lease, Description [Line Items]
Operating lease cost, related to ground leases	$ 0.6	$ 0.4

Leases - Schedule of future min

Leases - Schedule of future minimum annual payments for ground leases (Details) - Ground - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Period [Abstract]
2021	$ 1.7
2022	2.3	$ 2.2
2023	2.4	2.3
2024	2.4	2.3
2025	2.4	2.3
Thereafter	427.6
Total	438.8	414.2
Prior Year [Abstract]
2020	2.3	2.2
2022	2.4	2.3
2023	2.4	2.3
2024	2.4	2.3
2025		2.3
Thereafter		402.8
Total	$ 438.8	$ 414.2

Assets and Liabilities Measur_3

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of fair value assets and liabilities measured on recurring basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	$ 16,816.5	$ 16,476.7
Real estate operating business	250	250
Marketable securities:
Marketable securities excluding Real estate-related	830.2	739.3
Total investments (cost: $22,178.4 and $21,967.9)	26,103.5	25,550.7
Loans payable	(2,403.6)	(2,411.4)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	16,816.5	16,476.7
Real estate joint ventures	6,215.3	6,128.9
Real estate funds	461.9	393.2
Real estate operating business	250	250
Marketable securities:
Loans receivable	1,529.6	1,562.6
Total investments (cost: $22,178.4 and $21,967.9)	26,103.5	25,550.7
Loans payable	(2,403.6)	(2,411.4)
Fair Value, Measurements, Recurring | Government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	339	157
Fair Value, Measurements, Recurring | United States treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	491.2	582.3
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets
Marketable securities:
Total investments (cost: $22,178.4 and $21,967.9)	0	0
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs
Marketable securities:
Total investments (cost: $22,178.4 and $21,967.9)	830.2	739.3
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	339	157
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | United States treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	491.2	582.3
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	16,816.5	16,476.7
Real estate joint ventures	6,215.3	6,128.9
Real estate operating business	250	250
Marketable securities:
Loans receivable	1,529.6	1,562.6
Total investments (cost: $22,178.4 and $21,967.9)	24,811.4	24,418.2
Loans payable	$ (2,403.6)	$ (2,411.4)

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in changes in net assets	$ 342.8	$ 74
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,411.4)	(2,365)
Total realized and unrealized gains (losses) included in changes in net assets	3.5	45.7
Purchases		(289.6)
Settlements	4.3	3.3
Ending balance	(2,403.6)	(2,605.6)
Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		(250)
Purchases		(400)
Settlements		460
Ending balance		(190)
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	16,476.7	15,835
Total realized and unrealized gains (losses) included in changes in net assets	290.8	137.5
Purchases	52	1,457.2
Sales	(3)	(347.6)
Ending balance	16,816.5	17,082.1
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	6,128.9	7,204.2
Total realized and unrealized gains (losses) included in changes in net assets	54.3	(156.4)
Purchases	32.2	20.6
Settlements	(0.1)	(831)
Ending balance	6,215.3	6,237.4
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	250
Ending balance	250
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,562.5	1,572.1
Total realized and unrealized gains (losses) included in changes in net assets	12.6	(12.7)
Purchases	46.6	107.7
Sales	(81.2)
Settlements	(10.9)	(36.1)
Ending balance	1,529.6	1,631
Total Level 3 Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	24,418.1	24,611.3
Total realized and unrealized gains (losses) included in changes in net assets	357.7	(31.6)
Purchases	130.8	1,585.5
Sales	(84.2)	(347.6)
Settlements	(11)	(867.1)
Ending balance	$ 24,811.4	$ 24,950.5

Assets and Liabilities Measur_5

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of unobservable inputs related to Level 3 fair value measurements (Details) - Level 3: Significant Unobservable Inputs - number	Mar. 31, 2021	Mar. 31, 2020
Discount Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.055
Discount Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.093	0.085
Discount Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.067	0.066
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.052	0.052
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.090	0.093
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.064	0.067
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.055	0.053
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078	0.078
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.063	0.064
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.053	0.053
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.120	0.117
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.068	0.067
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.103
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.103
Discount Rate | Real Estate Operating Business | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.073
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.048	0.040
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.040	0.039
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.085	0.075
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.080	0.070
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.056	0.055
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.049
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.043
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.033	0.035
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.073	0.083
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.070	0.077
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.052	0.054
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.046	0.048
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.043
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.038	0.038
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.068	0.068
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.060
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.051
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.045	0.046
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.045	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.040
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.095	0.094
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.120	0.110
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.057	0.056
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.053	0.051
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078
Measurement Input, Long-term Revenue Growth Rate | Real Estate Operating Business | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.025
Measurement Input, EBITDA Multiple | Real Estate Operating Business | Valuation, Market Approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	13.9
Loan to Value Ratio | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.354
Loan to Value Ratio | Loans Payable | Office | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.354
Loan to Value Ratio | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.536
Loan to Value Ratio | Loans Payable | Office | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.536
Loan to Value Ratio | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.454
Loan to Value Ratio | Loans Payable | Office | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.454
Loan to Value Ratio | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.492
Loan to Value Ratio | Loans Payable | Industrial | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.492
Loan to Value Ratio | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.561
Loan to Value Ratio | Loans Payable | Industrial | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.561
Loan to Value Ratio | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.522
Loan to Value Ratio | Loans Payable | Industrial | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.522
Loan to Value Ratio | Loans Payable | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.432	0.300
Loan to Value Ratio | Loans Payable | Apartment | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.432	0.300
Loan to Value Ratio | Loans Payable | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.656	0.690
Loan to Value Ratio | Loans Payable | Apartment | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.656	0.690
Loan to Value Ratio | Loans Payable | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.509	0.466
Loan to Value Ratio | Loans Payable | Apartment | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.509	0.463
Loan to Value Ratio | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.400	0.371
Loan to Value Ratio | Loans Payable | Retail | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.400	0.371
Loan to Value Ratio | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.736	0.638
Loan to Value Ratio | Loans Payable | Retail | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.736	0.638
Loan to Value Ratio | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.475	0.442
Loan to Value Ratio | Loans Payable | Retail | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.475	0.442
Loan to Value Ratio | Loans Payable | Office and Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.311
Loan to Value Ratio | Loans Payable | Office and Industrial | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.311
Loan to Value Ratio | Loans Payable | Office and Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.593
Loan to Value Ratio | Loans Payable | Office and Industrial | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.593
Loan to Value Ratio | Loans Payable | Office and Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.458
Loan to Value Ratio | Loans Payable | Office and Industrial | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.458
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.508
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.918
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.777
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.309
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.687
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.659
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.473
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.773
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.646
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.646
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.862
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.739
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable		0.309
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable		0.902
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable		0.730
Equivalency Rate | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.023
Equivalency Rate | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.034
Equivalency Rate | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.031
Equivalency Rate | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.033
Equivalency Rate | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.034
Equivalency Rate | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.033
Equivalency Rate | Loans Payable | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.025	0.031
Equivalency Rate | Loans Payable | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.030	0.041
Equivalency Rate | Loans Payable | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.027	0.037
Equivalency Rate | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.030	0.031
Equivalency Rate | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.045	0.045
Equivalency Rate | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.034	0.039
Equivalency Rate | Loans Payable | Office and Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.032
Equivalency Rate | Loans Payable | Office and Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.043
Equivalency Rate | Loans Payable | Office and Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.038
Equivalency Rate | Loans Receivable, including those with related parties | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.036
Equivalency Rate | Loans Receivable, including those with related parties | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.098
Equivalency Rate | Loans Receivable, including those with related parties | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.069
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.043
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.051
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.047
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.029
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.073
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.048
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.040
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.074
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable	0.051
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable		0.031
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable		0.103
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable		0.060
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Industrial | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Industrial | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.5
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Industrial | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.2	1.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.7	1.6
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4	1.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3	1.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.8	1.5
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4	1.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office and Industrial | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		3.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office and Industrial | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		4.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office and Industrial | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		3.8

Assets and Liabilities Measur_6

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ 342.8	$ 74
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	3.5	45.7
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	287.8	147.7
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	50	(62.6)
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ 5	$ (11.1)

Investments in Joint Ventures -

Investments in Joint Ventures - Narrative (Details)	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Minimum percentage of noncontrolling ownership interest In joint ventures	33.30%
Maximum percentage of noncontrolling ownership interest in joint ventures	98.00%

Investments in Joint Ventures_2

Investments in Joint Ventures - Schedule of results of operations of the joint ventures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Revenue and Expenses
Revenues	$ 251.7	$ 285.5
Expenses	143	154.6
Excess of revenues over expenses	$ 108.7	$ 130.9

Investments in Real Estate Fu_3

Investments in Real Estate Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Carrying Amount	$ 26,455.4	$ 25,937.8
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	461.9
Maximum Exposure to Loss	$ 461.9
Variable Interest Entity, Not Primary Beneficiary | LCS SHIP Venture I, LLC
Variable Interest Entity [Line Items]
Account Interest	90.00%
Carrying Amount	$ 205.4
Maximum Exposure to Loss	$ 205.4
Variable Interest Entity, Not Primary Beneficiary | Veritas Trophy VI, LLC
Variable Interest Entity [Line Items]
Account Interest	90.40%
Carrying Amount	$ 58.9
Maximum Exposure to Loss	$ 58.9
Variable Interest Entity, Not Primary Beneficiary | SP V - II, LLC
Variable Interest Entity [Line Items]
Account Interest	61.80%
Carrying Amount	$ 49.8
Maximum Exposure to Loss	$ 49.8
Variable Interest Entity, Not Primary Beneficiary | Taconic New York City GP Fund, LP
Variable Interest Entity [Line Items]
Account Interest	60.00%
Carrying Amount	$ 31.6
Maximum Exposure to Loss	$ 31.6
Variable Interest Entity, Not Primary Beneficiary | Silverpeak - REA Alt Inv Fund LP
Variable Interest Entity [Line Items]
Account Interest	90.00%
Carrying Amount	$ 29.3
Maximum Exposure to Loss	$ 29.3
Variable Interest Entity, Not Primary Beneficiary | IDR - Core Property Index Fund, LLC
Variable Interest Entity [Line Items]
Account Interest	1.90%
Carrying Amount	$ 24.5
Maximum Exposure to Loss	$ 24.5
Variable Interest Entity, Not Primary Beneficiary | Townsend Group Value-Add Fund
Variable Interest Entity [Line Items]
Account Interest	99.00%
Carrying Amount	$ 20.8
Maximum Exposure to Loss	$ 20.8
Variable Interest Entity, Not Primary Beneficiary | Flagler - REA Healthcare Properties Partnership
Variable Interest Entity [Line Items]
Account Interest	90.00%
Carrying Amount	$ 18
Maximum Exposure to Loss	$ 18
Variable Interest Entity, Not Primary Beneficiary | Grubb Southeast Real Estate Fund VI, LLC
Variable Interest Entity [Line Items]
Account Interest	66.70%
Carrying Amount	$ 16.4
Maximum Exposure to Loss	$ 16.4
Variable Interest Entity, Not Primary Beneficiary | JCR Capital - REA Preferred Equity Parallel Fund
Variable Interest Entity [Line Items]
Account Interest	39.70%
Carrying Amount	$ 7.2
Maximum Exposure to Loss	$ 7.2

Loans Receivable - Scheduled of

Loans Receivable - Scheduled of loans receivable by property type (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1,550.6	$ 1,596.9
Fair Value	$ 1,529.6	$ 1,562.6
% of Fair Value	100.00%	100.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 795.4	$ 794.5
Fair Value	$ 780.1	$ 778.4
Office | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	51.00%	49.90%
Apartments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 307.9	$ 262.2
Fair Value	$ 305.3	$ 259.7
Apartments | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	20.00%	16.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 194.3	$ 194.3
Fair Value	$ 194.3	$ 194.3
Industrial | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	12.70%	12.40%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 127.7	$ 128.6
Fair Value	$ 125.8	$ 126.5
Retail | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	8.20%	8.10%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 125.3	$ 135.3
Fair Value	$ 124.1	$ 129.9
Hotel | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	8.10%	8.30%
Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 0	$ 82
Fair Value	$ 0	$ 73.8
Storage | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	0.00%	4.70%

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans in forbearance | loan	2
Loans in forbearance, principal outstanding | $	$ 125.3
Loans in forbearance, repayment period from January 9, 2021 to December 9, 2021	12 months
D Rating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of days past due, classified as delinquent	90 days

Loans Receivable - Schedule of

Loans Receivable - Schedule of fair values and risk ratings (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	27	27
Fair Value | $	$ 1,529.6	$ 1,562.6
% of Fair Value	100.00%	100.00%
Related Party
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans collateralized by equity interests in real estate investments	2	2
A
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	0
Fair Value | $	$ 205.1	$ 0
A | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	13.40%	0.00%
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	9	1
Fair Value | $	$ 478.8	$ 69.6
BBB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	31.40%	4.50%
BB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	9	10
Fair Value | $	$ 447.4	$ 444.6
BB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	29.20%	28.50%
B
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	0	11
Fair Value | $	$ 0	$ 758.2
B | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0.00%	48.50%
C
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	4	2
Fair Value | $	$ 328.9	$ 147
C | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	21.50%	9.40%
D
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	0	1
Fair Value | $	$ 0	$ 73.8
D | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0.00%	4.70%
NR
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	2
Fair Value | $	$ 69.4	$ 69.4
NR | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.50%	4.40%

Loans Payable - Schedule of out

Loans Payable - Schedule of outstanding loans payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Total Principal Outstanding	$ 2,377	$ 2,381.3
Fair Value Adjustment	26.6	30.1
Total Loans Payable	$ 2,403.6	2,411.4
Ascent at Windward
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00035%
Annual Interest Rate and Payment Frequency	3.51
Principal Amounts Outstanding	$ 34.6	34.6
Maturity	Jan. 1, 2022
The Palatine
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00043%
Annual Interest Rate and Payment Frequency	4.25
Principal Amounts Outstanding	$ 74	74.4
Maturity	Jan. 10, 2022
The Forum at Carlsbad
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00043%
Annual Interest Rate and Payment Frequency	4.25
Principal Amounts Outstanding	$ 83.5	84
Maturity	Mar. 1, 2022
Fusion 1560
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00034%
Annual Interest Rate and Payment Frequency	3.42
Principal Amounts Outstanding	$ 37.4	37.4
Maturity	Jun. 10, 2022
San Diego Office Portfolio
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00036%
Annual Interest Rate and Payment Frequency	3.62
Principal Amounts Outstanding, loans payable	$ 51.2	51.2
Maturity, loans payable	Aug. 15, 2022
The Colorado
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.69
Principal Amounts Outstanding	$ 85.9	86.4
Maturity	Nov. 1, 2022
The Legacy at Westwood
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.69
Principal Amounts Outstanding	$ 43.8	44
Maturity	Nov. 1, 2022
Regents Court
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.69
Principal Amounts Outstanding	$ 37.1	37.3
Maturity	Nov. 1, 2022
1001 Pennsylvania Avenue
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.70
Principal Amounts Outstanding	$ 312.6	314.3
Maturity	Jun. 1, 2023
Biltmore at Midtown
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00039%
Annual Interest Rate and Payment Frequency	3.94
Principal Amounts Outstanding	$ 36.4	36.4
Maturity	Jul. 5, 2023
Cherry Knoll
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00038%
Annual Interest Rate and Payment Frequency	3.78
Principal Amounts Outstanding	$ 35.3	35.3
Maturity	Jul. 5, 2023
Lofts at SoDo
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00039%
Annual Interest Rate and Payment Frequency	3.94
Principal Amounts Outstanding	$ 35.1	35.1
Maturity	Jul. 5, 2023
Pacific City
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Principal Amounts Outstanding	$ 105	105
Maturity	Oct. 1, 2023
1401 H Street NW
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.65
Principal Amounts Outstanding	$ 115	115
Maturity	Nov. 5, 2024
The District on La Frontera | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00038%
Annual Interest Rate and Payment Frequency	3.84
Principal Amounts Outstanding	$ 38.3	38.4
Maturity	Dec. 1, 2024
The District on La Frontera | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.0005%
Annual Interest Rate and Payment Frequency	4.96
Principal Amounts Outstanding	$ 4.2	4.2
Maturity	Dec. 1, 2024
Circa Green Lake
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.71
Principal Amounts Outstanding	$ 52	52
Maturity	Mar. 5, 2025
Union - South Lake Union
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.66
Principal Amounts Outstanding	$ 57	57
Maturity	Mar. 5, 2025
Holly Street Village
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.65
Principal Amounts Outstanding	$ 81	81
Maturity	May 1, 2025
Henley at Kingstowne
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00036%
Annual Interest Rate and Payment Frequency	3.60
Principal Amounts Outstanding	$ 69.9	70.3
Maturity	May 1, 2025
32 South State Street
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00045%
Annual Interest Rate and Payment Frequency	4.48
Principal Amounts Outstanding	$ 24	24
Maturity	Jun. 6, 2025
Vista Station Office Portfolio | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.0004%
Annual Interest Rate and Payment Frequency	4.00
Principal Amounts Outstanding	$ 19.7	19.9
Maturity	Jul. 1, 2025
Vista Station Office Portfolio | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00042%
Annual Interest Rate and Payment Frequency	4.20
Principal Amounts Outstanding	$ 43.8	43.9
Maturity	Nov. 1, 2025
780 Third Avenue | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00036%
Annual Interest Rate and Payment Frequency	3.55
Principal Amounts Outstanding	$ 150	150
Maturity	Aug. 1, 2025
780 Third Avenue | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00036%
Annual Interest Rate and Payment Frequency	3.55
Principal Amounts Outstanding	$ 20	20
Maturity	Aug. 1, 2025
701 Brickell Avenue
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00037%
Annual Interest Rate and Payment Frequency	3.66
Principal Amounts Outstanding	$ 184	184
Maturity	Apr. 1, 2026
Marketplace at Mill Creek
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00038%
Annual Interest Rate and Payment Frequency	3.82
Principal Amounts Outstanding	$ 39.6	39.6
Maturity	Sep. 11, 2027
Overlook At King Of Prussia
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00038%
Annual Interest Rate and Payment Frequency	3.82
Principal Amounts Outstanding	$ 40.8	40.8
Maturity	Sep. 11, 2027
Winslow Bay
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00038%
Annual Interest Rate and Payment Frequency	3.82
Principal Amounts Outstanding	$ 25.8	25.8
Maturity	Sep. 11, 2027
1900 K Street, NW
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00039%
Annual Interest Rate and Payment Frequency	3.93
Principal Amounts Outstanding	$ 163	163
Maturity	Apr. 1, 2028
99 High Street
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate	0.00039%
Annual Interest Rate and Payment Frequency	3.90
Principal Amounts Outstanding	$ 277	$ 277
Maturity	Mar. 1, 2030
LIBOR | Pacific City
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	2.00%
Annual Interest Rate and Payment Frequency	2.00

Lines of Credit - Narrative (De

Lines of Credit - Narrative (Details) - Unsecured Revolving Credit Facility	Sep. 20, 2018USD ($)loan	Mar. 31, 2021USD ($)agreement
Line of Credit
Debt Instrument [Line Items]
Number of agreements | agreement		2
Line of Credit | Eurodollar Loan
Debt Instrument [Line Items]
Minimum funding requirement	$ 5,000,000
Line of credit, term (or less)	12 months
Maximum active loan limit | loan	5
Line of Credit | Alternate Base Rate Loan
Debt Instrument [Line Items]
Minimum funding requirement	$ 5,000,000
Line of Credit | Alternate Base Rate Loan | Federal Reserve Bank of New York
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit | Alternate Base Rate Loan | Adjusted LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of Credit I
Debt Instrument [Line Items]
Maximum capacity	$ 500,000,000	$ 500,000,000
Line of Credit II
Debt Instrument [Line Items]
Maximum capacity	$ 500,000,000	$ 500,000,000

Lines of Credit - Summary of Ke

Lines of Credit - Summary of Key Characteristics (Details) - Unsecured Revolving Credit Facility	3 Months Ended
	Mar. 31, 2021USD ($)term	Sep. 20, 2018USD ($)
Line of Credit I
Debt Instrument [Line Items]
Current Balance (in millions)	$ 0
Maximum Capacity (in millions)	$ 500,000,000	$ 500,000,000
Unused Fee	0.20%
Number of extension periods | term	2
Additional borrowing capacity	$ 250,000,000
Extension period	12 months
Line of Credit I | Eurodollar Loan | Adjusted LIBOR | Minimum
Debt Instrument [Line Items]
Applicable Rate Range	0.85%
Line of Credit I | Eurodollar Loan | Adjusted LIBOR | Maximum
Debt Instrument [Line Items]
Applicable Rate Range	1.05%
Line of Credit I | ABR | Adjusted LIBOR | Minimum
Debt Instrument [Line Items]
Applicable Rate Range	0.85%
Line of Credit I | ABR | Adjusted LIBOR | Maximum
Debt Instrument [Line Items]
Applicable Rate Range	1.05%
Line of Credit II
Debt Instrument [Line Items]
Current Balance (in millions)	$ 0
Maximum Capacity (in millions)	$ 500,000,000	$ 500,000,000
Unused Fee	0.25%
Line of Credit II | Eurodollar Loan | Adjusted LIBOR | Minimum
Debt Instrument [Line Items]
Applicable Rate Range	1.60%
Line of Credit II | Eurodollar Loan | Adjusted LIBOR | Maximum
Debt Instrument [Line Items]
Applicable Rate Range	1.80%
Line of Credit II | ABR | Adjusted LIBOR | Minimum
Debt Instrument [Line Items]
Applicable Rate Range	0.60%
Line of Credit II | ABR | Adjusted LIBOR | Maximum
Debt Instrument [Line Items]
Applicable Rate Range	0.80%

Financial Highlights - Schedule

Financial Highlights - Schedule of condensed financial information for an accumulation unit of the account (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020
Per Accumulation Unit Data:
Rental income (in dollars per share)	$ 5.543	$ 21.145	$ 18.165	$ 17.757
Real estate property level expenses and taxes (in dollars per share)	2.816	10.067	8.734	8.548
Real estate income, net (in dollars per share)	2.727	11.078	9.431	9.209
Other income (in dollars per share)	1.248	4.980	6.752	6.162
Total income (in dollars per share)	3.975	16.058	16.183	15.371
Expense charges (in dollars per share)	1.046	3.562	3.439	3.161
Investment income, net (in dollars per share)	2.929	12.496	12.744	12.210
Net realized and unrealized gain (loss) on investments and loans payable (in dollars per share)	6.818	(16.196)	10.262	6.877
Net increase (decrease) in Accumulation Unit Value (in dollars per share)	9.747	(3.700)	23.006	19.087
Accumulation Unit Value:
Beginning of period (in dollars per share)	436.722	440.422	417.416	398.329
End of period (in dollars per share)	$ 446.469	$ 436.722	$ 440.422	$ 417.416
Total return	2.23%	(0.84%)	5.51%	4.79%
Ratios to Average net assets:
Expenses	0.94%	0.81%	0.78%	0.76%
Investment income, net	2.64%	2.85%	2.90%	2.95%
Portfolio turnover rate:
Real estate properties	0.50%	7.10%	7.80%	11.80%
Marketable securities	0.00%	113.40%	28.70%	5.10%
Accumulation Units outstanding at end of period (millions) (in shares)	52.1	52	60.8	60.7
Net assets end of period (millions)	$ 23,772.1	$ 23,243.9	$ 27,307.9	$ 25,842.6	$ 26,015.1

Accumulation Units - Schedule o

Accumulation Units - Schedule of changes in the number of accumulation units outstanding (Details) - shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Outstanding:
Beginning of period (in shares)	52	60.8
Credited for premiums (in shares)	1.6	4.6
Annuity, other periodic payments, withdrawals and death benefits (in shares)	(1.5)	(13.4)
End of period (in shares)	52.1	52

Commitments and Contingencies -

Commitments and Contingencies - Schedule of limited partners' callable commitments (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	$ 677.6	$ 761
Real Estate Funds
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	590.3	677
Real Estate Funds | Flagler - REA Healthcare Properties Partnership
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	10	49.6
Real Estate Funds | LCS SHIP Venture I, LLC
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	28.1	28.1
Real Estate Funds | Townsend Group Value-Add Fund
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	226.9	241.9
Real Estate Funds | Grubb Southeast Real Estate Fund VI, LLC
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	80.7	81.5
Real Estate Funds | Silverpeak - REA Alt Inv Fund LP
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	70.7	81.1
Real Estate Funds | Veritas Trophy VI, LLC
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	27.1	29.4
Real Estate Funds | SP V - II, LLC
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	48.5	67.1
Real Estate Funds | JCR Capital - REA Preferred Equity Parallel Fund
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	92.3	92.3
Real Estate Funds | Taconic New York City GP Fund
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	6	6
Loans Receivable
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	87.3	84
Loans Receivable | 311 South Wacker Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	4.6	5.4
Loans Receivable | Rosemont Towson Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	1.1	1.2
Loans Receivable | Liberty Park Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	3.1	3.1
Loans Receivable | BREP VIII Industrial Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	15.5	15.5
Loans Receivable | SCG Oakland Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	6.5	6.5
Loans Receivable | San Diego Office Portfolio Senior Loan
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	7	7
Loans Receivable | San Diego Office Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	2.3	2.3
Loans Receivable | MRA Hub 34 Holding, LLC
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	1.4	1.5
Loans Receivable | 1330 Broadway Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	10.9	10.9
Loans Receivable | Colony New England Hotel Portfolio Senior Loan
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	14.1	14.1
Loans Receivable | Colony New England Hotel Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	4.7	4.7
Loans Receivable | Exo Apartments Senior Loan
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	7.1	7.1
Loans Receivable | Exo Apartments Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	2.4	2.4
Loans Receivable | Five Oak Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	2.3	2.3
Loans Receivable | 5 Points Towers Mezzanine
Limited Partners' Capital Account [Line Items]
Investment Company, Committed Capital	$ 4.3	$ 0