Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Documents Incorporated by Reference | Documents Incorporated by Reference: None | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | $ 0 | |
Amendment Flag | false | |
Entity Central Index Key | 0000946155 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | Charlotte, North Carolina |
AUDITED CONSOLIDATED STATEMENTS
AUDITED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, at fair value: | ||
Real estate properties (cost: $14,163.2 and $13,986.3) | $ 18,903.9 | $ 16,476.7 |
Real estate joint ventures (cost: $5,497.9 and $5,021.9) | 7,175.9 | 6,128.9 |
Real estate funds (cost: $692.9 and $373.3) | 811.5 | 393.2 |
Real estate operating business (cost: $251.6 and $250.2) | 326.3 | 250 |
Marketable securities (cost: $2,217.0 and $739.3) | 2,207.8 | 739.3 |
Loans receivable (cost: $1,434.3 and $1,527.6) | 1,422.7 | 1,493.2 |
Loans receivable with related parties (cost: $69.8 and $69.3) | 69.9 | 69.4 |
Total investments (cost: $24,326.7 and $21,967.9) | 30,918 | 25,550.7 |
Cash and cash equivalents | 21.2 | 37.8 |
Due from investment manager | 9.9 | 17.9 |
Other | 327.3 | 331.4 |
TOTAL ASSETS | 31,276.4 | 25,937.8 |
LIABILITIES | ||
Loans payable, at fair value (principal outstanding: $2,362.6 and $2,381.3) | 2,380.5 | 2,411.4 |
Line of credit, at fair value | 500 | 0 |
Accrued real estate property expenses | 287.6 | 246.5 |
Other | 36.3 | 36 |
TOTAL LIABILITIES | 3,204.4 | 2,693.9 |
COMMITMENTS AND CONTINGENCIES | ||
NET ASSETS | ||
Accumulation Fund | 27,476 | 22,729 |
Annuity Fund | 596 | 514.9 |
TOTAL NET ASSETS | $ 28,072 | $ 23,243.9 |
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares) | 53.4 | 52 |
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share) | $ 514.765 | $ 436.722 |
AUDITED CONSOLIDATED STATEMEN_2
AUDITED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Real estate properties at cost | $ 14,163.2 | $ 13,986.3 |
Real estate joint venture, at cost | 5,497.9 | 5,021.9 |
Real estate funds, at cost | 692.9 | 373.3 |
Real estate operating business, at cost | 251.6 | 250.2 |
Other marketable securities at cost | 2,217 | 739.3 |
Loans receivable, at cost | 1,434.3 | 1,527.6 |
Loans receivable with related parties, at cost | 69.8 | 69.3 |
Total investments, at cost | 24,326.7 | 21,967.9 |
Principal outstanding | $ 2,362.6 | $ 2,381.3 |
AUDITED CONSOLIDATED STATEMEN_3
AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate income, net | |||
Rental income | $ 1,194.8 | $ 1,192.6 | $ 1,103.5 |
Real estate property level expenses and taxes: | |||
Operating expenses | 266.9 | 261.1 | 237.5 |
Real estate taxes | 208.1 | 209.2 | 187.4 |
Interest expense | 90.5 | 97.5 | 105.7 |
Total real estate property level expenses and taxes | 565.5 | 567.8 | 530.6 |
Real estate income, net | 629.3 | 624.8 | 572.9 |
Income from real estate joint ventures | 191.1 | 146.8 | 208.6 |
Income from real estate funds | 15.9 | 10.4 | 5.4 |
Interest | 81.5 | 105.7 | 173 |
Dividends | 0 | 18 | 23.2 |
TOTAL INVESTMENT INCOME | 917.8 | 905.7 | 983.1 |
Expenses | |||
Investment management charges | 62.4 | 65.3 | 68.1 |
Administrative charges | 51.1 | 48.5 | 50 |
Distribution charges | 26.2 | 26.5 | 31.7 |
Mortality and expense risk charges | 1.3 | 1.2 | 1.3 |
Liquidity guarantee charges | 69.1 | 59.4 | 57.8 |
TOTAL EXPENSES | 210.1 | 200.9 | 208.9 |
INVESTMENT INCOME, NET | 707.7 | 704.8 | 774.2 |
Net realized gain (loss) on investments | |||
Real estate properties | 215.9 | (52.8) | 583.1 |
Real estate joint ventures | 199.8 | (454.9) | (111) |
Real estate funds | 3.5 | (5.6) | (3.4) |
Marketable securities | (0.1) | 103 | 301.1 |
Loans receivable | (14.1) | (1.6) | 0 |
Net realized gain (loss) on investments | 405 | (411.9) | 769.8 |
Net change in unrealized gain (loss) on | |||
Real estate properties | 2,250.3 | (296.1) | (56.8) |
Real estate joint ventures | 644.5 | (22.2) | 10.8 |
Real estate funds | 98.7 | (18.6) | 39.5 |
Real estate operating business | 74.9 | (0.2) | 0 |
Marketable securities | (9.2) | (148.1) | 0.7 |
Loans receivable | 22.7 | (33) | (3.8) |
Loans receivable with related parties | 0 | 0.4 | (0.3) |
Loans payable | 12.2 | (3.1) | (107.1) |
Net change in unrealized gain (loss) on investments and loans payable | 3,094.1 | (520.9) | (117) |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND LOANS PAYABLE | 3,499.1 | (932.8) | 652.8 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 4,206.8 | $ (228) | $ 1,427 |
AUDITED CONSOLIDATED STATEMEN_4
AUDITED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FROM OPERATIONS | |||
Investment income, net | $ 707.7 | $ 704.8 | $ 774.2 |
Net realized gain (loss) on investments | 405 | (411.9) | 769.8 |
Net change in unrealized gain (loss) on investments and loans payable | 3,094.1 | (520.9) | (117) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 4,206.8 | (228) | 1,427 |
FROM PARTICIPANT TRANSACTIONS | |||
Premiums | 2,981.7 | 2,025.9 | 2,655.9 |
Annuity payments | (47.7) | (47.8) | (47.3) |
Withdrawals and death benefits | (2,312.7) | (5,814.1) | (2,570.3) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS | 621.3 | (3,836) | 38.3 |
NET INCREASE (DECREASE) IN NET ASSETS | 4,828.1 | (4,064) | 1,465.3 |
NET ASSETS | |||
Beginning of period | 23,243.9 | 27,307.9 | 25,842.6 |
End of period | $ 28,072 | $ 23,243.9 | $ 27,307.9 |
AUDITED CONSOLIDATED STATEMEN_5
AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net increase (decrease) in net assets resulting from operations | $ 4,206.8 | $ (228) | $ 1,427 | |
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Net realized (gain) loss on investments | (405) | 411.9 | (769.8) | |
Net change in unrealized (gain) loss on investments and loans payable | (3,094.1) | 520.9 | 117 | |
Purchase of real estate properties | (581.8) | (1,147.7) | (1,059.7) | |
Capital improvements on real estate properties | (283.9) | (242.4) | (304.4) | |
Proceeds from sale of real estate properties | 920.9 | 612.1 | 1,285.4 | |
Purchases of long term investments | (1,231.2) | (1,322.6) | (1,373.4) | |
Proceeds from long term investments | 711.2 | 2,357.7 | 1,210.5 | |
Purchases and originations of loans receivable | (326.2) | (118) | (695.5) | |
Originations of loans receivable with related parties | (0.5) | 0 | (69.3) | |
Proceeds from sales of loans receivable | 294.5 | 63 | 50.8 | |
Proceeds from payoffs of loans receivable | 110.8 | 28.6 | 50.8 | |
(Increase) Decrease in other investments | (1,477.8) | 3,398.5 | (54.9) | |
Change in due from investment manager | 8 | (12.4) | (3.3) | |
Decrease (Increase) in other assets | 5.6 | (43.1) | 23.3 | |
Decrease (Increase) in other liabilities | 25 | (2.9) | (70.4) | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (1,117.7) | 4,275.6 | (235.9) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from line of credit | 500 | 540 | 250 | |
Payments on line of credit | 0 | (790) | 0 | |
Mortgage loan proceeds received | 188.9 | 0 | 47.5 | |
Payments on mortgage loans | (207.6) | (168.9) | (106.8) | |
Premiums | 2,981.7 | 2,025.9 | 2,655.9 | |
Annuity payments | (47.7) | (47.8) | (47.3) | |
Withdrawals and death benefits | (2,312.7) | (5,814.1) | (2,570.3) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,102.6 | (4,254.9) | 229 | |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (15.1) | 20.7 | (6.9) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||
Beginning of period cash, cash equivalents and restricted cash | 61.1 | 40.4 | 47.3 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (15.1) | 20.7 | (6.9) | |
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 46 | 61.1 | 40.4 | |
SUPPLEMENTAL DISCLOSURES | ||||
Cash paid for interest | 94.9 | 97.8 | 107.8 | |
Mortgage loan assumed as part of a real estate acquisition | 0 | 289.6 | 181 | |
Loan receivable converted to equity in real estate investment | 0 | (1.7) | 0 | |
Loan assignment as part of a real estate disposition | 0 | 77.4 | 471.8 | |
Cash and cash equivalents | 21.2 | 37.8 | 15.1 | |
Restricted cash | [1] | 24.8 | 23.3 | 25.3 |
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ 46 | $ 61.1 | $ 40.4 | |
[1] | Restricted cash is included within other assets on the Account's Consolidated Statements of Assets and Liabilities. |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 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 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 commercial real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). Use of Estimates: The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates made by management. Actual results may vary from those estimates, and such differences may be material. The 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 slowed during the fourth quarter of 2020 and no new requests were received in 2021. Requests were generally been comprised of deferrals, with payments postponed for a brief period (i.e., less than six months) and then repaid over the remaining duration of the contract. As of December 31, 2021, the Account has not had material exposure to rent concessions, tenant defaults or loan defaults. The duration and extent of COVID-19 over the long-term 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. Certain prior period amounts have been reclassified for comparative purposes to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported results of operations. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated. The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and 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. 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 typically motivated; • Both parties are well informed or well advised and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include, 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, direct capitalization analysis, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Account’s independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs). Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period. Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Account’s independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal). The independent fiduciary, SitusAMC, has been appointed by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation. Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of 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 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 fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from fund managers on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and concludes on 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 line 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 Agreement (as defined below) or additional credit facilities or other lines of credit in the future or the issuance 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. Foreign Currency Transactions and Translation: The Account's investments, other assets and liabilities that are denominated in a foreign currency are translated into U.S. dollars using the effective exchange rates at the end of the period. Transactions, such as the purchases and sales of securities or properties, income received, and expenses paid, executed in a foreign currency are translated into U.S. dollars at the effective exchange rate on the date of the transaction. The effects of foreign currency exchange rate translation on the Account's assets and liabilities are included in realized and unrealized gains and losses on the Account's Consolidated Statements of Operations. 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 accounts based upon their relative daily net asset values. Once an Account participant 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 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 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 limited partners. 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 operating businesses 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 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 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 normal 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 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 - Financial Services - Investment Companies 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: a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and b) 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, Section 817, 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 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 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 Account’s independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account. The Account is a party to the Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account (the “Distribution Agreement”), dated January 1, 2008, by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”), a wholly-owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. 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 participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA’s assumption of this risk. The liquidity guarantee ensures that sufficient funds are available to meet participant transfer and cash withdrawal requests in the event that the Account’s cash flows and liquid investments are insufficient to fund such requests. 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 independent fiduciary, which has the right to adjust the trigger point, has established the trigger point at 45% of the outstanding accumulation units and it will continue to monitor TIAA’s ownership interest in the Account and provide further recommendations as necessary. The Account has loans receivable outstanding with related parties as of December 31, 2021. One loan is with a joint venture partner and the others 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: Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal December 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 0.5 — MRA 34 LLC —% 3.75% + LIBOR 8/26/2022 0.5 — 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES $ 69.9 $ 69.4 |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk | Concentration Risk Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry. As of December 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 primarily located in the United States. The following table represents the diversification of the Account’s portfolio by region and property type as of December 31, 2021: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Office 11.3 % 5.8 % 15.1 % 0.2 % — % 32.4 % Apartment 9.3 % 9.2 % 6.9 % 1.1 % — % 26.5 % Industrial 13.6 % 5.7 % 2.2 % 1.0 % — % 22.5 % Retail 4.7 % 5.9 % 2.9 % 0.8 % — % 14.3 % Other (7) 1.2 % 1.7 % 1.0 % 0.2 % 0.2 % 4.3 % Total 40.1 % 28.3 % 28.1 % 3.3 % 0.2 % 100.0 % (1) Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value. (2) Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY (3) Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV (4) Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX (5) Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI (6) Represents a developable land investment in Ireland. (7) Represents interests in Storage Portfolio investments, a hotel investment and land. |
Leases
Leases | 12 Months Ended |
Dec. 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 2032. 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, are as follows (millions): For the Years Ending December 31, 2022 $ 635.8 2023 594.2 2024 517.7 2025 436.1 2026 330.2 Thereafter 1,172.7 Total $ 3,686.7 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 (millions): As of December 31, 2021 Assets: Right-of-use assets, at fair value $ 40.3 Liabilities: Ground lease liabilities, at fair value $ 40.3 Key Terms Weighted-average remaining lease term (years) 69.5 Weighted-average discount rate (1) 7.71 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the year ended December 31, 2021, operating lease costs related to ground leases were $2.3 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions): For the Years Ending December 31, 2022 $ 2.3 2023 2.3 2024 2.4 2025 2.4 2026 2.4 Thereafter 414.0 Total $ 425.8 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 year ended December 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 2032. 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, are as follows (millions): For the Years Ending December 31, 2022 $ 635.8 2023 594.2 2024 517.7 2025 436.1 2026 330.2 Thereafter 1,172.7 Total $ 3,686.7 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 (millions): As of December 31, 2021 Assets: Right-of-use assets, at fair value $ 40.3 Liabilities: Ground lease liabilities, at fair value $ 40.3 Key Terms Weighted-average remaining lease term (years) 69.5 Weighted-average discount rate (1) 7.71 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the year ended December 31, 2021, operating lease costs related to ground leases were $2.3 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions): For the Years Ending December 31, 2022 $ 2.3 2023 2.3 2024 2.4 2025 2.4 2026 2.4 Thereafter 414.0 Total $ 425.8 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 year ended December 31, 2021. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on a Recurring Basis | 12 Months Ended |
Dec. 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 categorically 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 December 31, 2021 and 2020, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); significant unobservable inputs (Level 3); and Practical Expedient (millions): Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties — — 18,903.9 — 18,903.9 Real estate joint ventures — — 7,175.9 — 7,175.9 Real estate funds — — — 811.5 811.5 Real estate operating business — — 326.3 — 326.3 Marketable securities: United States Government agency notes — 864.1 — — 864.1 Foreign Government agency notes — 7.6 — — 7.6 United States Treasury securities — 784.3 — — 784.3 Corporate bonds — 551.8 — — 551.8 Loans receivable (1) — — 1,492.6 — 1,492.6 Total Investments at December 31, 2021 $ — $ 2,207.8 $ 27,898.7 $ 811.5 $ 30,918.0 Loans payable $ — $ — $ (2,380.5) $ — $ (2,380.5) Line of credit $ — $ — $ (500.0) $ — $ (500.0) Description Level 1: Level 2: Level 3: Fair Value Total at 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) Line of credit $ — $ — $ — $ — $ — (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 years ended December 31, 2021 and 2020 (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — Total realized and unrealized (losses) gains included in changes in net assets 2,466.2 844.3 74.9 8.6 3,394.0 12.2 — Purchases (1) 881.9 899.6 1.4 326.7 2,109.6 (188.9) (500.0) Sales (920.9) — — (294.5) (1,215.4) — — Settlements (2) — (696.9) — (110.8) (807.7) 207.6 — Ending balance December 31, 2021 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 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 (348.9) (477.0) (0.2) (34.2) (860.3) (3.1) — Purchases (1) 1,680.1 247.2 250.2 118.0 2,295.5 (289.6) (540.0) Sales (689.5) — — (64.7) (754.2) — — Settlements (2) — (845.5) — (28.6) (874.1) 246.3 790.0 Ending balance December 31, 2020 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — (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. The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2021. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8%–9.5% (6.6%) Terminal Capitalization Rate 4.5%–8.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0%–8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.0% - 8.3% (6.0%) Terminal Capitalization Rate 4.0% - 6.8% (4.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.5% - 6.5% (4.0%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.3% (5.9%) Terminal Capitalization Rate 4.0% - 5.8% (4.5%) Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.3% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.8% (7.0%) Terminal Capitalization Rate 5.0% - 9.5% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 9.3% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% Terminal Capitalization Rate 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.3% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% Terminal Growth Rate 4.0% Market Approach EBITDA Multiple 21.6x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 41.9% - 94.7% (73.1%) Equivalency Rate 2.4% - 9.5% (5.7%) Industrial Discounted Cash Flow Loan-to-Value Ratio 29.9% - 71.3% (65.9%) Equivalency Rate 4.3% - 5.1% (4.6%) Residential Discounted Cash Flow Loan-to-Value Ratio 38.4% - 77.3% (49.1%) Equivalency Rate 2.5% - 8.6% (5.0%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 59.8% - 79.8% (65.0%) Equivalency Rate 3.5% - 6.9% (5.2%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Equivalency Rate 1.8% - 3.7% (3.2%) Net Present Value Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Equivalency Rate 3.3% - 3.7% (3.4%) Net Present Value Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.3 (1.3) Residential Discounted Cash Flow Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Equivalency Rate 2.1% - 3.0% (2.8%) Net Present Value Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.3 - 1.4 (1.3) Retail Discounted Cash Flow Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Equivalency Rate 3.1% - 4.0% (3.5%) Net Present Value Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.9 (1.4) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2020. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.5%–9.0% (6.7%) Terminal Capitalization Rate 4.0%–8.3% (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% (6.6%) Terminal Capitalization Rate 4.3% - 7.3% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 7.0% (4.8%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.8% (6.4%) Terminal Capitalization Rate 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 5.0% - 12.0% (6.8%) Terminal Capitalization Rate 4.3% - 9.4% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 11.5% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% Terminal Capitalization Rate 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% Terminal Growth Rate 2.5% Market Approach EBITDA Multiple 13.9x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 50.6% - 91.8% (77.2%) Equivalency Rate 3.5% - 9.6% (6.6%) Industrial Discounted Cash Flow Loan-to-Value Ratio 30.9% - 90.2% (69.1%) Equivalency Rate 4.3% - 12.7% (6.8%) Residential Discounted Cash Flow Loan-to-Value Ratio 47.4% - 74.7% (64.1%) Equivalency Rate 3.2% - 7.0% (4.9%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 61.2% - 86.2% (68.7%) Equivalency Rate 5.4% - 9.9% (6.3%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 35.4% - 54.9% (45.5%) Equivalency Rate 2.4% - 3.3% (3.0%) Net Present Value Loan-to-Value Ratio 35.4% - 54.9% (45.5%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan-to-Value Ratio 54.6% - 59.2% (56.6%) Equivalency Rate 3.3% - 3.3% (3.3%) Net Present Value Loan-to-Value Ratio 54.6% - 59.2% (56.6%) Weighted Average Cost of Capital Risk Premium Multiple 1.4 - 1.5 (1.5) Residential Discounted Cash Flow Loan-to-Value Ratio 29.6% - 65.9% (48.2%) Equivalency Rate 2.3% - 3.2% (2.8%) Net Present Value Loan-to-Value Ratio 29.6% - 65.9% (48.2%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.7 (1.4) Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Retail Discounted Cash Flow Loan-to-Value Ratio 40.2% - 73.4% (47.6%) Equivalency Rate 2.8% - 4.2% (3.0%) Net Present Value Loan-to-Value Ratio 40.2% - 73.4% (47.6%) Weighted Average Cost of Capital Risk Premium Multiple 1.3 - 1.8 (1.4) 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 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. 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. Line of Credit: The Account's line of credit is recorded at par as Management believes par approximates fair value due to the short-term nature of the facility. During the years ended December 31, 2021 and 2020 there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized (losses) gains included in changes in net assets attributable to the change in net unrealized gains 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 Real Estate Operating Business Loans Total Mortgage For the year ended December 31, 2021 $ 2,371.8 $ 745.7 $ 74.9 $ 10.9 $ 3,203.3 $ 12.2 For the year ended December 31, 2020 $ (344.2) $ (382.8) $ (0.2) $ (32.7) $ (759.9) $ (3.1) |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 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 December 31, 2021, the Account held investments in joint ventures with ownership interest percentages that ranged from 33.3% to 98.5%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a pre-determined threshold. A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions): December 31, 2021 2020 Assets Real estate properties, at fair value $ 16,681.2 $ 15,494.7 Other assets 684.9 696.0 Total assets $ 17,366.1 $ 16,190.7 Liabilities & Equity Mortgage notes payable and other obligations, at fair value $ 5,187.3 $ 4,959.6 Other liabilities 240.7 250.0 Total liabilities 5,428.0 5,209.6 Total equity 11,938.1 10,981.1 Total liabilities and equity $ 17,366.1 $ 16,190.7 Years ended December 31, 2021 2020 2019 Operating Revenue and Expenses Revenues $ 1,040.5 $ 1,021.6 $ 1,126.5 Expenses 577.7 571.9 604.1 Excess of revenues over expenses $ 462.8 $ 449.7 $ 522.4 |
Investments in Real Estate Fund
Investments in Real Estate Funds | 12 Months Ended |
Dec. 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 year ended December 31, 2021. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are included in the maximum exposure to loss presented below. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Company holds a variable interest but is not the primary beneficiary were as follows at December 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) $ 230.2 $ 230.2 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 81.6 $ 102.2 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) $ 102.3 $ 115.2 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) $ 29.8 $ 34.0 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2024. The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. Silverpeak NRE FundCo LLC (90.0% Account Interest) $ 62.9 $ 100.2 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 (2.5% Account Interest) $ 40.6 $ 40.6 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) $ 114.8 $ 240.7 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) $ 26.5 $ 27.8 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 34.5 $ 34.5 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager. Silverpeak NRE FundCo 2 LLC (90.0% Account Interest) $ 62.8 $ 106.5 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) $ 25.5 $ 100.8 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 $ 811.5 $ 1,132.7 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 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 indirect interest 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): December 31, 2021 December 31, 2020 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 862.4 $ 853.4 57.2 % $ 794.5 $ 778.4 49.9 % Apartments (1) 253.3 252.0 16.9 % 262.2 259.7 16.6 % Industrial 161.4 161.3 10.8 % 194.3 194.3 12.4 % Storage — — — % 82.0 73.8 4.7 % Hotel 125.3 125.3 8.4 % 135.3 129.9 8.3 % Retail 101.7 100.6 6.7 % 128.6 126.5 8.1 % $ 1,504.1 $ 1,492.6 100.0 % $ 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 December 31, 2021. The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of December 31, 2021, listed in order of the strength of the risk rating (from strongest to weakest): December 31, 2021 December 31, 2020 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value AA 1 62.6 4.2 % — — — % A 4 248.5 16.6 % — — — % BBB 6 374.7 25.1 % 1 69.6 4.5 % BB 10 437.8 29.3 % 10 444.6 28.5 % B 5 144.3 9.7 % 11 758.2 48.5 % C 2 154.8 10.4 % 2 147.0 9.4 % D — — — % 1 73.8 4.7 % NR (1) 3 69.9 4.7 % 2 69.4 4.4 % 31 $ 1,492.6 100.0 % 27 $ 1,562.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of December 31, 2021 and 2020, this is comprised of three loans with related parties. The loans are collateralized by equity interests in real estate investments. |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Loans Payable | Loans Payable At December 31, 2021 and 2020, the Account had outstanding loans payable secured by the following properties (millions): Property Interest Rate and Payment Frequency (2) Principal Amounts Outstanding as of Maturity 2021 2020 Ascent at Windward 3.51% paid monthly $ — $ 34.6 January 1, 2022 The Palatine 4.25% paid monthly — 74.4 January 10, 2022 The Forum at Carlsbad 4.25% paid monthly — 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 51.4 51.2 August 9, 2022 The Colorado (1) 3.69% paid monthly 84.7 86.4 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly 43.2 44.0 November 1, 2022 Regents Court (1) 3.69% paid monthly 36.6 37.3 November 1, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly 308.1 314.3 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 The Stratum (4) 2.45% paid monthly 39.8 — May 9, 2024 Spring House Innovation Park (4) 1.25% + LIBOR paid monthly 40.5 — July 9, 2024 1401 H Street, NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District at La Frontera (1) 3.84% paid monthly 37.8 38.4 December 1, 2024 The District at 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 69.1 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 19.3 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 Interest Rate and Payment Frequency (2) Principal Amounts Outstanding as of Maturity 2021 2020 Reserve at Chino Hills (4) 1.50% + LIBOR paid monthly $ 68.2 $ — August 9, 2025 Vista Station Office Portfolio (1) 4.20% paid monthly 42.9 43.9 November 1, 2025 Sixth & Main (4) 1.87% + LIBOR paid monthly 40.4 — November 9, 2025 701 Brickell Avenue (1) 3.66% paid monthly 182.0 184.0 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 $ 2,362.6 $ 2,381.3 Fair Value Adjustment (3) 17.9 30.1 Total Loans Payable $ 2,380.5 $ 2,411.4 (1) The mortgage is adjusted monthly for principal payments. (2) All interest rates are fixed except for Pacific City, Spring House Innovation Park, Reserve at Chino Hills and Sixth & Main, which have variable interest rates 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. (3) The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1—Organization and Significant Accounting Policies. (4) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. Principal payment schedule on loans payable as of December 31, 2021 was as follows (in millions): Amount 2022 $ 270.7 2023 523.1 2024 245.6 2025 621.4 2026 170.2 Thereafter 531.6 Total maturities $ 2,362.6 |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Line of Credit | Line of Credit The Account has a senior revolving unsecured line of credit with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A. (“Credit Agreement”) with a maximum total commitment of $500.0 million. Draws against the Credit Agreement 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. The Account previously held an unused, stand-alone, $500.0 million unsecured line of credit scheduled to mature in August 2021 that was terminated in May 2021. 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 the 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. For the years ended December 31, 2021 and 2020, expenses charged to the Account related to the Credit Agreements were $2.5 million and $4.9 million, respectively. As of December 31, 2021, the Account was in compliance with all covenants required by the Credit Agreement. The following table provides a summary of the key characteristics of the Credit Agreement as of December 31, 2021: Current Balance $ 500.0 Maximum Capacity (in millions) $ 500.0 Inception Date September 20, 2018 Maturity Date September 20, 2022 (1) Extension Option Yes (1) Eurodollar Applicable Rate Range 0.85% - 1.05% ABR Applicable Rate Range 0.85% - 1.05% Unused Fee (2) 0.20% per annum (1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with one consecutive twelve month extension option remaining. The Account may request an additional $250.0 million in commitments from the lenders at any time; however, this request is subject to approval at the sole discretion of the lenders and is not a guarantee that an expansion beyond the original $500.0 million commitment will be granted. (2) The Account is charged a fee on the unused portion of the Credit Agreement. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 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. Years ended December 31, 2021 2020 2019 2018 2017 Per Accumulation Unit Data: Rental income $ 22.672 $ 21.145 $ 18.165 $ 17.757 $ 17.132 Real estate property level expenses and taxes 10.731 10.067 8.734 8.548 7.722 Real estate income, net 11.941 11.078 9.431 9.209 9.410 Other income 5.474 4.980 6.752 6.162 4.762 Total income 17.415 16.058 16.183 15.371 14.172 Expense charges (1) 3.987 3.562 3.439 3.161 3.318 Investment income, net 13.428 12.496 12.744 12.210 10.854 Net realized and unrealized gain (loss) on investments and loans payable 64.615 (16.196) 10.262 6.877 5.839 Net increase (decrease) in Accumulation Unit Value 78.043 (3.700) 23.006 19.087 16.693 Accumulation Unit Value: Beginning of period $436.722 $440.422 $417.416 $398.329 $381.636 End of period $514.765 $436.722 $440.422 $417.416 $398.329 Years ended December 31, 2021 2020 2019 2018 2017 Total return 17.87 % (0.84) % 5.51 % 4.79 % 4.37 % Ratios to Average net Assets: Expenses (1) 0.84 % 0.81 % 0.78 % 0.76 % 0.83 % Investment income, net 2.82 % 2.85 % 2.90 % 2.95 % 2.72 % Portfolio turnover rate: Real estate properties (2) 7.6 % 7.1 % 7.8 % 11.8 % 2.7 % Marketable securities (3) — % 113.4 % 28.7 % 5.1 % 5.7 % Accumulation Units outstanding at end of period (millions): 53.4 52.0 60.8 60.7 61.3 Net assets end of period (millions) $28,072.0 $23,243.9 $27,307.9 $25,842.6 $24,942.6 (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) 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 joint venture and Funds investments) by the average value of the portfolio of real estate investments held during the period. (3) 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 | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Units Disclosure [Abstract] | |
Accumulation Units | Accumulation Units Changes in the number of Accumulation Units outstanding were as follows (in millions): Years ended December 31, 2021 2020 2019 Outstanding: Beginning of period 52.0 60.8 60.7 Credited for premiums 6.4 4.6 6.2 Annuity, other periodic payments, withdrawals and death benefits (5.0) (13.4) (6.1) End of period 53.4 52.0 60.8 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments —As of December 31, 2021 and 2020, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loan receivable investments (in millions): Commitment Expiration December 31, 2021 December 31, 2020 Real Estate Funds (1) LCS SHIP Venture I, LLC 06/2021 $ — $ 28.1 Grubb Southeast Real Estate Fund VI, LLC 06/2021 — 81.5 Townsend Group Value-Add Fund 12/2021 125.9 241.9 Veritas Trophy VI, LLC 08/2022 20.6 29.4 SP V - II, LLC 09/2022 12.9 67.1 JCR Capital - REA Preferred Equity Parallel Fund 12/2022 75.3 92.3 Silverpeak NRE FundCo 2 LLC 12/2022 43.7 — Silverpeak NRE FundCo LLC 12/2022 37.3 81.1 Taconic New York City GP Fund 11/2023 4.2 6.0 Flagler - REA Healthcare Properties Partnership 02/2025 1.2 49.6 $ 321.1 $ 677.0 Commitment Expiration December 31, 2021 December 31, 2020 Loans Receivable (2) Rosemont Towson 09/2021 $ — $ 1.2 BREP VIII Industrial Mezzanine 03/2022 22.4 15.5 SCG Oakland Portfolio Mezzanine 03/2022 6.1 6.5 311 South Wacker Mezzanine 06/2022 2.2 5.4 San Diego Office Portfolio Senior Loan 08/2022 6.8 7.0 San Diego Office Portfolio Mezzanine 08/2022 2.2 2.3 MRA Hub 34 Holding, LLC 08/2022 1.5 1.5 1330 Broadway Mezzanine 09/2022 10.9 10.9 Liberty Park Mezzanine 11/2022 2.6 3.1 Colony New England Hotel Portfolio Senior Loan 11/2022 14.1 14.1 Colony New England Hotel Portfolio Mezzanine 11/2022 4.7 4.7 Exo Apartments Senior Loan 01/2023 — 7.1 Exo Apartments Mezzanine 01/2023 2.4 2.4 Five Oak Mezzanine 03/2023 1.6 2.3 5 Points Towers Mezzanine 03/2024 4.2 — The Stratum Senior Loan 05/2024 2.0 — The Stratum Mezzanine 05/2024 0.7 — Spring House Innovation Park Senior Loan 07/2024 38.0 — Spring House Innovation Park Mezzanine 07/2024 12.7 — The Reserve at Chino Hills 08/2025 20.0 — Sixth and Main Senior Loan 11/2025 6.9 — Sixth and Main Mezzanine 11/2025 3.7 — $ 165.7 $ 84.0 TOTAL COMMITMENTS $ 486.8 $ 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 December 31, 2021, 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In preparing these financial statements, the Account has evaluated events and transactions for potential recognition or disclosure subsequent to December 31, 2021, through March 10, 2022, the date the financial statements were available to be issued. Real Estate Properties and Joint Ventures Purchases Property Name Purchase Date Ownership Percentage Sector Location Net Purchase Price (1) SYNC at Vinings (2) 01/06/2022 95.00% Apartments Atlanta, GA $ 87.0 SYNC at Ten Oaks (2) 01/06/2022 95.00% Apartments Lawrenceville, GA 70.1 SYNC at Purgatory Creek (2) 01/06/2022 95.00% Apartments San Marcos, TX 62.5 SYNC at Kingsland Ranch (2) 01/06/2022 95.00% Apartments Katy, TX 67.0 Storage Portfolio IV 01/12/2022 90.00% Storage Marietta, GA 20.9 Storage Portfolio IV 01/12/2022 90.00% Storage Tucker, GA 17.7 Northpark III (3) 02/04/2022 100.00% Industrial Brooklyn Park, MN 38.9 Northpark V (3) 02/04/2022 100.00% Industrial Brooklyn Park, MN 27.9 Park 81 East (3) 02/04/2022 100.00% Industrial Maple Grove, MN 56.3 Constellation Business Center (3) 02/04/2022 100.00% Industrial White Bear Township, MN 14.0 Carson South End Co-GP Development 02/18/2022 75.00% Land Charlotte, NC 28.9 Bethpage Land (4) 03/03/2022 98.30% Land Bethpage, NY 0.3 Marin Cancer Institute (5) 03/07/2022 50.00% Office Greenbrae, CA 18.4 Lakeside Medical Building (5) 03/07/2022 50.00% Office San Francisco, CA 10.2 Valley Medical Building I (5) 03/07/2022 50.00% Office Van Nuys, CA 8.6 Valley Medical Building II (5) 03/07/2022 50.00% Office Van Nuys, CA 7.8 Fountain Grove Medical Building (5) 03/07/2022 50.00% Office Santa Rosa, CA 5.0 (1) The net purchase price represents the purchase price and closing costs. (2) Property held within the Sun Holdings Multifamily Portfolio. (3) Property held within the Minneapolis Core Portfolio. (4) Property held within the Seavest MOB Portfolio. (5) Property held within the Juniper MOB Portfolio. Sales Property Name Sales Date Ownership Percentage Sector Location Net Sales Price (1) Realized Gain on Sale (2) 150 Industrial Road 02/01/2022 98.00% Office San Carlos, CA $ 147.7 $ 49.5 Warwick Shopping Center 03/03/2022 100.00% Retail Warwick, RI 11.8 0.3 South Denver Marketplace 03/03/2022 100.00% Retail Lone Tree, CO 73.0 1.0 (1) The net sales price represents the sales price, less selling expenses. (2) Majority of the realized gain has been previously recognized as unrealized gains in the Account's Consolidated Statements of Operations. Financings New debt Property Name Transaction Date Interest Rate Sector Maturity Date Principal Amount SYNC at Vinings (2) 01/06/2022 1.92% + SOFR Apartment 02/01/2029 $ 56.7 SYNC at Ten Oaks (2) 01/06/2022 1.92% + SOFR Apartment 02/01/2029 45.9 SYNC at Purgatory Creek (2) 01/06/2022 1.92%+ SOFR Apartment 02/01/2029 41.8 SYNC at Kingsland Ranch (2) 01/06/2022 1.92%+ SOFR Apartment 02/01/2029 45.5 Refinance Property Name Transaction Date Interest Rate Sector Maturity Date Principal Amount Florida Mall 02/04/2022 1.97%+ SOFR Retail 02/09/2024 $ 300.0 Debt payoff Property Name Transaction Date Interest Rate Sector Maturity Date Principal Amount Fusion 1560 02/22/2022 3.42% Apartment 06/10/2022 $ 37.4 |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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. Certain prior period amounts have been reclassified for comparative purposes to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported results of operations. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated. The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and 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 | 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. 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 typically motivated; • Both parties are well informed or well advised and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include, 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, direct capitalization analysis, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Account’s independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs). Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period. Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Account’s independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal). The independent fiduciary, SitusAMC, has been appointed by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation. Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of 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 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 fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from fund managers on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and concludes on 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 line 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 Agreement (as defined below) or additional credit facilities or other lines of credit in the future or the issuance of debt securities by the Account. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation: The Account's investments, other assets and liabilities that are denominated in a foreign currency are translated into U.S. dollars using the effective exchange rates at the end of the period. Transactions, such as the purchases and sales of securities or properties, income received, and expenses paid, executed in a foreign currency are translated into U.S. dollars at the effective exchange rate on the date of the transaction. The effects of foreign currency exchange rate translation on the Account's assets and liabilities are included in realized and unrealized gains and losses on the Account's Consolidated Statements of Operations. |
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 accounts based upon their relative daily net asset values. Once an Account participant 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 | 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 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 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 limited partners. 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 operating businesses 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 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 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 normal 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 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 - Financial Services - Investment Companies 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: a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and b) 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, Section 817, 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 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 or two business days and no interest is contractually charged on these amounts. |
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 July 2021, the FASB issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The amendments in ASU 2021-05 amend the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. Entities that have adopted Topic 842 before the issuance date of ASU 2016-05 have the option to apply the amendments either (1) retrospectively to leases that commenced or were modified on or after the adoption of Update 2016-02 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Management does not expect the guidance to materially impact the Account. 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 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) | 12 Months Ended |
Dec. 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: Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal December 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 0.5 — MRA 34 LLC —% 3.75% + LIBOR 8/26/2022 0.5 — 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES $ 69.9 $ 69.4 |
Concentration Risk (Tables)
Concentration Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedules 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 December 31, 2021: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Office 11.3 % 5.8 % 15.1 % 0.2 % — % 32.4 % Apartment 9.3 % 9.2 % 6.9 % 1.1 % — % 26.5 % Industrial 13.6 % 5.7 % 2.2 % 1.0 % — % 22.5 % Retail 4.7 % 5.9 % 2.9 % 0.8 % — % 14.3 % Other (7) 1.2 % 1.7 % 1.0 % 0.2 % 0.2 % 4.3 % Total 40.1 % 28.3 % 28.1 % 3.3 % 0.2 % 100.0 % (1) Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value. (2) Properties in the “West” region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY (3) Properties in the “East” region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV (4) Properties in the “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX (5) Properties in the “Midwest” region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI (6) Represents a developable land investment in Ireland. (7) Represents interests in Storage Portfolio investments, a hotel investment and land. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 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, are as follows (millions): For the Years Ending December 31, 2022 $ 635.8 2023 594.2 2024 517.7 2025 436.1 2026 330.2 Thereafter 1,172.7 Total $ 3,686.7 |
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 (millions): As of December 31, 2021 Assets: Right-of-use assets, at fair value $ 40.3 Liabilities: Ground lease liabilities, at fair value $ 40.3 Key Terms Weighted-average remaining lease term (years) 69.5 Weighted-average discount rate (1) 7.71 % (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 (millions): For the Years Ending December 31, 2022 $ 2.3 2023 2.3 2024 2.4 2025 2.4 2026 2.4 Thereafter 414.0 Total $ 425.8 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); significant unobservable inputs (Level 3); and Practical Expedient (millions): Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties — — 18,903.9 — 18,903.9 Real estate joint ventures — — 7,175.9 — 7,175.9 Real estate funds — — — 811.5 811.5 Real estate operating business — — 326.3 — 326.3 Marketable securities: United States Government agency notes — 864.1 — — 864.1 Foreign Government agency notes — 7.6 — — 7.6 United States Treasury securities — 784.3 — — 784.3 Corporate bonds — 551.8 — — 551.8 Loans receivable (1) — — 1,492.6 — 1,492.6 Total Investments at December 31, 2021 $ — $ 2,207.8 $ 27,898.7 $ 811.5 $ 30,918.0 Loans payable $ — $ — $ (2,380.5) $ — $ (2,380.5) Line of credit $ — $ — $ (500.0) $ — $ (500.0) Description Level 1: Level 2: Level 3: Fair Value Total at 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) Line of credit $ — $ — $ — $ — $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 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 years ended December 31, 2021 and 2020 (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — Total realized and unrealized (losses) gains included in changes in net assets 2,466.2 844.3 74.9 8.6 3,394.0 12.2 — Purchases (1) 881.9 899.6 1.4 326.7 2,109.6 (188.9) (500.0) Sales (920.9) — — (294.5) (1,215.4) — — Settlements (2) — (696.9) — (110.8) (807.7) 207.6 — Ending balance December 31, 2021 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 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 (348.9) (477.0) (0.2) (34.2) (860.3) (3.1) — Purchases (1) 1,680.1 247.2 250.2 118.0 2,295.5 (289.6) (540.0) Sales (689.5) — — (64.7) (754.2) — — Settlements (2) — (845.5) — (28.6) (874.1) 246.3 790.0 Ending balance December 31, 2020 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — (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. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | 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 years ended December 31, 2021 and 2020 (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — Total realized and unrealized (losses) gains included in changes in net assets 2,466.2 844.3 74.9 8.6 3,394.0 12.2 — Purchases (1) 881.9 899.6 1.4 326.7 2,109.6 (188.9) (500.0) Sales (920.9) — — (294.5) (1,215.4) — — Settlements (2) — (696.9) — (110.8) (807.7) 207.6 — Ending balance December 31, 2021 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 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 (348.9) (477.0) (0.2) (34.2) (860.3) (3.1) — Purchases (1) 1,680.1 247.2 250.2 118.0 2,295.5 (289.6) (540.0) Sales (689.5) — — (64.7) (754.2) — — Settlements (2) — (845.5) — (28.6) (874.1) 246.3 790.0 Ending balance December 31, 2020 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — (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. |
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 December 31, 2021. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8%–9.5% (6.6%) Terminal Capitalization Rate 4.5%–8.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0%–8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.0% - 8.3% (6.0%) Terminal Capitalization Rate 4.0% - 6.8% (4.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.5% - 6.5% (4.0%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.3% (5.9%) Terminal Capitalization Rate 4.0% - 5.8% (4.5%) Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.3% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.8% (7.0%) Terminal Capitalization Rate 5.0% - 9.5% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 9.3% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% Terminal Capitalization Rate 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.3% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% Terminal Growth Rate 4.0% Market Approach EBITDA Multiple 21.6x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 41.9% - 94.7% (73.1%) Equivalency Rate 2.4% - 9.5% (5.7%) Industrial Discounted Cash Flow Loan-to-Value Ratio 29.9% - 71.3% (65.9%) Equivalency Rate 4.3% - 5.1% (4.6%) Residential Discounted Cash Flow Loan-to-Value Ratio 38.4% - 77.3% (49.1%) Equivalency Rate 2.5% - 8.6% (5.0%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 59.8% - 79.8% (65.0%) Equivalency Rate 3.5% - 6.9% (5.2%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Equivalency Rate 1.8% - 3.7% (3.2%) Net Present Value Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Equivalency Rate 3.3% - 3.7% (3.4%) Net Present Value Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.3 (1.3) Residential Discounted Cash Flow Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Equivalency Rate 2.1% - 3.0% (2.8%) Net Present Value Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.3 - 1.4 (1.3) Retail Discounted Cash Flow Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Equivalency Rate 3.1% - 4.0% (3.5%) Net Present Value Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.9 (1.4) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2020. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.5%–9.0% (6.7%) Terminal Capitalization Rate 4.0%–8.3% (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% (6.6%) Terminal Capitalization Rate 4.3% - 7.3% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.8% - 7.0% (4.8%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.8% (6.4%) Terminal Capitalization Rate 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 5.0% - 12.0% (6.8%) Terminal Capitalization Rate 4.3% - 9.4% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 11.5% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% Terminal Capitalization Rate 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% Terminal Growth Rate 2.5% Market Approach EBITDA Multiple 13.9x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 50.6% - 91.8% (77.2%) Equivalency Rate 3.5% - 9.6% (6.6%) Industrial Discounted Cash Flow Loan-to-Value Ratio 30.9% - 90.2% (69.1%) Equivalency Rate 4.3% - 12.7% (6.8%) Residential Discounted Cash Flow Loan-to-Value Ratio 47.4% - 74.7% (64.1%) Equivalency Rate 3.2% - 7.0% (4.9%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 61.2% - 86.2% (68.7%) Equivalency Rate 5.4% - 9.9% (6.3%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 35.4% - 54.9% (45.5%) Equivalency Rate 2.4% - 3.3% (3.0%) Net Present Value Loan-to-Value Ratio 35.4% - 54.9% (45.5%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan-to-Value Ratio 54.6% - 59.2% (56.6%) Equivalency Rate 3.3% - 3.3% (3.3%) Net Present Value Loan-to-Value Ratio 54.6% - 59.2% (56.6%) Weighted Average Cost of Capital Risk Premium Multiple 1.4 - 1.5 (1.5) Residential Discounted Cash Flow Loan-to-Value Ratio 29.6% - 65.9% (48.2%) Equivalency Rate 2.3% - 3.2% (2.8%) Net Present Value Loan-to-Value Ratio 29.6% - 65.9% (48.2%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.7 (1.4) Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Retail Discounted Cash Flow Loan-to-Value Ratio 40.2% - 73.4% (47.6%) Equivalency Rate 2.8% - 4.2% (3.0%) Net Present Value Loan-to-Value Ratio 40.2% - 73.4% (47.6%) Weighted Average Cost of Capital Risk Premium Multiple 1.3 - 1.8 (1.4) |
Fair Value of Net Unrealized Gains Included in Changes in Net Assets Attributable to Investments and Mortgage Loans Payable Using Significant Unobservable Inputs | The amount of total net unrealized (losses) gains included in changes in net assets attributable to the change in net unrealized gains 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 Real Estate Operating Business Loans Total Mortgage For the year ended December 31, 2021 $ 2,371.8 $ 745.7 $ 74.9 $ 10.9 $ 3,203.3 $ 12.2 For the year ended December 31, 2020 $ (344.2) $ (382.8) $ (0.2) $ (32.7) $ (759.9) $ (3.1) |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Financial Position of the Joint Venture | A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions): December 31, 2021 2020 Assets Real estate properties, at fair value $ 16,681.2 $ 15,494.7 Other assets 684.9 696.0 Total assets $ 17,366.1 $ 16,190.7 Liabilities & Equity Mortgage notes payable and other obligations, at fair value $ 5,187.3 $ 4,959.6 Other liabilities 240.7 250.0 Total liabilities 5,428.0 5,209.6 Total equity 11,938.1 10,981.1 Total liabilities and equity $ 17,366.1 $ 16,190.7 |
Schedule of Results of Operations of the Joint Venture | Years ended December 31, 2021 2020 2019 Operating Revenue and Expenses Revenues $ 1,040.5 $ 1,021.6 $ 1,126.5 Expenses 577.7 571.9 604.1 Excess of revenues over expenses $ 462.8 $ 449.7 $ 522.4 |
Investments in Real Estate Fu_2
Investments in Real Estate Funds (Tables) | 12 Months Ended |
Dec. 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 Company holds a variable interest but is not the primary beneficiary were as follows at December 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) $ 230.2 $ 230.2 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 81.6 $ 102.2 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) $ 102.3 $ 115.2 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) $ 29.8 $ 34.0 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2024. The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. Silverpeak NRE FundCo LLC (90.0% Account Interest) $ 62.9 $ 100.2 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 (2.5% Account Interest) $ 40.6 $ 40.6 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) $ 114.8 $ 240.7 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) $ 26.5 $ 27.8 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 34.5 $ 34.5 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager. Silverpeak NRE FundCo 2 LLC (90.0% Account Interest) $ 62.8 $ 106.5 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) $ 25.5 $ 100.8 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 $ 811.5 $ 1,132.7 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable, Property Types | The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): December 31, 2021 December 31, 2020 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 862.4 $ 853.4 57.2 % $ 794.5 $ 778.4 49.9 % Apartments (1) 253.3 252.0 16.9 % 262.2 259.7 16.6 % Industrial 161.4 161.3 10.8 % 194.3 194.3 12.4 % Storage — — — % 82.0 73.8 4.7 % Hotel 125.3 125.3 8.4 % 135.3 129.9 8.3 % Retail 101.7 100.6 6.7 % 128.6 126.5 8.1 % $ 1,504.1 $ 1,492.6 100.0 % $ 1,596.9 $ 1,562.6 100.0 % (1) Includes loans receivable with related parties. |
Schedule of Fair Value and Risk Ratings | The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of December 31, 2021, listed in order of the strength of the risk rating (from strongest to weakest): December 31, 2021 December 31, 2020 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value AA 1 62.6 4.2 % — — — % A 4 248.5 16.6 % — — — % BBB 6 374.7 25.1 % 1 69.6 4.5 % BB 10 437.8 29.3 % 10 444.6 28.5 % B 5 144.3 9.7 % 11 758.2 48.5 % C 2 154.8 10.4 % 2 147.0 9.4 % D — — — % 1 73.8 4.7 % NR (1) 3 69.9 4.7 % 2 69.4 4.4 % 31 $ 1,492.6 100.0 % 27 $ 1,562.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of December 31, 2021 and 2020, this is comprised of three loans with related parties. The loans are collateralized by equity interests in real estate investments. |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Mortgage Loans Payable Secured by Properties | At December 31, 2021 and 2020, the Account had outstanding loans payable secured by the following properties (millions): Property Interest Rate and Payment Frequency (2) Principal Amounts Outstanding as of Maturity 2021 2020 Ascent at Windward 3.51% paid monthly $ — $ 34.6 January 1, 2022 The Palatine 4.25% paid monthly — 74.4 January 10, 2022 The Forum at Carlsbad 4.25% paid monthly — 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 51.4 51.2 August 9, 2022 The Colorado (1) 3.69% paid monthly 84.7 86.4 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly 43.2 44.0 November 1, 2022 Regents Court (1) 3.69% paid monthly 36.6 37.3 November 1, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly 308.1 314.3 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 The Stratum (4) 2.45% paid monthly 39.8 — May 9, 2024 Spring House Innovation Park (4) 1.25% + LIBOR paid monthly 40.5 — July 9, 2024 1401 H Street, NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District at La Frontera (1) 3.84% paid monthly 37.8 38.4 December 1, 2024 The District at 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 69.1 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 19.3 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 Interest Rate and Payment Frequency (2) Principal Amounts Outstanding as of Maturity 2021 2020 Reserve at Chino Hills (4) 1.50% + LIBOR paid monthly $ 68.2 $ — August 9, 2025 Vista Station Office Portfolio (1) 4.20% paid monthly 42.9 43.9 November 1, 2025 Sixth & Main (4) 1.87% + LIBOR paid monthly 40.4 — November 9, 2025 701 Brickell Avenue (1) 3.66% paid monthly 182.0 184.0 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 $ 2,362.6 $ 2,381.3 Fair Value Adjustment (3) 17.9 30.1 Total Loans Payable $ 2,380.5 $ 2,411.4 (1) The mortgage is adjusted monthly for principal payments. (2) All interest rates are fixed except for Pacific City, Spring House Innovation Park, Reserve at Chino Hills and Sixth & Main, which have variable interest rates 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. (3) The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1—Organization and Significant Accounting Policies. (4) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. |
Schedule of Maturities of Long-term Debt | Principal payment schedule on loans payable as of December 31, 2021 was as follows (in millions): Amount 2022 $ 270.7 2023 523.1 2024 245.6 2025 621.4 2026 170.2 Thereafter 531.6 Total maturities $ 2,362.6 |
Line of Credit (Tables)
Line of Credit (Tables) | 12 Months Ended |
Dec. 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 Agreement as of December 31, 2021: Current Balance $ 500.0 Maximum Capacity (in millions) $ 500.0 Inception Date September 20, 2018 Maturity Date September 20, 2022 (1) Extension Option Yes (1) Eurodollar Applicable Rate Range 0.85% - 1.05% ABR Applicable Rate Range 0.85% - 1.05% Unused Fee (2) 0.20% per annum (1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with one consecutive twelve month extension option remaining. The Account may request an additional $250.0 million in commitments from the lenders at any time; however, this request is subject to approval at the sole discretion of the lenders and is not a guarantee that an expansion beyond the original $500.0 million commitment will be granted. (2) The Account is charged a fee on the unused portion of the Credit Agreement. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 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. Years ended December 31, 2021 2020 2019 2018 2017 Per Accumulation Unit Data: Rental income $ 22.672 $ 21.145 $ 18.165 $ 17.757 $ 17.132 Real estate property level expenses and taxes 10.731 10.067 8.734 8.548 7.722 Real estate income, net 11.941 11.078 9.431 9.209 9.410 Other income 5.474 4.980 6.752 6.162 4.762 Total income 17.415 16.058 16.183 15.371 14.172 Expense charges (1) 3.987 3.562 3.439 3.161 3.318 Investment income, net 13.428 12.496 12.744 12.210 10.854 Net realized and unrealized gain (loss) on investments and loans payable 64.615 (16.196) 10.262 6.877 5.839 Net increase (decrease) in Accumulation Unit Value 78.043 (3.700) 23.006 19.087 16.693 Accumulation Unit Value: Beginning of period $436.722 $440.422 $417.416 $398.329 $381.636 End of period $514.765 $436.722 $440.422 $417.416 $398.329 Years ended December 31, 2021 2020 2019 2018 2017 Total return 17.87 % (0.84) % 5.51 % 4.79 % 4.37 % Ratios to Average net Assets: Expenses (1) 0.84 % 0.81 % 0.78 % 0.76 % 0.83 % Investment income, net 2.82 % 2.85 % 2.90 % 2.95 % 2.72 % Portfolio turnover rate: Real estate properties (2) 7.6 % 7.1 % 7.8 % 11.8 % 2.7 % Marketable securities (3) — % 113.4 % 28.7 % 5.1 % 5.7 % Accumulation Units outstanding at end of period (millions): 53.4 52.0 60.8 60.7 61.3 Net assets end of period (millions) $28,072.0 $23,243.9 $27,307.9 $25,842.6 $24,942.6 (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) 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 joint venture and Funds investments) by the average value of the portfolio of real estate investments held during the period. (3) 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) | 12 Months Ended |
Dec. 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): Years ended December 31, 2021 2020 2019 Outstanding: Beginning of period 52.0 60.8 60.7 Credited for premiums 6.4 4.6 6.2 Annuity, other periodic payments, withdrawals and death benefits (5.0) (13.4) (6.1) End of period 53.4 52.0 60.8 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Callable Commitments | As of December 31, 2021 and 2020, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loan receivable investments (in millions): Commitment Expiration December 31, 2021 December 31, 2020 Real Estate Funds (1) LCS SHIP Venture I, LLC 06/2021 $ — $ 28.1 Grubb Southeast Real Estate Fund VI, LLC 06/2021 — 81.5 Townsend Group Value-Add Fund 12/2021 125.9 241.9 Veritas Trophy VI, LLC 08/2022 20.6 29.4 SP V - II, LLC 09/2022 12.9 67.1 JCR Capital - REA Preferred Equity Parallel Fund 12/2022 75.3 92.3 Silverpeak NRE FundCo 2 LLC 12/2022 43.7 — Silverpeak NRE FundCo LLC 12/2022 37.3 81.1 Taconic New York City GP Fund 11/2023 4.2 6.0 Flagler - REA Healthcare Properties Partnership 02/2025 1.2 49.6 $ 321.1 $ 677.0 Commitment Expiration December 31, 2021 December 31, 2020 Loans Receivable (2) Rosemont Towson 09/2021 $ — $ 1.2 BREP VIII Industrial Mezzanine 03/2022 22.4 15.5 SCG Oakland Portfolio Mezzanine 03/2022 6.1 6.5 311 South Wacker Mezzanine 06/2022 2.2 5.4 San Diego Office Portfolio Senior Loan 08/2022 6.8 7.0 San Diego Office Portfolio Mezzanine 08/2022 2.2 2.3 MRA Hub 34 Holding, LLC 08/2022 1.5 1.5 1330 Broadway Mezzanine 09/2022 10.9 10.9 Liberty Park Mezzanine 11/2022 2.6 3.1 Colony New England Hotel Portfolio Senior Loan 11/2022 14.1 14.1 Colony New England Hotel Portfolio Mezzanine 11/2022 4.7 4.7 Exo Apartments Senior Loan 01/2023 — 7.1 Exo Apartments Mezzanine 01/2023 2.4 2.4 Five Oak Mezzanine 03/2023 1.6 2.3 5 Points Towers Mezzanine 03/2024 4.2 — The Stratum Senior Loan 05/2024 2.0 — The Stratum Mezzanine 05/2024 0.7 — Spring House Innovation Park Senior Loan 07/2024 38.0 — Spring House Innovation Park Mezzanine 07/2024 12.7 — The Reserve at Chino Hills 08/2025 20.0 — Sixth and Main Senior Loan 11/2025 6.9 — Sixth and Main Mezzanine 11/2025 3.7 — $ 165.7 $ 84.0 TOTAL COMMITMENTS $ 486.8 $ 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. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Transactions | Real Estate Properties and Joint Ventures Purchases Property Name Purchase Date Ownership Percentage Sector Location Net Purchase Price (1) SYNC at Vinings (2) 01/06/2022 95.00% Apartments Atlanta, GA $ 87.0 SYNC at Ten Oaks (2) 01/06/2022 95.00% Apartments Lawrenceville, GA 70.1 SYNC at Purgatory Creek (2) 01/06/2022 95.00% Apartments San Marcos, TX 62.5 SYNC at Kingsland Ranch (2) 01/06/2022 95.00% Apartments Katy, TX 67.0 Storage Portfolio IV 01/12/2022 90.00% Storage Marietta, GA 20.9 Storage Portfolio IV 01/12/2022 90.00% Storage Tucker, GA 17.7 Northpark III (3) 02/04/2022 100.00% Industrial Brooklyn Park, MN 38.9 Northpark V (3) 02/04/2022 100.00% Industrial Brooklyn Park, MN 27.9 Park 81 East (3) 02/04/2022 100.00% Industrial Maple Grove, MN 56.3 Constellation Business Center (3) 02/04/2022 100.00% Industrial White Bear Township, MN 14.0 Carson South End Co-GP Development 02/18/2022 75.00% Land Charlotte, NC 28.9 Bethpage Land (4) 03/03/2022 98.30% Land Bethpage, NY 0.3 Marin Cancer Institute (5) 03/07/2022 50.00% Office Greenbrae, CA 18.4 Lakeside Medical Building (5) 03/07/2022 50.00% Office San Francisco, CA 10.2 Valley Medical Building I (5) 03/07/2022 50.00% Office Van Nuys, CA 8.6 Valley Medical Building II (5) 03/07/2022 50.00% Office Van Nuys, CA 7.8 Fountain Grove Medical Building (5) 03/07/2022 50.00% Office Santa Rosa, CA 5.0 (1) The net purchase price represents the purchase price and closing costs. (2) Property held within the Sun Holdings Multifamily Portfolio. (3) Property held within the Minneapolis Core Portfolio. (4) Property held within the Seavest MOB Portfolio. (5) Property held within the Juniper MOB Portfolio. Sales Property Name Sales Date Ownership Percentage Sector Location Net Sales Price (1) Realized Gain on Sale (2) 150 Industrial Road 02/01/2022 98.00% Office San Carlos, CA $ 147.7 $ 49.5 Warwick Shopping Center 03/03/2022 100.00% Retail Warwick, RI 11.8 0.3 South Denver Marketplace 03/03/2022 100.00% Retail Lone Tree, CO 73.0 1.0 (1) The net sales price represents the sales price, less selling expenses. (2) Majority of the realized gain has been previously recognized as unrealized gains in the Account's Consolidated Statements of Operations. Financings New debt Property Name Transaction Date Interest Rate Sector Maturity Date Principal Amount SYNC at Vinings (2) 01/06/2022 1.92% + SOFR Apartment 02/01/2029 $ 56.7 SYNC at Ten Oaks (2) 01/06/2022 1.92% + SOFR Apartment 02/01/2029 45.9 SYNC at Purgatory Creek (2) 01/06/2022 1.92%+ SOFR Apartment 02/01/2029 41.8 SYNC at Kingsland Ranch (2) 01/06/2022 1.92%+ SOFR Apartment 02/01/2029 45.5 Refinance Property Name Transaction Date Interest Rate Sector Maturity Date Principal Amount Florida Mall 02/04/2022 1.97%+ SOFR Retail 02/09/2024 $ 300.0 Debt payoff Property Name Transaction Date Interest Rate Sector Maturity Date Principal Amount Fusion 1560 02/22/2022 3.42% Apartment 06/10/2022 $ 37.4 |
Organization and Significant _3
Organization and Significant Accounting Policies (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021requestnumber_of_day | |
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 can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Mortgage Loans Payable). The independent fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and mortgage loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal. | |
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, percent (not to exceed) | 2.50% | |
COVID-19 Pandemic Related | ||
Principal Transaction Revenue [Line Items] | ||
Deferred rent payments, number of new requests | request | 0 | |
Deferred rent payments requested, period (less than) | 6 months | |
Minimum | ||
Principal Transaction Revenue [Line Items] | ||
Investment advisory fees, paid or received, period | 1 | |
Maximum | ||
Principal Transaction Revenue [Line Items] | ||
Investment advisory fees, paid or received, period | 2 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended |
Dec. 31, 2021loan | |
Related Party Transactions [Abstract] | |
Distribution agreement, termination period | 60 days |
Percentage of trigger point on outstanding accumulation units, percent | 45.00% |
Loan receivable, with related parties, number of loans with a joint venture partner | 1 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of key terms of the loans (Details) - Loans Receivable - Related Party - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES | $ 69.9 | $ 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% | |
MRA 34 LLC | ||
Related Party Transaction [Line Items] | ||
Principal | $ 0.5 | 0 |
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES | $ 0.5 | 0 |
MRA 34 LLC | LIBOR | ||
Related Party Transaction [Line Items] | ||
Interest Rate, Variable | 3.75% | |
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 |
Concentration Risk (Details)
Concentration Risk (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Maximum percentage of annual contract rent of rental income | 4.00% |
Concentration Risk - Schedule o
Concentration Risk - Schedule of diversification of the Account's portfolio by region and property type (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Total | 100.00% | 100.00% |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Office | ||
Concentration Risk [Line Items] | ||
Total | 32.40% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Apartment | ||
Concentration Risk [Line Items] | ||
Total | 26.50% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Industrial | ||
Concentration Risk [Line Items] | ||
Total | 22.50% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Retail | ||
Concentration Risk [Line Items] | ||
Total | 14.30% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Other | ||
Concentration Risk [Line Items] | ||
Total | 4.30% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Office, Apartment, Retail, Industrial, and Other | ||
Concentration Risk [Line Items] | ||
Total | 100.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | West | Office | ||
Concentration Risk [Line Items] | ||
Total | 11.30% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | West | Apartment | ||
Concentration Risk [Line Items] | ||
Total | 9.30% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | West | Industrial | ||
Concentration Risk [Line Items] | ||
Total | 13.60% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | West | Retail | ||
Concentration Risk [Line Items] | ||
Total | 4.70% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | West | Other | ||
Concentration Risk [Line Items] | ||
Total | 1.20% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | West | Office, Apartment, Retail, Industrial, and Other | ||
Concentration Risk [Line Items] | ||
Total | 40.10% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | South | Office | ||
Concentration Risk [Line Items] | ||
Total | 5.80% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | South | Apartment | ||
Concentration Risk [Line Items] | ||
Total | 9.20% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | South | Industrial | ||
Concentration Risk [Line Items] | ||
Total | 5.70% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | South | Retail | ||
Concentration Risk [Line Items] | ||
Total | 5.90% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | South | Other | ||
Concentration Risk [Line Items] | ||
Total | 1.70% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | South | Office, Apartment, Retail, Industrial, and Other | ||
Concentration Risk [Line Items] | ||
Total | 28.30% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | East | Office | ||
Concentration Risk [Line Items] | ||
Total | 15.10% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | East | Apartment | ||
Concentration Risk [Line Items] | ||
Total | 6.90% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | East | Industrial | ||
Concentration Risk [Line Items] | ||
Total | 2.20% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | East | Retail | ||
Concentration Risk [Line Items] | ||
Total | 2.90% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | East | Other | ||
Concentration Risk [Line Items] | ||
Total | 1.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | East | Office, Apartment, Retail, Industrial, and Other | ||
Concentration Risk [Line Items] | ||
Total | 28.10% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Midwest | Office | ||
Concentration Risk [Line Items] | ||
Total | 0.20% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Midwest | Apartment | ||
Concentration Risk [Line Items] | ||
Total | 1.10% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Midwest | Industrial | ||
Concentration Risk [Line Items] | ||
Total | 1.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Midwest | Retail | ||
Concentration Risk [Line Items] | ||
Total | 0.80% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Midwest | Other | ||
Concentration Risk [Line Items] | ||
Total | 0.20% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Midwest | Office, Apartment, Retail, Industrial, and Other | ||
Concentration Risk [Line Items] | ||
Total | 3.30% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Foreign | Office | ||
Concentration Risk [Line Items] | ||
Total | 0.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Foreign | Apartment | ||
Concentration Risk [Line Items] | ||
Total | 0.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Foreign | Industrial | ||
Concentration Risk [Line Items] | ||
Total | 0.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Foreign | Retail | ||
Concentration Risk [Line Items] | ||
Total | 0.00% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Foreign | Other | ||
Concentration Risk [Line Items] | ||
Total | 0.20% | |
Geographic Concentration Risk | Portfolio Fair Value or Net Equity Value | Foreign | Office, Apartment, Retail, Industrial, and Other | ||
Concentration Risk [Line Items] | ||
Total | 0.20% |
Leases - Schedule of aggregate
Leases - Schedule of aggregate minimum annual rental payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Lease, Annual Payments | |
2022 | $ 635.8 |
2023 | 594.2 |
2024 | 517.7 |
2025 | 436.1 |
2026 | 330.2 |
Thereafter | 1,172.7 |
Total | $ 3,686.7 |
Leases - Schedule of right-of-u
Leases - Schedule of right-of-use assets and lease liabilities related to ground leases (Details) - Ground $ in Millions | Dec. 31, 2021USD ($) |
Assets: | |
Right-of-use assets, at fair value | $ 40.3 |
Liabilities: | |
Ground lease liabilities, at fair value | $ 40.3 |
Key Terms | |
Weighted-average remaining lease term (years) | 69 years 6 months |
Weighted-average discount rate | 7.71% |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Ground | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost, related to ground leases | $ 2.3 |
Leases - Schedule of future min
Leases - Schedule of future minimum annual payments for ground leases (Details) - Ground $ in Millions | Dec. 31, 2021USD ($) |
Operating Lease, Annual Payments | |
2022 | $ 2.3 |
2023 | 2.3 |
2024 | 2.4 |
2025 | 2.4 |
2026 | 2.4 |
Thereafter | 414 |
Total | $ 425.8 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate properties | $ 18,903.9 | $ 16,476.7 |
Real estate operating business | 326.3 | 250 |
Marketable securities: | ||
Marketable securities | 2,207.8 | 739.3 |
Total investments (cost: $24,326.7 and $21,967.9) | 30,918 | 25,550.7 |
Loans payable | (2,380.5) | (2,411.4) |
Line of credit | (500) | 0 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate properties | 18,903.9 | 16,476.7 |
Real estate joint ventures | 7,175.9 | 6,128.9 |
Real estate funds | 811.5 | 393.2 |
Real estate operating business | 326.3 | 250 |
Marketable securities: | ||
Loans receivable | 1,492.6 | 1,562.6 |
Total investments (cost: $24,326.7 and $21,967.9) | 30,918 | 25,550.7 |
Loans payable | (2,380.5) | (2,411.4) |
Line of credit | (500) | 0 |
Recurring | United States Government agency notes | ||
Marketable securities: | ||
Marketable securities | 864.1 | 157 |
Recurring | Foreign Government agency notes | ||
Marketable securities: | ||
Marketable securities | 7.6 | |
Recurring | United States Treasury securities | ||
Marketable securities: | ||
Marketable securities | 784.3 | 582.3 |
Recurring | Corporate bonds | ||
Marketable securities: | ||
Marketable securities | 551.8 | |
Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | ||
Marketable securities: | ||
Total investments (cost: $24,326.7 and $21,967.9) | 0 | 0 |
Recurring | Level 2: Significant Other Observable Inputs | ||
Marketable securities: | ||
Total investments (cost: $24,326.7 and $21,967.9) | 2,207.8 | 739.3 |
Recurring | Level 2: Significant Other Observable Inputs | United States Government agency notes | ||
Marketable securities: | ||
Marketable securities | 864.1 | 157 |
Recurring | Level 2: Significant Other Observable Inputs | Foreign Government agency notes | ||
Marketable securities: | ||
Marketable securities | 7.6 | |
Recurring | Level 2: Significant Other Observable Inputs | United States Treasury securities | ||
Marketable securities: | ||
Marketable securities | 784.3 | 582.3 |
Recurring | Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate properties | 18,903.9 | 16,476.7 |
Real estate joint ventures | 7,175.9 | 6,128.9 |
Real estate operating business | 326.3 | 250 |
Marketable securities: | ||
Loans receivable | 1,492.6 | 1,562.6 |
Total investments (cost: $24,326.7 and $21,967.9) | 27,898.7 | 24,418.2 |
Loans payable | (2,380.5) | (2,411.4) |
Line of credit | $ (500) | $ 0 |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized (losses) gains included in changes in net assets | $ 3,203.3 | $ (759.9) |
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 (losses) gains included in changes in net assets | 12.2 | (3.1) |
Purchases | (188.9) | (289.6) |
Settlements | 207.6 | 246.3 |
Ending balance | (2,380.5) | (2,411.4) |
Line of Credit | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | (250) |
Purchases | (500) | (540) |
Settlements | 0 | 790 |
Ending balance | (500) | 0 |
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 (losses) gains included in changes in net assets | 2,466.2 | (348.9) |
Purchases | 881.9 | 1,680.1 |
Sales | (920.9) | (689.5) |
Ending balance | 18,903.9 | 16,476.7 |
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 (losses) gains included in changes in net assets | 844.3 | (477) |
Purchases | 899.6 | 247.2 |
Settlements | (696.9) | (845.5) |
Ending balance | 7,175.9 | 6,128.9 |
Real Estate Operating Business | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 250 | 0 |
Total realized and unrealized (losses) gains included in changes in net assets | 74.9 | (0.2) |
Purchases | 1.4 | 250.2 |
Ending balance | 326.3 | 250 |
Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,562.6 | 1,572.1 |
Total realized and unrealized (losses) gains included in changes in net assets | 8.6 | (34.2) |
Purchases | 326.7 | 118 |
Sales | (294.5) | (64.7) |
Settlements | (110.8) | (28.6) |
Ending balance | 1,492.6 | 1,562.6 |
Total Level 3 Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 24,418.2 | 24,611.3 |
Total realized and unrealized (losses) gains included in changes in net assets | 3,394 | (860.3) |
Purchases | 2,109.6 | 2,295.5 |
Sales | (1,215.4) | (754.2) |
Settlements | (807.7) | (874.1) |
Ending balance | $ 27,898.7 | $ 24,418.2 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Discount Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Income Approach—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 | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.095 | 0.090 |
Discount Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.066 | 0.067 |
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.050 | 0.052 |
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.083 | 0.090 |
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.060 | 0.066 |
Discount Rate | Real Estate Properties and Joint Ventures | Residential | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.053 | 0.055 |
Discount Rate | Real Estate Properties and Joint Ventures | Residential | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.073 | 0.078 |
Discount Rate | Real Estate Properties and Joint Ventures | Residential | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.059 | 0.064 |
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.060 | 0.050 |
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.118 | 0.120 |
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.070 | 0.068 |
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.098 | 0.103 |
Discount Rate | Real Estate Operating Business | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.073 | 0.073 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.045 | 0.040 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.040 | 0.040 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.085 | 0.083 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.080 | 0.080 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.055 | 0.056 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.050 | 0.050 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.040 | 0.043 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.025 | 0.038 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.068 | 0.073 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.065 | 0.070 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.046 | 0.054 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.040 | 0.048 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.040 | 0.043 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | Minimum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.035 | 0.038 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.058 | 0.068 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | Maximum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.053 | 0.060 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.045 | 0.051 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | Weighted Average | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.040 | 0.046 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.050 | 0.043 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.045 | 0.040 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Income Approach—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 | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.093 | 0.115 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.057 | 0.057 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.052 | 0.052 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Income Approach—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 |
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Income Approach—Direct Capitalization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.073 | 0.078 |
Terminal Growth Rate | Real Estate Operating Business | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 0.040 | 0.025 |
EBITDA Multiple | Real Estate Operating Business | Market Approach | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Real Estate Properties and Joint Ventures | 21.6 | 13.9 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Office | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.419 | 0.506 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Office | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.947 | 0.918 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Office | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.731 | 0.772 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Industrial | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.299 | 0.309 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Industrial | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.713 | 0.902 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Industrial | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.659 | 0.691 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Residential | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.384 | 0.474 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Residential | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.773 | 0.747 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Residential | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.491 | 0.641 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.598 | 0.612 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.798 | 0.862 |
Loan-to-Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.650 | 0.687 |
Loan-to-Value Ratio | Loans Payable | Office | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.361 | 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 | 0.361 | 0.354 |
Loan-to-Value Ratio | Loans Payable | Office | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.635 | 0.549 |
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 | 0.635 | 0.549 |
Loan-to-Value Ratio | Loans Payable | Office | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.458 | 0.455 |
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 | 0.458 | 0.455 |
Loan-to-Value Ratio | Loans Payable | Industrial | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.340 | 0.546 |
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 | 0.340 | 0.546 |
Loan-to-Value Ratio | Loans Payable | Industrial | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.449 | 0.592 |
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 | 0.449 | 0.592 |
Loan-to-Value Ratio | Loans Payable | Industrial | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.383 | 0.566 |
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 | 0.383 | 0.566 |
Loan-to-Value Ratio | Loans Payable | Residential | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.288 | 0.296 |
Loan-to-Value Ratio | Loans Payable | Residential | Minimum | Net Present Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.288 | 0.296 |
Loan-to-Value Ratio | Loans Payable | Residential | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.536 | 0.659 |
Loan-to-Value Ratio | Loans Payable | Residential | Maximum | Net Present Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.536 | 0.659 |
Loan-to-Value Ratio | Loans Payable | Residential | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.400 | 0.482 |
Loan-to-Value Ratio | Loans Payable | Residential | Weighted Average | Net Present Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.400 | 0.482 |
Loan-to-Value Ratio | Loans Payable | Retail | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.360 | 0.402 |
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 | 0.360 | 0.402 |
Loan-to-Value Ratio | Loans Payable | Retail | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.763 | 0.734 |
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 | 0.763 | 0.734 |
Loan-to-Value Ratio | Loans Payable | Retail | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.460 | 0.476 |
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 | 0.460 | 0.476 |
Equivalency Rate | Loans Receivable, including those with related parties | Office | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.024 | 0.035 |
Equivalency Rate | Loans Receivable, including those with related parties | Office | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.095 | 0.096 |
Equivalency Rate | Loans Receivable, including those with related parties | Office | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.057 | 0.066 |
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.043 | 0.043 |
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.051 | 0.127 |
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.046 | 0.068 |
Equivalency Rate | Loans Receivable, including those with related parties | Residential | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.025 | 0.032 |
Equivalency Rate | Loans Receivable, including those with related parties | Residential | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.086 | 0.070 |
Equivalency Rate | Loans Receivable, including those with related parties | Residential | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.050 | 0.049 |
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.035 | 0.054 |
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.069 | 0.099 |
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Receivable, including those with related parties | 0.052 | 0.063 |
Equivalency Rate | Loans Payable | Office | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.018 | 0.024 |
Equivalency Rate | Loans Payable | Office | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.037 | 0.033 |
Equivalency Rate | Loans Payable | Office | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.032 | 0.030 |
Equivalency Rate | Loans Payable | Industrial | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.033 | 0.033 |
Equivalency Rate | Loans Payable | Industrial | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.037 | 0.033 |
Equivalency Rate | Loans Payable | Industrial | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.034 | 0.033 |
Equivalency Rate | Loans Payable | Residential | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.021 | 0.023 |
Equivalency Rate | Loans Payable | Residential | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.030 | 0.032 |
Equivalency Rate | Loans Payable | Residential | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.028 | 0.028 |
Equivalency Rate | Loans Payable | Retail | Minimum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.031 | 0.028 |
Equivalency Rate | Loans Payable | Retail | Maximum | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.040 | 0.042 |
Equivalency Rate | Loans Payable | Retail | Weighted Average | Income Approach—Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 0.035 | 0.030 |
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 | 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 | 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 | 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 | 1.2 | 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 | 1.3 | 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 | 1.3 | 1.5 |
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | 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 | Residential | Maximum | Net Present Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 1.4 | 1.7 |
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | Weighted Average | Net Present Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Payable | 1.3 | 1.4 |
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 | 1.2 | 1.3 |
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 | 1.9 | 1.8 |
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 | 1.4 |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net realized and unrealized gains included in changes in net assets | $ 3,203.3 | $ (759.9) |
Mortgage Loans Payable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total realized and unrealized gains, still held, included in changes in net assets | 12.2 | (3.1) |
Real Estate Properties | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net realized and unrealized gains included in changes in net assets | 2,371.8 | (344.2) |
Real Estate Joint Ventures | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net realized and unrealized gains included in changes in net assets | 745.7 | (382.8) |
Real Estate Operating Business | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net realized and unrealized gains included in changes in net assets | 74.9 | (0.2) |
Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net realized and unrealized gains included in changes in net assets | $ 10.9 | $ (32.7) |
Investments in Joint Ventures_2
Investments in Joint Ventures (Details) | Dec. 31, 2021 |
Equity Method Investments and Joint Ventures [Abstract] | |
Minimum percentage of noncontrolling ownership interest in joint ventures, percent | 33.30% |
Maximum percentage of noncontrolling ownership interest in joint ventures, percent | 98.50% |
Investments in Joint Ventures -
Investments in Joint Ventures - Schedule of financial position of the joint ventures (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Real estate properties, at fair value | $ 16,681.2 | $ 15,494.7 |
Other assets | 684.9 | 696 |
Total assets | 17,366.1 | 16,190.7 |
Liabilities & Equity | ||
Mortgage notes payable and other obligations, at fair value | 5,187.3 | 4,959.6 |
Other liabilities | 240.7 | 250 |
Total liabilities | 5,428 | 5,209.6 |
Total equity | 11,938.1 | 10,981.1 |
Total liabilities and equity | $ 17,366.1 | $ 16,190.7 |
Investments in Joint Ventures_3
Investments in Joint Ventures - Schedule of results of operations of the joint ventures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenue and Expenses | |||
Revenues | $ 1,040.5 | $ 1,021.6 | $ 1,126.5 |
Expenses | 577.7 | 571.9 | 604.1 |
Excess of revenues over expenses | $ 462.8 | $ 449.7 | $ 522.4 |
Investments in Real Estate Fu_3
Investments in Real Estate Funds (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 31,276.4 | $ 25,937.8 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 811.5 | |
Maximum Exposure to Loss | $ 1,132.7 | |
Variable Interest Entity, Not Primary Beneficiary | LCS SHIP Venture I, LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 90.00% | |
Carrying Amount | $ 230.2 | |
Maximum Exposure to Loss | $ 230.2 | |
Variable Interest Entity, Not Primary Beneficiary | Veritas Trophy VI, LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 90.40% | |
Carrying Amount | $ 81.6 | |
Maximum Exposure to Loss | $ 102.2 | |
Variable Interest Entity, Not Primary Beneficiary | SP V - II, LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 61.80% | |
Carrying Amount | $ 102.3 | |
Maximum Exposure to Loss | $ 115.2 | |
Variable Interest Entity, Not Primary Beneficiary | Taconic New York City GP Fund, LP | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 60.00% | |
Carrying Amount | $ 29.8 | |
Maximum Exposure to Loss | $ 34 | |
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 90.00% | |
Carrying Amount | $ 62.9 | |
Maximum Exposure to Loss | $ 100.2 | |
Variable Interest Entity, Not Primary Beneficiary | IDR - Core Property Index Fund, LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 2.50% | |
Carrying Amount | $ 40.6 | |
Maximum Exposure to Loss | $ 40.6 | |
Variable Interest Entity, Not Primary Beneficiary | Townsend Group Value-Add Fund | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 99.00% | |
Carrying Amount | $ 114.8 | |
Maximum Exposure to Loss | $ 240.7 | |
Variable Interest Entity, Not Primary Beneficiary | Flagler - REA Healthcare Properties Partnership | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 90.00% | |
Carrying Amount | $ 26.5 | |
Maximum Exposure to Loss | $ 27.8 | |
Variable Interest Entity, Not Primary Beneficiary | Grubb Southeast Real Estate Fund VI, LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 66.70% | |
Carrying Amount | $ 34.5 | |
Maximum Exposure to Loss | $ 34.5 | |
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 2 LLC | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 90.00% | |
Carrying Amount | $ 62.8 | |
Maximum Exposure to Loss | $ 106.5 | |
Variable Interest Entity, Not Primary Beneficiary | JCR Capital - REA Preferred Equity Parallel Fund | ||
Variable Interest Entity [Line Items] | ||
Account Interest | 31.10% | |
Carrying Amount | $ 25.5 | |
Maximum Exposure to Loss | $ 100.8 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of loans receivable by property type (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Outstanding | $ 1,504.1 | $ 1,596.9 |
Fair Value | $ 1,492.6 | $ 1,562.6 |
% of Fair Value | 100.00% | 100.00% |
Credit Concentration Risk | Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Fair Value | 100.00% | 100.00% |
Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Outstanding | $ 862.4 | $ 794.5 |
Fair Value | $ 853.4 | $ 778.4 |
Office | Credit Concentration Risk | Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Fair Value | 57.20% | 49.90% |
Apartments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Outstanding | $ 253.3 | $ 262.2 |
Fair Value | $ 252 | $ 259.7 |
Apartments | Credit Concentration Risk | Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Fair Value | 16.90% | 16.60% |
Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Outstanding | $ 161.4 | $ 194.3 |
Fair Value | $ 161.3 | $ 194.3 |
Industrial | Credit Concentration Risk | Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Fair Value | 10.80% | 12.40% |
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% |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Outstanding | $ 125.3 | $ 135.3 |
Fair Value | $ 125.3 | $ 129.9 |
Hotel | Credit Concentration Risk | Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Fair Value | 8.40% | 8.30% |
Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Outstanding | $ 101.7 | $ 128.6 |
Fair Value | $ 100.6 | $ 126.5 |
Retail | Credit Concentration Risk | Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of Fair Value | 6.70% | 8.10% |
Loans Receivable (Details)
Loans Receivable (Details) | 12 Months Ended |
Dec. 31, 2021 | |
D Rating | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of days past due, classified as delinquent | 90 days |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of fair values and risk ratings (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 31 | 27 |
Fair Value | $ | $ 1,492.6 | $ 1,562.6 |
% of Fair Value | 100.00% | 100.00% |
Related Party | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of loans collateralized by interest in a joint venture | 3 | 3 |
Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 100.00% | 100.00% |
AA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 1 | 0 |
Fair Value | $ | $ 62.6 | $ 0 |
AA | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 4.20% | 0.00% |
A | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 4 | 0 |
Fair Value | $ | $ 248.5 | $ 0 |
A | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 16.60% | 0.00% |
BBB | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 6 | 1 |
Fair Value | $ | $ 374.7 | $ 69.6 |
BBB | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 25.10% | 4.50% |
BB | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 10 | 10 |
Fair Value | $ | $ 437.8 | $ 444.6 |
BB | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 29.30% | 28.50% |
B | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 5 | 11 |
Fair Value | $ | $ 144.3 | $ 758.2 |
B | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 9.70% | 48.50% |
C | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | 2 | 2 |
Fair Value | $ | $ 154.8 | $ 147 |
C | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 10.40% | 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 | 3 | 2 |
Fair Value | $ | $ 69.9 | $ 69.4 |
NR | Loans Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
% of Fair Value | 4.70% | 4.40% |
Loans Payable - Schedule of out
Loans Payable - Schedule of outstanding loans payable (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Principal Amounts Outstanding | $ 2,362.6 | |
Total Principal Outstanding | 2,362.6 | $ 2,381.3 |
Fair Value Adjustment | 17.9 | 30.1 |
Total Loans Payable | $ 2,380.5 | 2,411.4 |
Ascent at Windward | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.51% | |
Interest Rate and Payment Frequency | 3.51% paid monthly | |
Principal Amounts Outstanding | $ 0 | 34.6 |
Maturity | Jan. 1, 2022 | |
The Palatine | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 4.25% | |
Interest Rate and Payment Frequency | 4.25% paid monthly | |
Principal Amounts Outstanding | $ 0 | 74.4 |
Maturity | Jan. 10, 2022 | |
The Forum at Carlsbad | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 4.25% | |
Interest Rate and Payment Frequency | 4.25% paid monthly | |
Principal Amounts Outstanding | $ 0 | 84 |
Maturity | Mar. 1, 2022 | |
Fusion 1560 | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.42% | |
Interest Rate and Payment Frequency | 3.42% paid monthly | |
Principal Amounts Outstanding | $ 37.4 | 37.4 |
Maturity | Jun. 10, 2022 | |
San Diego Office Portfolio | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.62% | |
Interest Rate and Payment Frequency | 3.62% paid monthly | |
Principal Amounts Outstanding, Loans Payable | $ 51.4 | 51.2 |
Maturity, Loans Payable | Aug. 9, 2022 | |
The Colorado | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.69% | |
Interest Rate and Payment Frequency | 3.69% paid monthly | |
Principal Amounts Outstanding | $ 84.7 | 86.4 |
Maturity | Nov. 1, 2022 | |
The Legacy at Westwood | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.69% | |
Interest Rate and Payment Frequency | 3.69% paid monthly | |
Principal Amounts Outstanding | $ 43.2 | 44 |
Maturity | Nov. 1, 2022 | |
Regents Court | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.69% | |
Interest Rate and Payment Frequency | 3.69% paid monthly | |
Principal Amounts Outstanding | $ 36.6 | 37.3 |
Maturity | Nov. 1, 2022 | |
1001 Pennsylvania Avenue | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.70% | |
Interest Rate and Payment Frequency | 3.70% paid monthly | |
Principal Amounts Outstanding | $ 308.1 | 314.3 |
Maturity | Jun. 1, 2023 | |
Biltmore at Midtown | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.94% | |
Interest Rate and Payment Frequency | 3.94% paid monthly | |
Principal Amounts Outstanding | $ 36.4 | 36.4 |
Maturity | Jul. 5, 2023 | |
Cherry Knoll | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.78% | |
Interest Rate and Payment Frequency | 3.78% paid monthly | |
Principal Amounts Outstanding | $ 35.3 | 35.3 |
Maturity | Jul. 5, 2023 | |
Lofts at SoDo | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.94% | |
Interest Rate and Payment Frequency | 3.94% paid monthly | |
Principal Amounts Outstanding | $ 35.1 | 35.1 |
Maturity | Jul. 5, 2023 | |
Pacific City | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate and Payment Frequency | 2.00% + LIBOR paid monthly | |
Principal Amounts Outstanding | $ 105 | 105 |
Maturity | Oct. 1, 2023 | |
The Stratum | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 2.45% | |
Interest Rate and Payment Frequency | 2.45% paid monthly | |
Principal Amounts Outstanding | $ 39.8 | 0 |
Maturity | May 9, 2024 | |
Spring House Innovation Park | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate and Payment Frequency | 1.25% + LIBOR paid monthly | |
Principal Amounts Outstanding | $ 40.5 | 0 |
Maturity | Jul. 9, 2024 | |
1401 H Street, NW | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.65% | |
Interest Rate and Payment Frequency | 3.65% paid monthly | |
Principal Amounts Outstanding | $ 115 | 115 |
Maturity | Nov. 5, 2024 | |
The District at La Frontera | Loan A | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.84% | |
Interest Rate and Payment Frequency | 3.84% paid monthly | |
Principal Amounts Outstanding | $ 37.8 | 38.4 |
Maturity | Dec. 1, 2024 | |
The District at La Frontera | Loan B | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 4.96% | |
Interest Rate and Payment Frequency | 4.96% paid monthly | |
Principal Amounts Outstanding | $ 4.2 | 4.2 |
Maturity | Dec. 1, 2024 | |
Circa Green Lake | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.71% | |
Interest Rate and Payment Frequency | 3.71% paid monthly | |
Principal Amounts Outstanding | $ 52 | 52 |
Maturity | Mar. 5, 2025 | |
Union - South Lake Union | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.66% | |
Interest Rate and Payment Frequency | 3.66% paid monthly | |
Principal Amounts Outstanding | $ 57 | 57 |
Maturity | Mar. 5, 2025 | |
Holly Street Village | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.65% | |
Interest Rate and Payment Frequency | 3.65% paid monthly | |
Principal Amounts Outstanding | $ 81 | 81 |
Maturity | May 1, 2025 | |
Henley at Kingstowne | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.60% | |
Interest Rate and Payment Frequency | 3.60% paid monthly | |
Principal Amounts Outstanding | $ 69.1 | 70.3 |
Maturity | May 1, 2025 | |
32 South State Street | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 4.48% | |
Interest Rate and Payment Frequency | 4.48% paid monthly | |
Principal Amounts Outstanding | $ 24 | 24 |
Maturity | Jun. 6, 2025 | |
Vista Station Office Portfolio | Loan A | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 4.00% | |
Interest Rate and Payment Frequency | 4.00% paid monthly | |
Principal Amounts Outstanding | $ 19.3 | 19.9 |
Maturity | Jul. 1, 2025 | |
Vista Station Office Portfolio | Loan B | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 4.20% | |
Interest Rate and Payment Frequency | 4.20% paid monthly | |
Principal Amounts Outstanding | $ 42.9 | 43.9 |
Maturity | Nov. 1, 2025 | |
780 Third Avenue | Loan A | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.55% | |
Interest Rate and Payment Frequency | 3.55% paid monthly | |
Principal Amounts Outstanding | $ 150 | 150 |
Maturity | Aug. 1, 2025 | |
780 Third Avenue | Loan B | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.55% | |
Interest Rate and Payment Frequency | 3.55% paid monthly | |
Principal Amounts Outstanding | $ 20 | 20 |
Maturity | Aug. 1, 2025 | |
Reserve at Chino Hills | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate and Payment Frequency | 1.50% + LIBOR paid monthly | |
Principal Amounts Outstanding | $ 68.2 | 0 |
Maturity | Aug. 9, 2025 | |
Sixth & Main | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate and Payment Frequency | 1.87% + LIBOR paid monthly | |
Principal Amounts Outstanding | $ 40.4 | 0 |
Maturity | Nov. 9, 2025 | |
701 Brickell Avenue | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.66% | |
Interest Rate and Payment Frequency | 3.66% paid monthly | |
Principal Amounts Outstanding | $ 182 | 184 |
Maturity | Apr. 1, 2026 | |
Marketplace at Mill Creek | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.82% | |
Interest Rate and Payment Frequency | 3.82% paid monthly | |
Principal Amounts Outstanding | $ 39.6 | 39.6 |
Maturity | Sep. 11, 2027 | |
Overlook At King Of Prussia | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.82% | |
Interest Rate and Payment Frequency | 3.82% paid monthly | |
Principal Amounts Outstanding | $ 40.8 | 40.8 |
Maturity | Sep. 11, 2027 | |
Winslow Bay | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.82% | |
Interest Rate and Payment Frequency | 3.82% paid monthly | |
Principal Amounts Outstanding | $ 25.8 | 25.8 |
Maturity | Sep. 11, 2027 | |
1900 K Street, NW | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.93% | |
Interest Rate and Payment Frequency | 3.93% paid monthly | |
Principal Amounts Outstanding | $ 163 | 163 |
Maturity | Apr. 1, 2028 | |
99 High Street | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Interest Rate | 3.90% | |
Interest Rate and Payment Frequency | 3.90% paid monthly | |
Principal Amounts Outstanding | $ 277 | $ 277 |
Maturity | Mar. 1, 2030 | |
LIBOR | Pacific City | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Annual Interest Rate, basis spread on variable rate | 2.00% | |
LIBOR | Spring House Innovation Park | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Annual Interest Rate, basis spread on variable rate | 1.25% | |
LIBOR | Reserve at Chino Hills | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Annual Interest Rate, basis spread on variable rate | 1.50% | |
LIBOR | Sixth & Main | ||
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items] | ||
Annual Interest Rate, basis spread on variable rate | 1.87% |
Loans Payable - Schedule of mat
Loans Payable - Schedule of maturities of long-term debt (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 270.7 |
2023 | 523.1 |
2024 | 245.6 |
2025 | 621.4 |
2026 | 170.2 |
Thereafter | 531.6 |
Total maturities | $ 2,362.6 |
Line of Credit (Details)
Line of Credit (Details) | Sep. 20, 2018USD ($)loan | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 31, 2021USD ($) |
Debt Instrument [Line Items] | ||||
Commitment fee | $ 2,500,000 | $ 4,900,000 | ||
Senior Unsecured Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum capacity | $ 500,000,000 | |||
Senior Unsecured Revolving Credit Facility | 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 | |||
Senior Unsecured Revolving Credit Facility | Line of Credit | Alternate Base Rate Loan | ||||
Debt Instrument [Line Items] | ||||
Minimum funding requirement | $ 5,000,000 | |||
Senior Unsecured Revolving Credit Facility | Line of Credit | Alternate Base Rate Loan | Federal Reserve Bank of New York | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 0.50% | |||
Senior Unsecured Revolving Credit Facility | Line of Credit | Alternate Base Rate Loan | Adjusted LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.00% | |||
Unsecured Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum capacity | $ 500,000,000 | |||
Maximum capacity, amount terminated | $ 500,000,000 |
Line of Credit - Summary of key
Line of Credit - Summary of key characteristics (Details) - Line of Credit | Jul. 16, 2021USD ($)extension | Sep. 20, 2018USD ($) | Dec. 31, 2021USD ($) |
Unsecured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Current Balance | $ 500,000,000 | ||
Maximum Capacity (in millions) | $ 500,000,000 | ||
Unused fee | 0.20% | ||
Unsecured Revolving Credit Facility | Eurodollar Loan | Adjusted LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable Rate Range | 0.85% | ||
Unsecured Revolving Credit Facility | Eurodollar Loan | Adjusted LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Applicable Rate Range | 1.05% | ||
Unsecured Revolving Credit Facility | ABR | Adjusted LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable Rate Range | 0.85% | ||
Unsecured Revolving Credit Facility | ABR | Adjusted LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Applicable Rate Range | 1.05% | ||
Senior Unsecured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum Capacity (in millions) | $ 500,000,000 | ||
Number of extension periods | extension | 1 | ||
Extension period | 12 months | ||
Additional borrowing capacity | $ 250,000,000 | ||
Senior Unsecured Revolving Credit Facility | ABR | Adjusted LIBOR | |||
Debt Instrument [Line Items] | |||
Applicable Rate Range | 1.00% |
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 | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Per Accumulation Unit Data: | |||||
Rental income (in dollars per share) | $ 22.672 | $ 21.145 | $ 18.165 | $ 17.757 | $ 17.132 |
Real estate property level expenses and taxes (in dollars per share) | 10.731 | 10.067 | 8.734 | 8.548 | 7.722 |
Real estate income, net (in dollars per share) | 11.941 | 11.078 | 9.431 | 9.209 | 9.410 |
Other income (in dollars per share) | 5.474 | 4.980 | 6.752 | 6.162 | 4.762 |
Total income (in dollars per share) | 17.415 | 16.058 | 16.183 | 15.371 | 14.172 |
Expense charges (in dollars per share) | 3.987 | 3.562 | 3.439 | 3.161 | 3.318 |
Investment income, net (in dollars per share) | 13.428 | 12.496 | 12.744 | 12.210 | 10.854 |
Net realized and unrealized gain (loss) on investments and loans payable (in dollars per share) | 64.615 | (16.196) | 10.262 | 6.877 | 5.839 |
Net increase (decrease) in Accumulation Unit Value (in dollars per share) | 78.043 | (3.700) | 23.006 | 19.087 | 16.693 |
Accumulation Unit Value: | |||||
Beginning of period (in dollars per share) | 436.722 | 440.422 | 417.416 | 398.329 | 381.636 |
End of period (in dollars per share) | $ 514.765 | $ 436.722 | $ 440.422 | $ 417.416 | $ 398.329 |
Total return | 17.87% | (0.84%) | 5.51% | 4.79% | 4.37% |
Ratios to Average net Assets: | |||||
Expenses | 0.84% | 0.81% | 0.78% | 0.76% | 0.83% |
Investment income, net | 2.82% | 2.85% | 2.90% | 2.95% | 2.72% |
Portfolio turnover rate: | |||||
Real estate properties | 7.60% | 7.10% | 7.80% | 11.80% | 2.70% |
Marketable securities | 0.00% | 113.40% | 28.70% | 5.10% | 5.70% |
Accumulation Units outstanding at end of period (millions) (in shares) | 53.4 | 52 | 60.8 | 60.7 | 61.3 |
Net assets end of period (millions) | $ 28,072 | $ 23,243.9 | $ 27,307.9 | $ 25,842.6 | $ 24,942.6 |
Accumulation Units - Schedule o
Accumulation Units - Schedule of changes in the number of accumulation units outstanding (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding: | |||
Beginning of period (in shares) | 52 | 60.8 | 60.7 |
Credited for premiums (in shares) | 6.4 | 4.6 | 6.2 |
Annuity, other periodic payments, withdrawals and death benefits (in shares) | (5) | (13.4) | (6.1) |
End of period (in shares) | 53.4 | 52 | 60.8 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of limited partners' callable commitments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | $ 486.8 | $ 761 |
Real Estate Funds | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 321.1 | 677 |
Real Estate Funds | LCS SHIP Venture I, LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 0 | 28.1 |
Real Estate Funds | Grubb Southeast Real Estate Fund VI, LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 0 | 81.5 |
Real Estate Funds | Townsend Group Value-Add Fund | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 125.9 | 241.9 |
Real Estate Funds | Veritas Trophy VI, LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 20.6 | 29.4 |
Real Estate Funds | SP V - II, LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 12.9 | 67.1 |
Real Estate Funds | JCR Capital - REA Preferred Equity Parallel Fund | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 75.3 | 92.3 |
Real Estate Funds | Silverpeak NRE FundCo 2 LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 43.7 | 0 |
Real Estate Funds | Silverpeak NRE FundCo LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 37.3 | 81.1 |
Real Estate Funds | Taconic New York City GP Fund | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 4.2 | 6 |
Real Estate Funds | Flagler - REA Healthcare Properties Partnership | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 1.2 | 49.6 |
Loans Receivable | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 165.7 | 84 |
Loans Receivable | Rosemont Towson | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 0 | 1.2 |
Loans Receivable | BREP VIII Industrial Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 22.4 | 15.5 |
Loans Receivable | SCG Oakland Portfolio Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 6.1 | 6.5 |
Loans Receivable | 311 South Wacker Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 2.2 | 5.4 |
Loans Receivable | San Diego Office Portfolio Senior Loan | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 6.8 | 7 |
Loans Receivable | San Diego Office Portfolio Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 2.2 | 2.3 |
Loans Receivable | MRA Hub 34 Holding, LLC | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 1.5 | 1.5 |
Loans Receivable | 1330 Broadway Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 10.9 | 10.9 |
Loans Receivable | Liberty Park Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 2.6 | 3.1 |
Loans Receivable | Colony New England Hotel Portfolio Senior Loan | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 14.1 | 14.1 |
Loans Receivable | Colony New England Hotel Portfolio Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 4.7 | 4.7 |
Loans Receivable | Exo Apartments Senior Loan | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 0 | 7.1 |
Loans Receivable | Exo Apartments Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 2.4 | 2.4 |
Loans Receivable | Five Oak Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 1.6 | 2.3 |
Loans Receivable | 5 Points Towers Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 4.2 | 0 |
Loans Receivable | The Stratum Senior Loan | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 2 | 0 |
Loans Receivable | The Stratum Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 0.7 | 0 |
Loans Receivable | Spring House Innovation Park Senior Loan | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 38 | 0 |
Loans Receivable | Spring House Innovation Park Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 12.7 | 0 |
Loans Receivable | The Reserve at Chino Hills | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 20 | 0 |
Loans Receivable | Sixth and Main Senior Loan | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | 6.9 | 0 |
Loans Receivable | Sixth and Main Mezzanine | ||
Limited Partners' Capital Account [Line Items] | ||
TOTAL COMMITMENTS | $ 3.7 | $ 0 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of purchases (Details) - Subsequent Event - USD ($) $ in Millions | Mar. 07, 2022 | Mar. 03, 2022 | Feb. 18, 2022 | Feb. 04, 2022 | Jan. 12, 2022 | Jan. 06, 2022 |
SYNC at Vinings | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 95.00% | |||||
Net Purchase Price | $ 87 | |||||
SYNC at Ten Oaks | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 95.00% | |||||
Net Purchase Price | $ 70.1 | |||||
SYNC at Purgatory Creek | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 95.00% | |||||
Net Purchase Price | $ 62.5 | |||||
SYNC at Kingsland Ranch | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 95.00% | |||||
Net Purchase Price | $ 67 | |||||
Storage Portfolio IV, Marietta, GA | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 90.00% | |||||
Net Purchase Price | $ 20.9 | |||||
Storage Portfolio IV, Tucker, GA | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 90.00% | |||||
Net Purchase Price | $ 17.7 | |||||
Northpark III | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 100.00% | |||||
Net Purchase Price | $ 38.9 | |||||
Northpark V | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 100.00% | |||||
Net Purchase Price | $ 27.9 | |||||
Park 81 East | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 100.00% | |||||
Net Purchase Price | $ 56.3 | |||||
Constellation Business Center | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 100.00% | |||||
Net Purchase Price | $ 14 | |||||
Carson South End Co-GP Development | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 75.00% | |||||
Net Purchase Price | $ 28.9 | |||||
Bethpage Land | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 98.30% | |||||
Net Purchase Price | $ 0.3 | |||||
Marin Cancer Institute | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Net Purchase Price | $ 18.4 | |||||
Lakeside Medical Building | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Net Purchase Price | $ 10.2 | |||||
Valley Medical Building I | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Net Purchase Price | $ 8.6 | |||||
Valley Medical Building II | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Net Purchase Price | $ 7.8 | |||||
Fountain Grove Medical Building | ||||||
Subsequent Event [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Net Purchase Price | $ 5 |
Subsequent Events - Schedule _2
Subsequent Events - Schedule of sales (Details) - Subsequent Event - USD ($) $ in Millions | Mar. 03, 2022 | Feb. 01, 2022 |
150 Industrial Road | ||
Subsequent Event [Line Items] | ||
Ownership Percentage | 98.00% | |
Net Sales Price | $ 147.7 | |
Realized Gain on Sale | $ 49.5 | |
Warwick Shopping Center | ||
Subsequent Event [Line Items] | ||
Ownership Percentage | 100.00% | |
Net Sales Price | $ 11.8 | |
Realized Gain on Sale | $ 0.3 | |
South Denver Marketplace | ||
Subsequent Event [Line Items] | ||
Ownership Percentage | 100.00% | |
Net Sales Price | $ 73 | |
Realized Gain on Sale | $ 1 |
Subsequent Events - Schedule _3
Subsequent Events - Schedule of new debt (Details) - Subsequent Event | Jan. 06, 2022USD ($) |
SYNC at Vinings | |
Subsequent Event [Line Items] | |
Principal Amount | $ 56,700,000 |
SYNC at Vinings | SOFR | |
Subsequent Event [Line Items] | |
Interest Rate | 1.92% |
SYNC at Ten Oaks | |
Subsequent Event [Line Items] | |
Principal Amount | $ 45,900,000 |
SYNC at Ten Oaks | SOFR | |
Subsequent Event [Line Items] | |
Interest Rate | 1.92% |
SYNC at Purgatory Creek | |
Subsequent Event [Line Items] | |
Principal Amount | $ 41,800,000 |
SYNC at Purgatory Creek | SOFR | |
Subsequent Event [Line Items] | |
Interest Rate | 1.92% |
SYNC at Kingsland Ranch | |
Subsequent Event [Line Items] | |
Principal Amount | $ 45,500,000 |
SYNC at Kingsland Ranch | SOFR | |
Subsequent Event [Line Items] | |
Interest Rate | 1.92% |
Subsequent Events - Schedule _4
Subsequent Events - Schedule of refinance (Details) - Subsequent Event - Florida Mall | Feb. 04, 2022USD ($) |
Subsequent Event [Line Items] | |
Principal Amount | $ 300,000,000 |
SOFR | |
Subsequent Event [Line Items] | |
Interest Rate | 1.97% |
Subsequent Events - Schedule _5
Subsequent Events - Schedule of debt payoff (Details) - Fusion 1560 - USD ($) | Feb. 22, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | ||
Interest Rate | 3.42% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Interest Rate | 3.42% | |
Principal Amount | $ 37,400,000 |