Tiaa Real Estate Account 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	33-92990
Entity Registrant Name	TIAA REAL ESTATE ACCOUNT
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	730 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-3206
City Area Code	212
Local Phone Number	490-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding (in shares)	0
Amendment Flag	false
Entity Central Index Key	0000946155
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments, at fair value:
Real estate properties (cost: $14,395.8 and $14,163.2)	$ 21,288.6	$ 18,903.9
Real estate joint ventures (cost: $5,648.1 and $5,497.9)	7,642.9	7,175.9
Real estate funds (cost: $781.5 and $692.9)	907	811.5
Real estate operating business (cost: $352.5 and $251.6)	628	326.3
Marketable securities (cost: $2,771.7 and $2,217.0)	2,724	2,207.8
Loans receivable (principal: $1,582.0 and $1,434.3)	1,488.2	1,422.7
Loans receivable with related parties (principal: $69.9 and $69.8)	69.9	69.9
Total investments (cost: $25,601.5 and $24,326.7)	34,748.6	30,918
Cash and cash equivalents	32.1	21.2
Due from investment manager	8.9	9.9
Other	335.1	327.3
TOTAL ASSETS	35,124.7	31,276.4
LIABILITIES
Loans payable, at fair value (principal outstanding: $2,324.9 and $2,362.6)	2,293	2,380.5
Line of credit, at fair value	500	500
Senior notes payable, at fair value (principal outstanding: $500.0)	486.2	0
Accrued real estate property expenses	252	287.6
Payable for securities purchased	100	0
Other	44.7	36.3
TOTAL LIABILITIES	3,675.9	3,204.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	30,786.2	27,476
Annuity Fund	662.6	596
TOTAL NET ASSETS	$ 31,448.8	$ 28,072
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares)	54	53.4
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share)	$ 570.473	$ 514.765

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Real estate properties at cost	$ 14,395.8	$ 14,163.2
Real estate joint ventures at cost	5,648.1	5,497.9
Real estate funds at cost	781.5	692.9
Real estate operating business at cost	352.5	251.6
Marketable securities at cost	2,771.7	2,217
Loans receivable at cost	1,582	1,434.3
Loans receivable with related parties at cost	69.9	69.8
Total investments at cost	25,601.5	24,326.7
Loans payable principal outstanding	2,324.9	2,362.6
Senior notes payable principal outstanding	$ 500	$ 500

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real estate income, net:
Rental income	$ 314.1	$ 305.3	$ 617.8	$ 594.1
Real estate property level expenses and taxes:
Operating expenses	71.1	63.6	144.7	132.6
Real estate taxes	50.3	51.9	102	106.7
Interest expense	21.3	23.6	42.2	46.5
Total real estate property level expenses and taxes	142.7	139.1	288.9	285.8
Real estate income, net	171.4	166.2	328.9	308.3
Income from real estate joint ventures	42.5	49.3	103	92.2
Income from real estate funds	5.5	2.5	11.5	4.7
Interest	22.3	20.8	43	40.7
Other	0	0	0.8	0
TOTAL INVESTMENT INCOME	241.7	238.8	487.2	445.9
Expenses:
Investment management charges	21.4	16.3	43.9	33.5
Administrative charges	8.9	11.7	22.4	26.5
Distribution charges	5	5.6	12.3	13.9
Mortality and expense risk charges	0.1	0.3	0.5	0.6
Liquidity guarantee charges	22.4	14.5	45.1	28.4
TOTAL EXPENSES	57.8	48.4	124.2	102.9
INVESTMENT INCOME, NET	183.9	190.4	363	343
Net realized gain (loss) on investments:
Real estate properties	37.9	199.8	29.5	202.8
Real estate joint ventures	(37.8)	(0.1)	13.1	(0.1)
Marketable securities	(0.3)	0	(1.3)	0
Loans receivable	0	(13.4)	0	(14.1)
Net realized (loss) gain on investments	(0.2)	186.3	41.3	188.6
Net change in unrealized gain (loss) on:
Real estate properties	939.7	404.2	2,152.1	692
Real estate joint ventures	277.1	99.8	349	154.2
Real estate funds	16.3	0.3	6.9	4.2
Real estate operating business	140.4	22.1	200.8	22.1
Foreign currency exchange on forward contracts	1.6	0	1.6	0
Marketable securities	(9.9)	(0.3)	(38.5)	(0.3)
Loans receivable	(83.2)	5.4	(82.2)	18.7
Loans payable	46.1	10.5	49.8	14
Senior notes payable	13.8	0	13.8	0
Net change in unrealized gain on investments and debt	1,341.9	542	2,653.3	904.9
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT	1,341.7	728.3	2,694.6	1,093.5
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 1,525.6	$ 918.7	$ 3,057.6	$ 1,436.5

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
FROM OPERATIONS
Investment income, net	$ 183.9	$ 190.4	$ 363	$ 343
Net realized (loss) gain on investments	(0.2)	186.3	41.3	188.6
Net change in unrealized gain on investments and debt	1,341.9	542	2,653.3	904.9
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	1,525.6	918.7	3,057.6	1,436.5
FROM PARTICIPANT TRANSACTIONS
Premiums	859.1	777	1,667.5	1,465.1
Annuity payments	(14.5)	(11.7)	(27)	(23.7)
Withdrawals and death benefits	(692.4)	(540.8)	(1,321.3)	(1,206.5)
NET INCREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS	152.2	224.5	319.2	234.9
NET INCREASE IN NET ASSETS	1,677.8	1,143.2	3,376.8	1,671.4
NET ASSETS
Beginning of period	29,771	23,772.1	28,072	23,243.9
End of period	$ 31,448.8	$ 24,915.3	$ 31,448.8	$ 24,915.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations		$ 1,525.6	$ 918.7	$ 3,057.6	$ 1,436.5
Adjustments to reconcile net changes in net assets resulting from operations to net cash used in operating activities:
Net realized gain on investments		0.2	(186.3)	(41.3)	(188.6)
Net change in unrealized gain on investments and debt		(1,341.9)	(542)	(2,653.3)	(904.9)
Purchase of real estate properties				(339.5)	(115)
Capital improvements on real estate properties				(195.8)	(112.1)
Proceeds from sales of real estate properties				334	561.5
Purchases of other real estate investments				(687.1)	(324.4)
Proceeds from sales of other real estate investments				392.7	0
Purchases and originations of loans receivable				(317.5)	(163.7)
Proceeds from sales of loans receivable				161.4	294.5
Proceeds from payoffs of loans receivable				8.4	44.4
Increase in other investments				(556)	(960)
Net change in due to/from investment manager				1	5.3
Increase in receivable for securities sold				0	(58.8)
Increase in payable for securities purchased				100	127.4
(Increase) Decrease in other assets				(4.8)	19.4
(Increase) decrease in other liabilities				(27.4)	76.5
NET CASH USED IN OPERATING ACTIVITIES				(767.6)	(262)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from senior notes payable				500	0
Mortgage loan proceeds received				9.1	0
Payments of mortgage loans				(46.8)	(9.2)
Premiums		859.1	777	1,667.5	1,465.1
Annuity payments		(14.5)	(11.7)	(27)	(23.7)
Withdrawals and death benefits		(692.4)	(540.8)	(1,321.3)	(1,206.5)
NET CASH PROVIDED BY FINANCING ACTIVITIES				781.5	225.7
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				13.9	(36.3)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash				46	61.1
Net increase (decrease) in cash, cash equivalents and restricted cash				13.9	(36.3)
End of period cash, cash equivalents and restricted cash		59.9	24.8	59.9	24.8
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest				43.2	47.5
Cash and cash equivalents		32.1	1	32.1	1
Restricted cash	[1]	27.8	23.8	27.8	23.8
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH		$ 59.9	$ 24.8	$ 59.9	$ 24.8
[1]Restricted cash is included within other assets in the Consolidated Statements of Assets and Liabilities.

Organization and Significant Ac

Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Business: The TIAA Real Estate Account (“Account”) is an insurance separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and was established by resolution of TIAA’s Board of Trustees (the “Board”) on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance. The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures and funds, as well as investments in loans receivable with real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). Interim Financial Information: The Consolidated Financial Statements of the Account as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report pursuant to the rules of the SEC. As a result, these Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Account’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). 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. Use of Estimates: The Consolidated Financial Statements were prepared in accordance with GAAP, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material. The outbreak of the novel coronavirus (commonly known as “COVID-19”) and the subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the first quarter of 2020. During the second and third quarters of 2020, the Account received multiple requests for rent and loan payment relief as a result of the COVID-19 pandemic; however, the requests were slowed during the fourth quarter of 2020 and no new requests were received in 2021 or during the six months ended June 30, 2022. Requests were generally 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 June 30, 2022, 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. Significant Accounting Policy Updates: As further described in Note 11—Senior Notes Payable , the Account issued $500.0 million of senior notes payable in the second quarter of 2022. Pursuant to the fair value option allowed under Accounting Standards Codification ("ASC") 825, Financial Instruments, the Account's management has elected to report the senior notes payable at fair value, in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2021 Form 10-K. In the first quarter of 2022, the Account began hedging its foreign currency risk through the use of derivative instruments. The impact of this hedging activity was not material to the results of operations for the six months ended June 30, 2022 or the Consolidated Statement of Assets and Liabilities at June 30, 2022. Other than the addition of the following accounting policy related to derivative instruments, there were no changes to the Account's significant accounting policies as described in the Account's 2021 Form 10-K. Foreign Currency Forwards —The Account uses foreign currency forward contracts to manage foreign currency exchange rate risk related to foreign currency-denominated investments. Foreign currency forward contracts are recorded at fair value and are reflected in Other assets or liabilities on the Consolidated Statements of Assets and Liabilities. The fair value of foreign currency forward contracts is determined using the prevailing forward exchange rate which is derived from quotes provided by an independent pricing source. Recent Accounting Pronouncements: In March 2020, the Financial Accounting Standards Board ("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

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
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 or certain affiliates of TIAA. Services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly. Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management decisions for the Account are subject to review by the independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account. The Account is a party to the Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account (the “Distribution Agreement”), dated January 1, 2008, by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”). Services is a direct wholly-owned subsidiary of TIAA, and is registered with the SEC as a broker-dealer and a registered investment adviser and is a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. In addition to providing the services described above, TIAA charges the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually. Once an Account 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. TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 (96-76) from the U.S. Department of Labor (the “PTE 96-76”). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account’s net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent contract owner withdrawal activity and the Account’s expected working capital, debt service and cash needs, and subject to the oversight of the independent fiduciary. If the Account cannot fund contract owner withdrawal or redemption requests from the Account’s own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as “liquidity units”). TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account’s contract owners. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA’s ownership should not exceed (the “trigger point”), has established the trigger point at 45% of the outstanding accumulation units. Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in Note 12—Financial Highlights . The Account has loans receivable outstanding with related parties as of June 30, 2022. One loan is with a joint venture partner and the other loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2021 Form 10-K. The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal June 30, 2022 December 31, 2021 2022 2021 36.5 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + LIBOR 9/1/2022 $ 36.5 $ 36.5 0.5 0.5 MRA 34 LLC —% 3.75% + LIBOR 8/26/2022 0.5 0.5 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES $ 69.9 $ 69.9

Concentrations of Risk

Concentrations of Risk	6 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of 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 June 30, 2022, 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 June 30, 2022: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Office 9.9 % 5.5 % 14.0 % 0.2 % — % 29.6 % Apartment 8.5 % 10.1 % 6.6 % 1.0 % — % 26.2 % Industrial 16.0 % 7.1 % 2.5 % 1.6 % — % 27.2 % Retail 3.7 % 5.3 % 2.6 % 0.7 % — % 12.3 % Other (7) 1.4 % 1.8 % 1.2 % 0.2 % 0.1 % 4.7 % Total 39.5 % 29.8 % 26.9 % 3.7 % 0.1 % 100.0 % (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 “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX. (4) 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. (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	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of June 30, 2022 and December 31, 2021 are as follows (in millions): As of Years Ended June 30, 2022 December 31, 2021 2022 $ 322.1 (1) $ 635.8 2023 623.9 594.2 2024 557.1 517.7 2025 474.4 436.1 2026 374.5 330.2 Thereafter 1,332.0 1,172.7 Total $ 3,684.0 $ 3,686.7 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2022. Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of June 30, 2022 December 31, 2021 Assets: Right-of-use assets, at fair value $ 40.9 $ 40.3 Liabilities: Ground lease liabilities, at fair value $ 40.9 $ 40.3 Key Terms: Weighted-average remaining lease term (years) 69.0 69.5 Weighted-average discount rate (1) 7.44 % 7.71 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the six months ended June 30, 2022 and 2021, operating lease costs related to ground leases were $1.1 million and $1.2 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of June 30, 2022 December 31, 2021 Years Ended 2022 $ 1.2 $ 2.3 2023 2.4 2.3 2024 2.5 2.4 2025 2.5 2.4 2026 2.5 2.4 Thereafter 438.4 414.0 Total $ 449.5 $ 425.8 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 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 six months ended June 30, 2022.
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of June 30, 2022 and December 31, 2021 are as follows (in millions): As of Years Ended June 30, 2022 December 31, 2021 2022 $ 322.1 (1) $ 635.8 2023 623.9 594.2 2024 557.1 517.7 2025 474.4 436.1 2026 374.5 330.2 Thereafter 1,332.0 1,172.7 Total $ 3,684.0 $ 3,686.7 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2022. Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of June 30, 2022 December 31, 2021 Assets: Right-of-use assets, at fair value $ 40.9 $ 40.3 Liabilities: Ground lease liabilities, at fair value $ 40.9 $ 40.3 Key Terms: Weighted-average remaining lease term (years) 69.0 69.5 Weighted-average discount rate (1) 7.44 % 7.71 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the six months ended June 30, 2022 and 2021, operating lease costs related to ground leases were $1.1 million and $1.2 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of June 30, 2022 December 31, 2021 Years Ended 2022 $ 1.2 $ 2.3 2023 2.4 2.3 2024 2.5 2.4 2025 2.5 2.4 2026 2.5 2.4 Thereafter 438.4 414.0 Total $ 449.5 $ 425.8 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 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 six months ended June 30, 2022.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows: • Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. • Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. An asset or liability'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 of the Account's 2021 Form 10-K 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 June 30, 2022 and December 31, 2021, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and fair value using the practical expedient (millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at June 30, 2022 Real estate properties $ — $ — $ 21,288.6 $ — $ 21,288.6 Real estate joint ventures — — 7,642.9 — 7,642.9 Real estate funds — — — 907.0 907.0 Real estate operating business — — 628.0 — 628.0 Marketable securities: U.S. government agency notes — 1,505.0 — — 1,505.0 Foreign government agency notes — 17.0 — — 17.0 U.S. treasury securities — 621.6 — — 621.6 Corporate bonds — 580.4 — — 580.4 Loans receivable (1) — — 1,558.1 — 1,558.1 Total Investments at June 30, 2022 $ — $ 2,724.0 $ 31,117.6 $ 907.0 $ 34,748.6 Loans payable $ — $ — $ (2,293.0) $ — $ (2,293.0) Line of credit $ — $ — $ (500.0) $ — $ (500.0) Senior notes payable $ — $ (486.2) $ — $ — $ (486.2) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at December 31, 2021 Real estate properties $ — $ — $ 18,903.9 $ — $ 18,903.9 Real estate joint ventures — — 7,175.9 — 7,175.9 Real estate funds — — — 811.5 811.5 Real estate operating business — — 326.3 — 326.3 Marketable securities: U.S. government agency notes — 864.1 — — 864.1 Foreign government agency notes — 7.6 — — 7.6 U.S. treasury securities — 784.3 — — 784.3 Corporate bonds — 551.8 — 551.8 Loans receivable (1) — — 1,492.6 — 1,492.6 Total Investments at December 31, 2021 $ — $ 2,207.8 $ 27,898.7 $ 811.5 $ 30,918.0 Loans payable $ — $ — $ (2,380.5) $ — $ (2,380.5) Line of credit $ — $ — $ (500.0) $ — $ (500.0) (1) Includes loans receivable with related parties. The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2022 and 2021 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended June 30, 2022 Beginning balance April 1, 2022 $ 20,179.1 $ 7,253.3 $ 487.6 $ 1,329.2 $ 29,249.2 $ (2,338.0) $ (500.0) Total realized and unrealized gains (losses) included in changes in net assets 977.6 239.3 140.4 (83.2) 1,274.1 46.1 — Purchases (1) 308.3 230.4 — 312.3 851.0 (6.1) — Sales (176.4) — — — (176.4) — — Settlements (2) — (80.1) — (0.2) (80.3) 5.0 — Ending balance June 30, 2022 $ 21,288.6 $ 7,642.9 $ 628.0 $ 1,558.1 $ 31,117.6 $ (2,293.0) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the six months ended June 30, 2022 Beginning balance January 1, 2022 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) Total realized and unrealized gains (losses) included in changes in net assets 2,181.6 362.1 200.8 (82.2) 2,662.3 49.8 — Purchases (1) 537.1 481.8 100.9 317.5 1,437.3 (9.1) — Sales (4) (334.0) — — (161.4) (495.4) — — Settlements (2) — (376.9) — (8.4) (385.3) 46.8 — Ending balance June 30, 2022 $ 21,288.6 $ 7,642.9 $ 628.0 $ 1,558.1 $ 31,117.6 $ (2,293.0) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the three months ended June 30, 2021 Beginning balance April 1, 2021 $ 16,816.5 $ 6,215.3 $ 250.0 $ 1,529.5 $ 24,811.3 $ (2,403.6) Total realized and unrealized gains (losses) included in changes in net assets 604.0 99.8 22.1 (8.0) 717.9 10.5 Purchases (1) 167.8 167.7 1.4 117.1 454.0 — Sales (4) (558.5) — — (213.2) (771.7) — Settlements (2) — (0.2) — (33.5) (33.7) 4.9 Ending balance June 30, 2021 $ 17,029.8 $ 6,482.6 $ 273.5 $ 1,391.9 $ 25,177.8 $ (2,388.2) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the six months ended June 30, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) Total realized and unrealized gains included in changes in net assets 894.8 154.1 22.1 4.6 1,075.6 14.0 Purchases (1) 219.8 199.9 1.4 163.7 584.8 — Sales (4) (561.5) — — (294.5) (856.0) — Settlements (2) — (0.3) — (44.5) (44.8) 9.2 Ending balance June 30, 2021 $ 17,029.8 $ 6,482.6 $ 273.5 $ 1,391.9 $ 25,177.8 $ (2,388.2) (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) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses. The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2022. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.8% (6.6%) 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 4.8% - 8.0% (5.8%) 3.3% - 6.8% (4.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 1.8% - 6.0% (3.8%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.0% (5.8%) 4.0% - 5.5% (4.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.0% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.0%) 5.0% - 8.5% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.3% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% (9.8%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% (7.5%) Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 9.8% 7.1% Market Approach EBITDA Multiple 28.3x Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.6% - 70.1% (46.2%) 3.5% - 5.0% (4.1%) Net Present Value Loan to Value Ratio 35.6% - 70.1% (46.2%) 1.2 - 1.3 (1.2) Industrial Discounted Cash Flow Loan to Value Ratio 28.3% - 36.3% (31.5%) 4.5% - 4.7% (4.6%) Net Present Value Loan to Value Ratio 28.3% - 36.3% (31.5%) 1.1 - 1.2 (1.2) Apartment Discounted Cash Flow Loan to Value Ratio 24.8% - 66.4% (39.1%) 1.9% - 4.4% (3.2%) Net Present Value Loan to Value Ratio 24.8% - 66.4% (39.1%) 1.2 - 1.4 (1.2) Retail Discounted Cash Flow Loan to Value Ratio 42.5% - 73.8% (46.0%) 4.1% - 5.1% (4.4%) Net Present Value Loan to Value Ratio 42.5% - 73.8% (46.0%) 1.2- 1.5 (1.3) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 40.4% - 94.7% (72.2%) 2.7% - 9.6% (6.3%) Industrial Discounted Cash Flow Loan to Value Ratio 49.5% - 66.0% (57.8%) 2.9% - 6.6% (3.8%) Apartment Discounted Cash Flow Loan to Value Ratio 36.4% - 76.5% (47.5%) 2.9% - 8.6% (4.7%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 57.1% - 79.8% (65.6%) 2.2% - 7.8% (4.0%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2021. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.3% (6.7%) 4.5% - 8.5% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.1% - 9.0% (6.3%) 4.3% - 7.3% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.8% - 6.8% (4.4%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.8% (6.2%) 4.0% - 6.8% (4.9%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 6.0% (4.4%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.3% - 12.0% (6.9%) 4.5% - 9.5% (5.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 9.3% (5.4%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% (10.3%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% (7.5%) Real Estate Operating Income Approach—Discounted Cash Flow Discount Rate 7.9 % Terminal Growth Rate 4.0 % Market Approach EBITDA Multiple 16.2x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.2% - 58.7% (45.5%) 1.8% - 3.4% (3.1%) Net Present Value Loan to Value Ratio 35.2% - 58.7% (45.5%) 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 45.2% - 56.0% (49.6%) 3.3% - 3.7% (3.4%) Net Present Value Loan to Value Ratio 45.2% - 56.0% (49.6%) 1.3 - 1.4 (1.4) Apartment Discounted Cash Flow Loan to Value Ratio 38.2% - 64.1% (48.1%) 2.1% - 3.2% (2.7%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Net Present Value Loan to Value Ratio 38.2% - 64.1% (48.1%) 1.3 - 1.6 (1.4) Retail Discounted Cash Flow Loan to Value Ratio 38.0% - 74.5% (47.8%) 2.8% - 4.0% (3.4%) Net Present Value Loan to Value Ratio 38.0% - 74.5% (47.8%) 1.3 - 1.8 (1.4) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 38.8% - 91.8% (76.1%) 2.4% - 11.3% (6.5%) Industrial Discounted Cash Flow Loan to Value Ratio 30.7% - 63.2% (59.6%) 4.3% - 5.1% (4.8%) Apartment Discounted Cash Flow Loan to Value Ratio 38.4% - 74.7% (48.3%) 2.4% - 8.6% (48.3%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 59.8% - 79.8% (71.6%) 3.9% - 7.4% (5.0%) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments. Real Estate Properties and Joint Ventures: The significant unobservable inputs used in the fair value measurement of the Account’s real estate property and joint venture investments are the selection of certain investment rates (Discount Rate, Terminal Capitalization Rate, and Overall Capitalization Rate). Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively. Real Estate Operating Business: The significant unobservable inputs used in the fair value measurement of the Account's real estate operating business are the selection of certain investment rates and ratios (Discount Rate, Terminal Growth Rate, and EBITDA Multiple). Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively. Loans 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 six months ended June 30, 2022 and 2021, there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized gains (losses) included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (1) Total Loans For the three months ended June 30, 2022 $ 966.1 $ 279.4 $ 140.4 $ (83.1) $ 1,302.8 $ 46.1 For the six months ended June 30, 2022 $ 2,168.4 $ 405.0 $ 200.8 $ (82.2) $ 2,692.0 $ 49.8 For the three months ended June 30, 2021 $ 512.1 $ 99.8 $ 22.1 $ 2.1 $ 636.1 $ 10.5 For the six months ended June 30, 2021 $ 799.9 $ 154.2 $ 22.1 $ 7.1 $ 983.3 $ 14.0 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures

Investments in Joint Ventures	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, the Account held investments in joint ventures with ownership interest percentages that ranged from 21.0% to 98.5%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold. A condensed summary of the results of operations of the joint ventures are shown below (millions): For the Three Months Ended June 30, 2022 For the Six Months Ended June 30, 2022 2021 2022 2021 Operating Revenue and Expenses Revenues $ 288.1 $ 249.4 $558.0 $501.1 Expenses 163.6 136.1 331.0 279.1 Excess of revenues over expenses $ 124.5 $ 113.3 $227.0 $222.0

Investments in Real Estate Fund

Investments in Real Estate Funds	6 Months Ended
	Jun. 30, 2022
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 set up 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 of the Account's 2021 Form 10-K 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 six months ended June 30, 2022. 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 Account holds a variable interest but is not the primary beneficiary were as follows at June 30, 2022 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 223.7 $ 223.7 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 81.3 $ 99.9 Redemptions prohibited prior to liquidation. To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). The Account is not permitted to sell or transfer its interest in the fund until August 2022. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy SP V - II, LLC (61.8% Account Interest) $ 104.6 $ 115.0 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2022. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Taconic New York City GP Fund, LP (60.0% Account Interest) $ 27.5 $ 31.7 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2024. The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. Silverpeak NRE FundCo LLC (90.0% Account Interest) $ 74.3 $ 104.0 Redemptions prohibited prior to liquidation. To invest in alternative real estate investments primarily in major U.S. metropolitan markets. Liquidation estimated to begin no earlier than 2028. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. IDR - Core Property Index Fund, LLC (1.4% Account Interest) $ 43.4 $ 43.4 Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. Townsend Group Value-Add Fund (99.0% Account Interest) $ 160.5 $ 250.2 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 23.5 $ 24.7 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 19.1 $ 19.1 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager. Silverpeak NRE FundCo 2 LLC (90.0% Account Interest) $ 81.7 $ 113.8 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) $ 44.2 $ 100.3 Redemptions prohibited prior to liquidation. To invest primarily in multi-family properties. Liquidation estimated to begin no earlier than 2026. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Silverpeak NRE FundCo 3 LLC (90.0% Account Interest) $ 23.2 $ 100.0 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. Total $ 907.0 $ 1,225.8

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Loans Receivable	Loans Receivable The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s direct and indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): June 30, 2022 December 31, 2021 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 873.6 $ 781.2 50.1 % $ 862.4 $ 853.4 57.2 % Apartments (1) 256.8 255.4 16.4 % 253.3 252.0 16.9 % Industrial 131.6 131.6 8.5 % 161.4 161.3 10.8 % Hotel 125.3 125.3 8.0 % 125.3 125.3 8.4 % Retail 264.6 264.6 17.0 % 101.7 100.6 6.7 % $ 1,651.9 $ 1,558.1 100.0 % $ 1,504.1 $ 1,492.6 100.0 % (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 June 30, 2022. The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of June 30, 2022 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): June 30, 2022 December 31, 2021 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value AA — — — % 1 62.6 4.2 % AA- 1 33.7 2.2 % — — — % A 2 192.4 12.3 % 4 248.5 16.6 % A- 3 104.5 6.7 % — — — % BBB+ 2 14.1 0.9 % — — — % BBB 3 262.1 16.8 % 6 374.7 25.1 % BBB- 1 46.3 3.0 % — — — % BB+ 5 197.7 12.7 % — — — % BB 4 155.3 10.0 % 10 437.8 29.3 % BB- 1 33.9 2.2 % — — — % B+ 2 138.0 8.9 % — — — % B 2 56.2 3.6 % 5 144.3 9.7 % B- 1 30.6 2.0 % — — — % C 3 223.4 14.3 % 2 154.8 10.4 % NR (1) 3 69.9 4.4 % 3 69.9 4.7 % 33 $ 1,558.1 100.0 % 31 $ 1,492.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of June 30, 2022 and December 31, 2021, this is comprised of three loans with related parties. The loans are collateralized by equity interests in real estate investments.

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Loans Payable	Loans Payable At June 30, 2022, the Account had outstanding loans payable secured by the following assets (in millions): Property Annual Interest Rate and Payment Frequency (2) Principal Maturity June 30, 2022 December 31, 2021 Fusion 1560 (5) 3.42% paid monthly $ — $ 37.4 June 10, 2022 San Diego Office Portfolio (4) 3.62% paid monthly 52.3 51.4 August 15, 2022 The Colorado (1) 3.69% paid monthly 83.7 84.7 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly 42.7 43.2 November 1, 2022 Regents Court (1) 3.69% paid monthly 36.2 36.6 November 1, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly 304.7 308.1 June 1, 2023 Biltmore at Midtown 3.94% paid monthly 36.4 36.4 July 5, 2023 Cherry Knoll 3.78% paid monthly 35.3 35.3 July 5, 2023 Lofts at SoDo 3.94% paid monthly 35.1 35.1 July 5, 2023 Pacific City 2.00% + LIBOR paid monthly 105.0 105.0 October 1, 2023 The Stratum (4) 2.45% paid monthly 40.0 39.8 May 9, 2024 Spring House Innovation Park (4) 1.25% + LIBOR paid monthly 45.7 40.5 July 9, 2024 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (1) 3.84% paid monthly 37.4 37.8 December 1, 2024 The District on La Frontera (1) 4.96% paid monthly 4.2 4.2 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (1) 3.60% paid monthly 68.4 69.1 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Vista Station Office Portfolio (1) 4.00% paid monthly 18.9 19.3 July 1, 2025 780 Third Avenue 3.55% paid monthly 150.0 150.0 August 1, 2025 780 Third Avenue 3.55% paid monthly 20.0 20.0 August 1, 2025 Reserve at Chino Hills (4) 1.50% + LIBOR paid monthly 70.7 68.2 August 9, 2025 Vista Station Office Portfolio (1) 4.20% paid monthly 42.4 42.9 November 1, 2025 Sixth & Main (4) 1.87% + LIBOR paid monthly 40.8 40.4 November 9, 2025 701 Brickell Avenue (1) 3.66% paid monthly 180.3 182.0 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW (1) 3.93% paid monthly 162.5 163.0 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,324.9 $ 2,362.6 Fair Value Adjustment (3) (31.9) 17.9 Total Loans Payable $ 2,293.0 $ 2,380.5 (1) The mortgage is adjusted monthly for principal payments. (2) All interest rates are fixed except for Pacific City, Spring House Innovations 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 of the Account's 2021 Form 10-K. (4) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. (5) The principal amount of the outstanding debt was paid off during the first quarter of 2022.

Line of Credit

Line of Credit	6 Months Ended
	Jun. 30, 2022
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. 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. As of June 30, 2022, 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 June 30, 2022: Current Balance (in millions) $ 500.0 Maximum Capacity (in millions) $ 500.0 Inception Date September 20, 2018 Maturity Date September 20, 2022 (1) Extension Option Yes (1) Eurodollar Applicable Rate Range 0.85% - 1.05% ABR Applicable Rate Range 0.85% - 1.05% Unused Fee (2) 0.20% per annum (1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with one consecutive twelve (2) The Account is charged a fee on the unused portion of the Credit Agreement. On June 10, 2022, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $500.0 million of debt securities, in the form of Series A senior notes and Series B senior notes (the "Notes"). The Account may be obligated to repay the Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Account may also prepay the Notes in whole or in part at any time, or from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if prepaid on or before 90 days prior to the applicable maturity date, a make-whole premium. As of June 30, 2022, the Account was in compliance with all covenants required by the note purchase agreement. The following table provides a summary of the key characteristics of the outstanding Notes, as of June 30, 2022: Principal (in millions) Interest Rate Maturity Date Series A $ 300.0 3.24% June 10, 2029 Series B $ 200.0 3.35% June 10, 2032

Senior Notes Payable

Senior Notes Payable	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Senior Notes Payable	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. 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. As of June 30, 2022, 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 June 30, 2022: Current Balance (in millions) $ 500.0 Maximum Capacity (in millions) $ 500.0 Inception Date September 20, 2018 Maturity Date September 20, 2022 (1) Extension Option Yes (1) Eurodollar Applicable Rate Range 0.85% - 1.05% ABR Applicable Rate Range 0.85% - 1.05% Unused Fee (2) 0.20% per annum (1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with one consecutive twelve (2) The Account is charged a fee on the unused portion of the Credit Agreement. On June 10, 2022, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $500.0 million of debt securities, in the form of Series A senior notes and Series B senior notes (the "Notes"). The Account may be obligated to repay the Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Account may also prepay the Notes in whole or in part at any time, or from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if prepaid on or before 90 days prior to the applicable maturity date, a make-whole premium. As of June 30, 2022, the Account was in compliance with all covenants required by the note purchase agreement. The following table provides a summary of the key characteristics of the outstanding Notes, as of June 30, 2022: Principal (in millions) Interest Rate Maturity Date Series A $ 300.0 3.24% June 10, 2029 Series B $ 200.0 3.35% June 10, 2032

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2022
Condensed Financial Information Disclosure [Abstract]
Financial Highlights	Financial Highlights Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Six Months Ended June 30, 2022 Years Ended December 31, 2021 2020 2019 Per Accumulation Unit Data: Rental income $ 11.505 $ 22.672 $ 21.145 $ 18.165 Real estate property level expenses and taxes 5.380 10.731 10.067 8.734 Real estate income, net 6.125 11.941 11.078 9.431 Other income 2.948 5.474 4.980 6.752 Total income 9.073 17.415 16.058 16.183 Expense charges (1) 2.313 3.987 3.562 3.439 Investment income, net 6.760 13.428 12.496 12.744 Net realized and unrealized gain (loss) on investments and debt 48.948 64.615 (16.196) 10.262 Net increase (decrease) in Accumulation Unit Value 55.708 78.043 (3.700) 23.006 Accumulation Unit Value: Beginning of period 514.765 436.722 440.422 417.416 End of period $ 570.473 $ 514.765 $ 436.722 $ 440.422 Total return (3) 10.82 % 17.87 % (0.84) % 5.51 % Ratios to Average net assets (2) : Expenses (1) 0.84 % 0.84 % 0.81 % 0.78 % Investment income, net 2.46 % 2.82 % 2.85 % 2.90 % Portfolio turnover rate (3) : Real estate properties (4) 3.2 % 7.6 % 7.1 % 7.8 % Marketable securities (5) 2.2 % — % 113.4 % 28.7 % Accumulation Units outstanding at end of period (millions) 54.0 53.4 52.0 60.8 Net assets end of period (millions) $ 31,448.8 $ 28,072.0 $ 23,243.9 $ 27,307.9 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year-to-date Account level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Percentages for the six months ended June 30, 2022 are annualized. (3) Percentages for the six months ended June 30, 2022 are not annualized. (4) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period. (5) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units

Accumulation Units	6 Months Ended
	Jun. 30, 2022
Accumulated Units Disclosure [Abstract]
Accumulation Units	Accumulation Units Changes in the number of Accumulation Units outstanding were as follows (in millions): For the Six Months Ended June 30, 2022 For the Year Ended December 31, 2021 Outstanding: Beginning of period 53.4 52.0 Credited for premiums 3.1 6.4 Annuity, other periodic payments, withdrawals and death benefits (2.5) (5.0) End of period 54.0 53.4

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments —As of June 30, 2022 and December 31, 2021, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions): Commitment Expiration June 30, 2022 December 31, 2021 Real Estate Funds (1) Veritas Trophy VI, LLC 08/2022 $ 18.6 $ 20.6 SP V - II, LLC 09/2022 10.4 12.9 JCR Capital - REA Preferred Equity Parallel Fund 12/2022 56.1 75.3 Silverpeak NRE FundCo 2 LLC 12/2022 32.1 43.7 Silverpeak NRE FundCo LLC 12/2022 29.7 37.3 Silverpeak NRE FundCo 3 LLC 6/2023 76.8 — Taconic New York City GP Fund 11/2023 4.2 4.2 Flagler - REA Healthcare Properties Partnership 02/2025 1.2 1.2 Townsend Group Value-Add Fund 12/2026 89.7 125.9 $ 318.8 $ 321.1 Loans Receivable (2) BREP VIII Industrial Mezzanine 03/2022 $ — $ 22.4 311 South Wacker Mezzanine 08/2022 2.2 2.2 San Diego Office Portfolio Senior Loan 08/2022 5.9 6.8 San Diego Office Portfolio Mezzanine 08/2022 2.0 2.2 MRA Hub 34 Holding, LLC 08/2022 1.4 1.5 1330 Broadway Mezzanine 09/2022 10.9 10.9 Liberty Park Mezzanine 11/2022 2.6 2.6 Colony New England Hotel Portfolio Senior Loan 11/2022 14.1 14.1 Colony New England Hotel Portfolio Mezzanine 11/2022 4.7 4.7 Exo Apartments Mezzanine 01/2023 2.4 2.4 SCG Oakland Portfolio Mezzanine 03/2023 5.4 6.1 Five Oak Mezzanine 03/2023 1.6 1.6 5 Points Towers Mezzanine 03/2024 3.7 4.2 The Stratum Senior Loan 05/2024 1.7 2.0 The Stratum Mezzanine 05/2024 0.6 0.7 Spring House Innovation Park Senior Loan 07/2024 31.7 38.0 Spring House Innovation Park Mezzanine 07/2024 10.6 12.7 Project Sonic Senior Loan 06/2025 3.9 — Commitment Expiration June 30, 2022 December 31, 2021 Project Sonic Mezzanine 06/2025 1.3 — One Biscayne Tower Senior Loan 07/2025 31.8 — One Biscayne Tower Mezzanine 07/2025 10.6 — The Reserve at Chino Hills 08/2025 16.8 20.0 Sixth and Main Senior Loan 11/2025 6.5 6.9 Sixth and Main Mezzanine 11/2025 3.6 3.7 $ 176.0 $ 165.7 TOTAL COMMITMENTS $ 494.8 $ 486.8 (1) Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements. (2) Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term. Contingencies —In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation. The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters. As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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.
Significant Accounting Policy Updates and Recent Accounting Pronouncements	Significant Accounting Policy Updates: As further described in Note 11—Senior Notes Payable , the Account issued $500.0 million of senior notes payable in the second quarter of 2022. Pursuant to the fair value option allowed under Accounting Standards Codification ("ASC") 825, Financial Instruments, the Account's management has elected to report the senior notes payable at fair value, in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2021 Form 10-K. In the first quarter of 2022, the Account began hedging its foreign currency risk through the use of derivative instruments. The impact of this hedging activity was not material to the results of operations for the six months ended June 30, 2022 or the Consolidated Statement of Assets and Liabilities at June 30, 2022. Other than the addition of the following accounting policy related to derivative instruments, there were no changes to the Account's significant accounting policies as described in the Account's 2021 Form 10-K. Foreign Currency Forwards —The Account uses foreign currency forward contracts to manage foreign currency exchange rate risk related to foreign currency-denominated investments. Foreign currency forward contracts are recorded at fair value and are reflected in Other assets or liabilities on the Consolidated Statements of Assets and Liabilities. The fair value of foreign currency forward contracts is determined using the prevailing forward exchange rate which is derived from quotes provided by an independent pricing source. Recent Accounting Pronouncements: In March 2020, the Financial Accounting Standards Board ("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)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Key Terms of the Loans	The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal June 30, 2022 December 31, 2021 2022 2021 36.5 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + LIBOR 9/1/2022 $ 36.5 $ 36.5 0.5 0.5 MRA 34 LLC —% 3.75% + LIBOR 8/26/2022 0.5 0.5 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES $ 69.9 $ 69.9

Concentrations of Risk (Tables)

Concentrations of Risk (Tables)	6 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Schedule of Diversification of Portfolio by Region and Property Type	The following table represents the diversification of the Account’s portfolio by region and property type as of June 30, 2022: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Office 9.9 % 5.5 % 14.0 % 0.2 % — % 29.6 % Apartment 8.5 % 10.1 % 6.6 % 1.0 % — % 26.2 % Industrial 16.0 % 7.1 % 2.5 % 1.6 % — % 27.2 % Retail 3.7 % 5.3 % 2.6 % 0.7 % — % 12.3 % Other (7) 1.4 % 1.8 % 1.2 % 0.2 % 0.1 % 4.7 % Total 39.5 % 29.8 % 26.9 % 3.7 % 0.1 % 100.0 % (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 “South” region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX. (4) 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. (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)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Aggregate Minimum Annual Rental Payments	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of June 30, 2022 and December 31, 2021 are as follows (in millions): As of Years Ended June 30, 2022 December 31, 2021 2022 $ 322.1 (1) $ 635.8 2023 623.9 594.2 2024 557.1 517.7 2025 474.4 436.1 2026 374.5 330.2 Thereafter 1,332.0 1,172.7 Total $ 3,684.0 $ 3,686.7 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2022.
Schedule of Right-of-Use Assets and Lease Liabilities Related to Ground Leases	The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of June 30, 2022 December 31, 2021 Assets: Right-of-use assets, at fair value $ 40.9 $ 40.3 Liabilities: Ground lease liabilities, at fair value $ 40.9 $ 40.3 Key Terms: Weighted-average remaining lease term (years) 69.0 69.5 Weighted-average discount rate (1) 7.44 % 7.71 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.
Schedule of Aggregate Minimum Annual Payments for Ground Leases	Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of June 30, 2022 December 31, 2021 Years Ended 2022 $ 1.2 $ 2.3 2023 2.4 2.3 2024 2.5 2.4 2025 2.5 2.4 2026 2.5 2.4 Thereafter 438.4 414.0 Total $ 449.5 $ 425.8

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and fair value using the practical expedient (millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at June 30, 2022 Real estate properties $ — $ — $ 21,288.6 $ — $ 21,288.6 Real estate joint ventures — — 7,642.9 — 7,642.9 Real estate funds — — — 907.0 907.0 Real estate operating business — — 628.0 — 628.0 Marketable securities: U.S. government agency notes — 1,505.0 — — 1,505.0 Foreign government agency notes — 17.0 — — 17.0 U.S. treasury securities — 621.6 — — 621.6 Corporate bonds — 580.4 — — 580.4 Loans receivable (1) — — 1,558.1 — 1,558.1 Total Investments at June 30, 2022 $ — $ 2,724.0 $ 31,117.6 $ 907.0 $ 34,748.6 Loans payable $ — $ — $ (2,293.0) $ — $ (2,293.0) Line of credit $ — $ — $ (500.0) $ — $ (500.0) Senior notes payable $ — $ (486.2) $ — $ — $ (486.2) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at December 31, 2021 Real estate properties $ — $ — $ 18,903.9 $ — $ 18,903.9 Real estate joint ventures — — 7,175.9 — 7,175.9 Real estate funds — — — 811.5 811.5 Real estate operating business — — 326.3 — 326.3 Marketable securities: U.S. government agency notes — 864.1 — — 864.1 Foreign government agency notes — 7.6 — — 7.6 U.S. treasury securities — 784.3 — — 784.3 Corporate bonds — 551.8 — 551.8 Loans receivable (1) — — 1,492.6 — 1,492.6 Total Investments at December 31, 2021 $ — $ 2,207.8 $ 27,898.7 $ 811.5 $ 30,918.0 Loans payable $ — $ — $ (2,380.5) $ — $ (2,380.5) Line of credit $ — $ — $ (500.0) $ — $ (500.0) (1) Includes loans receivable with related parties.
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis, Unobservable Inputs	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2022 and 2021 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended June 30, 2022 Beginning balance April 1, 2022 $ 20,179.1 $ 7,253.3 $ 487.6 $ 1,329.2 $ 29,249.2 $ (2,338.0) $ (500.0) Total realized and unrealized gains (losses) included in changes in net assets 977.6 239.3 140.4 (83.2) 1,274.1 46.1 — Purchases (1) 308.3 230.4 — 312.3 851.0 (6.1) — Sales (176.4) — — — (176.4) — — Settlements (2) — (80.1) — (0.2) (80.3) 5.0 — Ending balance June 30, 2022 $ 21,288.6 $ 7,642.9 $ 628.0 $ 1,558.1 $ 31,117.6 $ (2,293.0) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the six months ended June 30, 2022 Beginning balance January 1, 2022 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) Total realized and unrealized gains (losses) included in changes in net assets 2,181.6 362.1 200.8 (82.2) 2,662.3 49.8 — Purchases (1) 537.1 481.8 100.9 317.5 1,437.3 (9.1) — Sales (4) (334.0) — — (161.4) (495.4) — — Settlements (2) — (376.9) — (8.4) (385.3) 46.8 — Ending balance June 30, 2022 $ 21,288.6 $ 7,642.9 $ 628.0 $ 1,558.1 $ 31,117.6 $ (2,293.0) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the three months ended June 30, 2021 Beginning balance April 1, 2021 $ 16,816.5 $ 6,215.3 $ 250.0 $ 1,529.5 $ 24,811.3 $ (2,403.6) Total realized and unrealized gains (losses) included in changes in net assets 604.0 99.8 22.1 (8.0) 717.9 10.5 Purchases (1) 167.8 167.7 1.4 117.1 454.0 — Sales (4) (558.5) — — (213.2) (771.7) — Settlements (2) — (0.2) — (33.5) (33.7) 4.9 Ending balance June 30, 2021 $ 17,029.8 $ 6,482.6 $ 273.5 $ 1,391.9 $ 25,177.8 $ (2,388.2) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the six months ended June 30, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) Total realized and unrealized gains included in changes in net assets 894.8 154.1 22.1 4.6 1,075.6 14.0 Purchases (1) 219.8 199.9 1.4 163.7 584.8 — Sales (4) (561.5) — — (294.5) (856.0) — Settlements (2) — (0.3) — (44.5) (44.8) 9.2 Ending balance June 30, 2021 $ 17,029.8 $ 6,482.6 $ 273.5 $ 1,391.9 $ 25,177.8 $ (2,388.2) (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) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses.
Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis, Unobservable Inputs	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2022 and 2021 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended June 30, 2022 Beginning balance April 1, 2022 $ 20,179.1 $ 7,253.3 $ 487.6 $ 1,329.2 $ 29,249.2 $ (2,338.0) $ (500.0) Total realized and unrealized gains (losses) included in changes in net assets 977.6 239.3 140.4 (83.2) 1,274.1 46.1 — Purchases (1) 308.3 230.4 — 312.3 851.0 (6.1) — Sales (176.4) — — — (176.4) — — Settlements (2) — (80.1) — (0.2) (80.3) 5.0 — Ending balance June 30, 2022 $ 21,288.6 $ 7,642.9 $ 628.0 $ 1,558.1 $ 31,117.6 $ (2,293.0) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the six months ended June 30, 2022 Beginning balance January 1, 2022 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) Total realized and unrealized gains (losses) included in changes in net assets 2,181.6 362.1 200.8 (82.2) 2,662.3 49.8 — Purchases (1) 537.1 481.8 100.9 317.5 1,437.3 (9.1) — Sales (4) (334.0) — — (161.4) (495.4) — — Settlements (2) — (376.9) — (8.4) (385.3) 46.8 — Ending balance June 30, 2022 $ 21,288.6 $ 7,642.9 $ 628.0 $ 1,558.1 $ 31,117.6 $ (2,293.0) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the three months ended June 30, 2021 Beginning balance April 1, 2021 $ 16,816.5 $ 6,215.3 $ 250.0 $ 1,529.5 $ 24,811.3 $ (2,403.6) Total realized and unrealized gains (losses) included in changes in net assets 604.0 99.8 22.1 (8.0) 717.9 10.5 Purchases (1) 167.8 167.7 1.4 117.1 454.0 — Sales (4) (558.5) — — (213.2) (771.7) — Settlements (2) — (0.2) — (33.5) (33.7) 4.9 Ending balance June 30, 2021 $ 17,029.8 $ 6,482.6 $ 273.5 $ 1,391.9 $ 25,177.8 $ (2,388.2) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans For the six months ended June 30, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) Total realized and unrealized gains included in changes in net assets 894.8 154.1 22.1 4.6 1,075.6 14.0 Purchases (1) 219.8 199.9 1.4 163.7 584.8 — Sales (4) (561.5) — — (294.5) (856.0) — Settlements (2) — (0.3) — (44.5) (44.8) 9.2 Ending balance June 30, 2021 $ 17,029.8 $ 6,482.6 $ 273.5 $ 1,391.9 $ 25,177.8 $ (2,388.2) (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) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses.
Schedule of Unobservable Inputs Related to Level 3 Fair Value Measurements	The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2022. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.8% (6.6%) 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 4.8% - 8.0% (5.8%) 3.3% - 6.8% (4.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 1.8% - 6.0% (3.8%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.0% (5.8%) 4.0% - 5.5% (4.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.0% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.0%) 5.0% - 8.5% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.3% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% (9.8%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% (7.5%) Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 9.8% 7.1% Market Approach EBITDA Multiple 28.3x Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.6% - 70.1% (46.2%) 3.5% - 5.0% (4.1%) Net Present Value Loan to Value Ratio 35.6% - 70.1% (46.2%) 1.2 - 1.3 (1.2) Industrial Discounted Cash Flow Loan to Value Ratio 28.3% - 36.3% (31.5%) 4.5% - 4.7% (4.6%) Net Present Value Loan to Value Ratio 28.3% - 36.3% (31.5%) 1.1 - 1.2 (1.2) Apartment Discounted Cash Flow Loan to Value Ratio 24.8% - 66.4% (39.1%) 1.9% - 4.4% (3.2%) Net Present Value Loan to Value Ratio 24.8% - 66.4% (39.1%) 1.2 - 1.4 (1.2) Retail Discounted Cash Flow Loan to Value Ratio 42.5% - 73.8% (46.0%) 4.1% - 5.1% (4.4%) Net Present Value Loan to Value Ratio 42.5% - 73.8% (46.0%) 1.2- 1.5 (1.3) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 40.4% - 94.7% (72.2%) 2.7% - 9.6% (6.3%) Industrial Discounted Cash Flow Loan to Value Ratio 49.5% - 66.0% (57.8%) 2.9% - 6.6% (3.8%) Apartment Discounted Cash Flow Loan to Value Ratio 36.4% - 76.5% (47.5%) 2.9% - 8.6% (4.7%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 57.1% - 79.8% (65.6%) 2.2% - 7.8% (4.0%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2021. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.3% (6.7%) 4.5% - 8.5% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.1% - 9.0% (6.3%) 4.3% - 7.3% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.8% - 6.8% (4.4%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.8% (6.2%) 4.0% - 6.8% (4.9%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 6.0% (4.4%) Retail Income Approach—Discounted Cash Flow Discount Rate 5.3% - 12.0% (6.9%) 4.5% - 9.5% (5.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 9.3% (5.4%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.3% (10.3%) 7.8% (7.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% (7.5%) Real Estate Operating Income Approach—Discounted Cash Flow Discount Rate 7.9 % Terminal Growth Rate 4.0 % Market Approach EBITDA Multiple 16.2x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.2% - 58.7% (45.5%) 1.8% - 3.4% (3.1%) Net Present Value Loan to Value Ratio 35.2% - 58.7% (45.5%) 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 45.2% - 56.0% (49.6%) 3.3% - 3.7% (3.4%) Net Present Value Loan to Value Ratio 45.2% - 56.0% (49.6%) 1.3 - 1.4 (1.4) Apartment Discounted Cash Flow Loan to Value Ratio 38.2% - 64.1% (48.1%) 2.1% - 3.2% (2.7%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Net Present Value Loan to Value Ratio 38.2% - 64.1% (48.1%) 1.3 - 1.6 (1.4) Retail Discounted Cash Flow Loan to Value Ratio 38.0% - 74.5% (47.8%) 2.8% - 4.0% (3.4%) Net Present Value Loan to Value Ratio 38.0% - 74.5% (47.8%) 1.3 - 1.8 (1.4) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 38.8% - 91.8% (76.1%) 2.4% - 11.3% (6.5%) Industrial Discounted Cash Flow Loan to Value Ratio 30.7% - 63.2% (59.6%) 4.3% - 5.1% (4.8%) Apartment Discounted Cash Flow Loan to Value Ratio 38.4% - 74.7% (48.3%) 2.4% - 8.6% (48.3%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 59.8% - 79.8% (71.6%) 3.9% - 7.4% (5.0%) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.
Schedule of Fair Value of Net Unrealized Gains (Losses) Included in Changes in Net Assets Attributable to Investments and Loans Payable Using Significant Unobservable Inputs	The amount of total net unrealized gains (losses) included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (1) Total Loans For the three months ended June 30, 2022 $ 966.1 $ 279.4 $ 140.4 $ (83.1) $ 1,302.8 $ 46.1 For the six months ended June 30, 2022 $ 2,168.4 $ 405.0 $ 200.8 $ (82.2) $ 2,692.0 $ 49.8 For the three months ended June 30, 2021 $ 512.1 $ 99.8 $ 22.1 $ 2.1 $ 636.1 $ 10.5 For the six months ended June 30, 2021 $ 799.9 $ 154.2 $ 22.1 $ 7.1 $ 983.3 $ 14.0 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Results of Operations of the Joint Venture	A condensed summary of the results of operations of the joint ventures are shown below (millions): For the Three Months Ended June 30, 2022 For the Six Months Ended June 30, 2022 2021 2022 2021 Operating Revenue and Expenses Revenues $ 288.1 $ 249.4 $558.0 $501.1 Expenses 163.6 136.1 331.0 279.1 Excess of revenues over expenses $ 124.5 $ 113.3 $227.0 $222.0

Investments in Real Estate Fu_2

Investments in Real Estate Funds (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Amount and Maximum Exposure to Loss Relating to VIEs	The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at June 30, 2022 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 223.7 $ 223.7 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 81.3 $ 99.9 Redemptions prohibited prior to liquidation. To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). The Account is not permitted to sell or transfer its interest in the fund until August 2022. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy SP V - II, LLC (61.8% Account Interest) $ 104.6 $ 115.0 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2022. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Taconic New York City GP Fund, LP (60.0% Account Interest) $ 27.5 $ 31.7 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2024. The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. Silverpeak NRE FundCo LLC (90.0% Account Interest) $ 74.3 $ 104.0 Redemptions prohibited prior to liquidation. To invest in alternative real estate investments primarily in major U.S. metropolitan markets. Liquidation estimated to begin no earlier than 2028. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. IDR - Core Property Index Fund, LLC (1.4% Account Interest) $ 43.4 $ 43.4 Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. Townsend Group Value-Add Fund (99.0% Account Interest) $ 160.5 $ 250.2 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 23.5 $ 24.7 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 19.1 $ 19.1 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager. Silverpeak NRE FundCo 2 LLC (90.0% Account Interest) $ 81.7 $ 113.8 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) $ 44.2 $ 100.3 Redemptions prohibited prior to liquidation. To invest primarily in multi-family properties. Liquidation estimated to begin no earlier than 2026. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Silverpeak NRE FundCo 3 LLC (90.0% Account Interest) $ 23.2 $ 100.0 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. Total $ 907.0 $ 1,225.8

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of Loans Receivable, Underlying Real Estate Collateral by Property Types	The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): June 30, 2022 December 31, 2021 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 873.6 $ 781.2 50.1 % $ 862.4 $ 853.4 57.2 % Apartments (1) 256.8 255.4 16.4 % 253.3 252.0 16.9 % Industrial 131.6 131.6 8.5 % 161.4 161.3 10.8 % Hotel 125.3 125.3 8.0 % 125.3 125.3 8.4 % Retail 264.6 264.6 17.0 % 101.7 100.6 6.7 % $ 1,651.9 $ 1,558.1 100.0 % $ 1,504.1 $ 1,492.6 100.0 % (1) Includes loans receivable with related parties.
Schedule of Fair Value Based on Risk Ratings	The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of June 30, 2022 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): June 30, 2022 December 31, 2021 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value AA — — — % 1 62.6 4.2 % AA- 1 33.7 2.2 % — — — % A 2 192.4 12.3 % 4 248.5 16.6 % A- 3 104.5 6.7 % — — — % BBB+ 2 14.1 0.9 % — — — % BBB 3 262.1 16.8 % 6 374.7 25.1 % BBB- 1 46.3 3.0 % — — — % BB+ 5 197.7 12.7 % — — — % BB 4 155.3 10.0 % 10 437.8 29.3 % BB- 1 33.9 2.2 % — — — % B+ 2 138.0 8.9 % — — — % B 2 56.2 3.6 % 5 144.3 9.7 % B- 1 30.6 2.0 % — — — % C 3 223.4 14.3 % 2 154.8 10.4 % NR (1) 3 69.9 4.4 % 3 69.9 4.7 % 33 $ 1,558.1 100.0 % 31 $ 1,492.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of June 30, 2022 and December 31, 2021, 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)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Loans Payable	At June 30, 2022, the Account had outstanding loans payable secured by the following assets (in millions): Property Annual Interest Rate and Payment Frequency (2) Principal Maturity June 30, 2022 December 31, 2021 Fusion 1560 (5) 3.42% paid monthly $ — $ 37.4 June 10, 2022 San Diego Office Portfolio (4) 3.62% paid monthly 52.3 51.4 August 15, 2022 The Colorado (1) 3.69% paid monthly 83.7 84.7 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly 42.7 43.2 November 1, 2022 Regents Court (1) 3.69% paid monthly 36.2 36.6 November 1, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly 304.7 308.1 June 1, 2023 Biltmore at Midtown 3.94% paid monthly 36.4 36.4 July 5, 2023 Cherry Knoll 3.78% paid monthly 35.3 35.3 July 5, 2023 Lofts at SoDo 3.94% paid monthly 35.1 35.1 July 5, 2023 Pacific City 2.00% + LIBOR paid monthly 105.0 105.0 October 1, 2023 The Stratum (4) 2.45% paid monthly 40.0 39.8 May 9, 2024 Spring House Innovation Park (4) 1.25% + LIBOR paid monthly 45.7 40.5 July 9, 2024 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (1) 3.84% paid monthly 37.4 37.8 December 1, 2024 The District on La Frontera (1) 4.96% paid monthly 4.2 4.2 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (1) 3.60% paid monthly 68.4 69.1 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Vista Station Office Portfolio (1) 4.00% paid monthly 18.9 19.3 July 1, 2025 780 Third Avenue 3.55% paid monthly 150.0 150.0 August 1, 2025 780 Third Avenue 3.55% paid monthly 20.0 20.0 August 1, 2025 Reserve at Chino Hills (4) 1.50% + LIBOR paid monthly 70.7 68.2 August 9, 2025 Vista Station Office Portfolio (1) 4.20% paid monthly 42.4 42.9 November 1, 2025 Sixth & Main (4) 1.87% + LIBOR paid monthly 40.8 40.4 November 9, 2025 701 Brickell Avenue (1) 3.66% paid monthly 180.3 182.0 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW (1) 3.93% paid monthly 162.5 163.0 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,324.9 $ 2,362.6 Fair Value Adjustment (3) (31.9) 17.9 Total Loans Payable $ 2,293.0 $ 2,380.5 (1) The mortgage is adjusted monthly for principal payments. (2) All interest rates are fixed except for Pacific City, Spring House Innovations 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 of the Account's 2021 Form 10-K. (4) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. (5) The principal amount of the outstanding debt was paid off during the first quarter of 2022.

Line of Credit (Tables)

Line of Credit (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Key Characteristics of Line of Credit	The following table provides a summary of the key characteristics of the Credit Agreement as of June 30, 2022: Current Balance (in millions) $ 500.0 Maximum Capacity (in millions) $ 500.0 Inception Date September 20, 2018 Maturity Date September 20, 2022 (1) Extension Option Yes (1) Eurodollar Applicable Rate Range 0.85% - 1.05% ABR Applicable Rate Range 0.85% - 1.05% Unused Fee (2) 0.20% per annum (1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with one consecutive twelve (2) The Account is charged a fee on the unused portion of the Credit Agreement. Principal (in millions) Interest Rate Maturity Date Series A $ 300.0 3.24% June 10, 2029 Series B $ 200.0 3.35% June 10, 2032

Senior Notes Payable (Tables)

Senior Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Key Characteristics of Senior Notes	The following table provides a summary of the key characteristics of the Credit Agreement as of June 30, 2022: Current Balance (in millions) $ 500.0 Maximum Capacity (in millions) $ 500.0 Inception Date September 20, 2018 Maturity Date September 20, 2022 (1) Extension Option Yes (1) Eurodollar Applicable Rate Range 0.85% - 1.05% ABR Applicable Rate Range 0.85% - 1.05% Unused Fee (2) 0.20% per annum (1) On July 16, 2021, the Account exercised its option to extend the commitment terms until September 20, 2022, with one consecutive twelve (2) The Account is charged a fee on the unused portion of the Credit Agreement. Principal (in millions) Interest Rate Maturity Date Series A $ 300.0 3.24% June 10, 2029 Series B $ 200.0 3.35% June 10, 2032

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2022
Condensed Financial Information Disclosure [Abstract]
Schedule Of Condensed Financial Information For An Accumulation Unit of The Account	Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Six Months Ended June 30, 2022 Years Ended December 31, 2021 2020 2019 Per Accumulation Unit Data: Rental income $ 11.505 $ 22.672 $ 21.145 $ 18.165 Real estate property level expenses and taxes 5.380 10.731 10.067 8.734 Real estate income, net 6.125 11.941 11.078 9.431 Other income 2.948 5.474 4.980 6.752 Total income 9.073 17.415 16.058 16.183 Expense charges (1) 2.313 3.987 3.562 3.439 Investment income, net 6.760 13.428 12.496 12.744 Net realized and unrealized gain (loss) on investments and debt 48.948 64.615 (16.196) 10.262 Net increase (decrease) in Accumulation Unit Value 55.708 78.043 (3.700) 23.006 Accumulation Unit Value: Beginning of period 514.765 436.722 440.422 417.416 End of period $ 570.473 $ 514.765 $ 436.722 $ 440.422 Total return (3) 10.82 % 17.87 % (0.84) % 5.51 % Ratios to Average net assets (2) : Expenses (1) 0.84 % 0.84 % 0.81 % 0.78 % Investment income, net 2.46 % 2.82 % 2.85 % 2.90 % Portfolio turnover rate (3) : Real estate properties (4) 3.2 % 7.6 % 7.1 % 7.8 % Marketable securities (5) 2.2 % — % 113.4 % 28.7 % Accumulation Units outstanding at end of period (millions) 54.0 53.4 52.0 60.8 Net assets end of period (millions) $ 31,448.8 $ 28,072.0 $ 23,243.9 $ 27,307.9 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year-to-date Account level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Percentages for the six months ended June 30, 2022 are annualized. (3) Percentages for the six months ended June 30, 2022 are not annualized. (4) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period. (5) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units (Tables)

Accumulation Units (Tables)	6 Months Ended
	Jun. 30, 2022
Accumulated Units Disclosure [Abstract]
Schedule Of Changes In The Number Of Accumulation Units Outstanding	Changes in the number of Accumulation Units outstanding were as follows (in millions): For the Six Months Ended June 30, 2022 For the Year Ended December 31, 2021 Outstanding: Beginning of period 53.4 52.0 Credited for premiums 3.1 6.4 Annuity, other periodic payments, withdrawals and death benefits (2.5) (5.0) End of period 54.0 53.4

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Callable Commitments	As of June 30, 2022 and December 31, 2021, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions): Commitment Expiration June 30, 2022 December 31, 2021 Real Estate Funds (1) Veritas Trophy VI, LLC 08/2022 $ 18.6 $ 20.6 SP V - II, LLC 09/2022 10.4 12.9 JCR Capital - REA Preferred Equity Parallel Fund 12/2022 56.1 75.3 Silverpeak NRE FundCo 2 LLC 12/2022 32.1 43.7 Silverpeak NRE FundCo LLC 12/2022 29.7 37.3 Silverpeak NRE FundCo 3 LLC 6/2023 76.8 — Taconic New York City GP Fund 11/2023 4.2 4.2 Flagler - REA Healthcare Properties Partnership 02/2025 1.2 1.2 Townsend Group Value-Add Fund 12/2026 89.7 125.9 $ 318.8 $ 321.1 Loans Receivable (2) BREP VIII Industrial Mezzanine 03/2022 $ — $ 22.4 311 South Wacker Mezzanine 08/2022 2.2 2.2 San Diego Office Portfolio Senior Loan 08/2022 5.9 6.8 San Diego Office Portfolio Mezzanine 08/2022 2.0 2.2 MRA Hub 34 Holding, LLC 08/2022 1.4 1.5 1330 Broadway Mezzanine 09/2022 10.9 10.9 Liberty Park Mezzanine 11/2022 2.6 2.6 Colony New England Hotel Portfolio Senior Loan 11/2022 14.1 14.1 Colony New England Hotel Portfolio Mezzanine 11/2022 4.7 4.7 Exo Apartments Mezzanine 01/2023 2.4 2.4 SCG Oakland Portfolio Mezzanine 03/2023 5.4 6.1 Five Oak Mezzanine 03/2023 1.6 1.6 5 Points Towers Mezzanine 03/2024 3.7 4.2 The Stratum Senior Loan 05/2024 1.7 2.0 The Stratum Mezzanine 05/2024 0.6 0.7 Spring House Innovation Park Senior Loan 07/2024 31.7 38.0 Spring House Innovation Park Mezzanine 07/2024 10.6 12.7 Project Sonic Senior Loan 06/2025 3.9 — Commitment Expiration June 30, 2022 December 31, 2021 Project Sonic Mezzanine 06/2025 1.3 — One Biscayne Tower Senior Loan 07/2025 31.8 — One Biscayne Tower Mezzanine 07/2025 10.6 — The Reserve at Chino Hills 08/2025 16.8 20.0 Sixth and Main Senior Loan 11/2025 6.5 6.9 Sixth and Main Mezzanine 11/2025 3.6 3.7 $ 176.0 $ 165.7 TOTAL COMMITMENTS $ 494.8 $ 486.8 (1) Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements. (2) Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term.

Organization and Significant _3

Organization and Significant Accounting Policies - Narrative (Details)	Jun. 10, 2022 USD ($)
Senior Notes
Principal Transaction Revenue [Line Items]
Principal (in millions)	$ 500,000,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Distribution Agreement, termination period	60 days
Percentage of trigger point on outstanding accumulation units, percent	45%

Related Party Transactions - Sc

Related Party Transactions - Schedule of key terms of the loans (Details) - Loans Receivable - Related Party - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 69.9	$ 69.9
MRA Hub 34 Holding, LLC
Related Party Transaction [Line Items]
Principal	$ 36.5	36.5
Equity Ownership Interest	95%
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	0.5
Equity Ownership Interest	0%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 0.5	0.5
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%
Interest Rate	3.20%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 32.9	$ 32.9

Concentrations of Risk - Narrat

Concentrations of Risk - Narrative (Details)	6 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Maximum percentage of annual contract rent of rental income (more than)	4%

Concentrations of Risk - Schedu

Concentrations of Risk - Schedule of diversification of the Account's portfolio by region and property type (Details) - Geographic Concentration Risk - Portfolio Fair Value or Net Equity Value	6 Months Ended
	Jun. 30, 2022
Office
Concentration Risk [Line Items]
Total	29.60%
Apartment
Concentration Risk [Line Items]
Total	26.20%
Industrial
Concentration Risk [Line Items]
Total	27.20%
Retail
Concentration Risk [Line Items]
Total	12.30%
Other
Concentration Risk [Line Items]
Total	4.70%
Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	100%
West | Office
Concentration Risk [Line Items]
Total	9.90%
West | Apartment
Concentration Risk [Line Items]
Total	8.50%
West | Industrial
Concentration Risk [Line Items]
Total	16%
West | Retail
Concentration Risk [Line Items]
Total	3.70%
West | Other
Concentration Risk [Line Items]
Total	1.40%
West | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	39.50%
South | Office
Concentration Risk [Line Items]
Total	5.50%
South | Apartment
Concentration Risk [Line Items]
Total	10.10%
South | Industrial
Concentration Risk [Line Items]
Total	7.10%
South | Retail
Concentration Risk [Line Items]
Total	5.30%
South | Other
Concentration Risk [Line Items]
Total	1.80%
South | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	29.80%
East | Office
Concentration Risk [Line Items]
Total	14%
East | Apartment
Concentration Risk [Line Items]
Total	6.60%
East | Industrial
Concentration Risk [Line Items]
Total	2.50%
East | Retail
Concentration Risk [Line Items]
Total	2.60%
East | Other
Concentration Risk [Line Items]
Total	1.20%
East | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	26.90%
Midwest | Office
Concentration Risk [Line Items]
Total	0.20%
Midwest | Apartment
Concentration Risk [Line Items]
Total	1%
Midwest | Industrial
Concentration Risk [Line Items]
Total	1.60%
Midwest | Retail
Concentration Risk [Line Items]
Total	0.70%
Midwest | Other
Concentration Risk [Line Items]
Total	0.20%
Midwest | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	3.70%
Foreign | Office
Concentration Risk [Line Items]
Total	0%
Foreign | Apartment
Concentration Risk [Line Items]
Total	0%
Foreign | Industrial
Concentration Risk [Line Items]
Total	0%
Foreign | Retail
Concentration Risk [Line Items]
Total	0%
Foreign | Other
Concentration Risk [Line Items]
Total	0.10%
Foreign | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	0.10%

Leases - Schedule of aggregate

Leases - Schedule of aggregate minimum annual rental payments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Period [Abstract]
2022	$ 322.1
2023	623.9	$ 635.8
2024	557.1	594.2
2025	474.4	517.7
2026	374.5	436.1
Thereafter	1,332
Total	3,684	3,686.7
Prior Year [Abstract]
2022	623.9	635.8
2023	557.1	594.2
2024	474.4	517.7
2025	374.5	436.1
2026		330.2
Thereafter		1,172.7
Total	$ 3,684	$ 3,686.7

Leases - Schedule of right-of-u

Leases - Schedule of right-of-use assets and lease liabilities related to ground leases (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Key Terms:
Weighted-average remaining lease term (years)	69 years	69 years 6 months
Weighted-average discount rate	7.44%	7.71%
Ground
Assets:
Right-of-use assets, at fair value	$ 40.9	$ 40.3
Liabilities:
Ground lease liabilities, at fair value	$ 40.9	$ 40.3

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Ground
Lessee, Lease, Description [Line Items]
Operating lease cost, related to ground leases	$ 1.1	$ 1.2

Leases - Schedule of future min

Leases - Schedule of future minimum annual payments for ground leases (Details) - Ground - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Period [Abstract]
2022	$ 1.2
2023	2.4	$ 2.3
2024	2.5	2.3
2025	2.5	2.4
2026	2.5	2.4
Thereafter	438.4
Total	449.5	425.8
Prior Year [Abstract]
2022	2.4	2.3
2023	2.5	2.3
2024	2.5	2.4
2025	2.5	2.4
2026		2.4
Thereafter		414
Total	$ 449.5	$ 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	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	$ 21,288.6	$ 18,903.9
Real estate operating business	628	326.3
Marketable securities:
Marketable securities excluding Real estate-related	2,724	2,207.8
Total investments (cost: $25,601.5 and $24,326.7)	34,748.6	30,918
Loans payable	(2,293)	(2,380.5)
Line of credit	(500)	(500)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	21,288.6	18,903.9
Real estate joint ventures	7,642.9	7,175.9
Real estate funds	907	811.5
Real estate operating business	628	326.3
Marketable securities:
Loans receivable	1,558.1	1,492.6
Total investments (cost: $25,601.5 and $24,326.7)	34,748.6	30,918
Loans payable	(2,293)	(2,380.5)
Line of credit	(500)	(500)
Senior notes payable	(486.2)
Fair Value, Measurements, Recurring | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	1,505	864.1
Fair Value, Measurements, Recurring | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	17	7.6
Fair Value, Measurements, Recurring | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	621.6	784.3
Fair Value, Measurements, Recurring | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	580.4	551.8
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	0	0
Real estate joint ventures	0	0
Real estate funds	0	0
Real estate operating business	0	0
Marketable securities:
Loans receivable	0	0
Total investments (cost: $25,601.5 and $24,326.7)	0	0
Loans payable	0	0
Line of credit	0	0
Senior notes payable	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	0	0
Real estate joint ventures	0	0
Real estate funds	0	0
Real estate operating business	0	0
Marketable securities:
Loans receivable	0	0
Total investments (cost: $25,601.5 and $24,326.7)	2,724	2,207.8
Loans payable	0	0
Line of credit	0	0
Senior notes payable	(486.2)
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	1,505	864.1
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	17	7.6
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	621.6	784.3
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	580.4	551.8
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	21,288.6	18,903.9
Real estate joint ventures	7,642.9	7,175.9
Real estate funds	0	0
Real estate operating business	628	326.3
Marketable securities:
Loans receivable	1,558.1	1,492.6
Total investments (cost: $25,601.5 and $24,326.7)	31,117.6	27,898.7
Loans payable	(2,293)	(2,380.5)
Line of credit	(500)	(500)
Senior notes payable	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	$ 0	$ 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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in changes in net assets	$ 1,302.8	$ 636.1	$ 2,692	$ 983.3
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,338)	(2,403.6)	(2,380.5)	(2,411.4)
Total realized and unrealized gains (losses) included in changes in net assets	46.1	10.5	49.8	14
Purchases	(6.1)	0	(9.1)	0
Sales	0	0	0	0
Settlements	5	4.9	46.8	9.2
Ending balance	(2,293)	(2,388.2)	(2,293)	(2,388.2)
Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(500)		(500)
Total realized and unrealized gains (losses) included in changes in net assets	0		0
Purchases	0		0
Sales	0		0
Settlements	0		0
Ending balance	(500)		(500)
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	20,179.1	16,816.5	18,903.9	16,476.7
Total realized and unrealized gains (losses) included in changes in net assets	977.6	604	2,181.6	894.8
Purchases	308.3	167.8	537.1	219.8
Sales	(176.4)	(558.5)	(334)	(561.5)
Settlements	0	0	0	0
Ending balance	21,288.6	17,029.8	21,288.6	17,029.8
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,253.3	6,215.3	7,175.9	6,128.9
Total realized and unrealized gains (losses) included in changes in net assets	239.3	99.8	362.1	154.1
Purchases	230.4	167.7	481.8	199.9
Sales	0	0	0	0
Settlements	(80.1)	(0.2)	(376.9)	(0.3)
Ending balance	7,642.9	6,482.6	7,642.9	6,482.6
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	487.6	250	326.3	250
Total realized and unrealized gains (losses) included in changes in net assets	140.4	22.1	200.8	22.1
Purchases	0	1.4	100.9	1.4
Sales	0	0	0	0
Settlements	0	0	0	0
Ending balance	628	273.5	628	273.5
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,329.2	1,529.5	1,492.6	1,562.6
Total realized and unrealized gains (losses) included in changes in net assets	(83.2)	(8)	(82.2)	4.6
Purchases	312.3	117.1	317.5	163.7
Sales	0	(213.2)	(161.4)	(294.5)
Settlements	(0.2)	(33.5)	(8.4)	(44.5)
Ending balance	1,558.1	1,391.9	1,558.1	1,391.9
Total Level 3 Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	29,249.2	24,811.3	27,898.7	24,418.2
Total realized and unrealized gains (losses) included in changes in net assets	1,274.1	717.9	2,662.3	1,075.6
Purchases	851	454	1,437.3	584.8
Sales	(176.4)	(771.7)	(495.4)	(856)
Settlements	(80.3)	(33.7)	(385.3)	(44.8)
Ending balance	$ 31,117.6	$ 25,177.8	$ 31,117.6	$ 25,177.8

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	Jun. 30, 2022	Dec. 31, 2021
Discount Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.058
Discount Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.098	0.093
Discount Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.066	0.067
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.048	0.051
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.080	0.090
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.063
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.053	0.055
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.070	0.078
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.062
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.053
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.115	0.120
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.070	0.069
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.098	0.103
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.098	0.103
Discount Rate | Real Estate Operating Business | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.098	0.079
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.045	0.045
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.040	0.035
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.085	0.085
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.080	0.080
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.055	0.056
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.033	0.043
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.018	0.028
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.068	0.073
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.068
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.044	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.038	0.044
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.040	0.040
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.035	0.035
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.055	0.068
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.060
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.045	0.049
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.040	0.044
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.045
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.045	0.043
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.085	0.095
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.083	0.093
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.056	0.058
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.052	0.054
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.075
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.078	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.075	0.075
Terminal Growth Rate | Real Estate Operating Business | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.071	0.040
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	28.3	16.2
Loan to Value Ratio | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.356	0.352
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	0.356	0.352
Loan to Value Ratio | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.701	0.587
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	0.701	0.587
Loan to Value Ratio | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.462	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	0.462	0.455
Loan to Value Ratio | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.283	0.452
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	0.283	0.452
Loan to Value Ratio | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.363	0.560
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	0.363	0.560
Loan to Value Ratio | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.315	0.496
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	0.315	0.496
Loan to Value Ratio | Loans Payable | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.248	0.382
Loan to Value Ratio | Loans Payable | Apartment | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.248	0.382
Loan to Value Ratio | Loans Payable | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.664	0.641
Loan to Value Ratio | Loans Payable | Apartment | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.664	0.641
Loan to Value Ratio | Loans Payable | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.391	0.481
Loan to Value Ratio | Loans Payable | Apartment | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.391	0.481
Loan to Value Ratio | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.425	0.380
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	0.425	0.380
Loan to Value Ratio | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.738	0.745
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	0.738	0.745
Loan to Value Ratio | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.460	0.478
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	0.478
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.404	0.388
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.947	0.918
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.722	0.761
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.495	0.307
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.660	0.632
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.578	0.596
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.364	0.384
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.765	0.747
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.475	0.483
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.571	0.598
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.798	0.798
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.656	0.716
Equivalency Rate | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.035	0.018
Equivalency Rate | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.050	0.034
Equivalency Rate | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.041	0.031
Equivalency Rate | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.045	0.033
Equivalency Rate | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.047	0.037
Equivalency Rate | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.046	0.034
Equivalency Rate | Loans Payable | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.019	0.021
Equivalency Rate | Loans Payable | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.044	0.032
Equivalency Rate | Loans Payable | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.032	0.027
Equivalency Rate | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.041	0.028
Equivalency Rate | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.051	0.040
Equivalency Rate | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.044	0.034
Equivalency Rate | Loans Receivable, including those with related parties | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.027	0.024
Equivalency Rate | Loans Receivable, including those with related parties | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.096	0.113
Equivalency Rate | Loans Receivable, including those with related parties | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.063	0.065
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.029	0.043
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.066	0.051
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.038	0.048
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.029	0.024
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.086	0.086
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.047	0.483
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.022	0.039
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.078	0.074
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.040	0.050
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	1.3	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	1.2	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	1.1	1.3
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	1.2	1.4
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	1.2	1.4
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.2	1.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4	1.6
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.2	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	1.5	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	1.3	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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ 1,302.8	$ 636.1	$ 2,692	$ 983.3
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	46.1	10.5	49.8	14
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	966.1	512.1	2,168.4	799.9
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	279.4	99.8	405	154.2
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	140.4	22.1	200.8	22.1
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ (83.1)	$ 2.1	$ (82.2)	$ 7.1

Investments in Joint Ventures -

Investments in Joint Ventures - Narrative (Details)	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Minimum percentage of noncontrolling ownership interest In joint ventures	21%
Maximum percentage of noncontrolling ownership interest in joint ventures	98.50%

Investments in Joint Ventures_2

Investments in Joint Ventures - Schedule of results of operations of the joint ventures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Revenue and Expenses
Revenues	$ 288.1	$ 249.4	$ 558	$ 501.1
Expenses	163.6	136.1	331	279.1
Excess of revenues over expenses	$ 124.5	$ 113.3	$ 227	$ 222

Investments in Real Estate Fu_3

Investments in Real Estate Funds (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying Amount	$ 35,124.7	$ 31,276.4
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	907
Maximum Exposure to Loss	$ 1,225.8
Variable Interest Entity, Not Primary Beneficiary | LCS SHIP Venture I, LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 223.7
Maximum Exposure to Loss	$ 223.7
Variable Interest Entity, Not Primary Beneficiary | Veritas Trophy VI, LLC
Variable Interest Entity [Line Items]
Account Interest	90.40%
Carrying Amount	$ 81.3
Maximum Exposure to Loss	$ 99.9
Variable Interest Entity, Not Primary Beneficiary | SP V - II, LLC
Variable Interest Entity [Line Items]
Account Interest	61.80%
Carrying Amount	$ 104.6
Maximum Exposure to Loss	$ 115
Variable Interest Entity, Not Primary Beneficiary | Taconic New York City GP Fund, LP
Variable Interest Entity [Line Items]
Account Interest	60%
Carrying Amount	$ 27.5
Maximum Exposure to Loss	$ 31.7
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 74.3
Maximum Exposure to Loss	$ 104
Variable Interest Entity, Not Primary Beneficiary | IDR - Core Property Index Fund, LLC
Variable Interest Entity [Line Items]
Account Interest	1.40%
Carrying Amount	$ 43.4
Maximum Exposure to Loss	$ 43.4
Variable Interest Entity, Not Primary Beneficiary | Townsend Group Value-Add Fund
Variable Interest Entity [Line Items]
Account Interest	99%
Carrying Amount	$ 160.5
Maximum Exposure to Loss	$ 250.2
Variable Interest Entity, Not Primary Beneficiary | Flagler - REA Healthcare Properties Partnership
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 23.5
Maximum Exposure to Loss	$ 24.7
Variable Interest Entity, Not Primary Beneficiary | Grubb Southeast Real Estate Fund VI, LLC
Variable Interest Entity [Line Items]
Account Interest	66.70%
Carrying Amount	$ 19.1
Maximum Exposure to Loss	$ 19.1
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 2 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 81.7
Maximum Exposure to Loss	$ 113.8
Variable Interest Entity, Not Primary Beneficiary | JCR Capital - REA Preferred Equity Parallel Fund
Variable Interest Entity [Line Items]
Account Interest	31.10%
Carrying Amount	$ 44.2
Maximum Exposure to Loss	$ 100.3
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 3 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 23.2
Maximum Exposure to Loss	$ 100

Loans Receivable - Scheduled of

Loans Receivable - Scheduled of loans receivable by property type (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1,651.9	$ 1,504.1
Fair Value	$ 1,558.1	$ 1,492.6
Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	100%	100%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 873.6	$ 862.4
Fair Value	$ 781.2	$ 853.4
Office | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	50.10%	57.20%
Apartments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 256.8	$ 253.3
Fair Value	$ 255.4	$ 252
Apartments | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	16.40%	16.90%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 131.6	$ 161.4
Fair Value	$ 131.6	$ 161.3
Industrial | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	8.50%	10.80%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 125.3	$ 125.3
Fair Value	$ 125.3	$ 125.3
Hotel | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	8%	8.40%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 264.6	$ 101.7
Fair Value	$ 264.6	$ 100.6
Retail | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	17%	6.70%

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	6 Months Ended
	Jun. 30, 2022
D Rating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of days past due, classified as delinquent	90 days

Loans Receivable - Schedule of

Loans Receivable - Schedule of fair values and risk ratings (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	33	31
Fair Value | $	$ 1,558.1	$ 1,492.6
Related Party
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans collateralized by equity interests in real estate investments	3	3
Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	100%	100%
AA
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	0	1
Fair Value | $	$ 0	$ 62.6
AA | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	4.20%
AA-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value | $	$ 33.7	$ 0
AA- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	2.20%	0%
A
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	4
Fair Value | $	$ 192.4	$ 248.5
A | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	12.30%	16.60%
A-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	0
Fair Value | $	$ 104.5	$ 0
A- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	6.70%	0%
BBB+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	0
Fair Value | $	$ 14.1	$ 0
BBB+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0.90%	0%
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	6
Fair Value | $	$ 262.1	$ 374.7
BBB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	16.80%	25.10%
BBB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value | $	$ 46.3	$ 0
BBB- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	3%	0%
BB+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	5	0
Fair Value | $	$ 197.7	$ 0
BB+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	12.70%	0%
BB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	4	10
Fair Value | $	$ 155.3	$ 437.8
BB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	10%	29.30%
BB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value | $	$ 33.9	$ 0
BB- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	2.20%	0%
B+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	0
Fair Value | $	$ 138	$ 0
B+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	8.90%	0%
B
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	5
Fair Value | $	$ 56.2	$ 144.3
B | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	3.60%	9.70%
B-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value | $	$ 30.6	$ 0
B- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	2%	0%
C
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	2
Fair Value | $	$ 223.4	$ 154.8
C | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	14.30%	10.40%
NR
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	3
Fair Value | $	$ 69.9	$ 69.9
NR | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.40%	4.70%

Loans Payable - Schedule of out

Loans Payable - Schedule of outstanding loans payable (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Total Principal Outstanding	$ 2,324.9	$ 2,362.6
Fair Value Adjustment	(31.9)	17.9
Total Loans Payable	$ 2,293	2,380.5
Fusion 1560
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.42%
Annual Interest Rate and Payment Frequency	3.42% paid monthly
Principal Amounts Outstanding	$ 0	37.4
Maturity	Jun. 10, 2022
San Diego Office Portfolio
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.62%
Annual Interest Rate and Payment Frequency	3.62% paid monthly
Principal Amounts Outstanding, loans payable	$ 52.3	51.4
Maturity, loans payable	Aug. 15, 2022
The Colorado
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.69%
Annual Interest Rate and Payment Frequency	3.69% paid monthly
Principal Amounts Outstanding	$ 83.7	84.7
Maturity	Nov. 01, 2022
The Legacy at Westwood
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.69%
Annual Interest Rate and Payment Frequency	3.69% paid monthly
Principal Amounts Outstanding	$ 42.7	43.2
Maturity	Nov. 01, 2022
Regents Court
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.69%
Annual Interest Rate and Payment Frequency	3.69% paid monthly
Principal Amounts Outstanding	$ 36.2	36.6
Maturity	Nov. 01, 2022
1001 Pennsylvania Avenue
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.70%
Annual Interest Rate and Payment Frequency	3.70% paid monthly
Principal Amounts Outstanding	$ 304.7	308.1
Maturity	Jun. 01, 2023
Biltmore at Midtown
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.94%
Annual Interest Rate and Payment Frequency	3.94% paid monthly
Principal Amounts Outstanding	$ 36.4	36.4
Maturity	Jul. 05, 2023
Cherry Knoll
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.78%
Annual Interest Rate and Payment Frequency	3.78% paid monthly
Principal Amounts Outstanding	$ 35.3	35.3
Maturity	Jul. 05, 2023
Lofts at SoDo
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.94%
Annual Interest Rate and Payment Frequency	3.94% paid monthly
Principal Amounts Outstanding	$ 35.1	35.1
Maturity	Jul. 05, 2023
Pacific City
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	2.00% + LIBOR paid monthly
Principal Amounts Outstanding	$ 105	105
Maturity	Oct. 01, 2023
The Stratum
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	2.45%
Annual Interest Rate and Payment Frequency	2.45% paid monthly
Principal Amounts Outstanding	$ 40	39.8
Maturity	May 09, 2024
Spring House Innovation Park
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.25% + LIBOR paid monthly
Principal Amounts Outstanding	$ 45.7	40.5
Maturity	Jul. 09, 2024
1401 H Street NW
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.65%
Annual Interest Rate and Payment Frequency	3.65% paid monthly
Principal Amounts Outstanding	$ 115	115
Maturity	Nov. 05, 2024
The District on La Frontera | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.84%
Annual Interest Rate and Payment Frequency	3.84% paid monthly
Principal Amounts Outstanding	$ 37.4	37.8
Maturity	Dec. 01, 2024
The District on La Frontera | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.96%
Annual Interest Rate and Payment Frequency	4.96% paid monthly
Principal Amounts Outstanding	$ 4.2	4.2
Maturity	Dec. 01, 2024
Circa Green Lake
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.71%
Annual Interest Rate and Payment Frequency	3.71% paid monthly
Principal Amounts Outstanding	$ 52	52
Maturity	Mar. 05, 2025
Union - South Lake Union
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.66%
Annual Interest Rate and Payment Frequency	3.66% paid monthly
Principal Amounts Outstanding	$ 57	57
Maturity	Mar. 05, 2025
Holly Street Village
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.65%
Annual Interest Rate and Payment Frequency	3.65% paid monthly
Principal Amounts Outstanding	$ 81	81
Maturity	May 01, 2025
Henley at Kingstowne
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.60%
Annual Interest Rate and Payment Frequency	3.60% paid monthly
Principal Amounts Outstanding	$ 68.4	69.1
Maturity	May 01, 2025
32 South State Street
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.48%
Annual Interest Rate and Payment Frequency	4.48% paid monthly
Principal Amounts Outstanding	$ 24	24
Maturity	Jun. 06, 2025
Vista Station Office Portfolio | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4%
Annual Interest Rate and Payment Frequency	4.00% paid monthly
Principal Amounts Outstanding	$ 18.9	19.3
Maturity	Jul. 01, 2025
Vista Station Office Portfolio | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.20%
Annual Interest Rate and Payment Frequency	4.20% paid monthly
Principal Amounts Outstanding	$ 42.4	42.9
Maturity	Nov. 01, 2025
780 Third Avenue | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.55%
Annual Interest Rate and Payment Frequency	3.55% paid monthly
Principal Amounts Outstanding	$ 150	150
Maturity	Aug. 01, 2025
780 Third Avenue | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.55%
Annual Interest Rate and Payment Frequency	3.55% paid monthly
Principal Amounts Outstanding	$ 20	20
Maturity	Aug. 01, 2025
Reserve at Chino Hills
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.50% + LIBOR paid monthly
Principal Amounts Outstanding	$ 70.7	68.2
Maturity	Aug. 09, 2025
Sixth & Main
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.87% + LIBOR paid monthly
Principal Amounts Outstanding	$ 40.8	40.4
Maturity	Nov. 09, 2025
701 Brickell Avenue
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.66%
Annual Interest Rate and Payment Frequency	3.66% paid monthly
Principal Amounts Outstanding	$ 180.3	182
Maturity	Apr. 01, 2026
Marketplace at Mill Creek
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Annual 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
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Annual Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 40.8	40.8
Maturity	Sep. 11, 2027
Winslow Bay
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Annual Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 25.8	25.8
Maturity	Sep. 11, 2027
1900 K Street, NW
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.93%
Annual Interest Rate and Payment Frequency	3.93% paid monthly
Principal Amounts Outstanding	$ 162.5	163
Maturity	Apr. 01, 2028
99 High Street
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.90%
Annual Interest Rate and Payment Frequency	3.90% paid monthly
Principal Amounts Outstanding	$ 277	$ 277
Maturity	Mar. 01, 2030
LIBOR | Pacific City
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	2%
LIBOR | Spring House Innovation Park
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
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
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	1.87%

Line of Credit - Narrative (Det

Line of Credit - Narrative (Details) - Senior Unsecured Revolving Credit Facility - Line of Credit	Sep. 20, 2018 USD ($) loan	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Maximum capacity	$ 500,000,000	$ 500,000,000
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
Alternate Base Rate Loan
Debt Instrument [Line Items]
Minimum funding requirement	$ 5,000,000
Alternate Base Rate Loan | Federal Reserve Bank of New York
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Alternate Base Rate Loan | Adjusted LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Line of Credit - Summary of key

Line of Credit - Summary of key characteristics (Details) - Senior Unsecured Revolving Credit Facility - Line of Credit			6 Months Ended
	Jul. 16, 2021 USD ($) period	Sep. 20, 2018 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Current Balance (in millions)			$ 500,000,000
Maximum Capacity (in millions)		$ 500,000,000	$ 500,000,000
Unused Fee			0.20%
Number of extension periods | period	1
Number of extension periods	12 months
Additional borrowing capacity	$ 250,000,000
Adjusted LIBOR | Eurodollar | Minimum
Debt Instrument [Line Items]
Applicable Rate Range			0.85%
Adjusted LIBOR | Eurodollar | Maximum
Debt Instrument [Line Items]
Applicable Rate Range			1.05%
Adjusted LIBOR | ABR
Debt Instrument [Line Items]
Applicable Rate Range		1%
Adjusted LIBOR | ABR | Minimum
Debt Instrument [Line Items]
Applicable Rate Range			0.85%
Adjusted LIBOR | ABR | Maximum
Debt Instrument [Line Items]
Applicable Rate Range			1.05%

Senior Notes Payable - Narrativ

Senior Notes Payable - Narrative (Details) - Senior Notes	Jun. 10, 2022 USD ($)
Debt Instrument [Line Items]
Face amount	$ 500,000,000
Prepayment period, number of days prior to applicable maturity date	90 days

Senior Notes Payable - Summary

Senior Notes Payable - Summary of key characteristics (Details) - Senior Notes - USD ($)	Jun. 30, 2022	Jun. 10, 2022
Debt Instrument [Line Items]
Principal (in millions)		$ 500,000,000
Series A
Debt Instrument [Line Items]
Principal (in millions)	$ 300,000,000
Interest Rate	3.24%
Series B
Debt Instrument [Line Items]
Principal (in millions)	$ 200,000,000
Interest Rate	3.35%

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	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Per Accumulation Unit Data:
Rental income (in dollars per share)	$ 11.505	$ 22.672	$ 21.145	$ 18.165
Real estate property level expenses and taxes (in dollars per share)	5.380	10.731	10.067	8.734
Real estate income, net (in dollars per share)	6.125	11.941	11.078	9.431
Other income (in dollars per share)	2.948	5.474	4.980	6.752
Total income (in dollars per share)	9.073	17.415	16.058	16.183
Expense charges (in dollars per share)	2.313	3.987	3.562	3.439
Investment income, net (in dollars per share)	6.760	13.428	12.496	12.744
Net realized and unrealized gain (loss) on investments and debt (in dollars per share)	48.948	64.615	(16.196)	10.262
Net increase (decrease) in Accumulation Unit Value (in dollars per share)	55.708	78.043	(3.700)	23.006
Accumulation Unit Value:
Beginning of period (in dollars per share)	514.765	436.722	440.422	417.416
End of period (in dollars per share)	$ 570.473	$ 514.765	$ 436.722	$ 440.422
Total return	10.82%	17.87%	(0.84%)	5.51%
Ratios to Average net assets:
Expenses	0.84%	0.84%	0.81%	0.78%
Investment income, net	2.46%	2.82%	2.85%	2.90%
Portfolio turnover rate:
Real estate properties	3.20%	7.60%	7.10%	7.80%
Marketable securities	2.20%	0%	113.40%	28.70%
Accumulation Units outstanding at end of period (millions) (in shares)	54	53.4	52	60.8
Net assets end of period (millions)	$ 31,448.8	$ 28,072	$ 23,243.9	$ 27,307.9	$ 29,771	$ 24,915.3	$ 23,772.1

Accumulation Units - Schedule o

Accumulation Units - Schedule of changes in the number of accumulation units outstanding (Details) - shares shares in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Outstanding:
Beginning of period (in shares)	53.4	52
Credited for premiums (in shares)	3.1	6.4
Annuity, other periodic payments, withdrawals and death benefits (in shares)	(2.5)	(5)
End of period (in shares)	54	53.4

Commitments and Contingencies -

Commitments and Contingencies - Schedule of limited partners' callable commitments (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 494.8	$ 486.8
Real Estate Funds
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	318.8	321.1
Real Estate Funds | Veritas Trophy VI, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	18.6	20.6
Real Estate Funds | SP V - II, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10.4	12.9
Real Estate Funds | JCR Capital - REA Preferred Equity Parallel Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	56.1	75.3
Real Estate Funds | Silverpeak NRE FundCo 2 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	32.1	43.7
Real Estate Funds | Silverpeak NRE FundCo LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	29.7	37.3
Real Estate Funds | Silverpeak NRE FundCo 3 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	76.8	0
Real Estate Funds | Taconic New York City GP Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	4.2	4.2
Real Estate Funds | Flagler - REA Healthcare Properties Partnership
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.2	1.2
Real Estate Funds | Townsend Group Value-Add Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	89.7	125.9
Loans Receivable
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	176	165.7
Loans Receivable | BREP VIII Industrial Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	22.4
Loans Receivable | 311 South Wacker Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	2.2	2.2
Loans Receivable | San Diego Office Portfolio Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	5.9	6.8
Loans Receivable | San Diego Office Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	2	2.2
Loans Receivable | MRA Hub 34 Holding, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.4	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	2.6
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 Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	2.4	2.4
Loans Receivable | SCG Oakland Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	5.4	6.1
Loans Receivable | Five Oak Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.6	1.6
Loans Receivable | 5 Points Towers Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	3.7	4.2
Loans Receivable | The Stratum Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.7	2
Loans Receivable | The Stratum Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0.6	0.7
Loans Receivable | Spring House Innovation Park Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	31.7	38
Loans Receivable | Spring House Innovation Park Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10.6	12.7
Loans Receivable | Project Sonic Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	3.9	0
Loans Receivable | Project Sonic Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.3	0
Loans Receivable | One Biscayne Tower Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	31.8	0
Loans Receivable | One Biscayne Tower Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10.6	0
Loans Receivable | The Reserve at Chino Hills
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	16.8	20
Loans Receivable | Sixth and Main Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	6.5	6.9
Loans Receivable | Sixth and Main Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 3.6	$ 3.7