Tiaa Real Estate Account 10-K9 Mar 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	33-92990
Entity Registrant Name	TIAA REAL ESTATE ACCOUNT
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	730 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-3206
City Area Code	212
Local Phone Number	490-9000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Documents Incorporated by Reference	Documents Incorporated by Reference: None
Entity Common Stock, Shares Outstanding	0
Entity Public Float		$ 0
Amendment Flag	false
Entity Central Index Key	0000946155
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Charlotte, North Carolina

AUDITED CONSOLIDATED STATEMENTS

AUDITED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments, at fair value:
Real estate properties (cost: $14,323.2 and $14,163.2)	$ 20,444	$ 18,903.9
Real estate joint ventures (cost: $5,738.1 and $5,497.9)	7,103.6	7,175.9
Real estate funds (cost: $787.7 and $692.9)	893.4	811.5
Real estate operating business (cost: $355.0 and $251.6)	641.9	326.3
Marketable securities (cost: $2,077.1 and $2,217.0)	2,030.2	2,207.8
Loans receivable (cost: $1,546.0 and $1,434.3)	1,418.7	1,422.7
Loans receivable with related parties (cost: $69.9 and $69.8)	69.9	69.9
Total investments (cost: $24,897.0 and $24,326.7)	32,601.7	30,918
Cash and cash equivalents	72.4	21.2
Due from investment manager	0	9.9
Other	359.5	327.3
TOTAL ASSETS	33,033.6	31,276.4
LIABILITIES
Loans payable, at fair value (principal outstanding: $2,168.7 and $2,362.6)	2,069.7	2,380.5
Line of credit, at fair value (principal outstanding: $— and $500.0)	0	500
Other unsecured debt, at fair value (principal outstanding: $1,000.0 and $—)	953.1	0
Due to investment manager	7.1	0
Accrued real estate property expenses	291.8	287.6
Other	53.8	36.3
TOTAL LIABILITIES	3,375.5	3,204.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	29,025.7	27,476
Annuity Fund	632.4	596
TOTAL NET ASSETS	$ 29,658.1	$ 28,072
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares)	52.1	53.4
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share)	$ 556.923	$ 514.765

AUDITED CONSOLIDATED STATEMEN_2

AUDITED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Real estate properties at cost	$ 14,323.2	$ 14,163.2
Real estate joint venture, at cost	5,738.1	5,497.9
Real estate funds, at cost	787.7	692.9
Real estate operating business, at cost	355	251.6
Other marketable securities at cost	2,077.1	2,217
Loans receivable, at cost	1,546	1,434.3
Loans receivable with related parties, at cost	69.9	69.8
Total investments, at cost	24,897	24,326.7
Loans payable, principal outstanding	2,168.7	2,362.6
Line of credit, principal outstanding	0	500
Other unsecured debt, principal outstanding	$ 1,000	$ 0

AUDITED CONSOLIDATED STATEMEN_3

AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real estate income, net
Rental income	$ 1,251.7	$ 1,194.8	$ 1,192.6
Real estate property level expenses:
Operating expenses	293.2	266.9	261.1
Real estate taxes	203.7	208.1	209.2
Interest expense	85	88	95.2
Total real estate property level expenses	581.9	563	565.5
Real estate income, net	669.8	631.8	627.1
Income from real estate joint ventures	194.2	191.1	146.8
Income from real estate funds	30.3	15.9	10.4
Interest	116.7	81.5	105.7
Dividends	0	0	18
Other income	4.5	0	0
TOTAL INVESTMENT INCOME	1,015.5	920.3	908
Expenses
Investment management charges	86.3	62.4	65.3
Administrative charges	43.2	51.1	48.5
Distribution charges	23.3	26.2	26.5
Mortality and expense risk charges	0.5	1.3	1.2
Liquidity guarantee charges	89.2	69.1	59.4
Interest expense	27.4	2.5	2.3
TOTAL EXPENSES	269.9	212.6	203.2
INVESTMENT INCOME, NET	745.6	707.7	704.8
Net realized gain (loss) on investments
Real estate properties	(93.8)	215.9	(52.8)
Real estate joint ventures	316.2	199.8	(454.9)
Real estate funds	15.4	3.5	(5.6)
Marketable securities	(2.8)	(0.1)	103
Loans receivable	0	(14.1)	(1.6)
Net realized gain (loss) on investments	235	405	(411.9)
Net change in unrealized gain (loss) on
Real estate properties	1,380.1	2,250.3	(296.1)
Real estate joint ventures	(232.3)	644.5	(22.2)
Real estate funds	(12.9)	98.7	(18.6)
Real estate operating business	212.2	74.9	(0.2)
Foreign currency exchange on forward contracts	(2.3)	0	0
Marketable securities	(37.7)	(9.2)	(148.1)
Loans receivable	(115.7)	22.7	(33)
Loans receivable with related parties	0	0	0.4
Loans payable	116.9	12.2	(3.1)
Other unsecured debt	46.9	0	0
Net change in unrealized gain (loss) on investments and debt	1,355.2	3,094.1	(520.9)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT	1,590.2	3,499.1	(932.8)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 2,335.8	$ 4,206.8	$ (228)

AUDITED CONSOLIDATED STATEMEN_4

AUDITED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FROM OPERATIONS
Investment income, net	$ 745.6	$ 707.7	$ 704.8
Net realized gain (loss) on investments	235	405	(411.9)
Net change in unrealized gain (loss) on investments and debt	1,355.2	3,094.1	(520.9)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	2,335.8	4,206.8	(228)
FROM PARTICIPANT TRANSACTIONS
Premiums	2,981.3	2,981.7	2,025.9
Annuity payments	(55.8)	(47.7)	(47.8)
Death benefits	(165)	(125.5)	(104.3)
Withdrawals	(3,510.2)	(2,187.2)	(5,709.8)
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS	(749.7)	621.3	(3,836)
NET INCREASE (DECREASE) IN NET ASSETS	1,586.1	4,828.1	(4,064)
NET ASSETS
Beginning of period	28,072	23,243.9	27,307.9
End of period	$ 29,658.1	$ 28,072	$ 23,243.9

AUDITED CONSOLIDATED STATEMEN_5

AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations		$ 2,335.8	$ 4,206.8	$ (228)
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments		(235)	(405)	411.9
Net change in unrealized (gain) loss on investments and debt		(1,355.2)	(3,094.1)	520.9
Purchase of real estate properties		(465.2)	(581.8)	(1,147.7)
Capital improvements on real estate properties		(410.8)	(283.9)	(242.4)
Proceeds from sale of real estate properties		620	920.9	612.1
Purchases of other real estate investments		(885)	(1,231.2)	(1,322.6)
Proceeds from sales of other real estate investments		858.4	711.2	2,357.7
Purchases and originations of loans receivable		(366.6)	(326.2)	(118)
Originations of loans receivable with related parties		0	(0.5)	0
Proceeds from sales of loans receivable		0	294.5	63
Proceeds from payoffs of loans receivable		254.9	110.8	28.6
Decrease (Increase) in other investments		137.1	(1,477.8)	3,398.5
Net change in due to/from investment manager		17	8	(12.4)
(Increase) Decrease in other assets		(12.4)	5.6	(43.1)
Decrease (Increase) in other liabilities		21.6	25	(2.9)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		514.6	(1,117.7)	4,275.6
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit		0	500	540
Payments on line of credit		(500)	0	(790)
Proceeds from other unsecured debt		1,000	0	0
Mortgage loan proceeds received		24.1	188.9	0
Payments on mortgage loans		(218)	(207.6)	(168.9)
Premiums		2,981.3	2,981.7	2,025.9
Annuity payments		(55.8)	(47.7)	(47.8)
Death benefits		(165)	(125.5)	(104.3)
Withdrawals		(3,510.2)	(2,187.2)	(5,709.8)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(443.6)	1,102.6	(4,254.9)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		71	(15.1)	20.7
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash		46	61.1	40.4
Net (decrease) increase in cash, cash equivalents and restricted cash		71	(15.1)	20.7
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH		117	46	61.1
SUPPLEMENTAL DISCLOSURES
Cash paid for interest		84.2	94.9	97.8
Mortgage loan assumed as part of a real estate acquisition		0	0	289.6
Loan receivable converted to equity in real estate investment		0	0	(1.7)
Loan assignment as part of a real estate disposition		0	0	77.4
Cash and cash equivalents		72.4	21.2	37.8
Restricted cash	[1]	44.6	24.8	23.3
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH		$ 117	$ 46	$ 61.1

[1]Restricted cash is included within other assets on the Account's Consolidated Statements of Assets and Liabilities.

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
Organization and Significant Accounting Policies	Dec. 31, 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 rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures and funds, as well as investments in loans receivable with commercial real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). Use of Estimates: The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates made by management. Actual results may vary from those estimates, and such differences may be material. 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 or cash flows. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated. The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant (or "contract owner") transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions. Determination of Assets and Liabilities at Fair Value: The Account reports all investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Further in accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments , and at the election of TIAA's management, loans payable, the Account's line of credit, term loans and senior notes payable are reported at fair value. The FASB has defined fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants excluding transaction costs. The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and loans payable and unsecured debt. Valuation of Real Estate Properties —Investments in real estate properties are stated at fair value, as determined in accordance with policies and procedures reviewed by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Accordingly, the Account does not record depreciation. Determination of fair value involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction. The Account’s primary objective when valuing its real estate investments will be to produce a valuation that represents a reasonable estimate of the fair value of its investments. Implicit in the Account’s definition of fair value are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include, but are not limited to, rental income and expense amounts, related rental income and expense growth rates, capital expenditures, discount rates and capitalization rates. Valuation techniques include discounted cash flow analysis, direct capitalization analysis, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Account’s independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs). Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period. Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Account’s independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal). The independent fiduciary, SitusAMC, has been appointed by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation. Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Loans Payable ). The independent fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal. Valuation of Real Estate Joint Ventures —Real estate joint ventures are stated at the fair value of the Account’s ownership interests of the underlying entities. The Account’s ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate and loans payable held by joint ventures is determined in the same manner described above in Valuation of Real Estate Properties. The independent fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account. Upon the disposition of all real estate investments by an investee entity, the Account will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, which occurs prior to the dissolution of the investee entity. Valuation of Real Estate Funds —Real estate fund interests are stated at the fair value of the Account’s ownership in the fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from fund managers on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and concludes on whether the net asset values provided are an appropriate representation of the fair value of the Account's interests in the real estate funds and makes valuation adjustments as necessary. Valuation of real estate funds proceeds under the direction of the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Valuation of Real Estate Operating Businesses —Real estate operating businesses are held at fair value, which is equal to their cost basis on the initial investment date. Subsequently, valuations are completed on a quarterly basis, with a third-party vendor utilized semi-annually and the interim quarters completed by TIAA’s internal valuation department. Valuations are subject to review by the independent fiduciary. Fair value is based on the enterprise value of the business, subject to any preferential distributions that would be required upon liquidation, if applicable. Management reserves the right to order an external valuation outside of the normal quarterly process when facts or circumstances at the business materially change from the latest available valuation. Any differences in the conclusions of TIAA’s internal valuation department and the external vendor will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent additional valuation). Valuation of Marketable Securities —Equity securities listed or traded on any national market or exchange are valued at the last sale price as of the close of the principal securities market or exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and ask prices on such market or exchange, exclusive of transaction costs. Valuation of Debt Securities —Debt securities with readily available market quotations, other than money market instruments, are generally valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities for which market quotations are not readily available, are valued at fair value as determined by TIAA's management and the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Short-term investments are valued in the same manner as debt securities, as described above. Money market instruments are valued at amortized cost, which approximates fair value. Valuation of Loans Receivable (i.e. the Account as a creditor) —Loans receivable are stated at fair value and are initially valued at the face amount of the loan funding. Subsequently, loans receivable are valued at least quarterly by TIAA’s internal valuation department based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The independent fiduciary reviews and approves all loan receivable valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each loan receivable to calculate the Account’s daily net asset value until the next valuation review. Valuation of Loans Payable (i.e. the Account as a debtor) —Mortgage or other loans payable, including the Account's senior notes and any borrowings under the credit facility, are stated at fair value. The estimated fair value of loans payable is generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs. Fair values are estimated based on market factors, such as market interest rates and spreads on comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the maturity date of the loan, the return demands of the market, and the credit quality of the Account. Different assumptions or changes in future market conditions could significantly affect estimated fair values. See Note 5 — Assets and Liabilities Measured at Fair Value on a Recurring Basis for further discussion and disclosure regarding the determination of the fair value of the Account’s investments. Foreign Currency Transactions and Translation: The Account's investments, other assets and liabilities that are denominated in a foreign currency are translated into U.S. dollars using the effective exchange rates at the end of the period. Transactions, such as the purchases and sales of securities or properties, income received, and expenses paid, executed in a foreign currency are translated into U.S. dollars at the effective exchange rate on the date of the transaction. The effects of foreign currency exchange rate translation on the Account's assets and liabilities are included in realized and unrealized gains and losses on the Account's Consolidated Statements of Operations. Accumulation and Annuity Funds: The accumulation fund represents the net assets attributable to contract owners in the accumulation phase of their investment (“Accumulation Fund”). The annuity fund represents the net assets attributable to the contract owners currently receiving annuity payments (“Annuity Fund”). The net increase or decrease in net assets from investment operations is apportioned between the accounts based upon their relative daily net asset values. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. In addition, the contracts pursuant to which the Account is offered are required to stipulate the maximum expense charge for all Account level expenses that can be assessed, which is not to exceed 2.5% of average net assets per year. The Account pays a fee to TIAA to assume mortality and expense risks. Accounting for Investments: The investments held by the Account are accounted for as follows: Real Estate Properties —Rent from real estate properties consists of all amounts earned under tenant operating leases, including base rent, recoveries of real estate taxes and other expenses and charges for miscellaneous services provided to tenants. Rental income is recognized in accordance with the billing terms of the lease agreements. The Account bears the direct expenses of the real estate properties owned. These expenses include, but are not limited to, fees to local property management companies, property taxes, utilities, maintenance, repairs, insurance, and other operating and administrative costs. An estimate of the net operating income earned from each real estate property is accrued by the Account on a daily basis and such estimates are adjusted when actual operating results are determined. Real Estate Joint Ventures —The Account has ownership interests in various real estate joint ventures (collectively, the “joint ventures”). The Account records its contributions as increases to its investments in the joint ventures, and distributions from the joint ventures are treated as income within income from real estate joint ventures in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Income distributions from the joint ventures are recorded based on the Account’s proportional interest of the income distributed by the joint ventures. Income and losses incurred but not yet distributed or realized from the Account by the joint ventures are recorded as unrealized gains and losses. Real Estate Funds —The Account has limited ownership interests in various private real estate funds. The Account records its contributions as increases to the investments, and distributions from the investments are treated as income within income from real estate funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Unrealized gains and losses are recorded based upon the changes in the net asset values of the real estate funds as determined from the financial statements of the real estate funds when received by the Account. Prior to the receipt of the financial statements from the real estate funds, the Account estimates the value of its interest using information provided by the limited partners. Changes in value based on such estimates are recorded by the Account as unrealized gains and losses. Real Estate Operating Business —The Account has a non-controlling ownership interest in one real estate operating business. The Account records contributions into the business as increases to the cost basis of its investment. Distributions are characterized by the business as either income, capital gains, or return of capital. Distributions classified as income are presented within income from real estate operating businesses in the Account’s Consolidated Statements of Operations. Distributions identified as capital gains are presented as realized gains in the Account’s Consolidated Statements of Operations. Distributions identified as returns of capital are recorded as a reduction to the cost basis of the investment. Unrealized gains and losses are recorded based upon the changes in the fair value of the enterprise value of the business. Marketable Securities —Transactions in marketable securities are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date within dividend income. Dividends that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas dividends identified as capital gains or losses are recorded as realized gains or losses. Realized gains and losses on securities transactions are accounted for on the specific identification method. Loans Receivable —The Account may originate, purchase or sell loans collateralized by real estate. The cost basis of originated loans is comprised of the principal balance and direct costs incurred that represent a component of loan’s reported fair value. The cost basis of purchased loans consists of the purchase price of the loan and additional direct costs incurred that represent a component of the loan’s reported fair value. Additional costs incurred by the Account to originate or purchase loans that do not represent a component of a loan’s fair value are recorded as expenses in the period incurred. Nonrefundable origination fees paid by borrowers are recognized as interest income once all activities required to execute the loan are completed. Prepayment fees received from the payoff of loans in advance of their maturity date are recognized as interest income on the date the payoff occurs. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income accruals are suspended when a loan becomes a non-performing loan, defined as a loan more than ninety days in arrears or at any point when management believes the full collection of principal is doubtful. Interest income on non-performing loans is recognized only as cash payments are received. Loans can be rehabilitated to normal accrual status once all past due interest has been collected and management believes the full collection of principal is likely. Realized and Unrealized Gains and Losses —Realized gains and losses are recorded at the time an investment is sold or a distribution is received in relation to an investment sale from a joint venture or fund. Real estate and loan receivable transactions are accounted for as of the date on which the purchase or sale transactions close (settlement date). The Account recognizes a realized gain on the sale of an investment to the extent that the contract sales price exceeds the cost-to-date of the investment being sold. A realized loss occurs when the cost-to-date exceeds the sales price. Realized gains and losses from partial sales of non-financial assets are recognized in accordance with ASC 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets . Realized gains and losses from the sale of financial assets are recognized in accordance with ASC 860 - Transfers and Servicing . Unrealized gains and losses are recorded as the fair values of the Account’s investments are adjusted, and as discussed within the Real Estate Joint Ventures, Real Estate Funds and Loans Receivable sections above. Net Assets: The Account’s net assets as of the close of each valuation day are valued by taking the sum of: • the value of the Account’s cash; cash equivalents, and short-term and other debt instruments; • the value of the Account’s other securities and other non-real estate assets; • the value of the individual real properties (based on the most recent valuation of that property) and other real estate-related investments owned by the Account; • an estimate of the net operating income accrued by the Account from its properties, other real estate-related investments and non-real estate-related investments (including short-term marketable securities) since the end of the prior valuation day; and • actual net operating income earned from the Account’s properties, other real estate-related investments and non-real estate-related investments (but only to the extent any such item of income differs from the estimated income accrued for on such investments), and then reducing the sum by liabilities held within the Account, including the daily investment management fee, administration and distribution fees, mortality and expense fee, liquidity guarantee fee, and certain other expenses attributable to operating the Account. Daily estimates of net operating income are adjusted to reflect actual net operating income on a monthly basis, at which time such adjustments (if any) are reflected in the Account’s unit value. After the end of every quarter, the Account reconciles the amount of expenses deducted from the Account (which is established in order to approximate the costs that the Account will incur) with the expenses the Account actually incurred. If there is a difference, the Account adds it to or deducts it from the Account in equal daily installments over the remaining days of the following quarter. Material differences may be repaid in the current calendar quarter. The Account’s at-cost deductions are based on projections of Account assets and overall expenses, and the size of any adjusting payments will be directly affected by the difference between management’s projections and the Account’s actual assets or expenses. Variable Interest Entities: Variable interests are financial relationships which expose a reporting entity to the risks and rewards of variability in the entity's assets and operations. When variable interests exist, they are subject to evaluation under the variable interest entity ("VIE") model if any one of the following four characteristics are present: a) the entity is insufficiently capitalized; b) the equity holders do not have power to control the activities that most significantly impact the entity's financial performance; c) the voting rights of the equity holders are not proportionate to their economic interests; or d) the equity holders are not exposed to the residual losses or benefits that would normally be associated with equity interests. ASC 810 - Consolidation prohibits a reporting entity that qualifies as an investment company under ASC 946 - Financial Services - Investment Companies from consolidating an investee that is not an investment company. This scope exception does not apply to situations in which an investment company has an interest in another investment company. Accordingly, the Account's investments in other investment companies (e.g., real estate funds) are subject to evaluation under the VIE model. The Account consolidates a VIE if it concludes that the Account is the primary beneficiary of the VIE. The primary beneficiary has both: a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The following activities have been identified by the Account as having the most significant impact on a VIE's economic performance: • control over the ability to acquire and dispose of investments held by the entity; • the ability to kick out a managing entity without cause, either unilaterally or with a group of equity investors; • the ability to modify the power of the managing entity without its consent; and • control over the day-to-day decision making of the underlying investments An equity investor in a VIE may not actively be involved in the significant activities (i.e., it may cede day-to-day decision making to a third party), but if the equity investor has approval rights or some other mechanism to retain ultimate control, the equity investor with these rights would be concluded as having power over the activity. On a quarterly basis, the Account evaluates all involvements with VIEs, including any changes to governing powers of continuing VIEs. The consolidation status of VIEs may change as a result of such continued evaluation. At the reporting date, the Account was not deemed to be the primary beneficiary of any VIEs. Refer to Note 7—Investments in Real Estate Funds for additional detail. Cash and Cash Equivalents: Cash and cash equivalents are balances held by the Account in bank deposit accounts which, at times, may exceed federally insured limits. The Account’s management monitors these balances to mitigate the exposure of risk due to concentration and has not experienced any losses from such concentration. Other Assets and Other Liabilities: Other assets and other liabilities consist of operating assets and liabilities utilized and held at each individual real estate property investment. Other assets consist of, amongst other items, cash, tenant receivables and prepaid expenses; whereas other liabilities primarily consist of security deposits. Other assets also include cash collateral held for securities on loan. Federal Income Taxes: Based on provisions of the Internal Revenue Code, Section 817, the Account is taxed as a segregated asset account of TIAA and as such, the Account incurs no material federal income tax attributable to the net investment activity of the Account. The Account’s federal income tax return is generally subject to examination for a period of three years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account’s Consolidated Financial Statements. Restricted Cash: The Account held restricted cash in escrow accounts for security deposits, as required by certain states, as well as property taxes, insurance, and various other property related matters as required by certain creditors related to outstanding loans payable collateralized by certain real estate investments. These amounts are recorded within other assets on the Consolidated Statements of Assets and Liabilities. See Note 9—Loans Payable for additional information regarding the Account’s outstanding loans payable. Changes in Net Assets: Premiums include premiums paid by existing accumulation unit holders in the Account and transfers into the Account. Withdrawals and death benefits include withdrawals out of the Account which include transfers out of the Account and required minimum distributions. Due to/from Investment Manager: Due to/from investment manager represents amoun

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 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. 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 guidelines for the Account are subject to review by the Account’s independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account. Part of TIAA’s compensation for provision of at cost investment management services to the Account includes reimbursement of costs incurred by TIAA to manage certain of the Account’s joint ventures. Such joint ventures also reimburse the Account directly in its capacity as general partner or managing member (collectively, the “GP”) of the joint venture in the form of an asset management fee for GP-related services provided by the Account, and such fee is based on a percentage of the fair market value of the underlying properties held in the joint venture. The Account is a party to a distribution agreement for the contracts issued by TIAA and funded by the Account, dated January 1, 2008 (the “Distribution Agreement”), by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”), a wholly-owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. In addition to providing the services described above, TIAA charges the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA’s assumption of this risk. 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 identified as "Expenses" in Note 12—Financial Highlights. The independent fiduciary, which has the right to adjust the trigger point, has established the trigger point at 45% of the outstanding accumulation units and it will continue to monitor TIAA’s ownership interest in the Account and provide further recommendations as necessary. The Account has loans receivable outstanding with related parties as of December 31, 2022. One loan is with a joint venture partner and the others are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies. The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal December 31, 2022 December 31, 2021 2022 2021 $ 36.5 $ 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + LIBOR 9/1/2023 $ 36.5 $ 36.5 0.5 0.5 MRA 34 LLC —% 3.75% + LIBOR 8/23/2023 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

Concentration Risk

Concentration Risk	12 Months Ended
Concentration Risk	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration Risk	Concentration Risk Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry. As of December 31, 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 December 31, 2022: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Industrial 16.8 % 7.3 % 2.6 % 1.6 % — % 28.3 % Office 8.1 % 5.6 % 13.1 % 0.2 % — % 27.0 % Apartments 8.1 % 10.8 % 6.9 % 1.0 % — % 26.8 % Retail 3.6 % 5.3 % 2.7 % 0.7 % — % 12.3 % Other (7) 1.8 % 2.1 % 1.4 % 0.2 % 0.1 % 5.6 % Total 38.4 % 31.1 % 26.7 % 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	12 Months Ended
Leases	Dec. 31, 2022
Leases [Abstract]
Leases	LeasesThe 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, are as follows (millions): For the Years Ending December 31, 2023 $ 689.0 2024 634.5 2025 556.9 2026 460.0 2027 362.0 Thereafter 1,276.1 Total $ 3,978.5 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (millions): As of December 31, 2022 Assets: Right-of-use assets, at fair value $ 43.3 Liabilities: Ground lease liabilities, at fair value $ 43.3 Key Terms Weighted-average remaining lease term (years) 69.9 Weighted-average discount rate (1) 7.51 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the year ended December 31, 2022, operating lease costs related to ground leases were $2.3 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions): For the Years Ending December 31, 2023 $ 2.4 2024 2.4 2025 2.5 2026 2.5 2027 2.5 Thereafter 424.3 Total $ 436.6
Leases	LeasesThe 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, are as follows (millions): For the Years Ending December 31, 2023 $ 689.0 2024 634.5 2025 556.9 2026 460.0 2027 362.0 Thereafter 1,276.1 Total $ 3,978.5 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (millions): As of December 31, 2022 Assets: Right-of-use assets, at fair value $ 43.3 Liabilities: Ground lease liabilities, at fair value $ 43.3 Key Terms Weighted-average remaining lease term (years) 69.9 Weighted-average discount rate (1) 7.51 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the year ended December 31, 2022, operating lease costs related to ground leases were $2.3 million. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions): For the Years Ending December 31, 2023 $ 2.4 2024 2.4 2025 2.5 2026 2.5 2027 2.5 Thereafter 424.3 Total $ 436.6

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis	12 Months Ended
	Dec. 31, 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 categorically into three levels, as defined by the FASB. The levels are defined as follows: • Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. • Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. An 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 for further discussion regarding the use of a practical expedient for the valuation of real estate funds. The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); significant unobservable inputs (Level 3); and Practical Expedient (millions): Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties — — 20,444.0 — 20,444.0 Real estate joint ventures — — 7,103.6 — 7,103.6 Real estate funds — — — 893.4 893.4 Real estate operating business — — 641.9 — 641.9 Marketable securities: U.S. government agency — 902.9 — — 902.9 Foreign government agency — 16.9 — — 16.9 U.S. treasury securities — 574.0 — — 574.0 Corporate bonds — 536.4 — — 536.4 Loans receivable (1) — — 1,488.6 — 1,488.6 Total Investments at December 31, 2022 $ — $ 2,030.2 $ 29,678.1 $ 893.4 $ 32,601.7 Loans payable $ — $ — $ (2,069.7) $ — $ (2,069.7) Other unsecured debt $ — $ (453.1) $ (500.0) $ — $ (953.1) Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties $ — $ — $ 18,903.9 $ — $ 18,903.9 Real estate joint ventures — — 7,175.9 — 7,175.9 Real estate funds — — — 811.5 811.5 Real estate operating business — — 326.3 — 326.3 Marketable securities: U.S. government agency — 864.1 — — 864.1 Foreign government agency — 7.6 — — 7.6 U.S. treasury securities — 784.3 — — 784.3 Corporate bonds — 551.8 — — 551.8 Municipal bonds — — — — — 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 years ended December 31, 2022 and 2021 (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit Other Unsecured Debt For the year ended December 31, 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 (losses) gains included in changes in net assets 1,286.3 83.9 212.2 (115.7) 1,466.7 116.9 — — Purchases (1) 873.8 640.9 103.4 366.6 1,984.7 (24.1) — (500.0) Sales (4) (620.0) — — — (620.0) — — — Settlements (2) — (797.1) — (254.9) (1,052.0) 218.0 500.0 — Ending balance December 31, 2022 $ 20,444.0 $ 7,103.6 $ 641.9 $ 1,488.6 $ 29,678.1 $ (2,069.7) $ — $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — Total realized and unrealized gains (losses) included in changes in net assets 2,466.2 844.3 74.9 8.6 3,394.0 12.2 — Purchases (1) 881.9 899.6 1.4 326.7 2,109.6 (188.9) (500.0) Sales (4) (920.9) — — (294.5) (1,215.4) — — Settlements (2) — (696.9) — (110.8) (807.7) 207.6 — Ending balance December 31, 2021 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable and term loan borrowings. (2) Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable and line of credit. (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 December 31, 2022. Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 6.0%–9.0% (7.1%) Terminal Capitalization Rate 4.8%–8.5% (5.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3%–8.0% (5.4%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.8% - 8.0% (6.6%) Terminal Capitalization Rate 4.3% - 7.0% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 1.8% - 6.0% (4.3%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.0% (6.1%) Terminal Capitalization Rate 4.3% - 5.8% (4.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.0% (4.1%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.3%) Terminal Capitalization Rate 5.3% - 8.8% (6.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.5% (5.4%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.0% Terminal Capitalization Rate 8.0% Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 9.8% Terminal Growth Rate 7.0% Market Approach EBITDA Multiple 31.3x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 40.0% - 105.0% (69.7%) Equivalency Rate 5.5% - 13.2% (8.7%) Industrial Discounted Cash Flow Loan-to-Value Ratio 49.5% - 66.0% (57.8%) Equivalency Rate 5.3% - 9.8% (6.4%) Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Residential Discounted Cash Flow Loan-to-Value Ratio 36.4% - 76.1% (45.4%) Equivalency Rate 5.5% - 8.6% (7.0%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 54.9% - 104.5% (80.1%) Equivalency Rate 7.3% - 18.2% (10.2%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 35.4% - 64.3% (48.7%) Equivalency Rate 3.7% - 7.0% (6.0%) Net Present Value Loan-to-Value Ratio 35.4% - 64.3% (48.7%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.3 (1.2) Industrial Discounted Cash Flow Loan-to-Value Ratio 27.8% - 37.0% (31.4%) Equivalency Rate 5.7% - 6.1% (5.9%) Net Present Value Loan-to-Value Ratio 27.8% - 37.0% (31.4%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.1 (1.1) Residential Discounted Cash Flow Loan-to-Value Ratio 24.8% - 66.4% (39.0%) Equivalency Rate 5.6% - 6.4% (6.0%) Net Present Value Loan-to-Value Ratio 24.8% - 66.4% (39.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.3 (1.1) Retail Discounted Cash Flow Loan-to-Value Ratio 44.8% - 74.6% (47.2%) Equivalency Rate 5.5% - 6.3% (5.7%) Net Present Value Loan-to-Value Ratio 44.8% - 74.6% (47.2%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.3 (1.2) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2021. Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8%–9.5% (6.6%) Terminal Capitalization Rate 4.5%–8.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0%–8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.0% - 8.3% (6.0%) Terminal Capitalization Rate 4.0% - 6.8% (4.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.5% - 6.5% (4.0%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.3% (5.9%) Terminal Capitalization Rate 4.0% - 5.8% (4.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.3% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.8% (7.0%) Terminal Capitalization Rate 5.0% - 9.5% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 9.3% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% Terminal Capitalization Rate 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.3% Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% Terminal Growth Rate 4.0% Market Approach EBITDA Multiple 21.6x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 41.9% - 94.7% (73.1%) Equivalency Rate 2.4% - 9.5% (5.7%) Industrial Discounted Cash Flow Loan-to-Value Ratio 29.9% - 71.3% (65.9%) Equivalency Rate 4.3% - 5.1% (4.6%) Residential Discounted Cash Flow Loan-to-Value Ratio 38.4% - 77.3% (49.1%) Equivalency Rate 2.5% - 8.6% (5.0%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 59.8% - 79.8% (65.0%) Equivalency Rate 3.5% - 6.9% (5.2%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Equivalency Rate 1.8% - 3.7% (3.2%) Net Present Value Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Equivalency Rate 3.3% - 3.7% (3.4%) Net Present Value Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.3 (1.3) Residential Discounted Cash Flow Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Equivalency Rate 2.1% - 3.0% (2.8%) Net Present Value Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.3 - 1.4 (1.3) Retail Discounted Cash Flow Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Equivalency Rate 3.1% - 4.0% (3.5%) Net Present Value Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.9 (1.4) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments . Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively. Line of Credit and Other Unsecured Debt: The Account's line of credit and term loans are recorded at par as Management believes par approximates fair value due to the short-term nature of the credit facility. During the years ended December 31, 2022 and 2021 there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized (losses) gains included in changes in net assets attributable to the change in net unrealized gains relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (1) Total Mortgage For the year ended December 31, 2022 $ 1,352.7 $ 86.9 $ 212.2 $ (115.6) $ 1,536.2 $ 116.9 For the year ended December 31, 2021 $ 2,371.8 $ 745.7 $ 74.9 $ 10.9 $ 3,203.3 $ 12.2 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures

Investments in Joint Ventures	12 Months Ended
Investments in Joint Ventures	Dec. 31, 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 December 31, 2022, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% 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 gross financial position and results of operations of the combined joint ventures is shown below (millions): December 31, 2022 2021 Assets Real estate properties, at fair value $ 17,586.1 $ 16,681.2 Other assets 759.7 684.9 Total assets $ 18,345.8 $ 17,366.1 Liabilities & Equity Mortgage notes payable and other obligations, at fair value $ 5,522.4 $ 5,187.3 Other liabilities 15.7 240.7 Total liabilities 5,538.1 5,428.0 Total equity 12,807.7 11,938.1 Total liabilities and equity $ 18,345.8 $ 17,366.1 Years ended December 31, 2022 2021 2020 Operating Revenue and Expenses Revenues $ 1,159.3 $ 1,040.5 $ 1,021.6 Expenses 685.3 577.7 571.9 Excess of revenues over expenses $ 474.0 $ 462.8 $ 449.7

Investments in Real Estate Fund

Investments in Real Estate Funds	12 Months Ended
Investments in Real Estate Funds	Dec. 31, 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 setup as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a VIE as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies for a description of the methodology used to determine the primary beneficiary of a VIE. No financial support (such as loans or financial guarantees) was provided to the Funds during the year ended December 31, 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 Company holds a variable interest but is not the primary beneficiary were as follows at December 31, 2022 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 227.6 $ 227.6 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) $ 73.0 $ 88.4 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 2023. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. SP V - II, LLC (61.8% Account Interest) $ 102.5 $ 112.5 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2023. 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) $ 24.7 $ 28.9 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) $ 40.1 $ 66.3 Redemptions prohibited prior to liquidation. To invest in alternative real estate investments primarily in major U.S. metropolitan markets. Liquidation estimated to begin no earlier than 2028. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. IDR - Core Property Index Fund, LLC (1.2% Account Interest) $ 44.0 $ 44.0 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) $ 173.6 $ 258.3 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 21.1 $ 22.3 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) $ 19.8 $ 19.8 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) $ 82.6 $ 112.2 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) $ 54.7 $ 103.3 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) $ 29.7 $ 99.7 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 $ 893.4 $ 1,183.3

Loans Receivable

Loans Receivable	12 Months Ended
Loans Receivable	Dec. 31, 2022
Receivables [Abstract]
Loans Receivable	Loans ReceivableThe Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s indirect interest in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): December 31, 2022 December 31, 2021 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 904.6 $ 788.4 52.9 % $ 862.4 $ 853.4 57.2 % Apartments (1) 214.2 209.6 14.1 % 253.3 252.0 16.9 % Industrial 131.6 130.6 8.8 % 161.4 161.3 10.8 % Hotel 139.3 134.9 9.1 % 125.3 125.3 8.4 % Retail 226.1 225.1 15.1 % 101.7 100.6 6.7 % 1,615.8 1,488.6 100.0 % 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 December 31, 2022. The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of December 31, 2022, listed in order of the strength of the risk rating (from strongest to weakest): December 31, 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 % A+ 1 — — % — — — % A 2 130.6 8.8 % 4 248.5 16.6 % A- 1 — — % — — — % BBB+ 3 191.0 12.8 % — — — % BBB 2 137.4 9.2 % 6 374.7 25.1 % BBB- 1 47.5 3.2 % — — — % BB+ 2 64.9 4.4 % — — — % BB 2 72.3 4.8 % 10 437.8 29.3 % BB- 1 18.9 1.3 % — — — % B+ 3 87.2 5.9 % — — — % B 2 72.5 4.9 % 5 144.3 9.7 % B- 5 171.0 11.5 % — — — % CCC+ 3 223.4 15.0 % — — — % CCC- 2 60.9 4.1 % — — — % CC 1 66.0 4.4 % — — — % C 1 75.1 5.0 % 2 154.8 10.4 % NR (1) 3 69.9 4.7 % 3 69.9 4.7 % 35 1,488.6 100.0 % 31 1,492.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of December 31, 2022 and 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	12 Months Ended
Loans Payable	Dec. 31, 2022
Debt Disclosure [Abstract]
Loans Payable	Loans Payable At December 31, 2022 and 2021, the Account had outstanding loans payable secured by the following properties (millions): Property Interest Rate and Payment Frequency (2) Principal Amounts Outstanding as of Maturity 2022 2021 Fusion 1560 (1) 3.42% paid monthly $ — $ 37.4 June 10, 2022 The Colorado (1) 3.69% paid monthly — 84.7 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly — 43.2 November 1, 2022 Regents Court (1) 3.69% paid monthly — 36.6 November 1, 2022 1001 Pennsylvania Avenue (2) 3.70% paid monthly 301.2 308.1 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 San Diego Office Portfolio (3) 1.50% + LIBOR paid monthly 58.2 51.4 August 9, 2023 Pacific City 2.10% + SOFR paid monthly 105.0 105.0 October 1, 2023 The Stratum (3) 2.25% + LIBOR paid monthly $ 40.4 $ 39.8 May 9, 2024 Spring House Innovation Park (3) 1.25% + LIBOR paid monthly 52.3 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 (2) 3.84% paid monthly 37.0 37.8 December 1, 2024 The District on La Frontera (2) 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 (2) 3.60% paid monthly 67.7 69.1 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Vista Station Office Portfolio (2) 4.00% paid monthly 18.6 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 (3) 1.50% + LIBOR paid monthly 72.5 68.2 August 9, 2025 Vista Station Office Portfolio (2) 4.20% paid monthly 41.9 42.9 November 1, 2025 Sixth & Main (3) 1.87% + LIBOR paid monthly 41.1 40.4 November 9, 2025 701 Brickell Avenue (2) 3.66% paid monthly 178.5 $ 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 (2) 3.93% paid monthly 161.1 163.0 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,168.7 $ 2,362.6 Fair Value Adjustment (4) (99.0) 17.9 Total Loans Payable $ 2,069.7 $ 2,380.5 (1) The principal amount of the outstanding debt was paid off during the year. (2) The mortgage is adjusted monthly for principal payments. (3) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. (4) 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 . Principal payment schedule on loans payable as of December 31, 2022 was as follows (in millions): Amount 2023 $ 582.4 2024 257.6 2025 626.8 2026 170.2 2027 109.7 Thereafter 422.0 Total maturities $ 2,168.7

Credit Facility

Credit Facility	12 Months Ended
Credit Facility	Dec. 31, 2022
Debt Disclosure [Abstract]
Credit Facility	Credit Facility The Account has a credit agreement (the “Credit Agreement”) with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A., comprised of revolving credit loans ("Line of Credit" or "Revolving Credit Loans") up to $500.0 million and up to $500.0 million in term loans ("Term Loans"). The Account may use the proceeds of borrowings under the Credit Agreement for general organizational purposes in the ordinary course of business, including to finance certain real estate portfolio investments. The Account may prepay borrowings under the Credit Agreement at any time during the life of the loan without penalty. The Account previously had a fully drawn $500.0 million unsecured line of credit that was scheduled to mature on September 20, 2022, that was paid off and terminated concurrently with the Account entering into the Credit Agreement. The Account may elect for each borrowing under the Credit Agreement to bear annual interest at an adjusted base rate ("ABR") or adjusted SOFR plus an applicable margin which is dependent on the leverage ratio of the Account. The applicable margin for adjusted SOFR Term Loans ranges from 1.00% to 1.50% and for ABR Term Loans ranges from 0.00% to 0.50%. The applicable margin for adjusted SOFR Revolving Credit Loans ranges from 0.875% to 1.30% and for ABR Revolving Credit Loans ranges from 0.00% to 0.30%. In addition, the Account pays facility fees ranging from 0.125% to 0.20%, depending on the leverage ratio of the Account, on the total revolving commitments (used and unused) under the Credit Agreement. As of December 31, 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 December 31, 2022: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,000.0 Inception Date September 16, 2022 Revolving Commitment Termination and Term Loan Maturity Date September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin ABR Term Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate Adjusted SOFR + Applicable Margin SOFR Term Loans Interest Rate (3) Adjusted SOFR + Applicable Margin Facility Fee (2) 0.125% - 0.20% quarterly (1) The Account has three options to extend the Commitment Termination Date for an additional twelve months each. The Account may also request additional funding, not to exceed $500.0 million, at any time prior to the Commitment Termination Date or the Term Loan Maturity Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The Account is charged a fee on the Line of Credit, whether used or unused, which is determined based on the Account's loan-to-value ratio. (3) The weighted average interest rate for the period since inception through December 31, 2022 was 4.621%. In June 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 December 31, 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 December 31, 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	12 Months Ended
Senior Notes Payable	Dec. 31, 2022
Debt Disclosure [Abstract]
Senior Notes Payable	Credit Facility The Account has a credit agreement (the “Credit Agreement”) with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A., comprised of revolving credit loans ("Line of Credit" or "Revolving Credit Loans") up to $500.0 million and up to $500.0 million in term loans ("Term Loans"). The Account may use the proceeds of borrowings under the Credit Agreement for general organizational purposes in the ordinary course of business, including to finance certain real estate portfolio investments. The Account may prepay borrowings under the Credit Agreement at any time during the life of the loan without penalty. The Account previously had a fully drawn $500.0 million unsecured line of credit that was scheduled to mature on September 20, 2022, that was paid off and terminated concurrently with the Account entering into the Credit Agreement. The Account may elect for each borrowing under the Credit Agreement to bear annual interest at an adjusted base rate ("ABR") or adjusted SOFR plus an applicable margin which is dependent on the leverage ratio of the Account. The applicable margin for adjusted SOFR Term Loans ranges from 1.00% to 1.50% and for ABR Term Loans ranges from 0.00% to 0.50%. The applicable margin for adjusted SOFR Revolving Credit Loans ranges from 0.875% to 1.30% and for ABR Revolving Credit Loans ranges from 0.00% to 0.30%. In addition, the Account pays facility fees ranging from 0.125% to 0.20%, depending on the leverage ratio of the Account, on the total revolving commitments (used and unused) under the Credit Agreement. As of December 31, 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 December 31, 2022: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,000.0 Inception Date September 16, 2022 Revolving Commitment Termination and Term Loan Maturity Date September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin ABR Term Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate Adjusted SOFR + Applicable Margin SOFR Term Loans Interest Rate (3) Adjusted SOFR + Applicable Margin Facility Fee (2) 0.125% - 0.20% quarterly (1) The Account has three options to extend the Commitment Termination Date for an additional twelve months each. The Account may also request additional funding, not to exceed $500.0 million, at any time prior to the Commitment Termination Date or the Term Loan Maturity Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The Account is charged a fee on the Line of Credit, whether used or unused, which is determined based on the Account's loan-to-value ratio. (3) The weighted average interest rate for the period since inception through December 31, 2022 was 4.621%. In June 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 December 31, 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 December 31, 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	12 Months Ended
Financial Highlights	Dec. 31, 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. Years ended December 31, 2022 2021 2020 2019 2018 Per Accumulation Unit Data: Rental income $ 23.751 $ 22.672 $ 21.145 $ 18.165 $ 17.757 Real estate property level expenses 11.042 10.683 10.027 8.734 8.548 Real estate income, net 12.709 11.989 11.118 9.431 9.209 Other income 6.559 5.474 4.980 6.752 6.162 Total income 19.268 17.463 16.098 16.183 15.371 Expenses (1) 5.121 4.035 3.603 3.439 3.161 Investment income, net 14.147 13.428 12.495 12.744 12.210 Net realized and unrealized gain (loss) on investments and loans payable 28.011 64.615 (16.195) 10.262 6.877 Net increase (decrease) in Accumulation Unit Value 42.158 78.043 (3.700) 23.006 19.087 Accumulation Unit Value: Beginning of period $514.765 $436.722 $440.422 $417.416 $398.329 End of period $556.923 $514.765 $436.722 $440.422 $417.416 Total return 8.19 % 17.87 % (0.84) % 5.51 % 4.79 % Ratios to Average Net Assets: Expenses (1) 0.89 % 0.84 % 0.81 % 0.78 % 0.76 % Investment income, net 2.45 % 2.82 % 2.85 % 2.90 % 2.95 % Portfolio turnover rate: Years ended December 31, 2022 2021 2020 2019 2018 Real estate properties (2) 5.6 % 7.6 % 7.1 % 7.8 % 11.8 % Marketable securities (3) 4.7 % — % 113.4 % 28.7 % 5.1 % Accumulation Units outstanding at end of period (millions): 52.1 53.4 52.0 60.8 60.7 Net assets end of period (millions) $29,658.1 $28,072.0 $23,243.9 $27,307.9 $25,842.6 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year to date Account level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing joint venture and Funds investments) by the average value of the portfolio of real estate investments held during the period. (3) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units

Accumulation Units	12 Months Ended
Accumulation Units	Dec. 31, 2022
Accumulated Units Disclosure [Abstract]
Accumulation Units	Accumulation Units Changes in the number of Accumulation Units outstanding were as follows (in millions): Years ended December 31, 2022 2021 2020 Outstanding: Beginning of period 53.4 52.0 60.8 Credited for premiums 5.4 6.4 4.6 Annuity, other periodic payments, withdrawals and death benefits (6.7) (5.0) (13.4) End of period 52.1 53.4 52.0

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments —As of December 31, 2022 and 2021, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loan receivable investments (in millions): Commitment Expiration December 31, 2022 December 31, 2021 Real Estate Funds (1) Silverpeak NRE FundCo 3 LLC 06/2023 $ 70.0 $ — SP V - II, LLC 08/2023 10.0 12.9 Veritas Trophy VI, LLC 08/2023 15.4 20.6 Taconic New York City GP Fund 11/2023 4.2 4.2 JCR Capital - REA Preferred Equity Parallel Fund 02/2024 48.6 75.3 Flagler - REA Healthcare Properties Partnership 02/2025 1.2 1.2 Townsend Group Value-Add Fund 12/2026 84.7 125.9 Silverpeak NRE FundCo LLC 12/2028 26.2 37.3 Silverpeak NRE FundCo 2 LLC 12/2029 29.6 43.7 $ 289.9 $ 321.1 Loans Receivable (2) BREP VIII Industrial Mezzanine 03/2022 $ — $ 22.4 San Diego Office Portfolio Senior Loan 08/2022 — 6.8 San Diego Office Portfolio Mezzanine 08/2022 — 2.2 1330 Broadway Mezzanine 09/2022 — 10.9 311 South Wacker Mezzanine 03/2023 2.2 2.2 Commitment Expiration December 31, 2022 December 31, 2021 SCG Oakland Portfolio Mezzanine 03/2023 5.4 6.1 Five Oak Mezzanine 03/2023 1.5 1.6 MRA Hub 34 Holding, LLC 08/2023 1.5 1.5 Liberty Park Mezzanine 11/2023 2.6 2.6 Colony New England Hotel Portfolio Senior Loan 11/2023 3.6 14.1 Colony New England Hotel Portfolio Mezzanine 11/2023 1.2 4.7 Exo Apartments Mezzanine 01/2024 2.4 2.4 5 Points Towers Mezzanine 03/2024 — 4.2 The Stratum Senior Loan 05/2024 1.3 2.0 The Stratum Mezzanine 05/2024 0.4 0.7 Spring House Innovation Park Senior Loan 07/2024 23.4 38.0 Spring House Innovation Park Mezzanine 07/2024 7.8 12.7 Project Sonic Senior Loan 06/2025 3.9 — 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 12.7 20.0 735 Watkins Mill 08/2025 9.2 — Sixth and Main Senior Loan 11/2025 6.2 6.9 Sixth and Main Mezzanine 11/2025 3.4 3.7 $ 132.4 $ 165.7 TOTAL COMMITMENTS $ 422.3 $ 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, TIAA's management does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn preparing these financial statements, Management has evaluated events and transactions for potential recognition or disclosure subsequent to December 31, 2022, through March 9, 2023, the date the financial statements were issued and determined there were no material events or transactions to disclose.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
Organization and Significant Accounting Policies (Policies)	Dec. 31, 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 or cash flows. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated. The Accumulation Unit Value (“AUV”) used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant (or "contract owner") transactions effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions.
Determination of Assets and Liabilities at Fair Value	Determination of Assets and Liabilities at Fair Value: The Account reports all investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Further in accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments , and at the election of TIAA's management, loans payable, the Account's line of credit, term loans and senior notes payable are reported at fair value. The FASB has defined fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants excluding transaction costs. The following is a description of the valuation methodologies used to determine the fair value of the Account’s investments and loans payable and unsecured debt. Valuation of Real Estate Properties —Investments in real estate properties are stated at fair value, as determined in accordance with policies and procedures reviewed by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Accordingly, the Account does not record depreciation. Determination of fair value involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction. The Account’s primary objective when valuing its real estate investments will be to produce a valuation that represents a reasonable estimate of the fair value of its investments. Implicit in the Account’s definition of fair value are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include, but are not limited to, rental income and expense amounts, related rental income and expense growth rates, capital expenditures, discount rates and capitalization rates. Valuation techniques include discounted cash flow analysis, direct capitalization analysis, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties. Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA’s internal appraisal staff and as applicable by the Account’s independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment’s fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs). Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA’s internal appraisal staff and as applicable the Account’s independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period. Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account’s joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant’s ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA’s internal appraisal staff oversees the entire appraisal process, in conjunction with the Account’s independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA’s internal appraisal staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal). The independent fiduciary, SitusAMC, has been appointed by a special subcommittee of the Investment Committee of the Board to, among other things, oversee the appraisal process. The independent fiduciary must approve all independent appraisers used by the Account. All appraisals are performed in accordance with Uniform Standards of Professional Appraisal Practices, the real estate appraisal industry standards created by The Appraisal Foundation. Real estate appraisals are estimates of property values based on a professional’s opinion. Appraisals of properties held outside of the U.S. are performed in accordance with industry standards commonly applied in the applicable jurisdiction. These independent appraisers are always expected to be MAI-designated members of the Appraisal Institute (or its European equivalent, Royal Institute of Chartered Surveyors) and state certified appraisers from national or regional firms with relevant property type experience and market knowledge. Under the Account’s current procedures, each independent appraisal firm will be rotated off of a particular property at least every three years, although such appraisal firm may perform appraisals of other Account properties subsequent to such rotation. Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Loans Payable ). The independent fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal. Valuation of Real Estate Joint Ventures —Real estate joint ventures are stated at the fair value of the Account’s ownership interests of the underlying entities. The Account’s ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate and loans payable held by joint ventures is determined in the same manner described above in Valuation of Real Estate Properties. The independent fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account. Upon the disposition of all real estate investments by an investee entity, the Account will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, which occurs prior to the dissolution of the investee entity. Valuation of Real Estate Funds —Real estate fund interests are stated at the fair value of the Account’s ownership in the fund. Management uses net asset value information provided by fund managers as a practical expedient to estimate fair value. The Account receives estimates from fund managers on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and concludes on whether the net asset values provided are an appropriate representation of the fair value of the Account's interests in the real estate funds and makes valuation adjustments as necessary. Valuation of real estate funds proceeds under the direction of the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Valuation of Real Estate Operating Businesses —Real estate operating businesses are held at fair value, which is equal to their cost basis on the initial investment date. Subsequently, valuations are completed on a quarterly basis, with a third-party vendor utilized semi-annually and the interim quarters completed by TIAA’s internal valuation department. Valuations are subject to review by the independent fiduciary. Fair value is based on the enterprise value of the business, subject to any preferential distributions that would be required upon liquidation, if applicable. Management reserves the right to order an external valuation outside of the normal quarterly process when facts or circumstances at the business materially change from the latest available valuation. Any differences in the conclusions of TIAA’s internal valuation department and the external vendor will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent additional valuation). Valuation of Marketable Securities —Equity securities listed or traded on any national market or exchange are valued at the last sale price as of the close of the principal securities market or exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and ask prices on such market or exchange, exclusive of transaction costs. Valuation of Debt Securities —Debt securities with readily available market quotations, other than money market instruments, are generally valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities for which market quotations are not readily available, are valued at fair value as determined by TIAA's management and the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Short-term investments are valued in the same manner as debt securities, as described above. Money market instruments are valued at amortized cost, which approximates fair value. Valuation of Loans Receivable (i.e. the Account as a creditor) —Loans receivable are stated at fair value and are initially valued at the face amount of the loan funding. Subsequently, loans receivable are valued at least quarterly by TIAA’s internal valuation department based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The independent fiduciary reviews and approves all loan receivable valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each loan receivable to calculate the Account’s daily net asset value until the next valuation review. Valuation of Loans Payable (i.e. the Account as a debtor) —Mortgage or other loans payable, including the Account's senior notes and any borrowings under the credit facility, are stated at fair value. The estimated fair value of loans payable is generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs. Fair values are estimated based on market factors, such as market interest rates and spreads on comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the maturity date of the loan, the return demands of the market, and the credit quality of the Account. Different assumptions or changes in future market conditions could significantly affect estimated fair values.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation: The Account's investments, other assets and liabilities that are denominated in a foreign currency are translated into U.S. dollars using the effective exchange rates at the end of the period. Transactions, such as the purchases and sales of securities or properties, income received, and expenses paid, executed in a foreign currency are translated into U.S. dollars at the effective exchange rate on the date of the transaction. The effects of foreign currency exchange rate translation on the Account's assets and liabilities are included in realized and unrealized gains and losses on the Account's Consolidated Statements of Operations.
Accumulation and Annuity Funds	Accumulation and Annuity Funds: The accumulation fund represents the net assets attributable to contract owners in the accumulation phase of their investment (“Accumulation Fund”). The annuity fund represents the net assets attributable to the contract owners currently receiving annuity payments (“Annuity Fund”). The net increase or decrease in net assets from investment operations is apportioned between the accounts based upon their relative daily net asset values. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. In addition, the contracts pursuant to which the Account is offered are required to stipulate the maximum expense charge for all Account level expenses that can be assessed, which is not to exceed 2.5% of average net assets per year. The Account pays a fee to TIAA to assume mortality and expense risks.
Accounting for Investments	Accounting for Investments: The investments held by the Account are accounted for as follows: Real Estate Properties —Rent from real estate properties consists of all amounts earned under tenant operating leases, including base rent, recoveries of real estate taxes and other expenses and charges for miscellaneous services provided to tenants. Rental income is recognized in accordance with the billing terms of the lease agreements. The Account bears the direct expenses of the real estate properties owned. These expenses include, but are not limited to, fees to local property management companies, property taxes, utilities, maintenance, repairs, insurance, and other operating and administrative costs. An estimate of the net operating income earned from each real estate property is accrued by the Account on a daily basis and such estimates are adjusted when actual operating results are determined. Real Estate Joint Ventures —The Account has ownership interests in various real estate joint ventures (collectively, the “joint ventures”). The Account records its contributions as increases to its investments in the joint ventures, and distributions from the joint ventures are treated as income within income from real estate joint ventures in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Income distributions from the joint ventures are recorded based on the Account’s proportional interest of the income distributed by the joint ventures. Income and losses incurred but not yet distributed or realized from the Account by the joint ventures are recorded as unrealized gains and losses. Real Estate Funds —The Account has limited ownership interests in various private real estate funds. The Account records its contributions as increases to the investments, and distributions from the investments are treated as income within income from real estate funds in the Account’s Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Unrealized gains and losses are recorded based upon the changes in the net asset values of the real estate funds as determined from the financial statements of the real estate funds when received by the Account. Prior to the receipt of the financial statements from the real estate funds, the Account estimates the value of its interest using information provided by the limited partners. Changes in value based on such estimates are recorded by the Account as unrealized gains and losses. Real Estate Operating Business —The Account has a non-controlling ownership interest in one real estate operating business. The Account records contributions into the business as increases to the cost basis of its investment. Distributions are characterized by the business as either income, capital gains, or return of capital. Distributions classified as income are presented within income from real estate operating businesses in the Account’s Consolidated Statements of Operations. Distributions identified as capital gains are presented as realized gains in the Account’s Consolidated Statements of Operations. Distributions identified as returns of capital are recorded as a reduction to the cost basis of the investment. Unrealized gains and losses are recorded based upon the changes in the fair value of the enterprise value of the business. Marketable Securities —Transactions in marketable securities are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date within dividend income. Dividends that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas dividends identified as capital gains or losses are recorded as realized gains or losses. Realized gains and losses on securities transactions are accounted for on the specific identification method. Loans Receivable —The Account may originate, purchase or sell loans collateralized by real estate. The cost basis of originated loans is comprised of the principal balance and direct costs incurred that represent a component of loan’s reported fair value. The cost basis of purchased loans consists of the purchase price of the loan and additional direct costs incurred that represent a component of the loan’s reported fair value. Additional costs incurred by the Account to originate or purchase loans that do not represent a component of a loan’s fair value are recorded as expenses in the period incurred. Nonrefundable origination fees paid by borrowers are recognized as interest income once all activities required to execute the loan are completed. Prepayment fees received from the payoff of loans in advance of their maturity date are recognized as interest income on the date the payoff occurs. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income accruals are suspended when a loan becomes a non-performing loan, defined as a loan more than ninety days in arrears or at any point when management believes the full collection of principal is doubtful. Interest income on non-performing loans is recognized only as cash payments are received. Loans can be rehabilitated to normal accrual status once all past due interest has been collected and management believes the full collection of principal is likely. Realized and Unrealized Gains and Losses —Realized gains and losses are recorded at the time an investment is sold or a distribution is received in relation to an investment sale from a joint venture or fund. Real estate and loan receivable transactions are accounted for as of the date on which the purchase or sale transactions close (settlement date). The Account recognizes a realized gain on the sale of an investment to the extent that the contract sales price exceeds the cost-to-date of the investment being sold. A realized loss occurs when the cost-to-date exceeds the sales price. Realized gains and losses from partial sales of non-financial assets are recognized in accordance with ASC 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets . Realized gains and losses from the sale of financial assets are recognized in accordance with ASC 860 - Transfers and Servicing . Unrealized gains and losses are recorded as the fair values of the Account’s investments are adjusted, and as discussed within the Real Estate Joint Ventures, Real Estate Funds and Loans Receivable sections above. Net Assets: The Account’s net assets as of the close of each valuation day are valued by taking the sum of: • the value of the Account’s cash; cash equivalents, and short-term and other debt instruments; • the value of the Account’s other securities and other non-real estate assets; • the value of the individual real properties (based on the most recent valuation of that property) and other real estate-related investments owned by the Account; • an estimate of the net operating income accrued by the Account from its properties, other real estate-related investments and non-real estate-related investments (including short-term marketable securities) since the end of the prior valuation day; and • actual net operating income earned from the Account’s properties, other real estate-related investments and non-real estate-related investments (but only to the extent any such item of income differs from the estimated income accrued for on such investments), and then reducing the sum by liabilities held within the Account, including the daily investment management fee, administration and distribution fees, mortality and expense fee, liquidity guarantee fee, and certain other expenses attributable to operating the Account. Daily estimates of net operating income are adjusted to reflect actual net operating income on a monthly basis, at which time such adjustments (if any) are reflected in the Account’s unit value. After the end of every quarter, the Account reconciles the amount of expenses deducted from the Account (which is established in order to approximate the costs that the Account will incur) with the expenses the Account actually incurred. If there is a difference, the Account adds it to or deducts it from the Account in equal daily installments over the remaining days of the following quarter. Material differences may be repaid in the current calendar quarter. The Account’s at-cost deductions are based on projections of Account assets and overall expenses, and the size of any adjusting payments will be directly affected by the difference between management’s projections and the Account’s actual assets or expenses.
Variable Interest Entities	Variable Interest Entities: Variable interests are financial relationships which expose a reporting entity to the risks and rewards of variability in the entity's assets and operations. When variable interests exist, they are subject to evaluation under the variable interest entity ("VIE") model if any one of the following four characteristics are present: a) the entity is insufficiently capitalized; b) the equity holders do not have power to control the activities that most significantly impact the entity's financial performance; c) the voting rights of the equity holders are not proportionate to their economic interests; or d) the equity holders are not exposed to the residual losses or benefits that would normally be associated with equity interests. ASC 810 - Consolidation prohibits a reporting entity that qualifies as an investment company under ASC 946 - Financial Services - Investment Companies from consolidating an investee that is not an investment company. This scope exception does not apply to situations in which an investment company has an interest in another investment company. Accordingly, the Account's investments in other investment companies (e.g., real estate funds) are subject to evaluation under the VIE model. The Account consolidates a VIE if it concludes that the Account is the primary beneficiary of the VIE. The primary beneficiary has both: a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The following activities have been identified by the Account as having the most significant impact on a VIE's economic performance: • control over the ability to acquire and dispose of investments held by the entity; • the ability to kick out a managing entity without cause, either unilaterally or with a group of equity investors; • the ability to modify the power of the managing entity without its consent; and • control over the day-to-day decision making of the underlying investments An equity investor in a VIE may not actively be involved in the significant activities (i.e., it may cede day-to-day decision making to a third party), but if the equity investor has approval rights or some other mechanism to retain ultimate control, the equity investor with these rights would be concluded as having power over the activity.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents are balances held by the Account in bank deposit accounts which, at times, may exceed federally insured limits. The Account’s management monitors these balances to mitigate the exposure of risk due to concentration and has not experienced any losses from such concentration.
Other Assets and Other Liabilities	Other Assets and Other Liabilities: Other assets and other liabilities consist of operating assets and liabilities utilized and held at each individual real estate property investment. Other assets consist of, amongst other items, cash, tenant receivables and prepaid expenses; whereas other liabilities primarily consist of security deposits. Other assets also include cash collateral held for securities on loan.
Federal Income Taxes	Federal Income Taxes: Based on provisions of the Internal Revenue Code, Section 817, the Account is taxed as a segregated asset account of TIAA and as such, the Account incurs no material federal income tax attributable to the net investment activity of the Account. The Account’s federal income tax return is generally subject to examination for a period of three years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account’s Consolidated Financial Statements.
Restricted Cash	Restricted Cash: The Account held restricted cash in escrow accounts for security deposits, as required by certain states, as well as property taxes, insurance, and various other property related matters as required by certain creditors related to outstanding loans payable collateralized by certain real estate investments. These amounts are recorded within other assets on the Consolidated Statements of Assets and Liabilities.
Changes In Net Assets	Changes in Net Assets: Premiums include premiums paid by existing accumulation unit holders in the Account and transfers into the Account. Withdrawals and death benefits include withdrawals out of the Account which include transfers out of the Account and required minimum distributions.
Due to/from Investment Manager	Due to/from Investment Manager: Due to/from investment manager represents amounts that are to be paid or received by TIAA on behalf of the Account. Amounts generally are paid or received by the Account within one or two business days and no interest is contractually charged on these amounts.
Securities Lending	Securities Lending: The Account may lend securities to qualified borrowers to earn additional income. The Account receives cash collateral against the loaned securities and maintains cash collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account is invested exclusively in an interest-bearing deposit account. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Consolidated Statements of Assets and Liabilities. When loaning securities, the Account retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the securities. All income generated by the securities lending program is reflected within interest income on the Consolidated Statements of Operations.
Foreign Currency Forwards	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	Recent Accounting Pronouncements: In July 2021, the FASB issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The amendments in ASU 2021-05 amend the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. Entities that have adopted Topic 842 before the issuance date of ASU 2016-05 have the option to apply the amendments either (1) retrospectively to leases that commenced or were modified on or after the adoption of Update 2016-02 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Management adopted the guidance and it did not have a material impact to the Account. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). The amendments in ASU 2022-06 extend the period of time preparers can utilize the reference rate reform relief guidance. ASU 2022-06 is effective for all entities upon issuance. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management does not expect the guidance to have a material impact to the Account.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 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 December 31, 2022 December 31, 2021 2022 2021 $ 36.5 $ 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + LIBOR 9/1/2023 $ 36.5 $ 36.5 0.5 0.5 MRA 34 LLC —% 3.75% + LIBOR 8/23/2023 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

Concentration Risk (Tables)

Concentration Risk (Tables)	12 Months Ended
Concentration Risk (Tables)	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Schedules of Diversification of Portfolio, by Region and Property Type	The following table represents the diversification of the Account’s portfolio by region and property type as of December 31, 2022: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Industrial 16.8 % 7.3 % 2.6 % 1.6 % — % 28.3 % Office 8.1 % 5.6 % 13.1 % 0.2 % — % 27.0 % Apartments 8.1 % 10.8 % 6.9 % 1.0 % — % 26.8 % Retail 3.6 % 5.3 % 2.7 % 0.7 % — % 12.3 % Other (7) 1.8 % 2.1 % 1.4 % 0.2 % 0.1 % 5.6 % Total 38.4 % 31.1 % 26.7 % 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)	12 Months Ended
Leases (Tables)	Dec. 31, 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, are as follows (millions): For the Years Ending December 31, 2023 $ 689.0 2024 634.5 2025 556.9 2026 460.0 2027 362.0 Thereafter 1,276.1 Total $ 3,978.5
Schedule of Right-of-Use Assets and Lease Liabilities Related to Ground Leases	The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (millions): As of December 31, 2022 Assets: Right-of-use assets, at fair value $ 43.3 Liabilities: Ground lease liabilities, at fair value $ 43.3 Key Terms Weighted-average remaining lease term (years) 69.9 Weighted-average discount rate (1) 7.51 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.
Schedule of Aggregate Minimum Annual Payments for Ground Leases	Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions): For the Years Ending December 31, 2023 $ 2.4 2024 2.4 2025 2.5 2026 2.5 2027 2.5 Thereafter 424.3 Total $ 436.6

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); significant unobservable inputs (Level 3); and Practical Expedient (millions): Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties — — 20,444.0 — 20,444.0 Real estate joint ventures — — 7,103.6 — 7,103.6 Real estate funds — — — 893.4 893.4 Real estate operating business — — 641.9 — 641.9 Marketable securities: U.S. government agency — 902.9 — — 902.9 Foreign government agency — 16.9 — — 16.9 U.S. treasury securities — 574.0 — — 574.0 Corporate bonds — 536.4 — — 536.4 Loans receivable (1) — — 1,488.6 — 1,488.6 Total Investments at December 31, 2022 $ — $ 2,030.2 $ 29,678.1 $ 893.4 $ 32,601.7 Loans payable $ — $ — $ (2,069.7) $ — $ (2,069.7) Other unsecured debt $ — $ (453.1) $ (500.0) $ — $ (953.1) Description Level 1: Level 2: Level 3: Fair Value Total at Real estate properties $ — $ — $ 18,903.9 $ — $ 18,903.9 Real estate joint ventures — — 7,175.9 — 7,175.9 Real estate funds — — — 811.5 811.5 Real estate operating business — — 326.3 — 326.3 Marketable securities: U.S. government agency — 864.1 — — 864.1 Foreign government agency — 7.6 — — 7.6 U.S. treasury securities — 784.3 — — 784.3 Corporate bonds — 551.8 — — 551.8 Municipal bonds — — — — — 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)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2022 and 2021 (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit Other Unsecured Debt For the year ended December 31, 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 (losses) gains included in changes in net assets 1,286.3 83.9 212.2 (115.7) 1,466.7 116.9 — — Purchases (1) 873.8 640.9 103.4 366.6 1,984.7 (24.1) — (500.0) Sales (4) (620.0) — — — (620.0) — — — Settlements (2) — (797.1) — (254.9) (1,052.0) 218.0 500.0 — Ending balance December 31, 2022 $ 20,444.0 $ 7,103.6 $ 641.9 $ 1,488.6 $ 29,678.1 $ (2,069.7) $ — $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — Total realized and unrealized gains (losses) included in changes in net assets 2,466.2 844.3 74.9 8.6 3,394.0 12.2 — Purchases (1) 881.9 899.6 1.4 326.7 2,109.6 (188.9) (500.0) Sales (4) (920.9) — — (294.5) (1,215.4) — — Settlements (2) — (696.9) — (110.8) (807.7) 207.6 — Ending balance December 31, 2021 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable and term loan borrowings. (2) Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable and line of credit. (3) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized losses.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2022 and 2021 (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit Other Unsecured Debt For the year ended December 31, 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 (losses) gains included in changes in net assets 1,286.3 83.9 212.2 (115.7) 1,466.7 116.9 — — Purchases (1) 873.8 640.9 103.4 366.6 1,984.7 (24.1) — (500.0) Sales (4) (620.0) — — — (620.0) — — — Settlements (2) — (797.1) — (254.9) (1,052.0) 218.0 500.0 — Ending balance December 31, 2022 $ 20,444.0 $ 7,103.6 $ 641.9 $ 1,488.6 $ 29,678.1 $ (2,069.7) $ — $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans Receivable (3) Total Loans Line of Credit For the year ended December 31, 2021 Beginning balance January 1, 2021 $ 16,476.7 $ 6,128.9 $ 250.0 $ 1,562.6 $ 24,418.2 $ (2,411.4) $ — Total realized and unrealized gains (losses) included in changes in net assets 2,466.2 844.3 74.9 8.6 3,394.0 12.2 — Purchases (1) 881.9 899.6 1.4 326.7 2,109.6 (188.9) (500.0) Sales (4) (920.9) — — (294.5) (1,215.4) — — Settlements (2) — (696.9) — (110.8) (807.7) 207.6 — Ending balance December 31, 2021 $ 18,903.9 $ 7,175.9 $ 326.3 $ 1,492.6 $ 27,898.7 $ (2,380.5) $ (500.0) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable and term loan borrowings. (2) Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable and line of credit. (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 December 31, 2022. Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 6.0%–9.0% (7.1%) Terminal Capitalization Rate 4.8%–8.5% (5.8%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3%–8.0% (5.4%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.8% - 8.0% (6.6%) Terminal Capitalization Rate 4.3% - 7.0% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 1.8% - 6.0% (4.3%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.5% - 7.0% (6.1%) Terminal Capitalization Rate 4.3% - 5.8% (4.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.0% (4.1%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.3%) Terminal Capitalization Rate 5.3% - 8.8% (6.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.5% (5.4%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.0% Terminal Capitalization Rate 8.0% Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 9.8% Terminal Growth Rate 7.0% Market Approach EBITDA Multiple 31.3x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 40.0% - 105.0% (69.7%) Equivalency Rate 5.5% - 13.2% (8.7%) Industrial Discounted Cash Flow Loan-to-Value Ratio 49.5% - 66.0% (57.8%) Equivalency Rate 5.3% - 9.8% (6.4%) Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Residential Discounted Cash Flow Loan-to-Value Ratio 36.4% - 76.1% (45.4%) Equivalency Rate 5.5% - 8.6% (7.0%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 54.9% - 104.5% (80.1%) Equivalency Rate 7.3% - 18.2% (10.2%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 35.4% - 64.3% (48.7%) Equivalency Rate 3.7% - 7.0% (6.0%) Net Present Value Loan-to-Value Ratio 35.4% - 64.3% (48.7%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.3 (1.2) Industrial Discounted Cash Flow Loan-to-Value Ratio 27.8% - 37.0% (31.4%) Equivalency Rate 5.7% - 6.1% (5.9%) Net Present Value Loan-to-Value Ratio 27.8% - 37.0% (31.4%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.1 (1.1) Residential Discounted Cash Flow Loan-to-Value Ratio 24.8% - 66.4% (39.0%) Equivalency Rate 5.6% - 6.4% (6.0%) Net Present Value Loan-to-Value Ratio 24.8% - 66.4% (39.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.3 (1.1) Retail Discounted Cash Flow Loan-to-Value Ratio 44.8% - 74.6% (47.2%) Equivalency Rate 5.5% - 6.3% (5.7%) Net Present Value Loan-to-Value Ratio 44.8% - 74.6% (47.2%) Weighted Average Cost of Capital Risk Premium Multiple 1.1 - 1.3 (1.2) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2021. Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8%–9.5% (6.6%) Terminal Capitalization Rate 4.5%–8.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0%–8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 5.0% - 8.3% (6.0%) Terminal Capitalization Rate 4.0% - 6.8% (4.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.5% - 6.5% (4.0%) Residential Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.3% (5.9%) Terminal Capitalization Rate 4.0% - 5.8% (4.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.3% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.8% (7.0%) Terminal Capitalization Rate 5.0% - 9.5% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 9.3% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% Terminal Capitalization Rate 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.3% Type Asset Class Valuation Technique(s) Unobservable Inputs (1) Range (Weighted Average) Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 7.3% Terminal Growth Rate 4.0% Market Approach EBITDA Multiple 21.6x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan-to-Value Ratio 41.9% - 94.7% (73.1%) Equivalency Rate 2.4% - 9.5% (5.7%) Industrial Discounted Cash Flow Loan-to-Value Ratio 29.9% - 71.3% (65.9%) Equivalency Rate 4.3% - 5.1% (4.6%) Residential Discounted Cash Flow Loan-to-Value Ratio 38.4% - 77.3% (49.1%) Equivalency Rate 2.5% - 8.6% (5.0%) Retail & Hospitality Discounted Cash Flow Loan-to-Value Ratio 59.8% - 79.8% (65.0%) Equivalency Rate 3.5% - 6.9% (5.2%) Loans Payable Office Discounted Cash Flow Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Equivalency Rate 1.8% - 3.7% (3.2%) Net Present Value Loan-to-Value Ratio 36.1% - 63.5% (45.8%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Equivalency Rate 3.3% - 3.7% (3.4%) Net Present Value Loan-to-Value Ratio 34.0% - 44.9% (38.3%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.3 (1.3) Residential Discounted Cash Flow Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Equivalency Rate 2.1% - 3.0% (2.8%) Net Present Value Loan-to-Value Ratio 28.8% - 53.6% (40.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.3 - 1.4 (1.3) Retail Discounted Cash Flow Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Equivalency Rate 3.1% - 4.0% (3.5%) Net Present Value Loan-to-Value Ratio 36.0% - 76.3% (46.0%) Weighted Average Cost of Capital Risk Premium Multiple 1.2 - 1.9 (1.4) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments .
Fair Value of Net Unrealized Gains Included in Changes in Net Assets Attributable to Investments and Mortgage Loans Payable Using Significant Unobservable Inputs	The amount of total net unrealized (losses) gains included in changes in net assets attributable to the change in net unrealized gains relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (1) Total Mortgage For the year ended December 31, 2022 $ 1,352.7 $ 86.9 $ 212.2 $ (115.6) $ 1,536.2 $ 116.9 For the year ended December 31, 2021 $ 2,371.8 $ 745.7 $ 74.9 $ 10.9 $ 3,203.3 $ 12.2 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	12 Months Ended
Investments in Joint Ventures (Tables)	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Position of the Joint Venture	A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions): December 31, 2022 2021 Assets Real estate properties, at fair value $ 17,586.1 $ 16,681.2 Other assets 759.7 684.9 Total assets $ 18,345.8 $ 17,366.1 Liabilities & Equity Mortgage notes payable and other obligations, at fair value $ 5,522.4 $ 5,187.3 Other liabilities 15.7 240.7 Total liabilities 5,538.1 5,428.0 Total equity 12,807.7 11,938.1 Total liabilities and equity $ 18,345.8 $ 17,366.1
Schedule of Results of Operations of the Joint Venture	Years ended December 31, 2022 2021 2020 Operating Revenue and Expenses Revenues $ 1,159.3 $ 1,040.5 $ 1,021.6 Expenses 685.3 577.7 571.9 Excess of revenues over expenses $ 474.0 $ 462.8 $ 449.7

Investments in Real Estate Fu_2

Investments in Real Estate Funds (Tables)	12 Months Ended
Investments in Real Estate Funds (Tables)	Dec. 31, 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 Company holds a variable interest but is not the primary beneficiary were as follows at December 31, 2022 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 227.6 $ 227.6 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) $ 73.0 $ 88.4 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 2023. After this date, the Account can sell or transfer its interest in the fund with the consent and approval of the manager. SP V - II, LLC (61.8% Account Interest) $ 102.5 $ 112.5 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2023. 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) $ 24.7 $ 28.9 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) $ 40.1 $ 66.3 Redemptions prohibited prior to liquidation. To invest in alternative real estate investments primarily in major U.S. metropolitan markets. Liquidation estimated to begin no earlier than 2028. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. IDR - Core Property Index Fund, LLC (1.2% Account Interest) $ 44.0 $ 44.0 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) $ 173.6 $ 258.3 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 21.1 $ 22.3 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) $ 19.8 $ 19.8 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) $ 82.6 $ 112.2 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest) $ 54.7 $ 103.3 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) $ 29.7 $ 99.7 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 $ 893.4 $ 1,183.3

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
Loans Receivable (Tables)	Dec. 31, 2022
Receivables [Abstract]
Schedule of Loans Receivable, Property Types	The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): December 31, 2022 December 31, 2021 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 904.6 $ 788.4 52.9 % $ 862.4 $ 853.4 57.2 % Apartments (1) 214.2 209.6 14.1 % 253.3 252.0 16.9 % Industrial 131.6 130.6 8.8 % 161.4 161.3 10.8 % Hotel 139.3 134.9 9.1 % 125.3 125.3 8.4 % Retail 226.1 225.1 15.1 % 101.7 100.6 6.7 % 1,615.8 1,488.6 100.0 % 1,504.1 1,492.6 100.0 % (1) Includes loans receivable with related parties.
Schedule of Fair Value and Risk Ratings	The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of December 31, 2022, listed in order of the strength of the risk rating (from strongest to weakest): December 31, 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 % A+ 1 — — % — — — % A 2 130.6 8.8 % 4 248.5 16.6 % A- 1 — — % — — — % BBB+ 3 191.0 12.8 % — — — % BBB 2 137.4 9.2 % 6 374.7 25.1 % BBB- 1 47.5 3.2 % — — — % BB+ 2 64.9 4.4 % — — — % BB 2 72.3 4.8 % 10 437.8 29.3 % BB- 1 18.9 1.3 % — — — % B+ 3 87.2 5.9 % — — — % B 2 72.5 4.9 % 5 144.3 9.7 % B- 5 171.0 11.5 % — — — % CCC+ 3 223.4 15.0 % — — — % CCC- 2 60.9 4.1 % — — — % CC 1 66.0 4.4 % — — — % C 1 75.1 5.0 % 2 154.8 10.4 % NR (1) 3 69.9 4.7 % 3 69.9 4.7 % 35 1,488.6 100.0 % 31 1,492.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of December 31, 2022 and 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)	12 Months Ended
Loans Payable (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Loans Payable	At December 31, 2022 and 2021, the Account had outstanding loans payable secured by the following properties (millions): Property Interest Rate and Payment Frequency (2) Principal Amounts Outstanding as of Maturity 2022 2021 Fusion 1560 (1) 3.42% paid monthly $ — $ 37.4 June 10, 2022 The Colorado (1) 3.69% paid monthly — 84.7 November 1, 2022 The Legacy at Westwood (1) 3.69% paid monthly — 43.2 November 1, 2022 Regents Court (1) 3.69% paid monthly — 36.6 November 1, 2022 1001 Pennsylvania Avenue (2) 3.70% paid monthly 301.2 308.1 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 San Diego Office Portfolio (3) 1.50% + LIBOR paid monthly 58.2 51.4 August 9, 2023 Pacific City 2.10% + SOFR paid monthly 105.0 105.0 October 1, 2023 The Stratum (3) 2.25% + LIBOR paid monthly $ 40.4 $ 39.8 May 9, 2024 Spring House Innovation Park (3) 1.25% + LIBOR paid monthly 52.3 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 (2) 3.84% paid monthly 37.0 37.8 December 1, 2024 The District on La Frontera (2) 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 (2) 3.60% paid monthly 67.7 69.1 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Vista Station Office Portfolio (2) 4.00% paid monthly 18.6 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 (3) 1.50% + LIBOR paid monthly 72.5 68.2 August 9, 2025 Vista Station Office Portfolio (2) 4.20% paid monthly 41.9 42.9 November 1, 2025 Sixth & Main (3) 1.87% + LIBOR paid monthly 41.1 40.4 November 9, 2025 701 Brickell Avenue (2) 3.66% paid monthly 178.5 $ 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 (2) 3.93% paid monthly 161.1 163.0 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,168.7 $ 2,362.6 Fair Value Adjustment (4) (99.0) 17.9 Total Loans Payable $ 2,069.7 $ 2,380.5 (1) The principal amount of the outstanding debt was paid off during the year. (2) The mortgage is adjusted monthly for principal payments. (3) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. (4) 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 .
Schedule of Maturities of Loans Payable	Principal payment schedule on loans payable as of December 31, 2022 was as follows (in millions): Amount 2023 $ 582.4 2024 257.6 2025 626.8 2026 170.2 2027 109.7 Thereafter 422.0 Total maturities $ 2,168.7

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
Credit Facility (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Key Characteristics of Lines of Credit	The following table provides a summary of the key characteristics of the Credit Agreement as of December 31, 2022: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,000.0 Inception Date September 16, 2022 Revolving Commitment Termination and Term Loan Maturity Date September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin ABR Term Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate Adjusted SOFR + Applicable Margin SOFR Term Loans Interest Rate (3) Adjusted SOFR + Applicable Margin Facility Fee (2) 0.125% - 0.20% quarterly (1) The Account has three options to extend the Commitment Termination Date for an additional twelve months each. The Account may also request additional funding, not to exceed $500.0 million, at any time prior to the Commitment Termination Date or the Term Loan Maturity Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The Account is charged a fee on the Line of Credit, whether used or unused, which is determined based on the Account's loan-to-value ratio. (3) The weighted average interest rate for the period since inception through December 31, 2022 was 4.621%. The following table provides a summary of the key characteristics of the outstanding Notes, as of December 31, 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 (Tables)

Senior Notes Payable (Tables)	12 Months Ended
Senior Notes Payable (Tables)	Dec. 31, 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 December 31, 2022: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,000.0 Inception Date September 16, 2022 Revolving Commitment Termination and Term Loan Maturity Date September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin ABR Term Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate Adjusted SOFR + Applicable Margin SOFR Term Loans Interest Rate (3) Adjusted SOFR + Applicable Margin Facility Fee (2) 0.125% - 0.20% quarterly (1) The Account has three options to extend the Commitment Termination Date for an additional twelve months each. The Account may also request additional funding, not to exceed $500.0 million, at any time prior to the Commitment Termination Date or the Term Loan Maturity Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The Account is charged a fee on the Line of Credit, whether used or unused, which is determined based on the Account's loan-to-value ratio. (3) The weighted average interest rate for the period since inception through December 31, 2022 was 4.621%. The following table provides a summary of the key characteristics of the outstanding Notes, as of December 31, 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 (Tables)

Financial Highlights (Tables)	12 Months Ended
Financial Highlights (Tables)	Dec. 31, 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. Years ended December 31, 2022 2021 2020 2019 2018 Per Accumulation Unit Data: Rental income $ 23.751 $ 22.672 $ 21.145 $ 18.165 $ 17.757 Real estate property level expenses 11.042 10.683 10.027 8.734 8.548 Real estate income, net 12.709 11.989 11.118 9.431 9.209 Other income 6.559 5.474 4.980 6.752 6.162 Total income 19.268 17.463 16.098 16.183 15.371 Expenses (1) 5.121 4.035 3.603 3.439 3.161 Investment income, net 14.147 13.428 12.495 12.744 12.210 Net realized and unrealized gain (loss) on investments and loans payable 28.011 64.615 (16.195) 10.262 6.877 Net increase (decrease) in Accumulation Unit Value 42.158 78.043 (3.700) 23.006 19.087 Accumulation Unit Value: Beginning of period $514.765 $436.722 $440.422 $417.416 $398.329 End of period $556.923 $514.765 $436.722 $440.422 $417.416 Total return 8.19 % 17.87 % (0.84) % 5.51 % 4.79 % Ratios to Average Net Assets: Expenses (1) 0.89 % 0.84 % 0.81 % 0.78 % 0.76 % Investment income, net 2.45 % 2.82 % 2.85 % 2.90 % 2.95 % Portfolio turnover rate: Years ended December 31, 2022 2021 2020 2019 2018 Real estate properties (2) 5.6 % 7.6 % 7.1 % 7.8 % 11.8 % Marketable securities (3) 4.7 % — % 113.4 % 28.7 % 5.1 % Accumulation Units outstanding at end of period (millions): 52.1 53.4 52.0 60.8 60.7 Net assets end of period (millions) $29,658.1 $28,072.0 $23,243.9 $27,307.9 $25,842.6 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year to date Account level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing joint venture and Funds investments) by the average value of the portfolio of real estate investments held during the period. (3) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units (Tables)

Accumulation Units (Tables)	12 Months Ended
Accumulation Units (Tables)	Dec. 31, 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): Years ended December 31, 2022 2021 2020 Outstanding: Beginning of period 53.4 52.0 60.8 Credited for premiums 5.4 6.4 4.6 Annuity, other periodic payments, withdrawals and death benefits (6.7) (5.0) (13.4) End of period 52.1 53.4 52.0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Callable Commitments	As of December 31, 2022 and 2021, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loan receivable investments (in millions): Commitment Expiration December 31, 2022 December 31, 2021 Real Estate Funds (1) Silverpeak NRE FundCo 3 LLC 06/2023 $ 70.0 $ — SP V - II, LLC 08/2023 10.0 12.9 Veritas Trophy VI, LLC 08/2023 15.4 20.6 Taconic New York City GP Fund 11/2023 4.2 4.2 JCR Capital - REA Preferred Equity Parallel Fund 02/2024 48.6 75.3 Flagler - REA Healthcare Properties Partnership 02/2025 1.2 1.2 Townsend Group Value-Add Fund 12/2026 84.7 125.9 Silverpeak NRE FundCo LLC 12/2028 26.2 37.3 Silverpeak NRE FundCo 2 LLC 12/2029 29.6 43.7 $ 289.9 $ 321.1 Loans Receivable (2) BREP VIII Industrial Mezzanine 03/2022 $ — $ 22.4 San Diego Office Portfolio Senior Loan 08/2022 — 6.8 San Diego Office Portfolio Mezzanine 08/2022 — 2.2 1330 Broadway Mezzanine 09/2022 — 10.9 311 South Wacker Mezzanine 03/2023 2.2 2.2 Commitment Expiration December 31, 2022 December 31, 2021 SCG Oakland Portfolio Mezzanine 03/2023 5.4 6.1 Five Oak Mezzanine 03/2023 1.5 1.6 MRA Hub 34 Holding, LLC 08/2023 1.5 1.5 Liberty Park Mezzanine 11/2023 2.6 2.6 Colony New England Hotel Portfolio Senior Loan 11/2023 3.6 14.1 Colony New England Hotel Portfolio Mezzanine 11/2023 1.2 4.7 Exo Apartments Mezzanine 01/2024 2.4 2.4 5 Points Towers Mezzanine 03/2024 — 4.2 The Stratum Senior Loan 05/2024 1.3 2.0 The Stratum Mezzanine 05/2024 0.4 0.7 Spring House Innovation Park Senior Loan 07/2024 23.4 38.0 Spring House Innovation Park Mezzanine 07/2024 7.8 12.7 Project Sonic Senior Loan 06/2025 3.9 — 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 12.7 20.0 735 Watkins Mill 08/2025 9.2 — Sixth and Main Senior Loan 11/2025 6.2 6.9 Sixth and Main Mezzanine 11/2025 3.4 3.7 $ 132.4 $ 165.7 TOTAL COMMITMENTS $ 422.3 $ 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 (Details)	12 Months Ended
Organization and Significant Accounting Policies (Details)	Dec. 31, 2022 number_of_day
Principal Transaction Revenue [Line Items]
Independent appraisal firm, property rotation, period (at least)	3 years
Description of valuation change of real estate related assets	Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property’s value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property’s value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see Valuation of Mortgage Loans Payable). The independent fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and mortgage loan payable to calculate the Account’s daily net asset value until the next valuation review or appraisal.
Threshold percentage, property value change compared to most recent independent annual appraisal (more than)	6%
Threshold percentage, property value change within any calendar quarter (more than)	4%
Threshold percentage, property value change compared to prior calendar month (more than)	2%
Maximum percentage of average net assets for all account level expenses, percent (not to exceed)	2.50%
Minimum
Principal Transaction Revenue [Line Items]
Investment advisory fees, paid or received, period	1
Maximum
Principal Transaction Revenue [Line Items]
Investment advisory fees, paid or received, period	2

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	12 Months Ended
Related Party Transactions - Narrative (Details)	Dec. 31, 2022 loan
Related Party Transactions [Abstract]
Distribution agreement, termination period	60 days
Percentage of trigger point on outstanding accumulation units, percent	45%
Loan receivable, with related parties, number of loans with a joint venture partner	1

Related Party Transactions - Sc

Related Party Transactions - Schedule of key terms of the loans (Details) - Loans Receivable - Related Party - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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
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

Concentration Risk - Narrative

Concentration Risk - Narrative (Details)	12 Months Ended
Concentration Risk - Narrative (Details)	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Maximum percentage of annual contract rent of rental income	4%

Concentration Risk - Schedule o

Concentration Risk - Schedule of diversification of the Account's portfolio by region and property type (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Total	100%	100%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Industrial
Concentration Risk [Line Items]
Total	28.30%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Office
Concentration Risk [Line Items]
Total	27%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Apartments
Concentration Risk [Line Items]
Total	26.80%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Retail
Concentration Risk [Line Items]
Total	12.30%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Other
Concentration Risk [Line Items]
Total	5.60%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Industrial, Office, Apartments, Retail, and Other
Concentration Risk [Line Items]
Total	100%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| West \| Industrial
Concentration Risk [Line Items]
Total	16.80%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| West \| Office
Concentration Risk [Line Items]
Total	8.10%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| West \| Apartments
Concentration Risk [Line Items]
Total	8.10%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| West \| Retail
Concentration Risk [Line Items]
Total	3.60%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| West \| Other
Concentration Risk [Line Items]
Total	1.80%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| West \| Industrial, Office, Apartments, Retail, and Other
Concentration Risk [Line Items]
Total	38.40%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| South \| Industrial
Concentration Risk [Line Items]
Total	7.30%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| South \| Office
Concentration Risk [Line Items]
Total	5.60%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| South \| Apartments
Concentration Risk [Line Items]
Total	10.80%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| South \| Retail
Concentration Risk [Line Items]
Total	5.30%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| South \| Other
Concentration Risk [Line Items]
Total	2.10%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| South \| Industrial, Office, Apartments, Retail, and Other
Concentration Risk [Line Items]
Total	31.10%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| East \| Industrial
Concentration Risk [Line Items]
Total	2.60%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| East \| Office
Concentration Risk [Line Items]
Total	13.10%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| East \| Apartments
Concentration Risk [Line Items]
Total	6.90%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| East \| Retail
Concentration Risk [Line Items]
Total	2.70%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| East \| Other
Concentration Risk [Line Items]
Total	1.40%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| East \| Industrial, Office, Apartments, Retail, and Other
Concentration Risk [Line Items]
Total	26.70%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Midwest \| Industrial
Concentration Risk [Line Items]
Total	1.60%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Midwest \| Office
Concentration Risk [Line Items]
Total	0.20%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Midwest \| Apartments
Concentration Risk [Line Items]
Total	1%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Midwest \| Retail
Concentration Risk [Line Items]
Total	0.70%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Midwest \| Other
Concentration Risk [Line Items]
Total	0.20%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Midwest \| Industrial, Office, Apartments, Retail, and Other
Concentration Risk [Line Items]
Total	3.70%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Foreign \| Industrial
Concentration Risk [Line Items]
Total	0%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Foreign \| Office
Concentration Risk [Line Items]
Total	0%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Foreign \| Apartments
Concentration Risk [Line Items]
Total	0%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Foreign \| Retail
Concentration Risk [Line Items]
Total	0%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Foreign \| Other
Concentration Risk [Line Items]
Total	0.10%
Geographic Concentration Risk \| Portfolio Fair Value or Net Equity Value \| Foreign \| Industrial, Office, Apartments, Retail, and Other
Concentration Risk [Line Items]
Total	0.10%

Leases - Schedule of aggregate

Leases - Schedule of aggregate minimum annual rental payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Lease, Annual Payments
2023	$ 689
2024	634.5
2025	556.9
2026	460
2027	362
Thereafter	1,276.1
Total	$ 3,978.5

Leases - Schedule of right-of-u

Leases - Schedule of right-of-use assets and lease liabilities related to ground leases (Details) - Ground $ in Millions	Dec. 31, 2022 USD ($)
Assets:
Right-of-use assets, at fair value	$ 43.3
Liabilities:
Ground lease liabilities, at fair value	$ 43.3
Key Terms
Weighted-average remaining lease term (years)	69 years 10 months 24 days
Weighted-average discount rate	7.51%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Ground
Lessee, Lease, Description [Line Items]
Operating lease cost, related to ground leases	$ 2.3

Leases - Schedule of future min

Leases - Schedule of future minimum annual payments for ground leases (Details) - Ground $ in Millions	Dec. 31, 2022 USD ($)
Operating Lease, Annual Payments
2023	$ 2.4
2024	2.4
2025	2.5
2026	2.5
2027	2.5
Thereafter	424.3
Total	$ 436.6

Assets and Liabilities Measur_3

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of fair value assets and liabilities measured on recurring basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	$ 20,444	$ 18,903.9
Real estate operating business	641.9	326.3
Marketable securities:
Marketable securities	2,030.2	2,207.8
Total investments (cost: $24,897.0 and $24,326.7)	32,601.7	30,918
Loans payable	(2,069.7)	(2,380.5)
Line of credit	0	(500)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	20,444	18,903.9
Real estate joint ventures	7,103.6	7,175.9
Real estate funds	893.4	811.5
Real estate operating business	641.9	326.3
Marketable securities:
Loans receivable	1,488.6	1,492.6
Total investments (cost: $24,897.0 and $24,326.7)	32,601.7	30,918
Loans payable	(2,069.7)	(2,380.5)
Line of credit		(500)
Recurring \| Other Unsecured Debt
Marketable securities:
Other unsecured debt	(953.1)
Recurring \| U.S. government agency notes
Marketable securities:
Marketable securities	902.9	864.1
Recurring \| Foreign government agency notes
Marketable securities:
Marketable securities	16.9	7.6
Recurring \| U.S. treasury securities
Marketable securities:
Marketable securities	574	784.3
Recurring \| Corporate bonds
Marketable securities:
Marketable securities	536.4	551.8
Recurring \| Municipal bonds
Marketable securities:
Marketable securities		0
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
Marketable securities:
Loans receivable	0	0
Total investments (cost: $24,897.0 and $24,326.7)	0	0
Loans payable	0	0
Line of credit		0
Recurring \| Level 1: Quoted Prices in Active Markets for Identical Assets \| Other Unsecured Debt
Marketable securities:
Other unsecured debt	0
Recurring \| Level 1: Quoted Prices in Active Markets for Identical Assets \| U.S. government agency notes
Marketable securities:
Marketable securities	0	0
Recurring \| Level 1: Quoted Prices in Active Markets for Identical Assets \| Foreign government agency notes
Marketable securities:
Marketable securities	0	0
Recurring \| Level 1: Quoted Prices in Active Markets for Identical Assets \| U.S. treasury securities
Marketable securities:
Marketable securities	0	0
Recurring \| Level 1: Quoted Prices in Active Markets for Identical Assets \| Corporate bonds
Marketable securities:
Marketable securities	0	0
Recurring \| Level 1: Quoted Prices in Active Markets for Identical Assets \| Municipal bonds
Marketable securities:
Marketable securities		0
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
Marketable securities:
Loans receivable	0	0
Total investments (cost: $24,897.0 and $24,326.7)	2,030.2	2,207.8
Loans payable	0	0
Line of credit		0
Recurring \| Level 2: Significant Other Observable Inputs \| Other Unsecured Debt
Marketable securities:
Other unsecured debt	(453.1)
Recurring \| Level 2: Significant Other Observable Inputs \| U.S. government agency notes
Marketable securities:
Marketable securities	902.9	864.1
Recurring \| Level 2: Significant Other Observable Inputs \| Foreign government agency notes
Marketable securities:
Marketable securities	16.9	7.6
Recurring \| Level 2: Significant Other Observable Inputs \| U.S. treasury securities
Marketable securities:
Marketable securities	574	784.3
Recurring \| Level 2: Significant Other Observable Inputs \| Municipal bonds
Marketable securities:
Marketable securities		0
Recurring \| Level 3: Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	20,444	18,903.9
Real estate joint ventures	7,103.6	7,175.9
Real estate funds	0	0
Real estate operating business	641.9	326.3
Marketable securities:
Loans receivable	1,488.6	1,492.6
Total investments (cost: $24,897.0 and $24,326.7)	29,678.1	27,898.7
Loans payable	(2,069.7)	(2,380.5)
Line of credit		(500)
Recurring \| Level 3: Significant Unobservable Inputs \| Other Unsecured Debt
Marketable securities:
Other unsecured debt	(500)
Recurring \| Level 3: Significant Unobservable Inputs \| U.S. government agency notes
Marketable securities:
Marketable securities	0	0
Recurring \| Level 3: Significant Unobservable Inputs \| Foreign government agency notes
Marketable securities:
Marketable securities	0	0
Recurring \| Level 3: Significant Unobservable Inputs \| U.S. treasury securities
Marketable securities:
Marketable securities	0	0
Recurring \| Level 3: Significant Unobservable Inputs \| Corporate bonds
Marketable securities:
Marketable securities	$ 0	0
Recurring \| Level 3: Significant Unobservable Inputs \| Municipal bonds
Marketable securities:
Marketable securities		$ 0

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized (losses) gains included in changes in net assets	$ 1,536.2	$ 3,203.3
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,380.5)	(2,411.4)
Total realized and unrealized (losses) gains included in changes in net assets	116.9	12.2
Purchases	(24.1)	(188.9)
Sales	0	0
Settlements	218	207.6
Ending balance	(2,069.7)	(2,380.5)
Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(500)	0
Total realized and unrealized (losses) gains included in changes in net assets	0	0
Purchases	0	(500)
Sales	0	0
Settlements	500	0
Ending balance	0	(500)
Other Unsecured Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Total realized and unrealized (losses) gains included in changes in net assets	0
Purchases	(500)
Sales	0
Settlements	0
Ending balance	(500)	0
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	18,903.9	16,476.7
Total realized and unrealized (losses) gains included in changes in net assets	1,286.3	2,466.2
Purchases	873.8	881.9
Sales	(620)	(920.9)
Settlements	0	0
Ending balance	20,444	18,903.9
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,175.9	6,128.9
Total realized and unrealized (losses) gains included in changes in net assets	83.9	844.3
Purchases	640.9	899.6
Sales	0	0
Settlements	(797.1)	(696.9)
Ending balance	7,103.6	7,175.9
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	326.3	250
Total realized and unrealized (losses) gains included in changes in net assets	212.2	74.9
Purchases	103.4	1.4
Sales	0	0
Settlements	0	0
Ending balance	641.9	326.3
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,492.6	1,562.6
Total realized and unrealized (losses) gains included in changes in net assets	(115.7)	8.6
Purchases	366.6	326.7
Sales	0	(294.5)
Settlements	(254.9)	(110.8)
Ending balance	1,488.6	1,492.6
Total Level 3 Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	27,898.7	24,418.2
Total realized and unrealized (losses) gains included in changes in net assets	1,466.7	3,394
Purchases	1,984.7	2,109.6
Sales	(620)	(1,215.4)
Settlements	(1,052)	(807.7)
Ending balance	$ 29,678.1	$ 27,898.7

Assets and Liabilities Measur_5

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of unobservable inputs related to Level 3 fair value measurements (Details) - Level 3: Significant Unobservable Inputs - number	Dec. 31, 2022	Dec. 31, 2021
Discount Rate \| Real Estate Properties and Joint Ventures \| Office \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.058
Discount Rate \| Real Estate Properties and Joint Ventures \| Office \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.090	0.095
Discount Rate \| Real Estate Properties and Joint Ventures \| Office \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.071	0.066
Discount Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.050
Discount Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.080	0.083
Discount Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.066	0.060
Discount Rate \| Real Estate Properties and Joint Ventures \| Residential \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.055	0.053
Discount Rate \| Real Estate Properties and Joint Ventures \| Residential \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.070	0.073
Discount Rate \| Real Estate Properties and Joint Ventures \| Residential \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.061	0.059
Discount Rate \| Real Estate Properties and Joint Ventures \| Retail \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.060
Discount Rate \| Real Estate Properties and Joint Ventures \| Retail \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.115	0.118
Discount Rate \| Real Estate Properties and Joint Ventures \| Retail \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.073	0.070
Discount Rate \| Real Estate Properties and Joint Ventures \| Hotel \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.100	0.098
Discount Rate \| Real Estate Operating Business \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.098	0.073
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Office \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.048	0.045
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Office \| Minimum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.040
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Office \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.085	0.085
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Office \| Maximum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.080	0.080
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Office \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.055
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Office \| Weighted Average \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.054	0.050
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.040
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Minimum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.018	0.025
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.070	0.068
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Maximum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.065
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.046
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Industrial \| Weighted Average \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.040
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Residential \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.043	0.040
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Residential \| Minimum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.035	0.035
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Residential \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.058	0.058
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Residential \| Maximum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.050	0.053
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Residential \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.047	0.045
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Residential \| Weighted Average \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.041	0.040
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Retail \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.053	0.050
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Retail \| Minimum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.045	0.045
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Retail \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.088	0.095
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Retail \| Maximum \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.085	0.093
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Retail \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.060	0.057
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Retail \| Weighted Average \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.054	0.052
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Hotel \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.080	0.078
Capitalization Rate \| Real Estate Properties and Joint Ventures \| Hotel \| Income Approach—Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.075	0.073
Terminal Growth Rate \| Real Estate Operating Business \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures	0.070	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	31.3	21.6
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Office \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.400	0.419
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Office \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	1.050	0.947
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Office \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.697	0.731
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Industrial \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.495	0.299
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Industrial \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.660	0.713
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Industrial \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.578	0.659
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Residential \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.364	0.384
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Residential \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.761	0.773
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Residential \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.454	0.491
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Retail & Hospitality \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.549	0.598
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Retail & Hospitality \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	1.045	0.798
Loan-to-Value Ratio \| Loans Receivable, including those with related parties \| Retail & Hospitality \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.801	0.650
Loan-to-Value Ratio \| Loans Payable \| Office \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.354	0.361
Loan-to-Value Ratio \| Loans Payable \| Office \| Minimum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.354	0.361
Loan-to-Value Ratio \| Loans Payable \| Office \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.643	0.635
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	0.643	0.635
Loan-to-Value Ratio \| Loans Payable \| Office \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.487	0.458
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	0.487	0.458
Loan-to-Value Ratio \| Loans Payable \| Industrial \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.278	0.340
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	0.278	0.340
Loan-to-Value Ratio \| Loans Payable \| Industrial \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.370	0.449
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	0.370	0.449
Loan-to-Value Ratio \| Loans Payable \| Industrial \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.314	0.383
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	0.314	0.383
Loan-to-Value Ratio \| Loans Payable \| Residential \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.248	0.288
Loan-to-Value Ratio \| Loans Payable \| Residential \| Minimum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.248	0.288
Loan-to-Value Ratio \| Loans Payable \| Residential \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.664	0.536
Loan-to-Value Ratio \| Loans Payable \| Residential \| Maximum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.664	0.536
Loan-to-Value Ratio \| Loans Payable \| Residential \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.390	0.400
Loan-to-Value Ratio \| Loans Payable \| Residential \| Weighted Average \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.390	0.400
Loan-to-Value Ratio \| Loans Payable \| Retail \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.448	0.360
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	0.448	0.360
Loan-to-Value Ratio \| Loans Payable \| Retail \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.746	0.763
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	0.746	0.763
Loan-to-Value Ratio \| Loans Payable \| Retail \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.472	0.460
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	0.472	0.460
Equivalency Rate \| Loans Receivable, including those with related parties \| Office \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.055	0.024
Equivalency Rate \| Loans Receivable, including those with related parties \| Office \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.132	0.095
Equivalency Rate \| Loans Receivable, including those with related parties \| Office \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.087	0.057
Equivalency Rate \| Loans Receivable, including those with related parties \| Industrial \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.053	0.043
Equivalency Rate \| Loans Receivable, including those with related parties \| Industrial \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.098	0.051
Equivalency Rate \| Loans Receivable, including those with related parties \| Industrial \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.064	0.046
Equivalency Rate \| Loans Receivable, including those with related parties \| Residential \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.055	0.025
Equivalency Rate \| Loans Receivable, including those with related parties \| Residential \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.086	0.086
Equivalency Rate \| Loans Receivable, including those with related parties \| Residential \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.070	0.050
Equivalency Rate \| Loans Receivable, including those with related parties \| Retail & Hospitality \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.073	0.035
Equivalency Rate \| Loans Receivable, including those with related parties \| Retail & Hospitality \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.182	0.069
Equivalency Rate \| Loans Receivable, including those with related parties \| Retail & Hospitality \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.102	0.052
Equivalency Rate \| Loans Payable \| Office \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.037	0.018
Equivalency Rate \| Loans Payable \| Office \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.070	0.037
Equivalency Rate \| Loans Payable \| Office \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.060	0.032
Equivalency Rate \| Loans Payable \| Industrial \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.057	0.033
Equivalency Rate \| Loans Payable \| Industrial \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.061	0.037
Equivalency Rate \| Loans Payable \| Industrial \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.059	0.034
Equivalency Rate \| Loans Payable \| Residential \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.056	0.021
Equivalency Rate \| Loans Payable \| Residential \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.064	0.030
Equivalency Rate \| Loans Payable \| Residential \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.060	0.028
Equivalency Rate \| Loans Payable \| Retail \| Minimum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.055	0.031
Equivalency Rate \| Loans Payable \| Retail \| Maximum \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.063	0.040
Equivalency Rate \| Loans Payable \| Retail \| Weighted Average \| Income Approach—Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.057	0.035
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	1.1	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	1.2
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	1.1	1.3
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	1.1	1.3
Weighted Average Cost of Capital Risk Premium Multiple \| Loans Payable \| Residential \| Minimum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.1	1.3
Weighted Average Cost of Capital Risk Premium Multiple \| Loans Payable \| Residential \| Maximum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3	1.4
Weighted Average Cost of Capital Risk Premium Multiple \| Loans Payable \| Residential \| Weighted Average \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.1	1.3
Weighted Average Cost of Capital Risk Premium Multiple \| Loans Payable \| Retail \| Minimum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.1	1.2
Weighted Average Cost of Capital Risk Premium Multiple \| Loans Payable \| Retail \| Maximum \| Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3	1.9
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	1.2	1.4

Assets and Liabilities Measur_6

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net realized and unrealized gains included in changes in net assets	$ 1,536.2	$ 3,203.3
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Asset Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	investments and loans payable
Mortgage Loans Payable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains, still held, included in changes in net assets	$ 116.9	12.2
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net realized and unrealized gains included in changes in net assets	1,352.7	2,371.8
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net realized and unrealized gains included in changes in net assets	86.9	745.7
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net realized and unrealized gains included in changes in net assets	212.2	74.9
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net realized and unrealized gains included in changes in net assets	$ (115.6)	$ 10.9

Investments in Joint Ventures -

Investments in Joint Ventures - Narrative (Details)	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Minimum percentage of noncontrolling ownership interest in joint ventures, percent	2%
Maximum percentage of noncontrolling ownership interest in joint ventures, percent	98.50%

Investments in Joint Ventures_2

Investments in Joint Ventures - Schedule of financial position of the joint ventures (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Real estate properties, at fair value	$ 17,586.1	$ 16,681.2
Other assets	759.7	684.9
Total assets	18,345.8	17,366.1
Liabilities & Equity
Mortgage notes payable and other obligations, at fair value	5,522.4	5,187.3
Other liabilities	15.7	240.7
Total liabilities	5,538.1	5,428
Total equity	12,807.7	11,938.1
Total liabilities and equity	$ 18,345.8	$ 17,366.1

Investments in Joint Ventures_3

Investments in Joint Ventures - Schedule of results of operations of the joint ventures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Revenue and Expenses
Revenues	$ 1,159.3	$ 1,040.5	$ 1,021.6
Expenses	685.3	577.7	571.9
Excess of revenues over expenses	$ 474	$ 462.8	$ 449.7

Investments in Real Estate Fu_3

Investments in Real Estate Funds - Schedule of carrying amount and maximum exposure to loss relating to VIEs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Carrying Amount	$ 33,033.6	$ 31,276.4
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	893.4
Maximum Exposure to Loss	$ 1,183.3
Variable Interest Entity, Not Primary Beneficiary \| LCS SHIP Venture I, LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 227.6
Maximum Exposure to Loss	$ 227.6
Variable Interest Entity, Not Primary Beneficiary \| Veritas Trophy VI, LLC
Variable Interest Entity [Line Items]
Account Interest	90.40%
Carrying Amount	$ 73
Maximum Exposure to Loss	$ 88.4
Variable Interest Entity, Not Primary Beneficiary \| SP V - II, LLC
Variable Interest Entity [Line Items]
Account Interest	61.80%
Carrying Amount	$ 102.5
Maximum Exposure to Loss	$ 112.5
Variable Interest Entity, Not Primary Beneficiary \| Taconic New York City GP Fund, LP
Variable Interest Entity [Line Items]
Account Interest	60%
Carrying Amount	$ 24.7
Maximum Exposure to Loss	$ 28.9
Variable Interest Entity, Not Primary Beneficiary \| Silverpeak NRE FundCo LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 40.1
Maximum Exposure to Loss	$ 66.3
Variable Interest Entity, Not Primary Beneficiary \| IDR - Core Property Index Fund, LLC
Variable Interest Entity [Line Items]
Account Interest	1.20%
Carrying Amount	$ 44
Maximum Exposure to Loss	$ 44
Variable Interest Entity, Not Primary Beneficiary \| Townsend Group Value-Add Fund
Variable Interest Entity [Line Items]
Account Interest	99%
Carrying Amount	$ 173.6
Maximum Exposure to Loss	$ 258.3
Variable Interest Entity, Not Primary Beneficiary \| Flagler - REA Healthcare Properties Partnership
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 21.1
Maximum Exposure to Loss	$ 22.3
Variable Interest Entity, Not Primary Beneficiary \| Grubb Southeast Real Estate Fund VI, LLC
Variable Interest Entity [Line Items]
Account Interest	66.70%
Carrying Amount	$ 19.8
Maximum Exposure to Loss	$ 19.8
Variable Interest Entity, Not Primary Beneficiary \| Silverpeak NRE FundCo 2 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 82.6
Maximum Exposure to Loss	$ 112.2
Variable Interest Entity, Not Primary Beneficiary \| JCR Capital - REA Preferred Equity Parallel Fund
Variable Interest Entity [Line Items]
Account Interest	31.10%
Carrying Amount	$ 54.7
Maximum Exposure to Loss	$ 103.3
Variable Interest Entity, Not Primary Beneficiary \| Silverpeak NRE FundCo 3 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 29.7
Maximum Exposure to Loss	$ 99.7

Loans Receivable - Schedule of

Loans Receivable - Schedule of loans receivable by property type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1,615.8	$ 1,504.1
Fair Value	$ 1,488.6	$ 1,492.6
% of Fair Value	100%	100%
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	$ 904.6	$ 862.4
Fair Value	$ 788.4	$ 853.4
Office \| Credit Concentration Risk \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	52.90%	57.20%
Apartments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 214.2	$ 253.3
Fair Value	$ 209.6	$ 252
Apartments \| Credit Concentration Risk \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	14.10%	16.90%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 131.6	$ 161.4
Fair Value	$ 130.6	$ 161.3
Industrial \| Credit Concentration Risk \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	8.80%	10.80%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 139.3	$ 125.3
Fair Value	$ 134.9	$ 125.3
Hotel \| Credit Concentration Risk \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	9.10%	8.40%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 226.1	$ 101.7
Fair Value	$ 225.1	$ 100.6
Retail \| Credit Concentration Risk \| Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	15.10%	6.70%

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	12 Months Ended
Loans Receivable - Narrative (Details)	Dec. 31, 2022
D Rating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of days past due, classified as delinquent	90 days

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of fair values and risk ratings (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	35	31
Fair Value \| $	$ 1,488.6	$ 1,492.6
% of Fair Value	100%	100%
Related Party
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans collateralized by interest in a joint venture	3	3
Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	100%	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%
A+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value \| $	$ 0	$ 0
A+ \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	0%
A
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	4
Fair Value \| $	$ 130.6	$ 248.5
A \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	8.80%	16.60%
A-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value \| $	$ 0	$ 0
A- \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	0%
BBB+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	0
Fair Value \| $	$ 191	$ 0
BBB+ \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	12.80%	0%
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	6
Fair Value \| $	$ 137.4	$ 374.7
BBB \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	9.20%	25.10%
BBB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value \| $	$ 47.5	$ 0
BBB- \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	3.20%	0%
BB+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	0
Fair Value \| $	$ 64.9	$ 0
BB+ \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.40%	0%
BB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	10
Fair Value \| $	$ 72.3	$ 437.8
BB \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.80%	29.30%
BB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value \| $	$ 18.9	$ 0
BB- \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	1.30%	0%
B+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	0
Fair Value \| $	$ 87.2	$ 0
B+ \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	5.90%	0%
B
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	5
Fair Value \| $	$ 72.5	$ 144.3
B \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.90%	9.70%
B-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	5	0
Fair Value \| $	$ 171	$ 0
B- \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	11.50%	0%
CCC+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	3	0
Fair Value \| $	$ 223.4	$ 0
CCC+ \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	15%	0%
CCC-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	2	0
Fair Value \| $	$ 60.9	$ 0
CCC- \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.10%	0%
CC
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	0
Fair Value \| $	$ 66	$ 0
CC \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.40%	0%
C
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans	1	2
Fair Value \| $	$ 75.1	$ 154.8
C \| Loans Receivable \| Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	5%	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	4.70%	4.70%

Loans Payable - Schedule of out

Loans Payable - Schedule of outstanding loans payable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Principal Amounts Outstanding	$ 2,168.7
Total Principal Outstanding	2,168.7	$ 2,362.6
Fair Value Adjustment	(99)	17.9
Total Loans Payable	$ 2,069.7	2,380.5
Fusion 1560
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.42%
Interest Rate and Payment Frequency	3.42% paid monthly
Principal Amounts Outstanding	$ 0	37.4
Maturity	Jun. 10, 2022
The Colorado
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.69%
Interest Rate and Payment Frequency	3.69% paid monthly
Principal Amounts Outstanding	$ 0	84.7
Maturity	Nov. 01, 2022
The Legacy at Westwood
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.69%
Interest Rate and Payment Frequency	3.69% paid monthly
Principal Amounts Outstanding	$ 0	43.2
Maturity	Nov. 01, 2022
Regents Court
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.69%
Interest Rate and Payment Frequency	3.69% paid monthly
Principal Amounts Outstanding	$ 0	36.6
Maturity	Nov. 01, 2022
1001 Pennsylvania Avenue
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.70%
Interest Rate and Payment Frequency	3.70% paid monthly
Principal Amounts Outstanding	$ 301.2	308.1
Maturity	Jun. 01, 2023
Biltmore at Midtown
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.94%
Interest Rate and Payment Frequency	3.94% paid monthly
Principal Amounts Outstanding	$ 36.4	36.4
Maturity	Jul. 05, 2023
Cherry Knoll
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.78%
Interest Rate and Payment Frequency	3.78% paid monthly
Principal Amounts Outstanding	$ 35.3	35.3
Maturity	Jul. 05, 2023
Lofts at SoDo
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.94%
Interest Rate and Payment Frequency	3.94% paid monthly
Principal Amounts Outstanding	$ 35.1	35.1
Maturity	Jul. 05, 2023
San Diego Office Portfolio
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	1.50% + LIBOR paid monthly
Principal Amounts Outstanding, Loans Payable	$ 58.2	51.4
Maturity, Loans Payable	Aug. 09, 2023
Pacific City
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	2.10% + SOFR paid monthly
Principal Amounts Outstanding	$ 105	105
Maturity	Oct. 01, 2023
The Stratum
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	2.25% + LIBOR paid monthly
Principal Amounts Outstanding	$ 40.4	39.8
Maturity	May 09, 2024
Spring House Innovation Park
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	1.25% + LIBOR paid monthly
Principal Amounts Outstanding	$ 52.3	40.5
Maturity	Jul. 09, 2024
1401 H Street NW
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.65%
Interest Rate and Payment Frequency	3.65% paid monthly
Principal Amounts Outstanding	$ 115	115
Maturity	Nov. 05, 2024
The District at La Frontera \| Loan A
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.84%
Interest Rate and Payment Frequency	3.84% paid monthly
Principal Amounts Outstanding	$ 37	37.8
Maturity	Dec. 01, 2024
The District at La Frontera \| Loan B
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.96%
Interest Rate and Payment Frequency	4.96% paid monthly
Principal Amounts Outstanding	$ 4.2	4.2
Maturity	Dec. 01, 2024
Circa Green Lake
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.71%
Interest Rate and Payment Frequency	3.71% paid monthly
Principal Amounts Outstanding	$ 52	52
Maturity	Mar. 05, 2025
Union - South Lake Union
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.66%
Interest Rate and Payment Frequency	3.66% paid monthly
Principal Amounts Outstanding	$ 57	57
Maturity	Mar. 05, 2025
Holly Street Village
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.65%
Interest Rate and Payment Frequency	3.65% paid monthly
Principal Amounts Outstanding	$ 81	81
Maturity	May 01, 2025
Henley at Kingstowne
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.60%
Interest Rate and Payment Frequency	3.60% paid monthly
Principal Amounts Outstanding	$ 67.7	69.1
Maturity	May 01, 2025
32 South State Street
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.48%
Interest Rate and Payment Frequency	4.48% paid monthly
Principal Amounts Outstanding	$ 24	24
Maturity	Jun. 06, 2025
Vista Station Office Portfolio \| Loan A
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4%
Interest Rate and Payment Frequency	4.00% paid monthly
Principal Amounts Outstanding	$ 18.6	19.3
Maturity	Jul. 01, 2025
Vista Station Office Portfolio \| Loan B
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.20%
Interest Rate and Payment Frequency	4.20% paid monthly
Principal Amounts Outstanding	$ 41.9	42.9
Maturity	Nov. 01, 2025
780 Third Avenue \| Loan A
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.55%
Interest Rate and Payment Frequency	3.55% paid monthly
Principal Amounts Outstanding	$ 150	150
Maturity	Aug. 01, 2025
780 Third Avenue \| Loan B
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.55%
Interest Rate and Payment Frequency	3.55% paid monthly
Principal Amounts Outstanding	$ 20	20
Maturity	Aug. 01, 2025
Reserve at Chino Hills
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	1.50% + LIBOR paid monthly
Principal Amounts Outstanding	$ 72.5	68.2
Maturity	Aug. 09, 2025
Sixth & Main
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate and Payment Frequency	1.87% + LIBOR paid monthly
Principal Amounts Outstanding	$ 41.1	40.4
Maturity	Nov. 09, 2025
701 Brickell Avenue
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.66%
Interest Rate and Payment Frequency	3.66% paid monthly
Principal Amounts Outstanding	$ 178.5	182
Maturity	Apr. 01, 2026
Marketplace at Mill Creek
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 39.6	39.6
Maturity	Sep. 11, 2027
Overlook at King of Prussia
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 40.8	40.8
Maturity	Sep. 11, 2027
Winslow Bay
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 25.8	25.8
Maturity	Sep. 11, 2027
1900 K Street, NW
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.93%
Interest Rate and Payment Frequency	3.93% paid monthly
Principal Amounts Outstanding	$ 161.1	163
Maturity	Apr. 01, 2028
99 High Street
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.90%
Interest Rate and Payment Frequency	3.90% paid monthly
Principal Amounts Outstanding	$ 277	$ 277
Maturity	Mar. 01, 2030
LIBOR \| San Diego Office Portfolio
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate, basis spread on variable rate	1.50%
LIBOR \| The Stratum
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate, basis spread on variable rate	2.25%
LIBOR \| Spring House Innovation Park
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate, basis spread on variable rate	1.25%
LIBOR \| Reserve at Chino Hills
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate, basis spread on variable rate	1.50%
LIBOR \| Sixth & Main
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate, basis spread on variable rate	1.87%
SOFR \| Pacific City
Mortgage Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate, basis spread on variable rate	2.10%

Loans Payable - Schedule of mat

Loans Payable - Schedule of maturities of loans payable (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 582.4
2024	257.6
2025	626.8
2026	170.2
2027	109.7
Thereafter	422
Total maturities	$ 2,168.7

Credit Facility - Narrative (De

Credit Facility - Narrative (Details) - USD ($)		12 Months Ended
Credit Facility - Narrative (Details) - USD ($)	Sep. 16, 2022	Dec. 31, 2022
Unsecured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Payment line of credit	$ 500,000,000
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum capacity	$ 500,000,000	$ 500,000,000
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Facility fee	0.125%	0.125%
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Facility fee	0.20%	0.20%
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit \| Adjusted SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate	0.875%
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit \| Adjusted SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate	1.30%
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit \| Adjusted Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate	0%
JPMorgan Chase Bank Credit Facility \| Unsecured Revolving Credit Facility \| Line of Credit \| Adjusted Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate	0.30%
JPMorgan Chase Bank Credit Facility \| Other Unsecured Debt
Debt Instrument [Line Items]
Principal (in millions)		$ 500,000,000
JPMorgan Chase Bank Credit Facility \| Other Unsecured Debt \| Adjusted SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate	1%
JPMorgan Chase Bank Credit Facility \| Other Unsecured Debt \| Adjusted SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate	1.50%
JPMorgan Chase Bank Credit Facility \| Other Unsecured Debt \| Adjusted Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate	0%
JPMorgan Chase Bank Credit Facility \| Other Unsecured Debt \| Adjusted Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate	0.50%

Credit Facility - Summary of ke

Credit Facility - Summary of key characteristics (Details) - JPMorgan Chase Bank Credit Facility		12 Months Ended
	Sep. 16, 2022 USD ($)	Dec. 31, 2022 USD ($) extensionOption
Unsecured Revolving Credit Facility and Term Loan
Debt Instrument [Line Items]
Maximum Capacity (in millions)		$ 1,000,000,000
Number of options to extend maturity date for additional twelve months \| extensionOption		3
Maximum borrowing capacity		$ 500,000,000
Weighted average interest rate		4.621%
Unsecured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Current Balance - Line of Credit (in millions)		$ 0
Maximum borrowing capacity	$ 500,000,000	$ 500,000,000
Unsecured Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Facility Fee	0.125%	0.125%
Unsecured Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Facility Fee	0.20%	0.20%
Other Unsecured Debt
Debt Instrument [Line Items]
Current Balance - Term Loans (in millions)		$ 500,000,000
Maximum Capacity (in millions)		$ 500,000,000

Senior Notes Payable - Narrativ

Senior Notes Payable - Narrative (Details) - Senior Notes - USD ($)	Jun. 10, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Principal (in millions)		$ 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 ($)	Dec. 31, 2022	Jun. 30, 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Per Accumulation Unit Data:
Rental income (in dollars per share)	$ 23.751	$ 22.672	$ 21.145	$ 18.165	$ 17.757
Real estate property level expenses (in dollars per share)	11.042	10.683	10.027	8.734	8.548
Real estate income, net (in dollars per share)	12.709	11.989	11.118	9.431	9.209
Other income (in dollars per share)	6.559	5.474	4.980	6.752	6.162
Total income (in dollars per share)	19.268	17.463	16.098	16.183	15.371
Expenses (in dollars per share)	5.121	4.035	3.603	3.439	3.161
Investment income, net (in dollars per share)	14.147	13.428	12.495	12.744	12.210
Net realized and unrealized gain (loss) on investments and loans payable (in dollars per share)	28.011	64.615	(16.195)	10.262	6.877
Net increase (decrease) in Accumulation Unit Value (in dollars per share)	42.158	78.043	(3.700)	23.006	19.087
Accumulation Unit Value:
Beginning of period (in dollars per share)	514.765	436.722	440.422	417.416	398.329
End of period (in dollars per share)	$ 556.923	$ 514.765	$ 436.722	$ 440.422	$ 417.416
Total return	8.19%	17.87%	(0.84%)	5.51%	4.79%
Ratios to Average Net Assets:
Expenses	0.89%	0.84%	0.81%	0.78%	0.76%
Investment income, net	2.45%	2.82%	2.85%	2.90%	2.95%
Portfolio turnover rate:
Real estate properties	5.60%	7.60%	7.10%	7.80%	11.80%
Marketable securities	4.70%	0%	113.40%	28.70%	5.10%
Accumulation Units outstanding at end of period (millions) (in shares)	52.1	53.4	52	60.8	60.7
Net assets end of period (millions)	$ 29,658.1	$ 28,072	$ 23,243.9	$ 27,307.9	$ 25,842.6

Accumulation Units - Schedule o

Accumulation Units - Schedule of changes in the number of accumulation units outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Outstanding:
Beginning of period (in shares)	53.4	52	60.8
Credited for premiums (in shares)	5.4	6.4	4.6
Annuity, other periodic payments, withdrawals and death benefits (in shares)	(6.7)	(5)	(13.4)
End of period (in shares)	52.1	53.4	52

Commitments and Contingencies -

Commitments and Contingencies - Schedule of limited partners' callable commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 422.3	$ 486.8
Real Estate Funds
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	289.9	321.1
Real Estate Funds \| Silverpeak NRE FundCo 3 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	70	0
Real Estate Funds \| SP V - II, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10	12.9
Real Estate Funds \| Veritas Trophy VI, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	15.4	20.6
Real Estate Funds \| Taconic New York City GP Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	4.2	4.2
Real Estate Funds \| JCR Capital - REA Preferred Equity Parallel Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	48.6	75.3
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	84.7	125.9
Real Estate Funds \| Silverpeak NRE FundCo LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	26.2	37.3
Real Estate Funds \| Silverpeak NRE FundCo 2 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	29.6	43.7
Loans Receivable
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	132.4	165.7
Loans Receivable \| BREP VIII Industrial Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	22.4
Loans Receivable \| San Diego Office Portfolio Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	6.8
Loans Receivable \| San Diego Office Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	2.2
Loans Receivable \| 1330 Broadway Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	10.9
Loans Receivable \| 311 South Wacker Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	2.2	2.2
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	1.5	1.6
Loans Receivable \| MRA Hub 34 Holding, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.5	1.5
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	3.6	14.1
Loans Receivable \| Colony New England Hotel Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.2	4.7
Loans Receivable \| Exo Apartments Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	2.4	2.4
Loans Receivable \| 5 Points Towers Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	4.2
Loans Receivable \| The Stratum Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.3	2
Loans Receivable \| The Stratum Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0.4	0.7
Loans Receivable \| Spring House Innovation Park Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	23.4	38
Loans Receivable \| Spring House Innovation Park Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	7.8	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	12.7	20
Loans Receivable \| 735 Watkins Mill
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	9.2	0
Loans Receivable \| Sixth and Main Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	6.2	6.9
Loans Receivable \| Sixth and Main Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 3.4	$ 3.7