Tiaa Real Estate Account 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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, Postal Zip Code	10017-3206
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	490-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding (in shares)	0
Amendment Flag	false
Entity Central Index Key	0000946155
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, at fair value:
Real estate properties (cost: $14,424.5 and $14,323.2)	$ 20,057.9	$ 20,444
Real estate joint ventures (cost: $5,789.4 and $5,738.1)	6,762.1	7,103.6
Real estate funds (cost: $815.2 and $787.7)	931.9	893.4
Real estate operating business (cost: $355.0 and $355.0)	636	641.9
Marketable securities (cost: $1,273.4 and $2,077.1)	1,255.3	2,030.2
Loans receivable (principal: $1,549.2 and $1,546.0)	1,378.9	1,418.7
Loans receivable with related parties (principal: $71.3 and $69.9)	71.3	69.9
Total investments (cost: $24,278.0 and $24,897.0)	31,093.4	32,601.7
Cash and cash equivalents	177.9	72.4
Due from investment manager	2.3	0
Other	337.2	359.5
TOTAL ASSETS	31,610.8	33,033.6
LIABILITIES
Loans payable, at fair value (principal outstanding: $2,222.1 and $2,168.7)	2,129.9	2,069.7
Other unsecured debt, at fair value (principal outstanding: $1,000.0 and $1,000.0)	960	953.1
Due to investment manager	0	7.1
Accrued real estate property expenses	282.8	291.8
Payable for securities purchased	138.3	0
Other	49.5	53.8
TOTAL LIABILITIES	3,560.5	3,375.5
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	27,441.1	29,025.7
Annuity Fund	609.2	632.4
TOTAL NET ASSETS	$ 28,050.3	$ 29,658.1
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares)	50.5	52.1
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share)	$ 543.524	$ 556.923

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Real estate properties at cost	$ 14,424.5	$ 14,323.2
Real estate joint ventures at cost	5,789.4	5,738.1
Real estate funds at cost	815.2	787.7
Real estate operating business at cost	355	355
Marketable securities at cost	1,273.4	2,077.1
Loans receivable at cost	1,549.2	1,546
Loans receivable with related parties at cost	71.3	69.9
Total investments at cost	24,278	24,897
Loans payable principal outstanding	2,222.1	2,168.7
Other unsecured debt principal outstanding	$ 1,000	$ 1,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real estate income, net:
Rental income	$ 334.5	$ 303.7
Real estate property level expenses and taxes:
Operating expenses	79.4	73.6
Real estate taxes	53.4	51.7
Interest expense	23.2	19.6
Total real estate property level expenses and taxes	156	144.9
Real estate income, net	178.5	158.8
Income from real estate joint ventures	53.3	60.5
Income from real estate funds	6.6	6
Interest	40.3	20.7
Other	0	0.8
TOTAL INVESTMENT INCOME	278.7	246.8
Expenses:
Investment management charges	21.8	22.5
Administrative charges	11.9	13.5
Distribution charges	4.8	7.3
Mortality and expense risk charges	0	0.4
Liquidity guarantee charges	19.9	22.7
Interest expense	11.4	1.3
TOTAL EXPENSES	69.8	67.7
INVESTMENT INCOME, NET	208.9	179.1
Net realized gain (loss) on investments:
Real estate properties	0	(8.4)
Real estate joint ventures	0	50.9
Marketable securities	(19.1)	(1)
Net realized (loss) gain on investments	(19.1)	41.5
Net change in unrealized gain (loss) on:
Real estate properties	(487.4)	1,212.4
Real estate joint ventures	(377.3)	71.9
Real estate funds	11	(9.4)
Real estate operating business	(5.9)	60.4
Foreign currency exchange on forward contracts	(0.5)	0
Marketable securities	28.7	(28.6)
Loans receivable	(43)	1
Loans payable	(6.8)	3.7
Other unsecured debt	(6.9)	0
Net change in unrealized (loss) gain on investments and debt	(888.1)	1,311.4
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT	(907.2)	1,352.9
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ (698.3)	$ 1,532

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
FROM OPERATIONS
Investment income, net	$ 208.9	$ 179.1
Net realized (loss) gain on investments	(19.1)	41.5
Net change in unrealized (loss) gain on investments and debt	(888.1)	1,311.4
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	(698.3)	1,532
FROM PARTICIPANT TRANSACTIONS
Premiums	510.6	808.4
Annuity payments	(14.4)	(12.5)
Death benefits	(37.3)	(30.6)
Withdrawals	(1,368.4)	(598.3)
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS	(909.5)	167
NET (DECREASE) INCREASE IN NET ASSETS	(1,607.8)	1,699
NET ASSETS
Beginning of period	29,658.1	28,072
End of period	$ 28,050.3	$ 29,771

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (decrease) increase in net assets resulting from operations		$ (698.3)	$ 1,532
Adjustments to reconcile net changes in net assets resulting from operations to net cash used in operating activities:
Net realized loss (gain) on investments		19.1	(41.5)
Net change in unrealized loss (gain) on investments and debt		888.1	(1,311.4)
Purchase of real estate properties		(0.3)	(137.2)
Capital improvements on real estate properties		(96.1)	(84.8)
Proceeds from sales of real estate properties		0	157.7
Purchases of other real estate investments		(66.1)	(369.8)
Proceeds from sales of other real estate investments		2.5	310.8
Purchases and originations of loans receivable		(11)	(5.2)
Purchases and originations of loans receivable with related parties		(1.5)	0
Proceeds from sales of loans receivable		0	161.4
Proceeds from payoffs of loans receivable		7.9	8.2
Decrease (Increase) in other investments		784.6	(363.2)
Net change in due to/from investment manager		(9.3)	0.7
(Increase) in receivable for securities sold		0	(4.8)
Increase in payable for securities purchased		138.3	45
Decrease in other assets		13.8	20.3
(Increase) in other liabilities		(18.6)	(35)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		953.1	(116.8)
CASH FLOWS FROM FINANCING ACTIVITIES
Mortgage loan proceeds received		98.9	3
Payments of mortgage loans		(45.5)	(41.8)
Premiums		510.6	808.4
Annuity payments		(14.4)	(12.5)
Death benefits		(37.3)	(30.6)
Withdrawals		(1,368.4)	(598.3)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(856.1)	128.2
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		97	11.4
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash		117	46
Net increase in cash, cash equivalents and restricted cash		97	11.4
End of period cash, cash equivalents and restricted cash		214	57.4
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		30.1	21.9
Cash and cash equivalents		177.9	34.9
Restricted cash	[1]	36.1	22.5
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH		$ 214	$ 57.4
[1]Restricted cash is included within other assets in the Consolidated Statements of Assets and Liabilities.

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Business: The TIAA Real Estate Account (“Account”) is an insurance separate account of Teachers Insurance and Annuity Association of America (“TIAA”) and was established by resolution of TIAA’s Board of Trustees (the “Board”) on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account’s performance. The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures and funds, as well as investments in loans receivable with real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). Interim Financial Information: The Consolidated Financial Statements of the Account as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report pursuant to the rules of the SEC. As a result, these Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Account’s Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). Use of Estimates: The Consolidated Financial Statements were prepared in accordance with GAAP, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material. 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. Significant Accounting Policy Updates: There were no changes to the Account’s significant accounting policies as described in the Account’s 2022 Form 10-K. Recent Accounting Pronouncements: In March 2023, the FASB issued ASU 2023-01—Leases (Topic 842): Common Control Arrangements. The amendments in this Update provide a practical expedient for private companies and not-for-profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement to determine: 1. Whether a lease exists and, if so, 2. The classification of and accounting for that lease. The practical expedient may be applied on an arrangement-by-arrangement basis. If no written terms and conditions exist, an entity is prohibited from applying the practical expedient and must evaluate the enforceable terms and conditions to apply Topic 842. In addition, the ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. Lastly, leasehold improvements should be accounted for as a transfer between entities under common control through an adjustment to equity (or net assets for not-for-profit entities) if, and when, the lessee no longer controls the use of the underlying asset. Additionally, those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. Management does not expect the guidance to materially impact the Account. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. 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

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Investment management, administrative and distribution services are provided to the Account at cost by TIAA. Services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly. Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management decisions for the Account are subject to review by the independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account. 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 the Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account (the “Distribution Agreement”), dated January 1, 2008, by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”). Services is a direct wholly-owned subsidiary of TIAA, and is registered with the SEC as a broker-dealer and a registered investment adviser and is a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. In addition to providing the services described above, TIAA charges the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA’s assumption of this risk. TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 (96-76) from the U.S. Department of Labor (the “PTE 96-76”). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account’s net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent contract owner withdrawal activity and the Account’s expected working capital, debt service and cash needs, and subject to the oversight of the independent fiduciary. If the Account cannot fund contract owner withdrawal or redemption requests from the Account’s own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as “liquidity units”). TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account’s contract owners. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA’s ownership should not exceed (the “trigger point”), has established the trigger point at 45% of the outstanding accumulation units. Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in Note 12—Financial Highlights . The Account has loans receivable outstanding with related parties as of March 31, 2023. Two of the loans are with a joint venture partner and the other loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in Note 1—Organization and Significant Accounting Policies of the Account's 2022 Form 10-K. The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal March 31, 2023 December 31, 2022 2023 2022 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 8/26/2023 0.5 0.5 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 1.5 — MR MCC 3 Sponsor, LLC 80.00% 6.00% 12/1/2025 1.4 — TOTAL LOANS RECEIVABLE WITH RELATED PARTIES 71.3 69.9

Concentrations of Risk

Concentrations of Risk	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of Risk Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry. As of March 31, 2023, 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 March 31, 2023: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Industrial 17.2 % 7.7 % 2.6 % 1.5 % — % 29.0 % Apartments 8.0 % 10.6 % 6.8 % 1.0 % — % 26.4 % Office 7.6 % 5.5 % 13.0 % 0.2 % — % 26.3 % Retail 3.7 % 5.4 % 2.7 % 0.7 % — % 12.5 % Other (7) 1.8 % 2.1 % 1.5 % 0.3 % 0.1 % 5.8 % Total 38.3 % 31.3 % 26.6 % 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	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2023 and December 31, 2022 are as follows (in millions): As of Years Ended March 31, 2023 December 31, 2022 2023 $ 541.8 (1) $ 689.0 2024 682.8 634.5 2025 607.1 556.9 2026 495.5 460.0 2027 381.7 362.0 Thereafter 1,238.4 1,276.1 Total $ 3,947.3 $ 3,978.5 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2023. Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of March 31, 2023 December 31, 2022 Assets: Right-of-use assets, at fair value $ 37.3 $ 43.3 Liabilities: Ground lease liabilities, at fair value $ 37.3 $ 43.3 Key Terms: Weighted-average remaining lease term (years) 66.6 69.9 Weighted-average discount rate (1) 7.93 % 7.51 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For both the three months ended March 31, 2023 and 2022, operating lease costs related to ground leases were $0.6 million and $0.5 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of March 31, 2023 December 31, 2022 Years Ended 2023 $ 1.8 (1) $ 2.4 2024 2.5 2.4 2025 2.6 2.5 2026 2.6 2.5 2027 2.6 2.5 Thereafter 448.7 424.3 Total $ 460.8 $ 436.6 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2023.
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2051. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2023 and December 31, 2022 are as follows (in millions): As of Years Ended March 31, 2023 December 31, 2022 2023 $ 541.8 (1) $ 689.0 2024 682.8 634.5 2025 607.1 556.9 2026 495.5 460.0 2027 381.7 362.0 Thereafter 1,238.4 1,276.1 Total $ 3,947.3 $ 3,978.5 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2023. Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and leases liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively. The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of March 31, 2023 December 31, 2022 Assets: Right-of-use assets, at fair value $ 37.3 $ 43.3 Liabilities: Ground lease liabilities, at fair value $ 37.3 $ 43.3 Key Terms: Weighted-average remaining lease term (years) 66.6 69.9 Weighted-average discount rate (1) 7.93 % 7.51 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For both the three months ended March 31, 2023 and 2022, operating lease costs related to ground leases were $0.6 million and $0.5 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions): As of March 31, 2023 December 31, 2022 Years Ended 2023 $ 1.8 (1) $ 2.4 2024 2.5 2.4 2025 2.6 2.5 2026 2.6 2.5 2027 2.6 2.5 Thereafter 448.7 424.3 Total $ 460.8 $ 436.6 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2023.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows: • Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. • Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. • Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. An asset or liability's categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See Note 1 — Organization and Significant Accounting Policies of the Account's 2022 Form 10-K for further discussion regarding the use of a practical expedient for the valuation of real estate funds. The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and fair value using the practical expedient (millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at March 31, 2023 Real estate properties $ — $ — $ 20,057.9 $ — $ 20,057.9 Real estate joint ventures — — 6,762.1 — 6,762.1 Real estate funds — — — 931.9 931.9 Real estate operating business — — 636.0 — 636.0 Marketable securities: U.S. government agency notes — 709.2 — — 709.2 Foreign government agency notes — 17.1 — — 17.1 U.S. treasury securities — 255.8 — — 255.8 Corporate bonds — 273.2 — — 273.2 Loans receivable (1) — — 1,450.2 — 1,450.2 Total Investments at March 31, 2023 $ — $ 1,255.3 $ 28,906.2 $ 931.9 $ 31,093.4 Loans payable $ — $ — $ (2,129.9) $ — $ (2,129.9) Other unsecured debt $ — $ (460.0) $ (500.0) $ — $ (960.0) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at December 31, 2022 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 notes — 902.9 — — 902.9 Foreign government agency notes — 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) (1) Includes loans receivable with related parties. The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Other Unsecured Debt For the three months ended March 31, 2023 Beginning balance January 1, 2023 $ 20,444.0 $ 7,103.6 $ 641.9 $ 1,488.6 $ 29,678.1 $ (2,069.7) $ (500.0) Total realized and unrealized (losses) included in changes in net assets (487.4) (377.3) (5.9) (43.0) (913.6) (6.8) — Purchases (1) 101.3 36.2 — 12.5 150.0 (98.9) — Sales — — — — — — — Settlements (2) — (0.4) — (7.9) (8.3) 45.5 — Ending balance March 31, 2023 $ 20,057.9 $ 6,762.1 $ 636.0 $ 1,450.2 $ 28,906.2 $ (2,129.9) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended March 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 gains included in changes in net assets 1,204.0 122.8 60.4 1.0 1,388.2 3.7 — Purchases (1) 228.9 251.3 100.9 5.2 586.3 (3.0) — Sales (4) (157.7) — — (161.4) (319.1) — — Settlements (2) — (296.7) — (8.2) (304.9) 41.8 — Ending balance March 31, 2022 $ 20,179.1 $ 7,253.3 $ 487.6 $ 1,329.2 $ 29,249.2 $ (2,338.0) $ (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 March 31, 2023. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 6.0% - 9.3% (7.2%) 5.0% - 8.5% (6.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 8.0% (5.5%) Industrial Income Approach—Discounted Cash Flow Discount Rate 6.0% - 8.0% (6.8%) 4.5% - 7.0% (5.1%) Income Approach—Direct Capitalization Overall Capitalization Rate 1.8% - 6.0% (4.5%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.8% - 7.3% (6.3%) 4.5% - 5.8% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 5.3% (4.4%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.4%) 5.0% - 8.8% (6.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.3% (5.5%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.0% 8.0% Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 10.8% 7.3% Market Approach EBITDA Multiple 31.8x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 36.0% - 67.2% (50.5%) 5.9% - 8.8% (6.7%) Net Present Value Loan to Value Ratio 36.0% - 67.2% (50.5%) 1.1 - 1.4 (1.2) Industrial Discounted Cash Flow Loan to Value Ratio 28.3% - 37.0% (31.5%) 5.4% - 6.0% (5.6%) Net Present Value Loan to Value Ratio 28.3% - 37.0% (31.5%) 1.1 - 1.1 (1.1) Apartment Discounted Cash Flow Loan to Value Ratio 26.3% - 68.0% (41.4%) 5.8% - 7.0% (6.4%) Net Present Value Loan to Value Ratio 26.3% - 68.0% (41.4%) 1.1 - 1.3 (1.1) Retail Discounted Cash Flow Loan to Value Ratio 47.3% - 77.7% (56.5%) 5.4% - 7.2% (6.3%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Net Present Value Loan to Value Ratio 47.3% - 77.7% (56.5%) 1.1- 1.5 (1.3) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 40.1% - 105.0% (69.4%) 6.4% - 19.7% (10.0%) Industrial Discounted Cash Flow Loan to Value Ratio 8.8% - 66.2% (41.5%) 6.0% - 10.0% (7.0%) Apartment Discounted Cash Flow Loan to Value Ratio 60.8% - 70.4% (65.0%) 7.0% - 8.7% (7.7%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 54.9% - 130.5% (86.6%) 7.9% - 18.8% (10.8%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2022. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.8% (6.6%) 4.5% - 8.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 4.8% - 8.0% (5.8%) 3.5% - 6.8% (4.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.0% - 6.0% (3.8%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.0% (5.8%) 4.0% - 5.5% (4.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.0% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.0%) 5.0% - 8.7% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.6% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% Real Estate Operating Income Approach—Discounted Cash Flow Discount Rate 8.2 % Terminal Growth Rate 5.3 % Market Approach EBITDA Multiple 25.0x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 40.4% - 94.7% (69.8%) 2.3% - 9.5% (5.6%) Industrial Discounted Cash Flow Loan to Value Ratio 29.9% - 71.3% (65.3%) 4.3% - 5.2% (4.7%) Residential Discounted Cash Flow Loan to Value Ratio 38.4% - 76.5% (49.0%) 2.5% - 8.6% (5.0%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 59.8% - 79.8% (67.6%) 3.0% - 7.3% (4.3%) Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.8% - 57.5% (45.4%) 1.8% - 3.7% (3.2%) Net Present Value Loan to Value Ratio 35.8% - 57.5% (45.4%) 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 31.2% - 38.4% (34.1%) 3.3% - 3.9% (3.6%) Net Present Value Loan to Value Ratio 31.2% - 38.4% (34.1%) 1.2 - 1.3 (1.2) Residential Discounted Cash Flow Loan to Value Ratio 27.2% - 67.8% (41.2%) 1.9% - 3.2% (2.6%) Net Present Value Loan to Value Ratio 27.2% - 67.8% (41.2%) 1.2 - 1.5 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 34.8% - 74.2% (45.4%) 3.2% - 4.2% (3.6%) Net Present Value Loan to Value Ratio 34.8% - 74.2% (45.4%) 1.2 - 1.8 (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 three months ended March 31, 2023 and 2022, there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized gains (losses) included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (1) Total Loans For the three months ended March 31, 2023 $ (487.3) $ (391.1) $ (6.0) $ (43.0) $ (927.4) $ (6.8) For the three months ended March 31, 2022 $ 1,202.3 $ 125.6 $ 60.4 $ 0.9 $ 1,389.2 $ 3.7 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures

Investments in Joint Ventures	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	Investments in Joint Ventures The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At March 31, 2023, 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 results of operations of the joint ventures are shown below (millions): For the Three Months Ended March 31, 2023 2022 Operating Revenue and Expenses Revenues $ 305.6 $ 269.2 Expenses 184.3 167.3 Excess of revenues over expenses $ 121.3 $ 101.9

Investments in Real Estate Fund

Investments in Real Estate Funds	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Real Estate Funds	Investments in Real Estate Funds The Account has ownership interests in real estate funds (each a “Fund”, and collectively the “Funds”). The Funds are set up as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a VIE as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies of the Account's 2022 Form 10-K for a description of the methodology used to determine the primary beneficiary of a VIE. No financial support (such as loans or financial guarantees) was provided to the Funds during the three months ended March 31, 2023. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are included in the maximum exposure to loss presented below. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at March 31, 2023 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 243.0 $ 243.0 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) $ 75.6 $ 88.6 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) $ 102.3 $ 112.3 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) $ 28.9 $ 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 (1.1% Account Interest) $ 43.8 $ 43.8 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) $ 178.6 $ 255.8 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 20.7 $ 20.7 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 18.7 $ 18.7 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) $ 86.8 $ 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) $ 61.1 $ 102.9 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) $ 32.3 $ 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 $ 931.9 $ 1,192.9

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans Receivable	Loans Receivable The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s direct and indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's loans (in millions): March 31, 2023 December 31, 2022 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 1,082.5 $ 923.5 63.7 % $ 904.6 $ 788.4 52.9 % Apartments (1) 214.5 209.4 14.4 % 214.2 209.6 14.1 % Industrial 133.6 130.8 9.0 % 131.6 130.6 8.8 % Hotel 139.3 136.0 9.4 % 139.3 134.9 9.1 % Retail 49.1 49.0 3.4 % 226.1 225.1 15.1 % Land 1.5 1.5 0.1 % — — — % $ 1,620.5 $ 1,450.2 100.0 % $ 1,615.8 $ 1,488.6 100.0 % (1) Includes loans receivable with related parties. The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are more than 90 days past due are classified as delinquent and assigned a D rating. Mezzanine debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers' having adequate financial resources to service their financial commitments, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay. All borrowers of loans rated C or higher are current as of March 31, 2023. The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2023 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): March 31, 2023 December 31, 2022 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value A+ 1 100.2 6.9 % 1 — — % A 1 47.6 3.3 % 2 130.6 8.8 % A- — — — % 1 — — % BBB+ 2 114.2 7.9 % 3 191.0 12.8 % BBB 2 134.4 9.3 % 2 137.4 9.2 % BBB- 2 228.5 15.8 % 1 47.5 3.2 % BB+ 1 40.7 2.8 % 2 64.9 4.4 % BB 1 57.8 4.0 % 2 72.3 4.8 % BB- 2 79.3 5.5 % 1 18.9 1.3 % B+ 3 120.8 8.3 % 3 87.2 5.9 % B — — — % 2 72.5 4.9 % B- 4 117.8 8.1 % 5 171.0 11.5 % CCC+ 1 38.2 2.6 % 3 223.4 15.0 % CCC 3 63.8 4.4 % — — — % CCC- 2 122.0 8.4 % 2 60.9 4.1 % CC 1 21.8 1.5 % 1 66.0 4.4 % C 2 91.8 6.3 % 1 75.1 5.0 % D 1 — — % — — — % NR (1) 4 71.3 4.9 % 3 69.9 4.7 % 33 $ 1,450.2 100.0 % 35 $ 1,488.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2023 and December 31, 2022, all loans with NR designations were with related parties. The loans are collateralized by equity interests in real estate investments. The following table represents loans receivable in nonaccrual status as of March 31, 2023 (in millions). Loans are placed in nonaccrual status when a loan is more than 90 days in arrears or at any point when management believes the full collection of principal is doubtful. Aging Number of Loans Principal Outstanding Fair Value Past Due - 90 Days + 1 $ 92.9 $ —

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Loans Payable	Loans Payable At March 31, 2023, the Account had outstanding loans payable secured by the following assets (in millions): Property Annual Interest Rate and Payment Frequency Principal Maturity March 31, 2023 December 31, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly $ 299.4 $ 301.2 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 (2) 1.61% + SOFR paid monthly 58.2 58.2 August 9, 2023 Pacific City 2.10% + SOFR paid monthly 105.0 105.0 October 1, 2023 The Stratum (2) 2.25% + LIBOR paid monthly 40.4 40.4 May 9, 2024 Spring House Innovation Park (2) 1.25% + LIBOR paid monthly 55.5 52.3 July 9, 2024 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (1) 3.84% paid monthly 36.8 37.0 December 1, 2024 The District on La Frontera (1) 4.96% paid monthly 4.2 4.2 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (1) 3.60% paid monthly 67.3 67.7 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Project Sonic (2) 2.00% + SOFR paid monthly 93.5 — June 9, 2025 Vista Station Office Portfolio (1) 4.00% paid monthly 18.5 18.6 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 (2) 1.50% + LIBOR paid monthly 74.4 72.5 August 9, 2025 Vista Station Office Portfolio (1) 4.20% paid monthly 41.7 41.9 November 1, 2025 Sixth & Main (2)(3) 1.87% + LIBOR paid monthly — 41.1 November 9, 2025 701 Brickell Avenue (1) 3.66% paid monthly 177.6 178.5 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW (1) 3.93% paid monthly 160.6 161.1 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,222.1 $ 2,168.7 Fair Value Adjustment (4) (92.2) (99.0) Total Loans Payable $ 2,129.9 $ 2,069.7 (1) The mortgage is adjusted monthly for principal payments. (2) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. (3) The principal amount of the outstanding debt was paid off during the quarter. (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 .

Credit Facility

Credit Facility	3 Months Ended
	Mar. 31, 2023
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") up to $945.0 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 Facility at any time during the life of the loan without penalty. 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 March 31, 2023, 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 March 31, 2023: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,445.0 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 $55.0 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 three months ended March 31, 2023 was 5.629%. 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 "Series A and B Notes"). The Account is obligated to repay the Series A and B Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Account may also prepay the Series A and B 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. On March 21, 2023, the Account entered into another note purchase agreement with certain qualified institutional investors. Under this note purchase agreement, the Account agreed to issue on May 30, 2023, $400.0 million of debt securities, in the form of Series C senior notes (the "Series C Notes") that will mature on May 30, 2027. The Series C Notes will bear interest at an annual rate of 5.50%, payable semi-annually and will be subject to the same prepayment terms as the Series A and B Notes. As of March 31, 2023, the Account was in compliance with all covenants required by the note purchase agreements. The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2023: 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	3 Months Ended
	Mar. 31, 2023
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") up to $945.0 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 Facility at any time during the life of the loan without penalty. 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 March 31, 2023, 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 March 31, 2023: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,445.0 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 $55.0 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 three months ended March 31, 2023 was 5.629%. 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 "Series A and B Notes"). The Account is obligated to repay the Series A and B Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Account may also prepay the Series A and B 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. On March 21, 2023, the Account entered into another note purchase agreement with certain qualified institutional investors. Under this note purchase agreement, the Account agreed to issue on May 30, 2023, $400.0 million of debt securities, in the form of Series C senior notes (the "Series C Notes") that will mature on May 30, 2027. The Series C Notes will bear interest at an annual rate of 5.50%, payable semi-annually and will be subject to the same prepayment terms as the Series A and B Notes. As of March 31, 2023, the Account was in compliance with all covenants required by the note purchase agreements. The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2023: 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	3 Months Ended
	Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Financial Highlights	Financial Highlights Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Three Months Ended March 31, 2023 Years Ended December 31, 2022 2021 2020 Per Accumulation Unit Data: Rental income $ 6.520 $ 23.751 $ 22.672 $ 21.145 Real estate property level expenses and taxes 3.041 11.042 10.683 10.027 Real estate income, net 3.479 12.709 11.989 11.118 Other income 1.954 6.559 5.474 4.980 Total income 5.433 19.268 17.463 16.098 Expense charges (1) 1.361 5.121 4.035 3.603 Investment income, net 4.072 14.147 13.428 12.495 Net realized and unrealized gain (loss) on investments and debt (17.471) 28.011 64.615 (16.195) Net increase (decrease) in Accumulation Unit Value (13.399) 42.158 78.043 (3.700) Accumulation Unit Value: Beginning of period 556.923 514.765 436.722 440.422 End of period $ 543.524 $ 556.923 $ 514.765 $ 436.722 Total return (3) (2.41) % 8.19 % 17.87 % (0.84) % Ratios to Average net assets (2) : Expenses (1) 0.98 % 0.89 % 0.84 % 0.81 % Investment income, net 2.94 % 2.45 % 2.82 % 2.85 % Portfolio turnover rate (3) : Real estate properties (4) 0.2 % 5.6 % 7.6 % 7.1 % Marketable securities (5) 7.0 % 4.7 % — % 113.4 % Accumulation Units outstanding at end of period (millions) 50.5 52.1 53.4 52.0 Net assets end of period (millions) $ 28,050.3 $ 29,658.1 $ 28,072.0 $ 23,243.9 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year-to-date Account level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Percentages for the three months ended March 31, 2023 are annualized. (3) Percentages for the three months ended March 31, 2023 are not annualized. (4) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period. (5) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units

Accumulation Units	3 Months Ended
	Mar. 31, 2023
Accumulated Units Disclosure [Abstract]
Accumulation Units	Accumulation Units Changes in the number of Accumulation Units outstanding were as follows (in millions): For the Three Months Ended March 31, 2023 For the Year Ended December 31, 2022 Outstanding: Beginning of period 52.1 53.4 Credited for premiums 0.9 5.4 Annuity, other periodic payments, withdrawals and death benefits (2.5) (6.7) End of period 50.5 52.1

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments —As of March 31, 2023 and December 31, 2022, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions): Commitment Expiration March 31, 2023 December 31, 2022 Real Estate Funds (1) Silverpeak NRE FundCo 3 LLC 06/2023 $ 67.4 $ 70.0 SP V - II, LLC 08/2023 10.0 10.0 Veritas Trophy VI, LLC 08/2023 13.0 15.4 Taconic New York City GP Fund, LP 11/2023 — 4.2 JCR Capital - REA Preferred Equity Parallel Fund 02/2024 41.8 48.6 Flagler - REA Healthcare Properties Partnership 02/2025 — 1.2 Townsend Group Value-Add Fund 12/2026 77.2 84.7 Silverpeak NRE FundCo LLC 12/2028 26.2 26.2 Silverpeak NRE FundCo 2 LLC 12/2029 25.4 29.6 $ 261.0 $ 289.9 Loans Receivable (2) 311 South Wacker Mezzanine 03/2023 — 2.2 SCG Oakland Portfolio Mezzanine 04/2023 0.5 5.4 Five Oak Mezzanine 05/2023 1.5 1.5 MRA Hub 34 Holding, LLC 08/2023 1.4 1.5 Liberty Park Mezzanine 11/2023 2.6 2.6 Colony New England Hotel Portfolio Senior Loan 11/2023 3.6 3.6 Colony New England Hotel Portfolio Mezzanine 11/2023 1.2 1.2 Exo Apartments Mezzanine 01/2024 3.9 2.4 The Stratum Senior Loan 05/2024 1.3 1.3 The Stratum Mezzanine 05/2024 0.4 0.4 Spring House Innovation Park Senior Loan 07/2024 19.5 23.4 Spring House Innovation Park Mezzanine 07/2024 6.5 7.8 Project Sonic Senior Loan 06/2025 2.4 3.9 Project Sonic Mezzanine 06/2025 0.8 1.3 One Biscayne Tower Senior Loan 07/2025 31.8 31.8 One Biscayne Tower Mezzanine 07/2025 10.6 10.6 The Reserve at Chino Hills 08/2025 10.7 12.7 735 Watkins Mill 08/2025 7.7 9.2 Commitment Expiration March 31, 2023 December 31, 2022 Sixth and Main Senior Loan 11/2025 5.3 6.2 Sixth and Main Mezzanine 11/2025 2.8 3.4 $ 114.5 $ 132.4 TOTAL COMMITMENTS $ 375.5 $ 422.3 (1) Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements. (2) Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be extended through the extension term. Contingencies —In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation. The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters. As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn preparing these financial statements, Management has evaluated events and transactions for potential recognition or disclosure subsequent to March 31, 2023, through May 5, 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)	3 Months Ended
	Mar. 31, 2023
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.
Significant Accounting Policy Updates and Recent Accounting Pronouncements	Significant Accounting Policy Updates: There were no changes to the Account’s significant accounting policies as described in the Account’s 2022 Form 10-K. Recent Accounting Pronouncements: In March 2023, the FASB issued ASU 2023-01—Leases (Topic 842): Common Control Arrangements. The amendments in this Update provide a practical expedient for private companies and not-for-profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement to determine: 1. Whether a lease exists and, if so, 2. The classification of and accounting for that lease. The practical expedient may be applied on an arrangement-by-arrangement basis. If no written terms and conditions exist, an entity is prohibited from applying the practical expedient and must evaluate the enforceable terms and conditions to apply Topic 842. In addition, the ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. Lastly, leasehold improvements should be accounted for as a transfer between entities under common control through an adjustment to equity (or net assets for not-for-profit entities) if, and when, the lessee no longer controls the use of the underlying asset. Additionally, those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. Management does not expect the guidance to materially impact the Account. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. 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)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Key Terms of the Loans	The following table presents the key terms of the loans as of the reporting date (in millions): Related Party Equity Ownership Interest Interest Rate Maturity Date Fair Value at Principal March 31, 2023 December 31, 2022 2023 2022 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 8/26/2023 0.5 0.5 32.8 32.8 THP Student Housing, LLC 97.00% 3.20% 9/1/2024 32.9 32.9 1.5 — MR MCC 3 Sponsor, LLC 80.00% 6.00% 12/1/2025 1.4 — TOTAL LOANS RECEIVABLE WITH RELATED PARTIES 71.3 69.9

Concentrations of Risk (Tables)

Concentrations of Risk (Tables)	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Schedule of Diversification of Portfolio by Region and Property Type	The following table represents the diversification of the Account’s portfolio by region and property type as of March 31, 2023: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Industrial 17.2 % 7.7 % 2.6 % 1.5 % — % 29.0 % Apartments 8.0 % 10.6 % 6.8 % 1.0 % — % 26.4 % Office 7.6 % 5.5 % 13.0 % 0.2 % — % 26.3 % Retail 3.7 % 5.4 % 2.7 % 0.7 % — % 12.5 % Other (7) 1.8 % 2.1 % 1.5 % 0.3 % 0.1 % 5.8 % Total 38.3 % 31.3 % 26.6 % 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)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Aggregate Minimum Annual Rental Payments	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of March 31, 2023 and December 31, 2022 are as follows (in millions): As of Years Ended March 31, 2023 December 31, 2022 2023 $ 541.8 (1) $ 689.0 2024 682.8 634.5 2025 607.1 556.9 2026 495.5 460.0 2027 381.7 362.0 Thereafter 1,238.4 1,276.1 Total $ 3,947.3 $ 3,978.5 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2023.
Schedule of Right-of-Use Assets and Lease Liabilities Related to Ground Leases	The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions): As of March 31, 2023 December 31, 2022 Assets: Right-of-use assets, at fair value $ 37.3 $ 43.3 Liabilities: Ground lease liabilities, at fair value $ 37.3 $ 43.3 Key Terms: Weighted-average remaining lease term (years) 66.6 69.9 Weighted-average discount rate (1) 7.93 % 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 (in millions): As of March 31, 2023 December 31, 2022 Years Ended 2023 $ 1.8 (1) $ 2.4 2024 2.5 2.4 2025 2.6 2.5 2026 2.6 2.5 2027 2.6 2.5 Thereafter 448.7 424.3 Total $ 460.8 $ 436.6 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2023.

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3); and fair value using the practical expedient (millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at March 31, 2023 Real estate properties $ — $ — $ 20,057.9 $ — $ 20,057.9 Real estate joint ventures — — 6,762.1 — 6,762.1 Real estate funds — — — 931.9 931.9 Real estate operating business — — 636.0 — 636.0 Marketable securities: U.S. government agency notes — 709.2 — — 709.2 Foreign government agency notes — 17.1 — — 17.1 U.S. treasury securities — 255.8 — — 255.8 Corporate bonds — 273.2 — — 273.2 Loans receivable (1) — — 1,450.2 — 1,450.2 Total Investments at March 31, 2023 $ — $ 1,255.3 $ 28,906.2 $ 931.9 $ 31,093.4 Loans payable $ — $ — $ (2,129.9) $ — $ (2,129.9) Other unsecured debt $ — $ (460.0) $ (500.0) $ — $ (960.0) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Fair Value Using Practical Expedient Total at December 31, 2022 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 notes — 902.9 — — 902.9 Foreign government agency notes — 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) (1) Includes loans receivable with related parties.
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis, Unobservable Inputs	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Other Unsecured Debt For the three months ended March 31, 2023 Beginning balance January 1, 2023 $ 20,444.0 $ 7,103.6 $ 641.9 $ 1,488.6 $ 29,678.1 $ (2,069.7) $ (500.0) Total realized and unrealized (losses) included in changes in net assets (487.4) (377.3) (5.9) (43.0) (913.6) (6.8) — Purchases (1) 101.3 36.2 — 12.5 150.0 (98.9) — Sales — — — — — — — Settlements (2) — (0.4) — (7.9) (8.3) 45.5 — Ending balance March 31, 2023 $ 20,057.9 $ 6,762.1 $ 636.0 $ 1,450.2 $ 28,906.2 $ (2,129.9) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended March 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 gains included in changes in net assets 1,204.0 122.8 60.4 1.0 1,388.2 3.7 — Purchases (1) 228.9 251.3 100.9 5.2 586.3 (3.0) — Sales (4) (157.7) — — (161.4) (319.1) — — Settlements (2) — (296.7) — (8.2) (304.9) 41.8 — Ending balance March 31, 2022 $ 20,179.1 $ 7,253.3 $ 487.6 $ 1,329.2 $ 29,249.2 $ (2,338.0) $ (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 Reconciliation of Liabilities Measured at Fair Value on Recurring Basis, Unobservable Inputs	The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2023 and 2022 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Other Unsecured Debt For the three months ended March 31, 2023 Beginning balance January 1, 2023 $ 20,444.0 $ 7,103.6 $ 641.9 $ 1,488.6 $ 29,678.1 $ (2,069.7) $ (500.0) Total realized and unrealized (losses) included in changes in net assets (487.4) (377.3) (5.9) (43.0) (913.6) (6.8) — Purchases (1) 101.3 36.2 — 12.5 150.0 (98.9) — Sales — — — — — — — Settlements (2) — (0.4) — (7.9) (8.3) 45.5 — Ending balance March 31, 2023 $ 20,057.9 $ 6,762.1 $ 636.0 $ 1,450.2 $ 28,906.2 $ (2,129.9) $ (500.0) Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended March 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 gains included in changes in net assets 1,204.0 122.8 60.4 1.0 1,388.2 3.7 — Purchases (1) 228.9 251.3 100.9 5.2 586.3 (3.0) — Sales (4) (157.7) — — (161.4) (319.1) — — Settlements (2) — (296.7) — (8.2) (304.9) 41.8 — Ending balance March 31, 2022 $ 20,179.1 $ 7,253.3 $ 487.6 $ 1,329.2 $ 29,249.2 $ (2,338.0) $ (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 March 31, 2023. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 6.0% - 9.3% (7.2%) 5.0% - 8.5% (6.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 8.0% (5.5%) Industrial Income Approach—Discounted Cash Flow Discount Rate 6.0% - 8.0% (6.8%) 4.5% - 7.0% (5.1%) Income Approach—Direct Capitalization Overall Capitalization Rate 1.8% - 6.0% (4.5%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.8% - 7.3% (6.3%) 4.5% - 5.8% (5.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 5.3% (4.4%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.4%) 5.0% - 8.8% (6.0%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.3% (5.5%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.0% 8.0% Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 10.8% 7.3% Market Approach EBITDA Multiple 31.8x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 36.0% - 67.2% (50.5%) 5.9% - 8.8% (6.7%) Net Present Value Loan to Value Ratio 36.0% - 67.2% (50.5%) 1.1 - 1.4 (1.2) Industrial Discounted Cash Flow Loan to Value Ratio 28.3% - 37.0% (31.5%) 5.4% - 6.0% (5.6%) Net Present Value Loan to Value Ratio 28.3% - 37.0% (31.5%) 1.1 - 1.1 (1.1) Apartment Discounted Cash Flow Loan to Value Ratio 26.3% - 68.0% (41.4%) 5.8% - 7.0% (6.4%) Net Present Value Loan to Value Ratio 26.3% - 68.0% (41.4%) 1.1 - 1.3 (1.1) Retail Discounted Cash Flow Loan to Value Ratio 47.3% - 77.7% (56.5%) 5.4% - 7.2% (6.3%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Net Present Value Loan to Value Ratio 47.3% - 77.7% (56.5%) 1.1- 1.5 (1.3) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 40.1% - 105.0% (69.4%) 6.4% - 19.7% (10.0%) Industrial Discounted Cash Flow Loan to Value Ratio 8.8% - 66.2% (41.5%) 6.0% - 10.0% (7.0%) Apartment Discounted Cash Flow Loan to Value Ratio 60.8% - 70.4% (65.0%) 7.0% - 8.7% (7.7%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 54.9% - 130.5% (86.6%) 7.9% - 18.8% (10.8%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2022. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 5.8% - 9.8% (6.6%) 4.5% - 8.5% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.0% - 8.0% (5.0%) Industrial Income Approach—Discounted Cash Flow Discount Rate 4.8% - 8.0% (5.8%) 3.5% - 6.8% (4.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.0% - 6.0% (3.8%) Apartment Income Approach—Discounted Cash Flow Discount Rate 5.3% - 7.0% (5.8%) 4.0% - 5.5% (4.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.5% - 5.0% (4.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.0% - 11.5% (7.0%) 5.0% - 8.7% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.5% - 8.6% (5.2%) Hotel Income Approach—Discounted Cash Flow Discount Rate 9.8% 7.8% Income Approach—Direct Capitalization Overall Capitalization Rate 7.5% Real Estate Operating Income Approach—Discounted Cash Flow Discount Rate 8.2 % Terminal Growth Rate 5.3 % Market Approach EBITDA Multiple 25.0x Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 40.4% - 94.7% (69.8%) 2.3% - 9.5% (5.6%) Industrial Discounted Cash Flow Loan to Value Ratio 29.9% - 71.3% (65.3%) 4.3% - 5.2% (4.7%) Residential Discounted Cash Flow Loan to Value Ratio 38.4% - 76.5% (49.0%) 2.5% - 8.6% (5.0%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 59.8% - 79.8% (67.6%) 3.0% - 7.3% (4.3%) Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.8% - 57.5% (45.4%) 1.8% - 3.7% (3.2%) Net Present Value Loan to Value Ratio 35.8% - 57.5% (45.4%) 1.2 - 1.4 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 31.2% - 38.4% (34.1%) 3.3% - 3.9% (3.6%) Net Present Value Loan to Value Ratio 31.2% - 38.4% (34.1%) 1.2 - 1.3 (1.2) Residential Discounted Cash Flow Loan to Value Ratio 27.2% - 67.8% (41.2%) 1.9% - 3.2% (2.6%) Net Present Value Loan to Value Ratio 27.2% - 67.8% (41.2%) 1.2 - 1.5 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 34.8% - 74.2% (45.4%) 3.2% - 4.2% (3.6%) Net Present Value Loan to Value Ratio 34.8% - 74.2% (45.4%) 1.2 - 1.8 (1.4) (1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.
Schedule of Fair Value of Net Unrealized Gains (Losses) Included in Changes in Net Assets Attributable to Investments and Loans Payable Using Significant Unobservable Inputs	The amount of total net unrealized gains (losses) included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions): Real Estate Real Estate Real Estate Operating Business Loans Receivable (1) Total Loans For the three months ended March 31, 2023 $ (487.3) $ (391.1) $ (6.0) $ (43.0) $ (927.4) $ (6.8) For the three months ended March 31, 2022 $ 1,202.3 $ 125.6 $ 60.4 $ 0.9 $ 1,389.2 $ 3.7 (1) Amount shown is reflective of loans receivable and loans receivable with related parties.

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Results of Operations of the Joint Venture	A condensed summary of the results of operations of the joint ventures are shown below (millions): For the Three Months Ended March 31, 2023 2022 Operating Revenue and Expenses Revenues $ 305.6 $ 269.2 Expenses 184.3 167.3 Excess of revenues over expenses $ 121.3 $ 101.9

Investments in Real Estate Fu_2

Investments in Real Estate Funds (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Amount and Maximum Exposure to Loss Relating to VIEs	The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Account holds a variable interest but is not the primary beneficiary were as follows at March 31, 2023 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 243.0 $ 243.0 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) $ 75.6 $ 88.6 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) $ 102.3 $ 112.3 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) $ 28.9 $ 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 (1.1% Account Interest) $ 43.8 $ 43.8 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) $ 178.6 $ 255.8 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the U.S. market. Liquidation estimated to begin no earlier than 2027. The Account is prohibited from transferring Flagler REA Healthcare Properties Partnership (90.0% Account Interest) $ 20.7 $ 20.7 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 18.7 $ 18.7 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) $ 86.8 $ 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) $ 61.1 $ 102.9 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) $ 32.3 $ 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 $ 931.9 $ 1,192.9

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Loans Receivable, Underlying Real Estate Collateral by Property Types	The following property types represent the underlying real estate collateral for the Account's loans (in millions): March 31, 2023 December 31, 2022 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 1,082.5 $ 923.5 63.7 % $ 904.6 $ 788.4 52.9 % Apartments (1) 214.5 209.4 14.4 % 214.2 209.6 14.1 % Industrial 133.6 130.8 9.0 % 131.6 130.6 8.8 % Hotel 139.3 136.0 9.4 % 139.3 134.9 9.1 % Retail 49.1 49.0 3.4 % 226.1 225.1 15.1 % Land 1.5 1.5 0.1 % — — — % $ 1,620.5 $ 1,450.2 100.0 % $ 1,615.8 $ 1,488.6 100.0 % (1) Includes loans receivable with related parties.
Schedule of Fair Value Based on Risk Ratings	The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2023 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): March 31, 2023 December 31, 2022 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value A+ 1 100.2 6.9 % 1 — — % A 1 47.6 3.3 % 2 130.6 8.8 % A- — — — % 1 — — % BBB+ 2 114.2 7.9 % 3 191.0 12.8 % BBB 2 134.4 9.3 % 2 137.4 9.2 % BBB- 2 228.5 15.8 % 1 47.5 3.2 % BB+ 1 40.7 2.8 % 2 64.9 4.4 % BB 1 57.8 4.0 % 2 72.3 4.8 % BB- 2 79.3 5.5 % 1 18.9 1.3 % B+ 3 120.8 8.3 % 3 87.2 5.9 % B — — — % 2 72.5 4.9 % B- 4 117.8 8.1 % 5 171.0 11.5 % CCC+ 1 38.2 2.6 % 3 223.4 15.0 % CCC 3 63.8 4.4 % — — — % CCC- 2 122.0 8.4 % 2 60.9 4.1 % CC 1 21.8 1.5 % 1 66.0 4.4 % C 2 91.8 6.3 % 1 75.1 5.0 % D 1 — — % — — — % NR (1) 4 71.3 4.9 % 3 69.9 4.7 % 33 $ 1,450.2 100.0 % 35 $ 1,488.6 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2023 and December 31, 2022, all loans with NR designations were with related parties. The loans are collateralized by equity interests in real estate investments.
Schedule of Loans Receivable in Nonaccrual Status	The following table represents loans receivable in nonaccrual status as of March 31, 2023 (in millions). Loans are placed in nonaccrual status when a loan is more than 90 days in arrears or at any point when management believes the full collection of principal is doubtful. Aging Number of Loans Principal Outstanding Fair Value Past Due - 90 Days + 1 $ 92.9 $ —

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Loans Payable	At March 31, 2023, the Account had outstanding loans payable secured by the following assets (in millions): Property Annual Interest Rate and Payment Frequency Principal Maturity March 31, 2023 December 31, 2022 1001 Pennsylvania Avenue (1) 3.70% paid monthly $ 299.4 $ 301.2 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 (2) 1.61% + SOFR paid monthly 58.2 58.2 August 9, 2023 Pacific City 2.10% + SOFR paid monthly 105.0 105.0 October 1, 2023 The Stratum (2) 2.25% + LIBOR paid monthly 40.4 40.4 May 9, 2024 Spring House Innovation Park (2) 1.25% + LIBOR paid monthly 55.5 52.3 July 9, 2024 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (1) 3.84% paid monthly 36.8 37.0 December 1, 2024 The District on La Frontera (1) 4.96% paid monthly 4.2 4.2 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (1) 3.60% paid monthly 67.3 67.7 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Project Sonic (2) 2.00% + SOFR paid monthly 93.5 — June 9, 2025 Vista Station Office Portfolio (1) 4.00% paid monthly 18.5 18.6 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 (2) 1.50% + LIBOR paid monthly 74.4 72.5 August 9, 2025 Vista Station Office Portfolio (1) 4.20% paid monthly 41.7 41.9 November 1, 2025 Sixth & Main (2)(3) 1.87% + LIBOR paid monthly — 41.1 November 9, 2025 701 Brickell Avenue (1) 3.66% paid monthly 177.6 178.5 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW (1) 3.93% paid monthly 160.6 161.1 April 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 2,222.1 $ 2,168.7 Fair Value Adjustment (4) (92.2) (99.0) Total Loans Payable $ 2,129.9 $ 2,069.7 (1) The mortgage is adjusted monthly for principal payments. (2) The loan is collateralized by a mezzanine loan receivable. The mezzanine loan receivable is collateralized by the property reflected within the table above. (3) The principal amount of the outstanding debt was paid off during the quarter. (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 .

Credit Facility (Tables)

Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Key Characteristics of Credit Agreement	The following table provides a summary of the key characteristics of the Credit Agreement, as of March 31, 2023: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,445.0 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 $55.0 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 three months ended March 31, 2023 was 5.629%. The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2023: 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023: Current Balance - Line of Credit (in millions) $ — Current Balance - Term Loans (in millions) $ 500.0 Maximum Capacity (in millions) $ 1,445.0 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 $55.0 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 three months ended March 31, 2023 was 5.629%. The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2023: 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)	3 Months Ended
	Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule Of Condensed Financial Information For An Accumulation Unit of The Account	Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding. For the Three Months Ended March 31, 2023 Years Ended December 31, 2022 2021 2020 Per Accumulation Unit Data: Rental income $ 6.520 $ 23.751 $ 22.672 $ 21.145 Real estate property level expenses and taxes 3.041 11.042 10.683 10.027 Real estate income, net 3.479 12.709 11.989 11.118 Other income 1.954 6.559 5.474 4.980 Total income 5.433 19.268 17.463 16.098 Expense charges (1) 1.361 5.121 4.035 3.603 Investment income, net 4.072 14.147 13.428 12.495 Net realized and unrealized gain (loss) on investments and debt (17.471) 28.011 64.615 (16.195) Net increase (decrease) in Accumulation Unit Value (13.399) 42.158 78.043 (3.700) Accumulation Unit Value: Beginning of period 556.923 514.765 436.722 440.422 End of period $ 543.524 $ 556.923 $ 514.765 $ 436.722 Total return (3) (2.41) % 8.19 % 17.87 % (0.84) % Ratios to Average net assets (2) : Expenses (1) 0.98 % 0.89 % 0.84 % 0.81 % Investment income, net 2.94 % 2.45 % 2.82 % 2.85 % Portfolio turnover rate (3) : Real estate properties (4) 0.2 % 5.6 % 7.6 % 7.1 % Marketable securities (5) 7.0 % 4.7 % — % 113.4 % Accumulation Units outstanding at end of period (millions) 50.5 52.1 53.4 52.0 Net assets end of period (millions) $ 28,050.3 $ 29,658.1 $ 28,072.0 $ 23,243.9 (1) Expense charges per Accumulation Unit and the Ratio of Expenses to average net assets reflect the year-to-date Account level expenses and exclude real estate property level expenses which are included in real estate income, net. (2) Percentages for the three months ended March 31, 2023 are annualized. (3) Percentages for the three months ended March 31, 2023 are not annualized. (4) Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing real estate joint ventures and fund investments) by the average value of the portfolio of real estate investments held during the period. (5) Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

Accumulation Units (Tables)

Accumulation Units (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Units Disclosure [Abstract]
Schedule Of Changes In The Number Of Accumulation Units Outstanding	Changes in the number of Accumulation Units outstanding were as follows (in millions): For the Three Months Ended March 31, 2023 For the Year Ended December 31, 2022 Outstanding: Beginning of period 52.1 53.4 Credited for premiums 0.9 5.4 Annuity, other periodic payments, withdrawals and death benefits (2.5) (6.7) End of period 50.5 52.1

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Callable Commitments	As of March 31, 2023 and December 31, 2022, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions): Commitment Expiration March 31, 2023 December 31, 2022 Real Estate Funds (1) Silverpeak NRE FundCo 3 LLC 06/2023 $ 67.4 $ 70.0 SP V - II, LLC 08/2023 10.0 10.0 Veritas Trophy VI, LLC 08/2023 13.0 15.4 Taconic New York City GP Fund, LP 11/2023 — 4.2 JCR Capital - REA Preferred Equity Parallel Fund 02/2024 41.8 48.6 Flagler - REA Healthcare Properties Partnership 02/2025 — 1.2 Townsend Group Value-Add Fund 12/2026 77.2 84.7 Silverpeak NRE FundCo LLC 12/2028 26.2 26.2 Silverpeak NRE FundCo 2 LLC 12/2029 25.4 29.6 $ 261.0 $ 289.9 Loans Receivable (2) 311 South Wacker Mezzanine 03/2023 — 2.2 SCG Oakland Portfolio Mezzanine 04/2023 0.5 5.4 Five Oak Mezzanine 05/2023 1.5 1.5 MRA Hub 34 Holding, LLC 08/2023 1.4 1.5 Liberty Park Mezzanine 11/2023 2.6 2.6 Colony New England Hotel Portfolio Senior Loan 11/2023 3.6 3.6 Colony New England Hotel Portfolio Mezzanine 11/2023 1.2 1.2 Exo Apartments Mezzanine 01/2024 3.9 2.4 The Stratum Senior Loan 05/2024 1.3 1.3 The Stratum Mezzanine 05/2024 0.4 0.4 Spring House Innovation Park Senior Loan 07/2024 19.5 23.4 Spring House Innovation Park Mezzanine 07/2024 6.5 7.8 Project Sonic Senior Loan 06/2025 2.4 3.9 Project Sonic Mezzanine 06/2025 0.8 1.3 One Biscayne Tower Senior Loan 07/2025 31.8 31.8 One Biscayne Tower Mezzanine 07/2025 10.6 10.6 The Reserve at Chino Hills 08/2025 10.7 12.7 735 Watkins Mill 08/2025 7.7 9.2 Commitment Expiration March 31, 2023 December 31, 2022 Sixth and Main Senior Loan 11/2025 5.3 6.2 Sixth and Main Mezzanine 11/2025 2.8 3.4 $ 114.5 $ 132.4 TOTAL COMMITMENTS $ 375.5 $ 422.3 (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.

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 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	2

Related Party Transactions - Sc

Related Party Transactions - Schedule of key terms of the loans (Details) - Loans Receivable - Related Party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 71.3	$ 69.9
MRA Hub 34 Holding, LLC
Related Party Transaction [Line Items]
Principal	$ 36.5	36.5
Equity Ownership Interest	95%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 36.5	36.5
MRA Hub 34 Holding, LLC | LIBOR
Related Party Transaction [Line Items]
Interest Rate, Variable	2.50%
MRA 34 LLC
Related Party Transaction [Line Items]
Principal	$ 0.5	0.5
Equity Ownership Interest	0%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 0.5	0.5
MRA 34 LLC | LIBOR
Related Party Transaction [Line Items]
Interest Rate, Variable	3.75%
THP Student Housing, LLC
Related Party Transaction [Line Items]
Principal	$ 32.8	32.8
Equity Ownership Interest	97%
Interest Rate	3.20%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 32.9	32.9
MR MCC 3 Sponsor, LLC
Related Party Transaction [Line Items]
Principal	$ 1.5	0
Equity Ownership Interest	80%
Interest Rate	6%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 1.4	$ 0

Concentrations of Risk - Narrat

Concentrations of Risk - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Maximum percentage of annual contract rent of rental income (more than)	4%

Concentrations of Risk - Schedu

Concentrations of Risk - Schedule of diversification of the Account's portfolio by region and property type (Details) - Geographic Concentration Risk - Portfolio Fair Value or Net Equity Value	3 Months Ended
	Mar. 31, 2023
Industrial
Concentration Risk [Line Items]
Total	29%
Apartments
Concentration Risk [Line Items]
Total	26.40%
Office
Concentration Risk [Line Items]
Total	26.30%
Retail
Concentration Risk [Line Items]
Total	12.50%
Other
Concentration Risk [Line Items]
Total	5.80%
Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	100%
West | Industrial
Concentration Risk [Line Items]
Total	17.20%
West | Apartments
Concentration Risk [Line Items]
Total	8%
West | Office
Concentration Risk [Line Items]
Total	7.60%
West | Retail
Concentration Risk [Line Items]
Total	3.70%
West | Other
Concentration Risk [Line Items]
Total	1.80%
West | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	38.30%
South | Industrial
Concentration Risk [Line Items]
Total	7.70%
South | Apartments
Concentration Risk [Line Items]
Total	10.60%
South | Office
Concentration Risk [Line Items]
Total	5.50%
South | Retail
Concentration Risk [Line Items]
Total	5.40%
South | Other
Concentration Risk [Line Items]
Total	2.10%
South | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	31.30%
East | Industrial
Concentration Risk [Line Items]
Total	2.60%
East | Apartments
Concentration Risk [Line Items]
Total	6.80%
East | Office
Concentration Risk [Line Items]
Total	13%
East | Retail
Concentration Risk [Line Items]
Total	2.70%
East | Other
Concentration Risk [Line Items]
Total	1.50%
East | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	26.60%
Midwest | Industrial
Concentration Risk [Line Items]
Total	1.50%
Midwest | Apartments
Concentration Risk [Line Items]
Total	1%
Midwest | Office
Concentration Risk [Line Items]
Total	0.20%
Midwest | Retail
Concentration Risk [Line Items]
Total	0.70%
Midwest | Other
Concentration Risk [Line Items]
Total	0.30%
Midwest | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	3.70%
Foreign | Industrial
Concentration Risk [Line Items]
Total	0%
Foreign | Apartments
Concentration Risk [Line Items]
Total	0%
Foreign | Office
Concentration Risk [Line Items]
Total	0%
Foreign | Retail
Concentration Risk [Line Items]
Total	0%
Foreign | Other
Concentration Risk [Line Items]
Total	0.10%
Foreign | Office, Apartment, Industrial, Retail, and Other
Concentration Risk [Line Items]
Total	0.10%

Leases - Schedule of aggregate

Leases - Schedule of aggregate minimum annual rental payments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Period [Abstract]
2023	$ 541.8
2024	682.8	$ 689
2025	607.1	634.5
2026	495.5	556.9
2027	381.7	460
Thereafter	1,238.4
Total	3,947.3	3,978.5
Prior Year [Abstract]
2023	682.8	689
2024	607.1	634.5
2025	495.5	556.9
2026	381.7	460
2027		362
Thereafter		1,276.1
Total	$ 3,947.3	$ 3,978.5

Leases - Schedule of right-of-u

Leases - Schedule of right-of-use assets and lease liabilities related to ground leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Key Terms:
Weighted-average remaining lease term (years)	66 years 7 months 6 days	69 years 10 months 24 days
Weighted-average discount rate	7.93%	7.51%
Land
Assets:
Right-of-use assets, at fair value	$ 37.3	$ 43.3
Liabilities:
Ground lease liabilities, at fair value	$ 37.3	$ 43.3

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Land
Lessee, Lease, Description [Line Items]
Operating lease cost, related to ground leases	$ 0.6	$ 0.5

Leases - Schedule of future min

Leases - Schedule of future minimum annual payments for ground leases (Details) - Land - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Period [Abstract]
2023	$ 1.8
2024	2.5	$ 2.4
2025	2.6	2.4
2026	2.6	2.5
2027	2.6	2.5
Thereafter	448.7
Total	460.8	436.6
Prior Year [Abstract]
2023	2.5	2.4
2024	2.6	2.4
2025	2.6	2.5
2026	2.6	2.5
2027		2.5
Thereafter		424.3
Total	$ 460.8	$ 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	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	$ 20,057.9	$ 20,444
Real estate operating business	636	641.9
Marketable securities:
Marketable securities excluding Real estate-related	1,255.3	2,030.2
Total investments (cost: $24,278.0 and $24,897.0)	31,093.4	32,601.7
Loans payable	(2,129.9)	(2,069.7)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	20,057.9	20,444
Real estate joint ventures	6,762.1	7,103.6
Real estate funds	931.9	893.4
Real estate operating business	636	641.9
Marketable securities:
Loans receivable	1,450.2	1,488.6
Total investments (cost: $24,278.0 and $24,897.0)	31,093.4	32,601.7
Loans payable	(2,129.9)	(2,069.7)
Fair Value, Measurements, Recurring | Other unsecured debt
Marketable securities:
Other unsecured debt	(960)	(953.1)
Fair Value, Measurements, Recurring | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	709.2	902.9
Fair Value, Measurements, Recurring | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	17.1	16.9
Fair Value, Measurements, Recurring | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	255.8	574
Fair Value, Measurements, Recurring | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	273.2	536.4
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	0	0
Real estate joint ventures	0	0
Real estate funds	0	0
Real estate operating business	0	0
Marketable securities:
Loans receivable	0	0
Total investments (cost: $24,278.0 and $24,897.0)	0	0
Loans payable	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | Other unsecured debt
Marketable securities:
Other unsecured debt	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	0	0
Real estate joint ventures	0	0
Real estate funds	0	0
Real estate operating business	0	0
Marketable securities:
Loans receivable	0	0
Total investments (cost: $24,278.0 and $24,897.0)	1,255.3	2,030.2
Loans payable	0	0
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Other unsecured debt
Marketable securities:
Other unsecured debt	(460)	(453.1)
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	709.2	902.9
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	17.1	16.9
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	255.8	574
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	273.2	536.4
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	20,057.9	20,444
Real estate joint ventures	6,762.1	7,103.6
Real estate funds	0	0
Real estate operating business	636	641.9
Marketable securities:
Loans receivable	1,450.2	1,488.6
Total investments (cost: $24,278.0 and $24,897.0)	28,906.2	29,678.1
Loans payable	(2,129.9)	(2,069.7)
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | Other unsecured debt
Marketable securities:
Other unsecured debt	(500)	(500)
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | Foreign government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | Corporate bonds
Marketable securities:
Marketable securities excluding Real estate-related	$ 0	$ 0

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of fair value assets and liabilities measured on recurring basis using unobservable inputs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in changes in net assets	$ (927.4)	$ 1,389.2
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,069.7)	(2,380.5)
Total realized and unrealized gains (losses) included in changes in net assets	(6.8)	3.7
Purchases	(98.9)	(3)
Sales	0	0
Settlements	45.5	41.8
Ending balance	(2,129.9)	(2,338)
Other Unsecured Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(500)
Total realized and unrealized gains (losses) included in changes in net assets	0
Purchases	0
Sales	0
Settlements	0
Ending balance	(500)
Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		(500)
Purchases		0
Settlements		0
Ending balance		(500)
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	20,444	18,903.9
Total realized and unrealized gains (losses) included in changes in net assets	(487.4)	1,204
Purchases	101.3	228.9
Sales	0	(157.7)
Settlements	0	0
Ending balance	20,057.9	20,179.1
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,103.6	7,175.9
Total realized and unrealized gains (losses) included in changes in net assets	(377.3)	122.8
Purchases	36.2	251.3
Sales	0	0
Settlements	(0.4)	(296.7)
Ending balance	6,762.1	7,253.3
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	641.9	326.3
Total realized and unrealized gains (losses) included in changes in net assets	(5.9)	60.4
Purchases	0	100.9
Sales	0	0
Settlements	0	0
Ending balance	636	487.6
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,488.6	1,492.6
Total realized and unrealized gains (losses) included in changes in net assets	(43)	1
Purchases	12.5	5.2
Sales	0	(161.4)
Settlements	(7.9)	(8.2)
Ending balance	1,450.2	1,329.2
Total Level 3 Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	29,678.1	27,898.7
Total realized and unrealized gains (losses) included in changes in net assets	(913.6)	1,388.2
Purchases	150	586.3
Sales	0	(319.1)
Settlements	(8.3)	(304.9)
Ending balance	$ 28,906.2	$ 29,249.2

Assets and Liabilities Measur_5

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of unobservable inputs related to Level 3 fair value measurements (Details) - Level 3: Significant Unobservable Inputs - number	Mar. 31, 2023	Mar. 31, 2022
Discount Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.060	0.058
Discount Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.093	0.098
Discount Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.072	0.066
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.060	0.048
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.080	0.080
Discount Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.068	0.058
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.058	0.053
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.073	0.070
Discount Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.063	0.058
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.060	0.060
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.115	0.115
Discount Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.074	0.070
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.100	0.098
Discount Rate | Real Estate Operating Business | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.108	0.082
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.050	0.045
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.040	0.040
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.085	0.085
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.080	0.080
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.060	0.055
Capitalization Rate | Real Estate Properties and Joint Ventures | Office | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.055	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.045	0.035
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.018	0.020
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.070	0.068
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.060	0.060
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.051	0.044
Capitalization Rate | Real Estate Properties and Joint Ventures | Industrial | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.045	0.038
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.045	0.040
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.040	0.035
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.058	0.055
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.053	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.050	0.045
Capitalization Rate | Real Estate Properties and Joint Ventures | Apartment | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.044	0.040
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.050	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Minimum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.045	0.045
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.088	0.087
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Maximum | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.083	0.086
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.060	0.057
Capitalization Rate | Real Estate Properties and Joint Ventures | Retail | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.055	0.052
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.080	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.075
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Direct Capitalization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business		0.075
Terminal Growth Rate | Real Estate Operating Business | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business	0.073	0.053
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 and Real Estate Operating Business	31.8	25
Loan to Value Ratio | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.360	0.358
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	0.360	0.358
Loan to Value Ratio | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.672	0.575
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	0.672	0.575
Loan to Value Ratio | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.505	0.454
Loan to Value Ratio | Loans Payable | Office | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.505	0.454
Loan to Value Ratio | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.283	0.312
Loan to Value Ratio | Loans Payable | Industrial | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.283	0.312
Loan to Value Ratio | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.370	0.384
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	0.384
Loan to Value Ratio | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.315	0.341
Loan to Value Ratio | Loans Payable | Industrial | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.315	0.341
Loan to Value Ratio | Loans Payable | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.263
Loan to Value Ratio | Loans Payable | Apartment | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.263
Loan to Value Ratio | Loans Payable | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.680
Loan to Value Ratio | Loans Payable | Apartment | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.680
Loan to Value Ratio | Loans Payable | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.414
Loan to Value Ratio | Loans Payable | Apartment | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.414
Loan to Value Ratio | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.473	0.348
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	0.473	0.348
Loan to Value Ratio | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.777	0.742
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	0.777	0.742
Loan to Value Ratio | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.565	0.454
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	0.565	0.454
Loan to Value Ratio | Loans Payable | Residential | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.272
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		0.272
Loan to Value Ratio | Loans Payable | Residential | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.678
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		0.678
Loan to Value Ratio | Loans Payable | Residential | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.412
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		0.412
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.401	0.404
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	1.050	0.947
Loan to Value Ratio | Loans Receivable, including those with related parties | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.694	0.698
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.088	0.299
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.662	0.713
Loan to Value Ratio | Loans Receivable, including those with related parties | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.415	0.653
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.608
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.704
Loan to Value Ratio | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.650
Loan to Value Ratio | Loans Receivable, including those with related parties | Residential | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties		0.384
Loan to Value Ratio | Loans Receivable, including those with related parties | Residential | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties		0.765
Loan to Value Ratio | Loans Receivable, including those with related parties | Residential | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties		0.490
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.549	0.598
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	1.305	0.798
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.866	0.676
Equivalency Rate | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.059	0.018
Equivalency Rate | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.088	0.037
Equivalency Rate | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.067	0.032
Equivalency Rate | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.054	0.033
Equivalency Rate | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.060	0.039
Equivalency Rate | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.056	0.036
Equivalency Rate | Loans Payable | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.058
Equivalency Rate | Loans Payable | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.070
Equivalency Rate | Loans Payable | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.064
Equivalency Rate | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.054	0.032
Equivalency Rate | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.072	0.042
Equivalency Rate | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.063	0.036
Equivalency Rate | Loans Payable | Residential | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.019
Equivalency Rate | Loans Payable | Residential | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.032
Equivalency Rate | Loans Payable | Residential | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		0.026
Equivalency Rate | Loans Receivable, including those with related parties | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.064	0.023
Equivalency Rate | Loans Receivable, including those with related parties | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.197	0.095
Equivalency Rate | Loans Receivable, including those with related parties | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.100	0.056
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.060	0.043
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.100	0.052
Equivalency Rate | Loans Receivable, including those with related parties | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.070	0.047
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.070
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.087
Equivalency Rate | Loans Receivable, including those with related parties | Apartment | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.077
Equivalency Rate | Loans Receivable, including those with related parties | Residential | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties		0.025
Equivalency Rate | Loans Receivable, including those with related parties | Residential | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties		0.086
Equivalency Rate | Loans Receivable, including those with related parties | Residential | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties		0.050
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.079	0.030
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.188	0.073
Equivalency Rate | Loans Receivable, including those with related parties | Retail & Hospitality | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.108	0.043
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	1.4	1.4
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Office | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.2	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	1.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.1
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Apartment | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.1
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	1.5	1.8
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3	1.4
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		1.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		1.5
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable		1.3

Assets and Liabilities Measur_6

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ (927.4)	$ 1,389.2
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	(6.8)	3.7
Real Estate Properties
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	(487.3)	1,202.3
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	(391.1)	125.6
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	(6)	60.4
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ (43)	$ 0.9

Investments in Joint Ventures -

Investments in Joint Ventures - Narrative (Details)	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Minimum percentage of noncontrolling ownership interest In joint ventures	2%
Maximum percentage of noncontrolling ownership interest in joint ventures	98.50%

Investments in Joint Ventures_2

Investments in Joint Ventures - Schedule of results of operations of the joint ventures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenue and Expenses
Revenues	$ 305.6	$ 269.2
Expenses	184.3	167.3
Excess of revenues over expenses	$ 121.3	$ 101.9

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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying Amount	$ 31,610.8	$ 33,033.6
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	931.9
Maximum Exposure to Loss	$ 1,192.9
Variable Interest Entity, Not Primary Beneficiary | LCS SHIP Venture I, LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 243
Maximum Exposure to Loss	$ 243
Variable Interest Entity, Not Primary Beneficiary | Veritas Trophy VI, LLC
Variable Interest Entity [Line Items]
Account Interest	90.40%
Carrying Amount	$ 75.6
Maximum Exposure to Loss	$ 88.6
Variable Interest Entity, Not Primary Beneficiary | SP V - II, LLC
Variable Interest Entity [Line Items]
Account Interest	61.80%
Carrying Amount	$ 102.3
Maximum Exposure to Loss	$ 112.3
Variable Interest Entity, Not Primary Beneficiary | Taconic New York City GP Fund, LP
Variable Interest Entity [Line Items]
Account Interest	60%
Carrying Amount	$ 28.9
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	1.10%
Carrying Amount	$ 43.8
Maximum Exposure to Loss	$ 43.8
Variable Interest Entity, Not Primary Beneficiary | Townsend Group Value-Add Fund
Variable Interest Entity [Line Items]
Account Interest	99%
Carrying Amount	$ 178.6
Maximum Exposure to Loss	$ 255.8
Variable Interest Entity, Not Primary Beneficiary | Flagler - REA Healthcare Properties Partnership
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 20.7
Maximum Exposure to Loss	$ 20.7
Variable Interest Entity, Not Primary Beneficiary | Grubb Southeast Real Estate Fund VI, LLC
Variable Interest Entity [Line Items]
Account Interest	66.70%
Carrying Amount	$ 18.7
Maximum Exposure to Loss	$ 18.7
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 2 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 86.8
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	$ 61.1
Maximum Exposure to Loss	$ 102.9
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 3 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 32.3
Maximum Exposure to Loss	$ 99.7

Loans Receivable - Scheduled of

Loans Receivable - Scheduled of loans receivable by property type (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1,620.5	$ 1,615.8
Fair Value	$ 1,450.2	$ 1,488.6
Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	100%	100%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1,082.5	$ 904.6
Fair Value	$ 923.5	$ 788.4
Office | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	63.70%	52.90%
Apartments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 214.5	$ 214.2
Fair Value	$ 209.4	$ 209.6
Apartments | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	14.40%	14.10%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 133.6	$ 131.6
Fair Value	$ 130.8	$ 130.6
Industrial | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	9%	8.80%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 139.3	$ 139.3
Fair Value	$ 136	$ 134.9
Hotel | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	9.40%	9.10%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 49.1	$ 226.1
Fair Value	$ 49	$ 225.1
Retail | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	3.40%	15.10%
Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1.5	$ 0
Fair Value	$ 1.5	$ 0
Land | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	0.10%	0%

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
D Rating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of days past due, classified as delinquent	90 days

Loans Receivable - Schedule of

Loans Receivable - Schedule of fair values and risk ratings (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	33	35
Fair Value | $	$ 1,450.2	$ 1,488.6
Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	100%	100%
A+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	1
Fair Value | $	$ 100.2	$ 0
A+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	6.90%	0%
A
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	2
Fair Value | $	$ 47.6	$ 130.6
A | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	3.30%	8.80%
A-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	1
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 | loan	2	3
Fair Value | $	$ 114.2	$ 191
BBB+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	7.90%	12.80%
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Fair Value | $	$ 134.4	$ 137.4
BBB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	9.30%	9.20%
BBB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	1
Fair Value | $	$ 228.5	$ 47.5
BBB- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	15.80%	3.20%
BB+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	2
Fair Value | $	$ 40.7	$ 64.9
BB+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	2.80%	4.40%
BB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	2
Fair Value | $	$ 57.8	$ 72.3
BB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4%	4.80%
BB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	1
Fair Value | $	$ 79.3	$ 18.9
BB- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	5.50%	1.30%
B+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3	3
Fair Value | $	$ 120.8	$ 87.2
B+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	8.30%	5.90%
B
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	2
Fair Value | $	$ 0	$ 72.5
B | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	4.90%
B-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	4	5
Fair Value | $	$ 117.8	$ 171
B- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	8.10%	11.50%
CCC+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	3
Fair Value | $	$ 38.2	$ 223.4
CCC+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	2.60%	15%
CCC
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3	0
Fair Value | $	$ 63.8	$ 0
CCC | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.40%	0%
CCC-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Fair Value | $	$ 122	$ 60.9
CCC- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	8.40%	4.10%
CC
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	1
Fair Value | $	$ 21.8	$ 66
CC | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	1.50%	4.40%
C
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	1
Fair Value | $	$ 91.8	$ 75.1
C | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	6.30%	5%
D
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	0
Fair Value | $	$ 0	$ 0
D | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	0%
NR
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	4	3
Fair Value | $	$ 71.3	$ 69.9
NR | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	4.90%	4.70%

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of loans receivable in nonaccrual status (Details) $ in Millions	Mar. 31, 2023 USD ($) loan
Receivables [Abstract]
Number of Loans | loan	1
Principal Outstanding	$ 92.9
Fair Value	$ 0

Loans Payable - Schedule of out

Loans Payable - Schedule of outstanding loans payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Total Principal Outstanding	$ 2,222.1	$ 2,168.7
Fair Value Adjustment	(92.2)	(99)
Total Loans Payable	$ 2,129.9	2,069.7
1001 Pennsylvania Avenue
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.70%
Annual Interest Rate and Payment Frequency	3.70% paid monthly
Principal Amounts Outstanding	$ 299.4	301.2
Maturity	Jun. 01, 2023
Biltmore at Midtown
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.94%
Annual Interest Rate and Payment Frequency	3.94% paid monthly
Principal Amounts Outstanding	$ 36.4	36.4
Maturity	Jul. 05, 2023
Cherry Knoll
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.78%
Annual Interest Rate and Payment Frequency	3.78% paid monthly
Principal Amounts Outstanding	$ 35.3	35.3
Maturity	Jul. 05, 2023
Lofts at SoDo
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.94%
Annual Interest Rate and Payment Frequency	3.94% paid monthly
Principal Amounts Outstanding	$ 35.1	35.1
Maturity	Jul. 05, 2023
San Diego Office Portfolio
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.61% + SOFR paid monthly
Principal Amounts Outstanding, loans payable	$ 58.2	58.2
Maturity, loans payable	Aug. 09, 2023
Pacific City
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	2.10% + SOFR paid monthly
Principal Amounts Outstanding	$ 105	105
Maturity	Oct. 01, 2023
The Stratum
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	2.25% + LIBOR paid monthly
Principal Amounts Outstanding	$ 40.4	40.4
Maturity	May 09, 2024
Spring House Innovation Park
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.25% + LIBOR paid monthly
Principal Amounts Outstanding	$ 55.5	52.3
Maturity	Jul. 09, 2024
1401 H Street NW
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.65%
Annual Interest Rate and Payment Frequency	3.65% paid monthly
Principal Amounts Outstanding	$ 115	115
Maturity	Nov. 05, 2024
The District on La Frontera | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.84%
Annual Interest Rate and Payment Frequency	3.84% paid monthly
Principal Amounts Outstanding	$ 36.8	37
Maturity	Dec. 01, 2024
The District on La Frontera | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.96%
Annual Interest Rate and Payment Frequency	4.96% paid monthly
Principal Amounts Outstanding	$ 4.2	4.2
Maturity	Dec. 01, 2024
Circa Green Lake
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.71%
Annual Interest Rate and Payment Frequency	3.71% paid monthly
Principal Amounts Outstanding	$ 52	52
Maturity	Mar. 05, 2025
Union - South Lake Union
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.66%
Annual Interest Rate and Payment Frequency	3.66% paid monthly
Principal Amounts Outstanding	$ 57	57
Maturity	Mar. 05, 2025
Holly Street Village
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.65%
Annual Interest Rate and Payment Frequency	3.65% paid monthly
Principal Amounts Outstanding	$ 81	81
Maturity	May 01, 2025
Henley at Kingstowne
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.60%
Annual Interest Rate and Payment Frequency	3.60% paid monthly
Principal Amounts Outstanding	$ 67.3	67.7
Maturity	May 01, 2025
32 South State Street
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.48%
Annual Interest Rate and Payment Frequency	4.48% paid monthly
Principal Amounts Outstanding	$ 24	24
Maturity	Jun. 06, 2025
Project Sonic
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	2.00% + SOFR paid monthly
Principal Amounts Outstanding	$ 93.5	0
Maturity	Jun. 09, 2025
Vista Station Office Portfolio | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4%
Annual Interest Rate and Payment Frequency	4.00% paid monthly
Principal Amounts Outstanding	$ 18.5	18.6
Maturity	Jul. 01, 2025
Vista Station Office Portfolio | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	4.20%
Annual Interest Rate and Payment Frequency	4.20% paid monthly
Principal Amounts Outstanding	$ 41.7	41.9
Maturity	Nov. 01, 2025
780 Third Avenue | Loan A
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.55%
Annual Interest Rate and Payment Frequency	3.55% paid monthly
Principal Amounts Outstanding	$ 150	150
Maturity	Aug. 01, 2025
780 Third Avenue | Loan B
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.55%
Annual Interest Rate and Payment Frequency	3.55% paid monthly
Principal Amounts Outstanding	$ 20	20
Maturity	Aug. 01, 2025
Reserve at Chino Hills
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.50% + LIBOR paid monthly
Principal Amounts Outstanding	$ 74.4	72.5
Maturity	Aug. 09, 2025
Sixth & Main
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.87% + LIBOR paid monthly
Principal Amounts Outstanding	$ 0	41.1
Maturity	Nov. 09, 2025
701 Brickell Avenue
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.66%
Annual Interest Rate and Payment Frequency	3.66% paid monthly
Principal Amounts Outstanding	$ 177.6	178.5
Maturity	Apr. 01, 2026
Marketplace at Mill Creek
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Annual Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 39.6	39.6
Maturity	Sep. 11, 2027
Overlook At King Of Prussia
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Annual Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 40.8	40.8
Maturity	Sep. 11, 2027
Winslow Bay
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.82%
Annual Interest Rate and Payment Frequency	3.82% paid monthly
Principal Amounts Outstanding	$ 25.8	25.8
Maturity	Sep. 11, 2027
1900 K Street, NW
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.93%
Annual Interest Rate and Payment Frequency	3.93% paid monthly
Principal Amounts Outstanding	$ 160.6	161.1
Maturity	Apr. 01, 2028
99 High Street
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	3.90%
Annual Interest Rate and Payment Frequency	3.90% paid monthly
Principal Amounts Outstanding	$ 277	$ 277
Maturity	Mar. 01, 2030
SOFR | San Diego Office Portfolio
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	1.61%
SOFR | Pacific City
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	2.10%
SOFR | Project Sonic
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	2%
LIBOR | The Stratum
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	2.25%
LIBOR | Spring House Innovation Park
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	1.25%
LIBOR | Reserve at Chino Hills
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	1.50%
LIBOR | Sixth & Main
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	1.87%

Credit Facility - Narrative (De

Credit Facility - Narrative (Details) - Credit Agreement	3 Months Ended
	Mar. 31, 2023 USD ($)
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 945,000,000
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Facility Fee	0.125%
Revolving Credit Facility | Line of Credit | Minimum | Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
Revolving Credit Facility | Line of Credit | Minimum | Adjusted Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Facility Fee	0.20%
Revolving Credit Facility | Line of Credit | Maximum | Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Revolving Credit Facility | Line of Credit | Maximum | Adjusted Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.30%
Term Loan
Debt Instrument [Line Items]
Face amount of debt issued	$ 500,000,000
Term Loan | Minimum | Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Term Loan | Minimum | Adjusted Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Term Loan | Maximum | Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term Loan | Maximum | Adjusted Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Credit Facility - Summary of ke

Credit Facility - Summary of key characteristics (Details) - Credit Agreement	3 Months Ended
	Mar. 31, 2023 USD ($) extensionOption
Unsecured Revolving Credit Facility and Term Loan
Debt Instrument [Line Items]
Maximum Capacity (in millions)	$ 1,445,000,000
Number of options to extend maturity date for additional twelve months | extensionOption	3
Maximum borrowing capacity	$ 55,000,000
Weighted average interest rate	5.629%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Current Balance - Line of Credit (in millions)	$ 0
Maximum borrowing capacity	$ 945,000,000
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Facility Fee	0.125%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Facility Fee	0.20%
Term Loan
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 ($)	1 Months Ended
	Jun. 30, 2022	May 30, 2023
Senior Notes, Series A and Series B
Debt Instrument [Line Items]
Maximum Capacity (in millions)	$ 500,000,000
Prepayment period, number of days prior to applicable maturity date	90 days
Senior Notes, Series C | Subsequent Event | Forecast
Debt Instrument [Line Items]
Maximum Capacity (in millions)		$ 400,000,000
Interest Rate		5.50%

Senior Notes Payable - Summary

Senior Notes Payable - Summary of key characteristics (Details) - Senior Notes	Mar. 31, 2023 USD ($)
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022
Per Accumulation Unit Data:
Rental income (in dollars per share)	$ 6.520	$ 23.751	$ 22.672	$ 21.145
Real estate property level expenses and taxes (in dollars per share)	3.041	11.042	10.683	10.027
Real estate income, net (in dollars per share)	3.479	12.709	11.989	11.118
Other income (in dollars per share)	1.954	6.559	5.474	4.980
Total income (in dollars per share)	5.433	19.268	17.463	16.098
Expense charges (in dollars per share)	1.361	5.121	4.035	3.603
Investment income, net (in dollars per share)	4.072	14.147	13.428	12.495
Net realized and unrealized gain (loss) on investments and debt (in dollars per share)	(17.471)	28.011	64.615	(16.195)
Net increase (decrease) in Accumulation Unit Value (in dollars per share)	(13.399)	42.158	78.043	(3.700)
Accumulation Unit Value:
Beginning of period (in dollars per share)	556.923	514.765	436.722	440.422
End of period (in dollars per share)	$ 543.524	$ 556.923	$ 514.765	$ 436.722
Total return	(2.41%)	8.19%	17.87%	(0.84%)
Ratios to Average net assets:
Expenses	0.98%	0.89%	0.84%	0.81%
Investment income, net	2.94%	2.45%	2.82%	2.85%
Portfolio turnover rate:
Real estate properties	0.20%	5.60%	7.60%	7.10%
Marketable securities	7%	4.70%	0%	113.40%
Accumulation Units outstanding at end of period (millions) (in shares)	50.5	52.1	53.4	52
Net assets end of period (millions)	$ 28,050.3	$ 29,658.1	$ 28,072	$ 23,243.9	$ 29,771

Accumulation Units - Schedule o

Accumulation Units - Schedule of changes in the number of accumulation units outstanding (Details) - shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Outstanding:
Beginning of period (in shares)	52.1	53.4
Credited for premiums (in shares)	0.9	5.4
Annuity, other periodic payments, withdrawals and death benefits (in shares)	(2.5)	(6.7)
End of period (in shares)	50.5	52.1

Commitments and Contingencies -

Commitments and Contingencies - Schedule of limited partners' callable commitments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 375.5	$ 422.3
Real Estate Funds
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	261	289.9
Real Estate Funds | Silverpeak NRE FundCo 3 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	67.4	70
Real Estate Funds | SP V - II, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10	10
Real Estate Funds | Veritas Trophy VI, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	13	15.4
Real Estate Funds | Taconic New York City GP Fund, LP
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	4.2
Real Estate Funds | JCR Capital - REA Preferred Equity Parallel Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	41.8	48.6
Real Estate Funds | Flagler - REA Healthcare Properties Partnership
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	1.2
Real Estate Funds | Townsend Group Value-Add Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	77.2	84.7
Real Estate Funds | Silverpeak NRE FundCo LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	26.2	26.2
Real Estate Funds | Silverpeak NRE FundCo 2 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	25.4	29.6
Loans Receivable
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	114.5	132.4
Loans Receivable | 311 South Wacker Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	2.2
Loans Receivable | SCG Oakland Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0.5	5.4
Loans Receivable | Five Oak Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.5	1.5
Loans Receivable | MRA Hub 34 Holding, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.4	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	3.6
Loans Receivable | Colony New England Hotel Portfolio Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.2	1.2
Loans Receivable | Exo Apartments Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	3.9	2.4
Loans Receivable | The Stratum Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.3	1.3
Loans Receivable | The Stratum Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0.4	0.4
Loans Receivable | Spring House Innovation Park Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	19.5	23.4
Loans Receivable | Spring House Innovation Park Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	6.5	7.8
Loans Receivable | Project Sonic Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	2.4	3.9
Loans Receivable | Project Sonic Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0.8	1.3
Loans Receivable | One Biscayne Tower Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	31.8	31.8
Loans Receivable | One Biscayne Tower Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10.6	10.6
Loans Receivable | The Reserve at Chino Hills
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	10.7	12.7
Loans Receivable | 735 Watkins Mill
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	7.7	9.2
Loans Receivable | Sixth and Main Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	5.3	6.2
Loans Receivable | Sixth and Main Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 2.8	$ 3.4