Tiaa Real Estate Account 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, at fair value:
Real estate properties (cost: $14,670.2 and $14,682.0)	$ 17,362.6	$ 18,020.3
Real estate joint ventures (cost: $5,717.9 and $5,645.7)	5,748.8	5,881.2
Real estate funds (cost: $819.4 and $821.0)	775.1	792.4
Real estate operating business (cost: $392.2 and $390.8)	743.3	685.9
Marketable securities (cost: $178.1 and $147.3)	178.1	147.4
Loans receivable (principal: $1,349.1 and $1,483.7)	991.7	1,082.4
Loans receivable with related parties (principal: $102.1 and $102.0)	101.9	101.3
Total investments (cost: $23,229.0 and $23,272.5)	25,901.5	26,710.9
Cash and cash equivalents	60.3	58.8
Due from investment manager	3.6	15.8
Other	397.6	395
TOTAL ASSETS	26,363	27,180.5
LIABILITIES
Loans payable, at fair value (principal outstanding: $1,921.4 and $1,922.6)	1,870.1	1,862.5
Line of credit, at fair value (principal outstanding: $316.0 and $463.0)	316	463
Other unsecured debt, at fair value (principal outstanding: $900.0 and $900.0)	871.8	881.6
Accrued real estate property expenses	275.8	286.2
Other	59.7	68.3
TOTAL LIABILITIES	3,393.4	3,561.6
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Accumulation Fund	22,483.9	23,110.4
Annuity Fund	485.7	508.5
TOTAL NET ASSETS	$ 22,969.6	$ 23,618.9
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares)	48	48
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share)	$ 468.327	$ 481.054

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Real estate properties at cost	$ 14,670.2	$ 14,682
Real estate joint ventures at cost	5,717.9	5,645.7
Real estate funds at cost	819.4	821
Real estate operating business at cost	392.2	390.8
Marketable securities at cost	178.1	147.3
Loans receivable at cost	1,349.1	1,483.7
Loans receivable with related parties at cost	102.1	102
Total investments at cost	23,229	23,272.5
Loans payable principal outstanding	1,921.4	1,922.6
Line of credit principal outstanding	316	463
Other unsecured debt principal outstanding	$ 900	$ 900

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real estate income, net:
Rental income	$ 350.1	$ 334.5
Real estate property level expenses and taxes:
Operating expenses	90.5	79.4
Real estate taxes	51.1	53.4
Interest expense	22.4	23.2
Total real estate property level expenses	164	156
Real estate income, net	186.1	178.5
Income from real estate joint ventures	42.5	53.3
Income from real estate funds	8.4	6.6
Interest income	30.9	40.3
TOTAL INVESTMENT INCOME	267.9	278.7
Expenses:
Investment management charges	20.6	21.8
Administrative charges	20.2	11.9
Distribution charges	3.7	4.8
Liquidity guarantee charges	16.2	19.9
Interest expense	17	11.4
TOTAL EXPENSES	77.7	69.8
INVESTMENT INCOME, NET	190.2	208.9
Net realized gain (loss) on investments:
Real estate properties	64.5	0
Real estate joint ventures	(7.8)	0
Real estate funds	13	0
Marketable securities	0	(19.1)
Loans receivable	(139)	0
Net realized loss on investments	(69.3)	(19.1)
Net change in unrealized gain (loss) on:
Real estate properties	(645.9)	(487.4)
Real estate joint ventures	(186.7)	(377.3)
Real estate funds	(15.7)	11
Real estate operating business	56	(5.9)
Foreign currency exchange on forward contracts	0	(0.5)
Marketable securities	0	28.7
Loans receivable	43.9	(43)
Loans receivable with related parties	0.5	0
Loans payable	(8.8)	(6.8)
Other unsecured debt	9.8	(6.9)
Net change in unrealized loss on investments and debt	(746.9)	(888.1)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND DEBT	(816.2)	(907.2)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ (626)	$ (698.3)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
FROM OPERATIONS
Investment income, net	$ 190.2	$ 208.9
Net realized loss on investments	(69.3)	(19.1)
Net change in unrealized loss on investments and debt	(746.9)	(888.1)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	(626)	(698.3)
FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA
Premiums	670.8	510.6
Purchase of liquidity units by TIAA	242.7	0
Annuity payments	(13.3)	(14.4)
Death benefits	(36.1)	(37.3)
Withdrawals	(887.4)	(1,368.4)
NET DECREASE IN NET ASSETS RESULTING FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA	(23.3)	(909.5)
NET DECREASE IN NET ASSETS	(649.3)	(1,607.8)
NET ASSETS
Beginning of period	23,618.9	29,658.1
End of period	$ 22,969.6	$ 28,050.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net (decrease) in net assets resulting from operations		$ (626)	$ (698.3)
Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized loss on investments		69.3	19.1
Net change in unrealized loss on investments and debt		746.9	888.1
Purchase of real estate properties		0	(0.3)
Capital improvements on real estate properties		(90.1)	(96.1)
Proceeds from sales of real estate properties		191.6	0
Purchases of other real estate investments		(83.2)	(66.1)
Proceeds from other real estate investments		34.3	2.5
Purchases and originations of loans receivable		(5.8)	(11)
Purchases and originations of loans receivable with related parties		(0.1)	(1.5)
Proceeds from payoffs of loans receivable		1.4	7.9
(Increase) decrease in other investments		(63.9)	784.6
Net change in due to/from investment manager		12.2	(9.3)
Increase in payable for securities purchased		0	138.3
(Increase) Decrease in other assets		(5)	13.8
Decrease in other liabilities		(11)	(18.6)
NET CASH PROVIDED BY OPERATING ACTIVITIES		170.6	953.1
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit borrowings		31	0
Payments on line of credit		(178)	0
Mortgage loan proceeds received		1.5	98.9
Payments of mortgage loans		(2.7)	(45.5)
Premiums		670.8	510.6
Purchase of liquidity units by TIAA		242.7	0
Annuity payments		(13.3)	(14.4)
Death benefits		(36.1)	(37.3)
Withdrawals		(887.4)	(1,368.4)
NET CASH USED IN FINANCING ACTIVITIES		(171.5)	(856.1)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(0.9)	97
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period cash, cash equivalents and restricted cash		96	117
Net (decrease) increase in cash, cash equivalents and restricted cash		(0.9)	97
End of period cash, cash equivalents and restricted cash		95.1	214
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		51.7	30.1
Property assumed as part of a deed-in-lieu of foreclosure agreement		33.1	0
Cash and cash equivalents		60.3	177.9
Restricted cash	[1]	34.8	36.1
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH		$ 95.1	$ 214
[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, 2024
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 commercial real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions). Interim Financial Information: The Consolidated Financial Statements of the Account as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2023 (“2023 Form 10-K”). Use of Estimates: The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates made by management. Actual results may vary from those estimates and such differences may be material. Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. 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, as well as purchases and sales of liquidity units by TIAA, 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 2023 Form 10-K. Recent Accounting Pronouncements: In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") 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 FASB’s Accounting Standards Classification (“ASC”) 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 ASC Topic 360, Property, Plant, and Equipment. The amendments in this Update were effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. There was no material impact as a result of the adoption of this guidance on January 1, 2024 to the Account. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). To ensure the relief established in ASU 2020-04 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of ASC 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. ASU 2022-06 is effective for all entities upon issuance. Management does not expect the guidance to have a material impact to the Account. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, intended to (1) provide investors and other allocators of capital with more decision-useful information in a joint venture’s separate financial statements and (2) reduce diversity in practice in this area of financial reporting. The amendments in ASU 2023-05 require that a joint venture, upon formation, apply a new basis of accounting. As a result, a newly formed joint venture should initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASU 2023-05 are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. Management does not expect the guidance to have a material impact to the Account. In December 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than 5 percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on our financial statements as well as the method by which we will adopt the new standard. 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, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Investment management, administrative and distribution services are provided to the Account at cost by TIAA. Services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account’s actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly. Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA’s investment management guidelines for the Account are subject to review by the Account’s independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account. Part of TIAA’s compensation for provision of at cost investment management services to the Account includes reimbursement of costs incurred by TIAA to manage certain of the Account’s joint ventures. Such joint ventures also reimburse the Account directly in its capacity as general partner or managing member (collectively, the “GP”) of the joint venture in the form of an asset management fee for GP-related services provided by the Account, and such fee is based on a percentage of the fair market value of the underlying properties held in the joint venture. The Account is a party to a distribution agreement for the contracts issued by TIAA and funded by the Account, dated January 1, 2008 (the “Distribution Agreement”), by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC (“Services”), a wholly-owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account’s records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account’s operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof. In addition to providing the services described above, TIAA charges the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account’s actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA’s assumption of this risk. TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 (96-76) from the U.S. Department of Labor (“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 Account's 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. Pursuant to its existing liquidity guarantee obligation, during the first quarter ended March 31, 2024, the TIAA General Account purchased 0.5 million liquidity units issued by the Account, for a total of $242.7 million. Since August 31, 2023, the TIAA General Account has purchased a cumulative total of 1.7 million liquidity units issued by the Account, amounting to $860.3 million. 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. As of March 31, 2024, the TIAA General Account owned approximately 3.63% of the outstanding accumulation units of the Account. The independent fiduciary will continue to monitor TIAA's ownership interest in the Account and provide further recommendations as necessary. 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, 2024. 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 2023 Form 10-K. References to “SOFR” in the table below and elsewhere in these Notes mean the Secured Overnight Financing Rate, a benchmark interest rate based on the U.S. Treasury bond repurchase market that has largely replaced the discontinued LIBOR (London Interbank Offered Rate) for U.S. dollar-denominated instruments. 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, 2024 December 31, 2023 2024 2023 36.5 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + SOFR 8/26/2024 $ 36.5 $ 36.5 32.9 32.9 THP Student Housing, LLC 97.00% 3.20% 9/30/2024 32.9 32.9 0.5 0.5 MRA 34 LLC —% 3.75% + LIBOR 8/26/2024 0.5 0.5 4.4 4.4 MR MCC 3 Sponsor, LLC —% 6.00% 12/1/2025 4.4 4.4 27.7 27.7 THP Student Housing, LLC 97.00% 6.10% 6/30/2026 27.6 27.0 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES 101.9 101.3

Concentrations of Risk

Concentrations of Risk	3 Months Ended
	Mar. 31, 2024
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, 2024, 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, 2024: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Industrial 17.1 % 8.9 % 2.8 % 1.9 % — % 30.7 % Apartment 8.0 % 11.1 % 7.4 % 1.0 % — % 27.5 % Office 6.8 % 6.0 % 10.3 % 0.2 % — % 23.3 % Retail 3.7 % 4.5 % 3.0 % 0.7 % — % 11.9 % Other (7) 2.3 % 2.3 % 1.7 % 0.2 % 0.1 % 6.6 % Total 37.9 % 32.8 % 25.2 % 4.0 % 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 developable land investments in Ireland and United Kingdom. (7) Represents interests in Storage Portfolio investments, a hotel investment and land.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 2060. 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, 2024 and December 31, 2023 are as follows (in millions): As of Years Ended March 31, 2024 December 31, 2023 2024 $ 520.2 (1) $ 693.3 2025 645.3 631.7 2026 564.2 542.1 2027 473.0 447.6 2028 378.6 350.3 Thereafter 1,189.5 1,129.7 Total $ 3,770.8 $ 3,794.7 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2024. 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, 2024 December 31, 2023 Assets: Right-of-use assets, at fair value $ 37.8 $ 39.4 Liabilities: Ground lease liabilities, at fair value $ 37.8 $ 39.4 Key Terms: Weighted-average remaining lease term (years) 63.3 63.7 Weighted-average discount rate (1) 8.65 % 8.19 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the three months ended March 31, 2024 and 2023, operating lease costs related to ground leases were $0.6 million and $0.6 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, 2024 December 31, 2023 Years Ended 2024 $ 2.6 (1) $ 2.5 2025 2.6 2.5 2026 2.7 2.6 2027 2.7 2.6 2028 2.7 2.6 Thereafter 458.2 434.2 Total $ 471.5 $ 447.0 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2024.
Leases	Leases The Account’s wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2060. 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, 2024 and December 31, 2023 are as follows (in millions): As of Years Ended March 31, 2024 December 31, 2023 2024 $ 520.2 (1) $ 693.3 2025 645.3 631.7 2026 564.2 542.1 2027 473.0 447.6 2028 378.6 350.3 Thereafter 1,189.5 1,129.7 Total $ 3,770.8 $ 3,794.7 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2024. 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, 2024 December 31, 2023 Assets: Right-of-use assets, at fair value $ 37.8 $ 39.4 Liabilities: Ground lease liabilities, at fair value $ 37.8 $ 39.4 Key Terms: Weighted-average remaining lease term (years) 63.3 63.7 Weighted-average discount rate (1) 8.65 % 8.19 % (1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments. For the three months ended March 31, 2024 and 2023, operating lease costs related to ground leases were $0.6 million and $0.6 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, 2024 December 31, 2023 Years Ended 2024 $ 2.6 (1) $ 2.5 2025 2.6 2.5 2026 2.7 2.6 2027 2.7 2.6 2028 2.7 2.6 Thereafter 458.2 434.2 Total $ 471.5 $ 447.0 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2024.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis	3 Months Ended
	Mar. 31, 2024
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 2023 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, 2024 and December 31, 2023, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Total at March 31, 2024 Real estate properties $ — $ — $ 17,362.6 $ 17,362.6 Real estate joint ventures — — 5,748.8 5,748.8 Real estate operating business — — 743.3 743.3 Marketable securities: U.S. government agency notes — 52.8 — 52.8 U.S. treasury securities — 125.3 — 125.3 Loans receivable (1) — — 1,093.6 1,093.6 Loans payable — — (1,870.1) (1,870.1) Line of credit — — (316.0) (316.0) Other unsecured debt — (871.8) — (871.8) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Total at December 31, 2023 Real estate properties $ — $ — $ 18,020.3 $ 18,020.3 Real estate joint ventures — — 5,881.2 5,881.2 Real estate operating business — — 685.9 685.9 Marketable securities: U.S. government agency notes — 38.0 — 38.0 U.S. treasury securities — 109.4 — 109.4 Loans receivable (1) — — 1,183.7 1,183.7 Loans payable — — (1,862.5) (1,862.5) Line of credit — — (463.0) (463.0) Other unsecured debt — (881.6) — (881.6) (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, 2024 and 2023 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended March 31, 2024 Beginning balance January 1, 2024 $ 18,020.3 $ 5,881.2 $ 685.9 $ 1,183.7 $ 25,771.1 $ (1,862.5) $ (463.0) Total realized and unrealized (losses) gains included in changes in net assets (581.4) (194.5) 56.0 (94.6) (814.5) (8.8) — Purchases (1) 115.3 72.1 1.4 5.9 194.7 (1.5) (31.0) Sales (4) (191.6) — — — (191.6) — — Settlements (2) — (10.0) — (1.4) (11.4) 2.7 178.0 Ending balance March 31, 2024 $ 17,362.6 $ 5,748.8 $ 743.3 $ 1,093.6 $ 24,948.3 $ (1,870.1) $ (316.0) 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) — 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) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable, line of credit borrowings 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, line of credit and term loans. (3) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized gains and losses. The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2024. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 6.5% - 10.8% (8.2%) 5.5% - 9.3% (6.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.8% - 10.3% (6.4%) Industrial Income Approach—Discounted Cash Flow Discount Rate 6.8% - 8.5% (7.4%) 5.3% - 7.0% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.9% - 6.3% (5.1%) Residential Income Approach—Discounted Cash Flow Discount Rate 6.8% - 7.5% (6.9%) 4.8% - 6.0% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 5.8% (5.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.8% - 12.0% (8.0%) 5.3% - 8.8% (6.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 5.3% - 8.3% (6.0%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.0% 8.3% Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 10.0% 8.2% Market Approach EBITDA Multiple 31.3x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 34.1% - 100.0% (56.8%) 3.9% - 7.6% (5.9%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Net Present Value Loan to Value Ratio 34.1% - 100.0% (56.8%) 1.1 - 1.5 (1.2) Industrial Discounted Cash Flow Loan to Value Ratio 29.9% - 40.5% (34.1%) 6.0% - 6.2% (6.1%) Net Present Value Loan to Value Ratio 29.9% - 40.5% (34.1%) 1.1 - 1.1 (1.1) Residential Discounted Cash Flow Loan to Value Ratio 39.1% - 72.5% (55.5%) 5.5% - 8.2% (6.8%) Net Present Value Loan to Value Ratio 39.1% - 72.5% (55.5%) 1.1 - 1.4 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 49.3% - 80.6% (58.5%) 6.3% - 8.0% (6.8%) Net Present Value Loan to Value Ratio 49.3% - 80.6% (58.5%) 1.2- 1.8 (1.4) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 48.0% - 120.1% (78.6%) 7.8% - 15.4% (9.5%) Industrial Discounted Cash Flow Loan to Value Ratio 34.4% - 66.3% (50.2%) 2.5% - 8.5% (5.4%) Residential Discounted Cash Flow Loan to Value Ratio 39.1% - 72.4% (63.5%) 3.2% - 9.5% (7.8%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 57.9% - 77.2% (66.5%) 7.5% - 16.0% (10.5%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 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 6.5% - 10.3% (7.9%) 5.5% - 8.5% (6.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.8% - 11.3% (6.3%) Industrial Income Approach—Discounted Cash Flow Discount Rate 6.5% - 8.3% (7.3%) 5.0% - 7.0% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.0% - 6.3% (5.0%) Residential Income Approach—Discounted Cash Flow Discount Rate 6.3% - 7.5% (6.8%) 4.8% - 6.0% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 5.8% (4.9%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.8% - 11.5% (8.0%) 5.3% - 9.0% (6.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 5.3% - 8.5% (5.9%) Hotel Income Approach—Discounted Cash Flow Discount Rate (10.0%) (8.3%) Income Approach—Direct Capitalization Overall Capitalization Rate (7.8%) Real Estate Operating Income Approach—Discounted Cash Flow Discount Rate 10.0 % Terminal Growth Rate 8.1 % Market Approach EBITDA Multiple 30.0x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.8% - 103.0% (58.3%) 6.3% - 10.9% (9.0%) Net Present Value Loan to Value Ratio 35.8% - 103.0% (58.3%) 1.1 - 2.1 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 29.9% - 38.4% (33.4%) 6.7% - 6.9% (6.8%) Net Present Value Loan to Value Ratio 29.9% - 38.4% (33.4%) 1.1 - 1.1 (1.1) Residential Discounted Cash Flow Loan to Value Ratio 30.0% - 74.5% (44.9%) 6.2% - 8.2% (7.1%) Net Present Value Loan to Value Ratio 30.0% - 74.5% (44.9%) 1.1 - 1.3 (1.2) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Retail Discounted Cash Flow Loan to Value Ratio 48.7% - 83.8% (58.8%) 6.0% - 7.1% (6.5%) Net Present Value Loan to Value Ratio 48.7% - 83.8% (58.8%) 1.1 - 1.9 (1.4) Loans Receivable, Office Discounted Cash Flow Loan to Value Ratio 48.0% - 136.1% (83.8%) 6.5% - 52.7% (13.4%) Industrial Discounted Cash Flow Loan to Value Ratio 34.4% - 66.0% (50.0%) 2.5% - 8.5% (5.4%) Residential Discounted Cash Flow Loan to Value Ratio 39.1% - 70.8% (55.0%) 3.2% - 8.6% (7.5%) Retail & Discounted Cash Flow Loan to Value Ratio 54.9% - 73.3% (64.2%) 7.3% - 13.6% (9.5%) (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, 2024 and 2023, there were no transfers between Levels 1, 2 or 3. The amount of total net unrealized (losses) gains 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, 2024 $ (613.2) $ (214.8) $ 56.0 $ (3.4) $ (775.4) $ (8.8) For the three months ended March 31, 2023 $ (487.3) $ (391.1) $ (6.0) $ (43.0) $ (927.4) $ (6.8) (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, 2024
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, 2024, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% to 98.5%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold. A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions): For the Three Months Ended March 31, 2024 2023 Operating Revenue and Expenses Revenues $ 290.5 $ 305.6 Expenses 179.6 184.3 Excess of revenues over expenses $ 110.9 $ 121.3

Investments in Real Estate Fund

Investments in Real Estate Funds	3 Months Ended
	Mar. 31, 2024
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 2023 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, 2024. 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, 2024 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 125.4 $ 125.4 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 57.5 $ 57.5 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 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) $ 77.7 $ 85.2 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2029. 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) $ 13.7 $ 13.7 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2025. 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) $ 45.1 $ 70.7 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 (1.3% Account Interest) $ 36.5 $ 36.5 Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy Townsend Group Value-Add Fund (99.0% Account Interest) $ 199.9 $ 252.1 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) $ 16.1 $ 16.1 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 16.4 $ 16.4 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is 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) $ 59.2 $ 81.9 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) $ 81.1 $ 105.9 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) $ 46.5 $ 98.0 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. Total $ 775.1 $ 959.4

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Loans Receivable	Loans Receivable The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): March 31, 2024 December 31, 2023 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 880.3 $ 532.2 48.7 % $ 1,016.2 $ 622.2 52.5 % Apartment (1) 248.8 242.4 22.2 % 247.7 241.4 20.4 % Industrial 134.3 133.9 12.2 % 134.1 133.6 11.3 % Hotel 139.3 138.8 12.7 % 139.3 139.3 11.8 % Retail 44.0 41.8 3.8 % 44.0 42.8 3.6 % Land 4.5 4.5 0.4 % $ 4.4 $ 4.4 0.4 % $ 1,451.2 $ 1,093.6 100.0 % $ 1,585.7 $ 1,183.7 100.0 % (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 delinquent or in default are generally assigned a D rating unless the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance. 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, or the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay. On February 6, 2024, the Account took equity ownership of, and began operating, the collateral office property associated with The Stratum loan receivable through a deed-in-lieu of foreclosure agreement, after the borrower defaulted on the terms of the loan. The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2024 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): March 31, 2024 December 31, 2023 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value A- — — — % 1 101.5 8.6 % BBB 2 197.4 18.1 % 2 200.3 16.9 % BBB- 1 132.7 12.1 % — — — % BB+ 2 162.3 14.8 % 2 177.0 15.0 % BB — — — % 1 32.1 2.7 % BB- — — — % 2 138.7 11.7 % B+ 3 183.4 16.8 % 1 57.3 4.8 % B 1 33.8 3.1 % 3 153.8 13.0 % B- 2 57.1 5.2 % 1 17.4 1.5 % CCC+ 2 101.7 9.3 % 1 31.1 2.6 % CCC 1 17.5 1.6 % 1 37.9 3.2 % CCC- — — — % 1 18.1 1.5 % C 2 84.0 7.7 % 2 64.9 5.5 % D 7 21.8 2.0 % 8 52.3 4.4 % NR (1) 5 101.9 9.3 % 5 101.3 8.6 % 28 $ 1,093.6 100.0 % 31 $ 1,183.7 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2024 and December 31, 2023, 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, 2024 (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 + 5 $ 264.8 $ —

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Loans Payable	Loans Payable At March 31, 2024 and December 31, 2023, the Account had outstanding loans payable secured by the following properties (in millions): Property Annual Interest Rate and Payment Frequency Principal Maturity March 31, 2024 December 31, 2023 Spring House Innovation Park (1) 1.36% + SOFR paid monthly $ 57.1 $ 56.8 July 9, 2024 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (2) 3.84% paid monthly 36.0 36.2 December 1, 2024 The District on La Frontera (2) 4.96% paid monthly 4.1 4.1 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (2) 3.60% paid monthly 65.9 66.3 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Project Sonic (1) 2.00% + SOFR paid monthly 94.0 93.9 June 9, 2025 Vista Station Office Portfolio (2) 4.00% paid monthly 17.8 17.9 July 1, 2025 One Biscayne Tower (1) 2.45% + SOFR paid monthly 100.0 100.0 July 9, 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 (1) 1.61% + SOFR paid monthly 81.1 79.9 August 9, 2025 Vista Station Office Portfolio (2) 4.20% paid monthly 40.6 41.0 November 1, 2025 701 Brickell Avenue (2) 3.66% paid monthly 173.9 174.9 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW (2) 3.93% paid monthly 157.6 158.3 April 1, 2028 Ashford Meadows (3) 5.76% paid monthly 64.6 64.6 October 1, 2028 803 Corday (3) 5.76% paid monthly 62.2 62.2 October 1, 2028 Churchill on the Park (3) 5.76% paid monthly 40.5 40.5 October 1, 2028 Carrington Park (3) 5.76% paid monthly 43.8 43.8 October 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 1,921.4 $ 1,922.6 Fair Value Adjustment (4) (51.3) (60.1) Total Loans Payable $ 1,870.1 $ 1,862.5 (1) The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table. (2) The mortgage is adjusted monthly for principal payments. (3) These loans are part of a cross-collateralized credit facility. (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, 2024
Debt Disclosure [Abstract]
Credit Facility	Credit Facility On September 16, 2022, the Account entered into 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 $500.0 million and up to $500.0 million in term loans ("Term Loans"). On August 11, 2023, the Credit Agreement was amended to increase the revolving credit loans commitment to $1.4 billion and convert the $500.0 million in outstanding term loans into revolving credit loans. The term loans may not be redrawn and all references to Term Loans have been removed from the agreement. 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 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, 2024, 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, 2024: Current Balance - Line of Credit (in millions) $ 316.0 Maximum Capacity (in millions) $ 1,445.0 Inception Date September 16, 2022 Revolving Commitment Termination September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate (2) Adjusted SOFR + Applicable Margin (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; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The weighted average interest rate for three months ended March 31, 2024 was 6.306%. 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 (the "Series A Notes") and Series B senior notes (the "Series B Notes") that mature in 2029 and 2032, respectively. 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 Series A Notes bear interest at an annual rate of 3.24%, payable semi-annually, and the Series B Notes bear interest at an annual rate of 3.35%, payable semi-annually. 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 issued $400.0 million of debt securities on May 30, 2023, in the form of Series C senior notes (the "Series C Notes") that will mature on May 30, 2027. The Series C Notes bear interest at an annual rate of 5.50%, payable semi-annually and are subject to the same prepayment terms as the Series A and B Notes. As of March 31, 2024, 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, 2024: 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 Series C $ 400.0 5.50% May 30, 2027

Senior Notes Payable

Senior Notes Payable	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Senior Notes Payable	Credit Facility On September 16, 2022, the Account entered into 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 $500.0 million and up to $500.0 million in term loans ("Term Loans"). On August 11, 2023, the Credit Agreement was amended to increase the revolving credit loans commitment to $1.4 billion and convert the $500.0 million in outstanding term loans into revolving credit loans. The term loans may not be redrawn and all references to Term Loans have been removed from the agreement. 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 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, 2024, 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, 2024: Current Balance - Line of Credit (in millions) $ 316.0 Maximum Capacity (in millions) $ 1,445.0 Inception Date September 16, 2022 Revolving Commitment Termination September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate (2) Adjusted SOFR + Applicable Margin (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; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The weighted average interest rate for three months ended March 31, 2024 was 6.306%. 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 (the "Series A Notes") and Series B senior notes (the "Series B Notes") that mature in 2029 and 2032, respectively. 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 Series A Notes bear interest at an annual rate of 3.24%, payable semi-annually, and the Series B Notes bear interest at an annual rate of 3.35%, payable semi-annually. 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 issued $400.0 million of debt securities on May 30, 2023, in the form of Series C senior notes (the "Series C Notes") that will mature on May 30, 2027. The Series C Notes bear interest at an annual rate of 5.50%, payable semi-annually and are subject to the same prepayment terms as the Series A and B Notes. As of March 31, 2024, 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, 2024: 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 Series C $ 400.0 5.50% May 30, 2027

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2024
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, 2024 Years Ended December 31, 2023 2022 2021 Per Accumulation Unit Data: Rental income $ 7.294 $ 27.323 $ 23.751 $ 22.672 Real estate property level expenses 3.417 12.858 11.042 10.683 Real estate income, net 3.877 14.465 12.709 11.989 Other income 1.704 7.539 6.559 5.474 Total income 5.581 22.004 19.268 17.463 Expense (1) 1.619 6.216 5.121 4.035 Investment income, net 3.962 15.788 14.147 13.428 Net realized and unrealized (loss) gain on investments and debt (16.689) (91.657) 28.011 64.615 Net (decrease) increase in Accumulation Unit Value (12.727) (75.869) 42.158 78.043 Accumulation Unit Value: Beginning of period 481.054 556.923 514.765 436.722 End of period $ 468.327 $ 481.054 $ 556.923 $ 514.765 Total return (2) (2.65) % (13.62) % 8.19 % 17.87 % Ratios to Average net assets (3) : Expense charges (4) 1.05 % 0.93 % 0.89 % 0.84 % Investment income, net 3.28 % 3.00 % 2.45 % 2.82 % Portfolio turnover rate (3) : Real estate properties (5) 0.5 % 1.4 % 5.6 % 7.6 % Marketable securities (6) — % 21.6 % 4.7 % — % Accumulation Units outstanding at end of period (millions) 48.0 48.0 52.1 53.4 Net assets end of period (millions) $ 22,969.6 $ 23,618.9 $ 29,658.1 $ 28,072.0 (1) Expense charges per Accumulation Unit 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, 2024 are not annualized. (3) Percentages for the three months ended March 31, 2024 are annualized. (4) Ratio of expenses to average net assets reflects the year-to-date Account level expense charges, which excludes interest expense on Account-level debt and also excludes property level expenses, which are included in real estate income, net. (5) 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. (6) 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, 2024
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, 2024 For the Year Ended December 31, 2023 Outstanding: Beginning of period 48.0 52.1 Credited for premiums 1.4 4.1 Credited for purchase of liquidity units by TIAA 0.6 1.3 Annuity, other periodic payments, withdrawals and death benefits (2.0) (9.5) End of period 48.0 48.0

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments —As of March 31, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Real Estate Funds (1) Veritas Trophy VI, LLC 08/2023 — 10.0 JCR Capital - REA Preferred Equity Parallel Fund 02/2024 (3) 24.8 24.8 Silverpeak NRE FundCo 3 LLC 12/2024 51.5 51.5 Townsend Group Value-Add Fund 12/2026 52.2 57.2 Silverpeak NRE FundCo LLC 12/2028 25.6 26.1 SP V - II, LLC 09/2029 7.5 8.7 Silverpeak NRE FundCo 2 LLC 12/2029 22.7 22.7 $ 184.3 $ 201.0 Loans Receivable (2) Spring House Innovation Park Senior Loan 07/2024 17.5 17.8 Spring House Innovation Park Mezzanine 07/2024 5.8 5.9 MRA Hub 34 Holding, LLC 08/2024 1.5 1.5 Colony New England Hotel Portfolio Senior Loan 11/2024 3.6 3.6 Colony New England Hotel Portfolio Mezzanine 11/2024 1.2 1.2 Exo Apartments Mezzanine 01/2025 5.1 5.1 Project Sonic Senior Loan 06/2025 1.9 2.0 Project Sonic Mezzanine 06/2025 0.6 0.7 One Biscayne Tower Senior Loan 07/2025 28.9 31.8 One Biscayne Tower Mezzanine 07/2025 9.6 10.6 The Reserve at Chino Hills 08/2025 1.9 3.3 735 Watkins Mill 08/2025 4.8 4.8 $ 82.4 $ 88.3 TOTAL COMMITMENTS $ 266.7 $ 289.3 (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. (3) The commitment period has concluded. The remaining commitment represents two prospective deals initiated under the term sheet prior to the expiration date. 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, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In preparing these financial statements, Management has evaluated events and transactions for potential recognition or disclosure subsequent to March 31, 2024, through May 5, 2024, the date the financial statements were issued. Since April 1, 2024 the TIAA General Account has purchased 0.1 million liquidity units by the Account, for a total of $51.0 million during this period of time.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated. 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, as well as purchases and sales of liquidity units by TIAA, 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 2023 Form 10-K. Recent Accounting Pronouncements: In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") 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 FASB’s Accounting Standards Classification (“ASC”) 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 ASC Topic 360, Property, Plant, and Equipment. The amendments in this Update were effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. There was no material impact as a result of the adoption of this guidance on January 1, 2024 to the Account. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). To ensure the relief established in ASU 2020-04 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of ASC 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. ASU 2022-06 is effective for all entities upon issuance. Management does not expect the guidance to have a material impact to the Account. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, intended to (1) provide investors and other allocators of capital with more decision-useful information in a joint venture’s separate financial statements and (2) reduce diversity in practice in this area of financial reporting. The amendments in ASU 2023-05 require that a joint venture, upon formation, apply a new basis of accounting. As a result, a newly formed joint venture should initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASU 2023-05 are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. Management does not expect the guidance to have a material impact to the Account. In December 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than 5 percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on our financial statements as well as the method by which we will adopt the new standard. 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, 2024
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, 2024 December 31, 2023 2024 2023 36.5 36.5 MRA Hub 34 Holding, LLC 95.00% 2.50% + SOFR 8/26/2024 $ 36.5 $ 36.5 32.9 32.9 THP Student Housing, LLC 97.00% 3.20% 9/30/2024 32.9 32.9 0.5 0.5 MRA 34 LLC —% 3.75% + LIBOR 8/26/2024 0.5 0.5 4.4 4.4 MR MCC 3 Sponsor, LLC —% 6.00% 12/1/2025 4.4 4.4 27.7 27.7 THP Student Housing, LLC 97.00% 6.10% 6/30/2026 27.6 27.0 TOTAL LOANS RECEIVABLE WITH RELATED PARTIES 101.9 101.3

Concentrations of Risk (Tables)

Concentrations of Risk (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024: Diversification by Fair Value (1) West (2) South (3) East (4) Midwest (5) Foreign (6) Total Industrial 17.1 % 8.9 % 2.8 % 1.9 % — % 30.7 % Apartment 8.0 % 11.1 % 7.4 % 1.0 % — % 27.5 % Office 6.8 % 6.0 % 10.3 % 0.2 % — % 23.3 % Retail 3.7 % 4.5 % 3.0 % 0.7 % — % 11.9 % Other (7) 2.3 % 2.3 % 1.7 % 0.2 % 0.1 % 6.6 % Total 37.9 % 32.8 % 25.2 % 4.0 % 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 developable land investments in Ireland and United Kingdom. (7) Represents interests in Storage Portfolio investments, a hotel investment and land.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 are as follows (in millions): As of Years Ended March 31, 2024 December 31, 2023 2024 $ 520.2 (1) $ 693.3 2025 645.3 631.7 2026 564.2 542.1 2027 473.0 447.6 2028 378.6 350.3 Thereafter 1,189.5 1,129.7 Total $ 3,770.8 $ 3,794.7 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2024.
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, 2024 December 31, 2023 Assets: Right-of-use assets, at fair value $ 37.8 $ 39.4 Liabilities: Ground lease liabilities, at fair value $ 37.8 $ 39.4 Key Terms: Weighted-average remaining lease term (years) 63.3 63.7 Weighted-average discount rate (1) 8.65 % 8.19 % (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, 2024 December 31, 2023 Years Ended 2024 $ 2.6 (1) $ 2.5 2025 2.6 2.5 2026 2.7 2.6 2027 2.7 2.6 2028 2.7 2.6 Thereafter 458.2 434.2 Total $ 471.5 $ 447.0 (1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2024.

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions): Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Total at March 31, 2024 Real estate properties $ — $ — $ 17,362.6 $ 17,362.6 Real estate joint ventures — — 5,748.8 5,748.8 Real estate operating business — — 743.3 743.3 Marketable securities: U.S. government agency notes — 52.8 — 52.8 U.S. treasury securities — 125.3 — 125.3 Loans receivable (1) — — 1,093.6 1,093.6 Loans payable — — (1,870.1) (1,870.1) Line of credit — — (316.0) (316.0) Other unsecured debt — (871.8) — (871.8) Description Level 1: Quoted Prices in Active Markets for Identical Assets Level 2: Significant Other Observable Inputs Level 3: Significant Unobservable Inputs Total at December 31, 2023 Real estate properties $ — $ — $ 18,020.3 $ 18,020.3 Real estate joint ventures — — 5,881.2 5,881.2 Real estate operating business — — 685.9 685.9 Marketable securities: U.S. government agency notes — 38.0 — 38.0 U.S. treasury securities — 109.4 — 109.4 Loans receivable (1) — — 1,183.7 1,183.7 Loans payable — — (1,862.5) (1,862.5) Line of credit — — (463.0) (463.0) Other unsecured debt — (881.6) — (881.6) (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, 2024 and 2023 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended March 31, 2024 Beginning balance January 1, 2024 $ 18,020.3 $ 5,881.2 $ 685.9 $ 1,183.7 $ 25,771.1 $ (1,862.5) $ (463.0) Total realized and unrealized (losses) gains included in changes in net assets (581.4) (194.5) 56.0 (94.6) (814.5) (8.8) — Purchases (1) 115.3 72.1 1.4 5.9 194.7 (1.5) (31.0) Sales (4) (191.6) — — — (191.6) — — Settlements (2) — (10.0) — (1.4) (11.4) 2.7 178.0 Ending balance March 31, 2024 $ 17,362.6 $ 5,748.8 $ 743.3 $ 1,093.6 $ 24,948.3 $ (1,870.1) $ (316.0) 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) — 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) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable, line of credit borrowings 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, line of credit and term loans. (3) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized gains and 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, 2024 and 2023 (in millions): Real Estate Real Estate Real Estate Operating Business Loans (3) Total Loans Line of Credit For the three months ended March 31, 2024 Beginning balance January 1, 2024 $ 18,020.3 $ 5,881.2 $ 685.9 $ 1,183.7 $ 25,771.1 $ (1,862.5) $ (463.0) Total realized and unrealized (losses) gains included in changes in net assets (581.4) (194.5) 56.0 (94.6) (814.5) (8.8) — Purchases (1) 115.3 72.1 1.4 5.9 194.7 (1.5) (31.0) Sales (4) (191.6) — — — (191.6) — — Settlements (2) — (10.0) — (1.4) (11.4) 2.7 178.0 Ending balance March 31, 2024 $ 17,362.6 $ 5,748.8 $ 743.3 $ 1,093.6 $ 24,948.3 $ (1,870.1) $ (316.0) 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) — 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) (1) Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable, line of credit borrowings 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, line of credit and term loans. (3) Includes loans receivable with related parties. (4) Real estate properties amount shown is inclusive of post closing realized gains and 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, 2024. Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Real Estate Properties and Joint Ventures Office Income Approach—Discounted Cash Flow Discount Rate 6.5% - 10.8% (8.2%) 5.5% - 9.3% (6.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.8% - 10.3% (6.4%) Industrial Income Approach—Discounted Cash Flow Discount Rate 6.8% - 8.5% (7.4%) 5.3% - 7.0% (5.7%) Income Approach—Direct Capitalization Overall Capitalization Rate 3.9% - 6.3% (5.1%) Residential Income Approach—Discounted Cash Flow Discount Rate 6.8% - 7.5% (6.9%) 4.8% - 6.0% (5.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 5.8% (5.0%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.8% - 12.0% (8.0%) 5.3% - 8.8% (6.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 5.3% - 8.3% (6.0%) Hotel Income Approach—Discounted Cash Flow Discount Rate 10.0% 8.3% Income Approach—Direct Capitalization Overall Capitalization Rate 7.8% Real Estate Operating Business Income Approach—Discounted Cash Flow Discount Rate 10.0% 8.2% Market Approach EBITDA Multiple 31.3x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 34.1% - 100.0% (56.8%) 3.9% - 7.6% (5.9%) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Net Present Value Loan to Value Ratio 34.1% - 100.0% (56.8%) 1.1 - 1.5 (1.2) Industrial Discounted Cash Flow Loan to Value Ratio 29.9% - 40.5% (34.1%) 6.0% - 6.2% (6.1%) Net Present Value Loan to Value Ratio 29.9% - 40.5% (34.1%) 1.1 - 1.1 (1.1) Residential Discounted Cash Flow Loan to Value Ratio 39.1% - 72.5% (55.5%) 5.5% - 8.2% (6.8%) Net Present Value Loan to Value Ratio 39.1% - 72.5% (55.5%) 1.1 - 1.4 (1.3) Retail Discounted Cash Flow Loan to Value Ratio 49.3% - 80.6% (58.5%) 6.3% - 8.0% (6.8%) Net Present Value Loan to Value Ratio 49.3% - 80.6% (58.5%) 1.2- 1.8 (1.4) Loans Receivable, including those with related parties Office Discounted Cash Flow Loan to Value Ratio 48.0% - 120.1% (78.6%) 7.8% - 15.4% (9.5%) Industrial Discounted Cash Flow Loan to Value Ratio 34.4% - 66.3% (50.2%) 2.5% - 8.5% (5.4%) Residential Discounted Cash Flow Loan to Value Ratio 39.1% - 72.4% (63.5%) 3.2% - 9.5% (7.8%) Retail & Hospitality Discounted Cash Flow Loan to Value Ratio 57.9% - 77.2% (66.5%) 7.5% - 16.0% (10.5%) The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 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 6.5% - 10.3% (7.9%) 5.5% - 8.5% (6.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.8% - 11.3% (6.3%) Industrial Income Approach—Discounted Cash Flow Discount Rate 6.5% - 8.3% (7.3%) 5.0% - 7.0% (5.6%) Income Approach—Direct Capitalization Overall Capitalization Rate 2.0% - 6.3% (5.0%) Residential Income Approach—Discounted Cash Flow Discount Rate 6.3% - 7.5% (6.8%) 4.8% - 6.0% (5.4%) Income Approach—Direct Capitalization Overall Capitalization Rate 4.3% - 5.8% (4.9%) Retail Income Approach—Discounted Cash Flow Discount Rate 6.8% - 11.5% (8.0%) 5.3% - 9.0% (6.5%) Income Approach—Direct Capitalization Overall Capitalization Rate 5.3% - 8.5% (5.9%) Hotel Income Approach—Discounted Cash Flow Discount Rate (10.0%) (8.3%) Income Approach—Direct Capitalization Overall Capitalization Rate (7.8%) Real Estate Operating Income Approach—Discounted Cash Flow Discount Rate 10.0 % Terminal Growth Rate 8.1 % Market Approach EBITDA Multiple 30.0x Loans Payable Office Discounted Cash Flow Loan to Value Ratio 35.8% - 103.0% (58.3%) 6.3% - 10.9% (9.0%) Net Present Value Loan to Value Ratio 35.8% - 103.0% (58.3%) 1.1 - 2.1 (1.3) Industrial Discounted Cash Flow Loan to Value Ratio 29.9% - 38.4% (33.4%) 6.7% - 6.9% (6.8%) Net Present Value Loan to Value Ratio 29.9% - 38.4% (33.4%) 1.1 - 1.1 (1.1) Residential Discounted Cash Flow Loan to Value Ratio 30.0% - 74.5% (44.9%) 6.2% - 8.2% (7.1%) Net Present Value Loan to Value Ratio 30.0% - 74.5% (44.9%) 1.1 - 1.3 (1.2) Type Asset Class Valuation Unobservable Inputs (1) Range (Weighted Average) Retail Discounted Cash Flow Loan to Value Ratio 48.7% - 83.8% (58.8%) 6.0% - 7.1% (6.5%) Net Present Value Loan to Value Ratio 48.7% - 83.8% (58.8%) 1.1 - 1.9 (1.4) Loans Receivable, Office Discounted Cash Flow Loan to Value Ratio 48.0% - 136.1% (83.8%) 6.5% - 52.7% (13.4%) Industrial Discounted Cash Flow Loan to Value Ratio 34.4% - 66.0% (50.0%) 2.5% - 8.5% (5.4%) Residential Discounted Cash Flow Loan to Value Ratio 39.1% - 70.8% (55.0%) 3.2% - 8.6% (7.5%) Retail & Discounted Cash Flow Loan to Value Ratio 54.9% - 73.3% (64.2%) 7.3% - 13.6% (9.5%) (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 (losses) gains 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, 2024 $ (613.2) $ (214.8) $ 56.0 $ (3.4) $ (775.4) $ (8.8) For the three months ended March 31, 2023 $ (487.3) $ (391.1) $ (6.0) $ (43.0) $ (927.4) $ (6.8) (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, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Results of Operations of the Joint Venture	A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions): For the Three Months Ended March 31, 2024 2023 Operating Revenue and Expenses Revenues $ 290.5 $ 305.6 Expenses 179.6 184.3 Excess of revenues over expenses $ 110.9 $ 121.3

Investments in Real Estate Fu_2

Investments in Real Estate Funds (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 (in millions): Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy LCS SHIP Venture I, LLC (90.0% Account Interest) $ 125.4 $ 125.4 Redemptions prohibited prior to liquidation. To invest in senior housing properties. Liquidation estimated to begin no earlier than 2025. The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. Veritas - Trophy VI, LLC (90.4% Account Interest) $ 57.5 $ 57.5 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 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) $ 77.7 $ 85.2 Redemptions prohibited prior to liquidation. To invest in medical office properties in the U.S. Liquidation estimated to begin no earlier than 2029. 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) $ 13.7 $ 13.7 Redemptions prohibited prior to liquidation. To invest in real estate and real estate-related assets in the New York City MSA. Liquidation estimated to begin no earlier than 2025. 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) $ 45.1 $ 70.7 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 (1.3% Account Interest) $ 36.5 $ 36.5 Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. Fund Name Carrying Amount Maximum Exposure to Loss Liquidity Provisions Investment Strategy Townsend Group Value-Add Fund (99.0% Account Interest) $ 199.9 $ 252.1 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) $ 16.1 $ 16.1 Redemptions prohibited prior to liquidation. To acquire healthcare properties within the top 50 MSA's in the U.S. Liquidation estimated to begin no earlier than 2025. The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest) $ 16.4 $ 16.4 Redemptions prohibited prior to liquidation. To acquire office investments across the Southeast. Liquidation estimated to begin no earlier than 2026. The Account is 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) $ 59.2 $ 81.9 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) $ 81.1 $ 105.9 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) $ 46.5 $ 98.0 Redemptions prohibited prior to liquidation. To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. Total $ 775.1 $ 959.4

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Loans Receivable, Underlying Real Estate Collateral by Property Types	The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions): March 31, 2024 December 31, 2023 Principal Outstanding Fair Value % of Fair Value Principal Outstanding Fair Value % of Fair Value Office (1) $ 880.3 $ 532.2 48.7 % $ 1,016.2 $ 622.2 52.5 % Apartment (1) 248.8 242.4 22.2 % 247.7 241.4 20.4 % Industrial 134.3 133.9 12.2 % 134.1 133.6 11.3 % Hotel 139.3 138.8 12.7 % 139.3 139.3 11.8 % Retail 44.0 41.8 3.8 % 44.0 42.8 3.6 % Land 4.5 4.5 0.4 % $ 4.4 $ 4.4 0.4 % $ 1,451.2 $ 1,093.6 100.0 % $ 1,585.7 $ 1,183.7 100.0 % (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, 2024 (in millions), listed in order of the strength of the risk rating (from strongest to weakest): March 31, 2024 December 31, 2023 Number of Loans Fair Value % of Fair Value Number of Loans Fair Value % of Fair Value A- — — — % 1 101.5 8.6 % BBB 2 197.4 18.1 % 2 200.3 16.9 % BBB- 1 132.7 12.1 % — — — % BB+ 2 162.3 14.8 % 2 177.0 15.0 % BB — — — % 1 32.1 2.7 % BB- — — — % 2 138.7 11.7 % B+ 3 183.4 16.8 % 1 57.3 4.8 % B 1 33.8 3.1 % 3 153.8 13.0 % B- 2 57.1 5.2 % 1 17.4 1.5 % CCC+ 2 101.7 9.3 % 1 31.1 2.6 % CCC 1 17.5 1.6 % 1 37.9 3.2 % CCC- — — — % 1 18.1 1.5 % C 2 84.0 7.7 % 2 64.9 5.5 % D 7 21.8 2.0 % 8 52.3 4.4 % NR (1) 5 101.9 9.3 % 5 101.3 8.6 % 28 $ 1,093.6 100.0 % 31 $ 1,183.7 100.0 % (1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2024 and December 31, 2023, 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, 2024 (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 + 5 $ 264.8 $ —

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Loans Payable	At March 31, 2024 and December 31, 2023, the Account had outstanding loans payable secured by the following properties (in millions): Property Annual Interest Rate and Payment Frequency Principal Maturity March 31, 2024 December 31, 2023 Spring House Innovation Park (1) 1.36% + SOFR paid monthly $ 57.1 $ 56.8 July 9, 2024 1401 H Street NW 3.65% paid monthly 115.0 115.0 November 5, 2024 The District on La Frontera (2) 3.84% paid monthly 36.0 36.2 December 1, 2024 The District on La Frontera (2) 4.96% paid monthly 4.1 4.1 December 1, 2024 Circa Green Lake 3.71% paid monthly 52.0 52.0 March 5, 2025 Union - South Lake Union 3.66% paid monthly 57.0 57.0 March 5, 2025 Holly Street Village 3.65% paid monthly 81.0 81.0 May 1, 2025 Henley at Kingstowne (2) 3.60% paid monthly 65.9 66.3 May 1, 2025 32 South State Street 4.48% paid monthly 24.0 24.0 June 6, 2025 Project Sonic (1) 2.00% + SOFR paid monthly 94.0 93.9 June 9, 2025 Vista Station Office Portfolio (2) 4.00% paid monthly 17.8 17.9 July 1, 2025 One Biscayne Tower (1) 2.45% + SOFR paid monthly 100.0 100.0 July 9, 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 (1) 1.61% + SOFR paid monthly 81.1 79.9 August 9, 2025 Vista Station Office Portfolio (2) 4.20% paid monthly 40.6 41.0 November 1, 2025 701 Brickell Avenue (2) 3.66% paid monthly 173.9 174.9 April 1, 2026 Marketplace at Mill Creek 3.82% paid monthly 39.6 39.6 September 11, 2027 Overlook At King Of Prussia 3.82% paid monthly 40.8 40.8 September 11, 2027 Winslow Bay 3.82% paid monthly 25.8 25.8 September 11, 2027 1900 K Street, NW (2) 3.93% paid monthly 157.6 158.3 April 1, 2028 Ashford Meadows (3) 5.76% paid monthly 64.6 64.6 October 1, 2028 803 Corday (3) 5.76% paid monthly 62.2 62.2 October 1, 2028 Churchill on the Park (3) 5.76% paid monthly 40.5 40.5 October 1, 2028 Carrington Park (3) 5.76% paid monthly 43.8 43.8 October 1, 2028 99 High Street 3.90% paid monthly 277.0 277.0 March 1, 2030 Total Principal Outstanding $ 1,921.4 $ 1,922.6 Fair Value Adjustment (4) (51.3) (60.1) Total Loans Payable $ 1,870.1 $ 1,862.5 (1) The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table. (2) The mortgage is adjusted monthly for principal payments. (3) These loans are part of a cross-collateralized credit facility. (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, 2024
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, 2024: Current Balance - Line of Credit (in millions) $ 316.0 Maximum Capacity (in millions) $ 1,445.0 Inception Date September 16, 2022 Revolving Commitment Termination September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate (2) Adjusted SOFR + Applicable Margin (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; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The weighted average interest rate for three months ended March 31, 2024 was 6.306%. The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2024: 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 Series C $ 400.0 5.50% May 30, 2027

Senior Notes Payable (Tables)

Senior Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024: Current Balance - Line of Credit (in millions) $ 316.0 Maximum Capacity (in millions) $ 1,445.0 Inception Date September 16, 2022 Revolving Commitment Termination September 16, 2024 Extension Option (1) Yes ABR Revolving Credit Loans Interest Rate ABR + Applicable Margin SOFR Revolving Credit Loans Interest Rate (2) Adjusted SOFR + Applicable Margin (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; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed. (2) The weighted average interest rate for three months ended March 31, 2024 was 6.306%. The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of March 31, 2024: 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 Series C $ 400.0 5.50% May 30, 2027

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Years Ended December 31, 2023 2022 2021 Per Accumulation Unit Data: Rental income $ 7.294 $ 27.323 $ 23.751 $ 22.672 Real estate property level expenses 3.417 12.858 11.042 10.683 Real estate income, net 3.877 14.465 12.709 11.989 Other income 1.704 7.539 6.559 5.474 Total income 5.581 22.004 19.268 17.463 Expense (1) 1.619 6.216 5.121 4.035 Investment income, net 3.962 15.788 14.147 13.428 Net realized and unrealized (loss) gain on investments and debt (16.689) (91.657) 28.011 64.615 Net (decrease) increase in Accumulation Unit Value (12.727) (75.869) 42.158 78.043 Accumulation Unit Value: Beginning of period 481.054 556.923 514.765 436.722 End of period $ 468.327 $ 481.054 $ 556.923 $ 514.765 Total return (2) (2.65) % (13.62) % 8.19 % 17.87 % Ratios to Average net assets (3) : Expense charges (4) 1.05 % 0.93 % 0.89 % 0.84 % Investment income, net 3.28 % 3.00 % 2.45 % 2.82 % Portfolio turnover rate (3) : Real estate properties (5) 0.5 % 1.4 % 5.6 % 7.6 % Marketable securities (6) — % 21.6 % 4.7 % — % Accumulation Units outstanding at end of period (millions) 48.0 48.0 52.1 53.4 Net assets end of period (millions) $ 22,969.6 $ 23,618.9 $ 29,658.1 $ 28,072.0 (1) Expense charges per Accumulation Unit 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, 2024 are not annualized. (3) Percentages for the three months ended March 31, 2024 are annualized. (4) Ratio of expenses to average net assets reflects the year-to-date Account level expense charges, which excludes interest expense on Account-level debt and also excludes property level expenses, which are included in real estate income, net. (5) 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. (6) 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, 2024
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, 2024 For the Year Ended December 31, 2023 Outstanding: Beginning of period 48.0 52.1 Credited for premiums 1.4 4.1 Credited for purchase of liquidity units by TIAA 0.6 1.3 Annuity, other periodic payments, withdrawals and death benefits (2.0) (9.5) End of period 48.0 48.0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Callable Commitments	As of March 31, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Real Estate Funds (1) Veritas Trophy VI, LLC 08/2023 — 10.0 JCR Capital - REA Preferred Equity Parallel Fund 02/2024 (3) 24.8 24.8 Silverpeak NRE FundCo 3 LLC 12/2024 51.5 51.5 Townsend Group Value-Add Fund 12/2026 52.2 57.2 Silverpeak NRE FundCo LLC 12/2028 25.6 26.1 SP V - II, LLC 09/2029 7.5 8.7 Silverpeak NRE FundCo 2 LLC 12/2029 22.7 22.7 $ 184.3 $ 201.0 Loans Receivable (2) Spring House Innovation Park Senior Loan 07/2024 17.5 17.8 Spring House Innovation Park Mezzanine 07/2024 5.8 5.9 MRA Hub 34 Holding, LLC 08/2024 1.5 1.5 Colony New England Hotel Portfolio Senior Loan 11/2024 3.6 3.6 Colony New England Hotel Portfolio Mezzanine 11/2024 1.2 1.2 Exo Apartments Mezzanine 01/2025 5.1 5.1 Project Sonic Senior Loan 06/2025 1.9 2.0 Project Sonic Mezzanine 06/2025 0.6 0.7 One Biscayne Tower Senior Loan 07/2025 28.9 31.8 One Biscayne Tower Mezzanine 07/2025 9.6 10.6 The Reserve at Chino Hills 08/2025 1.9 3.3 735 Watkins Mill 08/2025 4.8 4.8 $ 82.4 $ 88.3 TOTAL COMMITMENTS $ 266.7 $ 289.3 (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. (3) The commitment period has concluded. The remaining commitment represents two prospective deals initiated under the term sheet prior to the expiration date.

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended	7 Months Ended
	Mar. 31, 2024 USD ($) loan shares	Mar. 31, 2024 USD ($) loan shares
Related Party Transactions [Abstract]
Distribution Agreement, termination period	60 days
Liquidity units, units purchased (in shares) | shares	0.5	1.7
Payments for purchase of liquidity units | $	$ 242.7	$ 860.3
Percentage of trigger point on outstanding accumulation units, percent	45%
Outstanding accumulation units, ownership percentage	3.63%	3.63%
Loan receivable, with related parties, number of loans with a joint venture partner | loan	2	2

Related Party Transactions - Sc

Related Party Transactions - Schedule of key terms of the loans (Details) - Related Party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 101.9	$ 101.3
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 | SOFR
Related Party Transaction [Line Items]
Interest Rate, Variable	2.50%
THP Student Housing, LLC
Related Party Transaction [Line Items]
Principal	$ 32.9	32.9
Equity Ownership Interest	97%
Interest Rate	3.20%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 32.9	32.9
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%
MR MCC 3 Sponsor, LLC
Related Party Transaction [Line Items]
Principal	$ 4.4	4.4
Equity Ownership Interest	0%
Interest Rate	6%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 4.4	4.4
THP Student Housing, LLC
Related Party Transaction [Line Items]
Principal	$ 27.7	27.7
Equity Ownership Interest	97%
Interest Rate	6.10%
TOTAL LOANS RECEIVABLE WITH RELATED PARTIES	$ 27.6	$ 27

Concentrations of Risk - Narrat

Concentrations of Risk - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
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, 2024
Industrial, Apartments, Office, Retail, and Other
Concentration Risk [Line Items]
Total	100%
Industrial
Concentration Risk [Line Items]
Total	30.70%
Apartment
Concentration Risk [Line Items]
Total	27.50%
Office
Concentration Risk [Line Items]
Total	23.30%
Retail
Concentration Risk [Line Items]
Total	11.90%
Other
Concentration Risk [Line Items]
Total	6.60%
West | Industrial, Apartments, Office, Retail, and Other
Concentration Risk [Line Items]
Total	37.90%
West | Industrial
Concentration Risk [Line Items]
Total	17.10%
West | Apartment
Concentration Risk [Line Items]
Total	8%
West | Office
Concentration Risk [Line Items]
Total	6.80%
West | Retail
Concentration Risk [Line Items]
Total	3.70%
West | Other
Concentration Risk [Line Items]
Total	2.30%
South | Industrial, Apartments, Office, Retail, and Other
Concentration Risk [Line Items]
Total	32.80%
South | Industrial
Concentration Risk [Line Items]
Total	8.90%
South | Apartment
Concentration Risk [Line Items]
Total	11.10%
South | Office
Concentration Risk [Line Items]
Total	6%
South | Retail
Concentration Risk [Line Items]
Total	4.50%
South | Other
Concentration Risk [Line Items]
Total	2.30%
East | Industrial, Apartments, Office, Retail, and Other
Concentration Risk [Line Items]
Total	25.20%
East | Industrial
Concentration Risk [Line Items]
Total	2.80%
East | Apartment
Concentration Risk [Line Items]
Total	7.40%
East | Office
Concentration Risk [Line Items]
Total	10.30%
East | Retail
Concentration Risk [Line Items]
Total	3%
East | Other
Concentration Risk [Line Items]
Total	1.70%
Midwest | Industrial, Apartments, Office, Retail, and Other
Concentration Risk [Line Items]
Total	4%
Midwest | Industrial
Concentration Risk [Line Items]
Total	1.90%
Midwest | Apartment
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	0.20%
Foreign | Industrial, Apartments, Office, Retail, and Other
Concentration Risk [Line Items]
Total	0.10%
Foreign | Industrial
Concentration Risk [Line Items]
Total	0%
Foreign | Apartment
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%

Leases - Schedule of aggregate

Leases - Schedule of aggregate minimum annual rental payments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Period
2024	$ 520.2
2025	645.3	$ 693.3
2026	564.2	631.7
2027	473	542.1
2028	378.6	447.6
Thereafter	1,189.5
Total	3,770.8	3,794.7
Prior Year
2024	645.3	693.3
2025	564.2	631.7
2026	473	542.1
2027	378.6	447.6
2028		350.3
Thereafter		1,129.7
Total	$ 3,770.8	$ 3,794.7

Leases - Schedule of right-of-u

Leases - Schedule of right-of-use assets and lease liabilities related to ground leases (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Key Terms:
Weighted-average remaining lease term (years)	63 years 3 months 18 days	63 years 8 months 12 days
Weighted-average discount rate	8.65%	8.19%
Land
Assets:
Right-of-use assets, at fair value	$ 37.8	$ 39.4
Liabilities:
Ground lease liabilities, at fair value	$ 37.8	$ 39.4

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Land
Lessee, Lease, Description [Line Items]
Operating lease cost, related to ground leases	$ 0.6	$ 0.6

Leases - Schedule of future min

Leases - Schedule of future minimum annual payments for ground leases (Details) - Land - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Period
2024	$ 2.6
2025	2.6	$ 2.5
2026	2.7	2.5
2027	2.7	2.6
2028	2.7	2.6
Thereafter	458.2
Total	471.5	447
Prior Year
2024	2.6	2.5
2025	2.7	2.5
2026	2.7	2.6
2027	2.7	2.6
2028		2.6
Thereafter		434.2
Total	$ 471.5	$ 447

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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	$ 17,362.6	$ 18,020.3
Real estate operating business	743.3	685.9
Marketable securities:
Marketable securities excluding Real estate-related	178.1	147.4
Loans payable	(1,870.1)	(1,862.5)
Line of credit	(316)	(463)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties	17,362.6	18,020.3
Real estate joint ventures	5,748.8	5,881.2
Real estate operating business	743.3	685.9
Marketable securities:
Loans receivable	1,093.6	1,183.7
Loans payable	(1,870.1)	(1,862.5)
Line of credit	(316)	(463)
Fair Value, Measurements, Recurring | Term Loan
Marketable securities:
Other unsecured debt	(871.8)	(881.6)
Fair Value, Measurements, Recurring | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	52.8	38
Fair Value, Measurements, Recurring | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	125.3	109.4
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 operating business	0	0
Marketable securities:
Loans receivable	0	0
Loans payable	0	0
Line of credit	0	0
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets for Identical Assets | Term Loan
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 | U.S. treasury securities
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 operating business	0	0
Marketable securities:
Loans receivable	0	0
Loans payable	0	0
Line of credit	0	0
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | Term Loan
Marketable securities:
Other unsecured debt	(871.8)	(881.6)
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	52.8	38
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | U.S. treasury securities
Marketable securities:
Marketable securities excluding Real estate-related	125.3	109.4
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	17,362.6	18,020.3
Real estate joint ventures	5,748.8	5,881.2
Real estate operating business	743.3	685.9
Marketable securities:
Loans receivable	1,093.6	1,183.7
Loans payable	(1,870.1)	(1,862.5)
Line of credit	(316)	(463)
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | Term Loan
Marketable securities:
Other unsecured debt	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | U.S. government agency notes
Marketable securities:
Marketable securities excluding Real estate-related	0	0
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | U.S. treasury securities
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, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized (losses) gains included in changes in net assets	$ (775.4)	$ (927.4)
Loans Payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(1,862.5)	(2,069.7)
Total realized and unrealized (losses) gains included in changes in net assets	(8.8)	(6.8)
Purchases	(1.5)	(98.9)
Sales	0
Settlements	2.7	45.5
Ending balance	(1,870.1)	(2,129.9)
Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(463)
Total realized and unrealized (losses) gains included in changes in net assets	0
Purchases	(31)
Sales	0
Settlements	178
Ending balance	(316)
Other Unsecured Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		(500)
Total realized and unrealized (losses) gains included in changes in net assets		0
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	18,020.3	20,444
Total realized and unrealized (losses) gains included in changes in net assets	(581.4)	(487.4)
Purchases	115.3	101.3
Sales	(191.6)
Settlements	0	0
Ending balance	17,362.6	20,057.9
Real Estate Joint Ventures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,881.2	7,103.6
Total realized and unrealized (losses) gains included in changes in net assets	(194.5)	(377.3)
Purchases	72.1	36.2
Sales	0
Settlements	(10)	(0.4)
Ending balance	5,748.8	6,762.1
Real Estate Operating Business
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	685.9	641.9
Total realized and unrealized (losses) gains included in changes in net assets	56	(5.9)
Purchases	1.4	0
Sales	0
Settlements	0	0
Ending balance	743.3	636
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,183.7	1,488.6
Total realized and unrealized (losses) gains included in changes in net assets	(94.6)	(43)
Purchases	5.9	12.5
Sales	0
Settlements	(1.4)	(7.9)
Ending balance	1,093.6	1,450.2
Total Level 3 Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	25,771.1	29,678.1
Total realized and unrealized (losses) gains included in changes in net assets	(814.5)	(913.6)
Purchases	194.7	150
Sales	(191.6)
Settlements	(11.4)	(8.3)
Ending balance	$ 24,948.3	$ 28,906.2

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	Mar. 31, 2024	Dec. 31, 2023
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	0.065	0.065
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	0.108	0.103
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	0.082	0.079
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	0.068	0.065
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	0.085	0.083
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	0.074	0.073
Discount Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.068	0.063
Discount Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.075	0.075
Discount Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.069	0.068
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	0.068	0.068
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	0.120	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	0.080	0.080
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
Discount Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business		0.100
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	0.100	0.100
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	0.055	0.055
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	0.048	0.048
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	0.093	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	0.103	0.113
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	0.067	0.066
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	0.064	0.063
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	0.053	0.050
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	0.039	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	0.070
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	0.063	0.063
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	0.057	0.056
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	0.051	0.050
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.048	0.048
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.043	0.043
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.060	0.060
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.058	0.058
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.055	0.054
Capitalization Rate | Real Estate Properties and Joint Ventures | Residential | 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	0.050	0.049
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	0.053	0.053
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	0.053	0.053
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	0.090
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	0.085
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	0.065	0.065
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	0.060	0.059
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	0.083
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	0.078
Capitalization Rate | Real Estate Properties and Joint Ventures | Hotel | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Real Estate Properties and Joint Ventures and Real Estate Operating Business		0.083
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		0.078
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	0.082	0.081
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	31.3	30
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	0.341	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	0.341	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	1	1.030
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	1	1.030
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	0.568	0.583
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	0.568	0.583
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	0.299	0.299
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	0.299	0.299
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	0.405	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	0.405	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	0.341	0.334
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	0.341	0.334
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	0.391	0.300
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	0.391	0.300
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	0.725	0.745
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	0.725	0.745
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	0.555	0.449
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	0.555	0.449
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	0.493	0.487
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	0.493	0.487
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	0.806	0.838
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	0.806	0.838
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	0.585	0.588
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	0.585	0.588
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	0.480	0.480
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	1.201	1.361
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	0.786	0.838
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	0.344	0.344
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	0.663	0.660
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	0.502	0.500
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	0.391	0.391
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	0.724	0.708
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	0.635	0.550
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	0.579	0.549
Loan to Value Ratio | Loans Receivable, including those with related parties | Retail & Hospitality | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Receivable, including those with related parties	0.772	0.733
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	0.665	0.642
Equivalency Rate | Loans Payable | Office | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.039	0.063
Equivalency Rate | Loans Payable | Office | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.076	0.109
Equivalency Rate | Loans Payable | Office | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.059	0.090
Equivalency Rate | Loans Payable | Industrial | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.060	0.067
Equivalency Rate | Loans Payable | Industrial | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.062	0.069
Equivalency Rate | Loans Payable | Industrial | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.061	0.068
Equivalency Rate | Loans Payable | Residential | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.055	0.062
Equivalency Rate | Loans Payable | Residential | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.082	0.082
Equivalency Rate | Loans Payable | Residential | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.068	0.071
Equivalency Rate | Loans Payable | Retail | Minimum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.063	0.060
Equivalency Rate | Loans Payable | Retail | Maximum | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.080	0.071
Equivalency Rate | Loans Payable | Retail | Weighted Average | Discounted Cash Flow
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	0.068	0.065
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	0.078	0.065
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	0.154	0.527
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	0.095	0.134
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	0.025	0.025
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	0.085	0.085
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	0.054	0.054
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	0.032	0.032
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	0.095	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	0.078	0.075
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	0.075	0.073
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	0.160	0.136
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	0.105	0.095
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	1.1
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	1.5	2.1
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	1.1
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	1.1
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	1.1
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.1	1.1
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4	1.3
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Residential | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.3	1.2
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Minimum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.2	1.1
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Maximum | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.8	1.9
Weighted Average Cost of Capital Risk Premium Multiple | Loans Payable | Retail | Weighted Average | Net Present Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans Payable	1.4	1.4

Assets and Liabilities Measur_6

Assets and Liabilities Measured at Fair Value on a Recurring Basis - Schedule of net unrealized gains included in changes in net assets attributable to investments and mortgage loans payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ (775.4)	$ (927.4)
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	(8.8)	(6.8)
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	(613.2)	(487.3)
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	(214.8)	(391.1)
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	56	(6)
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total realized and unrealized gains included in changes in net assets	$ (3.4)	$ (43)

Investments in Joint Ventures -

Investments in Joint Ventures - Narrative (Details)	Mar. 31, 2024
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, 2024	Mar. 31, 2023
Operating Revenue and Expenses
Revenues	$ 290.5	$ 305.6
Expenses	179.6	184.3
Excess of revenues over expenses	$ 110.9	$ 121.3

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, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying Amount	$ 26,363	$ 27,180.5
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Amount	775.1
Maximum Exposure to Loss	$ 959.4
Variable Interest Entity, Not Primary Beneficiary | LCS SHIP Venture I, LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 125.4
Maximum Exposure to Loss	$ 125.4
Variable Interest Entity, Not Primary Beneficiary | Veritas Trophy VI, LLC
Variable Interest Entity [Line Items]
Account Interest	90.40%
Carrying Amount	$ 57.5
Maximum Exposure to Loss	$ 57.5
Variable Interest Entity, Not Primary Beneficiary | SP V - II, LLC
Variable Interest Entity [Line Items]
Account Interest	61.80%
Carrying Amount	$ 77.7
Maximum Exposure to Loss	$ 85.2
Variable Interest Entity, Not Primary Beneficiary | Taconic New York City GP Fund, LP
Variable Interest Entity [Line Items]
Account Interest	60%
Carrying Amount	$ 13.7
Maximum Exposure to Loss	$ 13.7
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 45.1
Maximum Exposure to Loss	$ 70.7
Variable Interest Entity, Not Primary Beneficiary | IDR - Core Property Index Fund, LLC
Variable Interest Entity [Line Items]
Account Interest	1.30%
Carrying Amount	$ 36.5
Maximum Exposure to Loss	$ 36.5
Variable Interest Entity, Not Primary Beneficiary | Townsend Group Value-Add Fund
Variable Interest Entity [Line Items]
Account Interest	99%
Carrying Amount	$ 199.9
Maximum Exposure to Loss	$ 252.1
Variable Interest Entity, Not Primary Beneficiary | Townsend Group Value-Add Fund
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 16.1
Maximum Exposure to Loss	$ 16.1
Variable Interest Entity, Not Primary Beneficiary | Grubb Southeast Real Estate Fund VI, LLC
Variable Interest Entity [Line Items]
Account Interest	66.70%
Carrying Amount	$ 16.4
Maximum Exposure to Loss	$ 16.4
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 2 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 59.2
Maximum Exposure to Loss	$ 81.9
Variable Interest Entity, Not Primary Beneficiary | JCR Capital - REA Preferred Equity Parallel Fund
Variable Interest Entity [Line Items]
Account Interest	31.10%
Carrying Amount	$ 81.1
Maximum Exposure to Loss	$ 105.9
Variable Interest Entity, Not Primary Beneficiary | Silverpeak NRE FundCo 3 LLC
Variable Interest Entity [Line Items]
Account Interest	90%
Carrying Amount	$ 46.5
Maximum Exposure to Loss	$ 98

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, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 1,451.2	$ 1,585.7
Fair Value	$ 1,093.6	$ 1,183.7
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	$ 880.3	$ 1,016.2
Fair Value	$ 532.2	$ 622.2
Office | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	48.70%	52.50%
Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 248.8	$ 247.7
Fair Value	$ 242.4	$ 241.4
Apartment | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	22.20%	20.40%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 134.3	$ 134.1
Fair Value	$ 133.9	$ 133.6
Industrial | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	12.20%	11.30%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 139.3	$ 139.3
Fair Value	$ 138.8	$ 139.3
Hotel | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	12.70%	11.80%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 44	$ 44
Fair Value	$ 41.8	$ 42.8
Retail | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	3.80%	3.60%
Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal Outstanding	$ 4.5	$ 4.4
Fair Value	$ 4.5	$ 4.4
Land | Credit Concentration Risk | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Fair Value	0.40%	0.40%

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
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, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	28	31
Fair Value | $	$ 1,093.6	$ 1,183.7
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	0	1
Fair Value | $	$ 0	$ 101.5
A- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	8.60%
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Fair Value | $	$ 197.4	$ 200.3
BBB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	18.10%	16.90%
BBB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	0
Fair Value | $	$ 132.7	$ 0
BBB- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	12.10%	0%
BB+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Fair Value | $	$ 162.3	$ 177
BB+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	14.80%	15%
BB
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	1
Fair Value | $	$ 0	$ 32.1
BB | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	2.70%
BB-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	2
Fair Value | $	$ 0	$ 138.7
BB- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	11.70%
B+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3	1
Fair Value | $	$ 183.4	$ 57.3
B+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	16.80%	4.80%
B
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	3
Fair Value | $	$ 33.8	$ 153.8
B | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	3.10%	13%
B-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	1
Fair Value | $	$ 57.1	$ 17.4
B- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	5.20%	1.50%
CCC+
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	1
Fair Value | $	$ 101.7	$ 31.1
CCC+ | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	9.30%	2.60%
CCC
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	1
Fair Value | $	$ 17.5	$ 37.9
CCC | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	1.60%	3.20%
CCC-
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	1
Fair Value | $	$ 0	$ 18.1
CCC- | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	0%	1.50%
C
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Fair Value | $	$ 84	$ 64.9
C | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	7.70%	5.50%
D
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	7	8
Fair Value | $	$ 21.8	$ 52.3
D | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	2%	4.40%
NR
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	5	5
Fair Value | $	$ 101.9	$ 101.3
NR | Loans Receivable | Credit Concentration Risk
Financing Receivable, Credit Quality Indicator [Line Items]
% of Fair Value	9.30%	8.60%

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of loans receivable in nonaccrual status (Details) $ in Millions	Mar. 31, 2024 USD ($) loan
Receivables [Abstract]
Number of Loans | loan	5
Principal Outstanding	$ 264.8
Fair Value	$ 0

Loans Payable - Schedule of out

Loans Payable - Schedule of outstanding loans payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Total Principal Outstanding	$ 1,921.4	$ 1,922.6
Fair Value Adjustment	(51.3)	(60.1)
Total Loans Payable	$ 1,870.1	1,862.5
Spring House Innovation Park
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	1.36% + SOFR paid monthly
Principal Amounts Outstanding	$ 57.1	56.8
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	36.2
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	$ 4.1	4.1
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	$ 65.9	66.3
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	$ 94	93.9
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	$ 17.8	17.9
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	$ 40.6	41
Maturity	Nov. 01, 2025
One Biscayne Tower
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate and Payment Frequency	2.45% + SOFR paid monthly
Principal Amounts Outstanding	$ 100	100
Maturity	Jul. 09, 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	1.61% + SOFR paid monthly
Principal Amounts Outstanding	$ 81.1	79.9
Maturity	Aug. 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	$ 173.9	174.9
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	$ 157.6	158.3
Maturity	Apr. 01, 2028
Ashford Meadows
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	5.76%
Annual Interest Rate and Payment Frequency	5.76% paid monthly
Principal Amounts Outstanding	$ 64.6	64.6
Maturity	Oct. 01, 2028
803 Corday
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	5.76%
Annual Interest Rate and Payment Frequency	5.76% paid monthly
Principal Amounts Outstanding	$ 62.2	62.2
Maturity	Oct. 01, 2028
Churchill on the Park
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	5.76%
Annual Interest Rate and Payment Frequency	5.76% paid monthly
Principal Amounts Outstanding	$ 40.5	40.5
Maturity	Oct. 01, 2028
Carrington Park
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Interest Rate	5.76%
Annual Interest Rate and Payment Frequency	5.76% paid monthly
Principal Amounts Outstanding	$ 43.8	43.8
Maturity	Oct. 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 | 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	1.36%
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%
SOFR | One Biscayne Tower
Loans Payable - Schedule of outstanding mortgage loans payable secured by properties [Line Items]
Annual Interest Rate, basis spread on variable rate	2.45%
SOFR | 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	1.61%

Credit Facility - Narrative (De

Credit Facility - Narrative (Details) - Credit Agreement - USD ($)		3 Months Ended
	Aug. 11, 2023	Mar. 31, 2024	Sep. 16, 2022
Term Loan
Debt Instrument [Line Items]
Face amount of debt issued			$ 500,000,000
Converted debt	$ 500,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Converted debt	500,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,400,000,000		$ 500,000,000
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Facility Fee		0.125%
Revolving Credit Facility | Line of Credit | Minimum | SOFR
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 | SOFR
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%

Credit Facility - Summary of ke

Credit Facility - Summary of key characteristics (Details) - Credit Agreement	3 Months Ended
	Mar. 31, 2024 USD ($) extensionOption	Aug. 11, 2023 USD ($)	Sep. 16, 2022 USD ($)
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	6.306%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Current Balance - Line of Credit (in millions)	$ 316,000,000
Maximum borrowing capacity		$ 1,400,000,000	$ 500,000,000

Senior Notes Payable - Narrativ

Senior Notes Payable - Narrative (Details) - Senior Notes - USD ($)	1 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	May 30, 2023
Senior Notes, Series A and Series B
Debt Instrument [Line Items]
Principal (in millions)	$ 500,000,000
Prepayment period, number of days prior to applicable maturity date	90 days
Series A
Debt Instrument [Line Items]
Principal (in millions)		$ 300,000,000
Interest rate	3.24%	3.24%
Series B
Debt Instrument [Line Items]
Principal (in millions)		$ 200,000,000
Interest rate	3.35%	3.35%
Series C
Debt Instrument [Line Items]
Principal (in millions)		$ 400,000,000	$ 400,000,000
Interest rate		5.50%	5.50%

Senior Notes Payable - Summary

Senior Notes Payable - Summary of key characteristics (Details) - Senior Notes - USD ($)	Mar. 31, 2024	May 30, 2023	Jun. 30, 2022
Series A
Debt Instrument [Line Items]
Principal (in millions)	$ 300,000,000
Interest Rate	3.24%		3.24%
Series B
Debt Instrument [Line Items]
Principal (in millions)	$ 200,000,000
Interest Rate	3.35%		3.35%
Series C
Debt Instrument [Line Items]
Principal (in millions)	$ 400,000,000	$ 400,000,000
Interest Rate	5.50%	5.50%

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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Per Accumulation Unit Data:
Rental income (in dollars per share)	$ 7.294	$ 27.323	$ 23.751	$ 22.672
Real estate property level expenses (in dollars per share)	3.417	12.858	11.042	10.683
Real estate income, net (in dollars per share)	3.877	14.465	12.709	11.989
Other income (in dollars per share)	1.704	7.539	6.559	5.474
Total income (in dollars per share)	5.581	22.004	19.268	17.463
Expense (in dollars per share)	1.619	6.216	5.121	4.035
Investment income, net (in dollars per share)	3.962	15.788	14.147	13.428
Net realized and unrealized (loss) gain on investments and debt (in dollars per share)	(16.689)	(91.657)	28.011	64.615
Net increase (decrease) in Accumulation Unit Value (in dollars per share)	(12.727)	(75.869)	42.158	78.043
Accumulation Unit Value:
Beginning of period (in dollars per share)	481.054	556.923	514.765	436.722
End of period (in dollars per share)	$ 468.327	$ 481.054	$ 556.923	$ 514.765
Total return	(2.65%)	(13.62%)	8.19%	17.87%
Ratios to Average net assets:
Expense charges	1.05%	0.93%	0.89%	0.84%
Investment income, net	3.28%	3%	2.45%	2.82%
Portfolio turnover rate:
Real estate properties	0.50%	1.40%	5.60%	7.60%
Marketable securities	0%	21.60%	4.70%	0%
Accumulation Units outstanding at end of period (millions) (in shares)	48	48	52.1	53.4
Net assets end of period (millions)	$ 22,969.6	$ 23,618.9	$ 29,658.1	$ 28,072	$ 28,050.3

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, 2024	Dec. 31, 2023
Outstanding:
Beginning of period (in shares)	48	52.1
Credited for premiums (in shares)	1.4	4.1
Credited for purchase of liquidity units by TIAA (in shares)	0.6	1.3
Annuity, other periodic payments, withdrawals and death benefits (in shares)	(2)	(9.5)
End of period (in shares)	48	48

Commitments and Contingencies -

Commitments and Contingencies - Schedule of limited partners' callable commitments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 266.7	$ 289.3
Real Estate Funds
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	184.3	201
Real Estate Funds | Veritas Trophy VI, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0	10
Real Estate Funds | JCR Capital - REA Preferred Equity Parallel Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	24.8	24.8
Real Estate Funds | Silverpeak NRE FundCo 3 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	51.5	51.5
Real Estate Funds | Townsend Group Value-Add Fund
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	52.2	57.2
Real Estate Funds | Silverpeak NRE FundCo LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	25.6	26.1
Real Estate Funds | SP V - II, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	7.5	8.7
Real Estate Funds | Silverpeak NRE FundCo 2 LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	22.7	22.7
Loans Receivable
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	82.4	88.3
Loans Receivable | Spring House Innovation Park Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	17.5	17.8
Loans Receivable | Spring House Innovation Park Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	5.8	5.9
Loans Receivable | MRA Hub 34 Holding, LLC
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.5	1.5
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	5.1	5.1
Loans Receivable | Project Sonic Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.9	2
Loans Receivable | Project Sonic Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	0.6	0.7
Loans Receivable | One Biscayne Tower Senior Loan
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	28.9	31.8
Loans Receivable | One Biscayne Tower Mezzanine
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	9.6	10.6
Loans Receivable | The Reserve at Chino Hills
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	1.9	3.3
Loans Receivable | 735 Watkins Mill
Limited Partners' Capital Account [Line Items]
TOTAL COMMITMENTS	$ 4.8	$ 4.8

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	7 Months Ended
	May 03, 2024	Mar. 31, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Liquidity units, units purchased (in shares)		0.5	1.7
Payments for purchase of liquidity units		$ 242.7	$ 860.3
Subsequent Event
Subsequent Event [Line Items]
Liquidity units, units purchased (in shares)	0.1
Payments for purchase of liquidity units	$ 51