TIAA Real Estate Account (TIAA) filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission on November 10, 2026. The filing includes a Quarterly Performance Analysis for the period ended September 30, 2026, which compares the Account's performance to the NCREIF Fund Index – Open End Diversified Core Equity (NFI-ODCE).
The Account, established in February 1995 as a separate account of Teachers Insurance and Annuity Association of America, offers investors exposure to a portfolio of income-producing real estate. The filing details two specific return metrics: Total Return and Adjusted Total Return. Total Return represents the actual changes in unit values reported to participants. Adjusted Total Return is a non-GAAP measure designed to facilitate a more equitable comparison with the NFI-ODCE index by removing the impact of cash and short-term securities (Liquid Assets) and expenses associated with the Account's liquidity guarantee.
For the quarter ended September 30, 2026, the Account reported a Total Return of 3.96%. The Adjusted Total Return for the same period was 4.27%. In comparison, the NFI-ODCE Value Weighted Total Return was 1.51%, while the Equal Weighted Total Return was 1.57%.
The filing also provides a breakdown of the Account's assets. As of September 30, 2026, the Account's total gross assets were approximately $15.58 billion. The primary contributors to the return were Real Estate Operating Business at 47.98% and Real Estate Properties, net at 1.49%. The Account's loan-to-value (LTV) ratio was 17.8% as of the end of the quarter.
Management estimates the Account's annual expenses for the period May 1, 2026, through April 30, 2027, to be 0.855% of net assets. As of September 30, 2026, Liquid Assets comprised less than 8% of the Account's total net assets, which is below the Account's historical target range of 15% to 25%.
