TIAA REAL ESTATE ACCOUNT Filed Non-offering registration
First filed Mar 12, 2026 · CIK 946155
Effective prospectus: S-1/A Apr 27, 2026 (0000946155-26-000052) · terms available
“A tax-deferred variable annuity option offered by Teachers Insurance and Annuity Association of America (“TIAA”)”
What the company does
The TIAA Real Estate Account is a separate account established in 1995 by Teachers Insurance and Annuity Association of America (TIAA) that invests primarily in real estate and real estate-related investments, with the remainder held in liquid, fixed-income instruments. It is offered as a tax-deferred variable annuity investment option through individual and group annuity contracts issued by TIAA to participants in retirement and tax-deferred savings plans of non-profit and governmental institutions. TIAA manages the Account’s assets on an at-cost basis for investment management, administration, and distribution services, and provides a liquidity guarantee backed by its general account.
Underwriters
Underwriters are not applicable to this non-offering registration.
Extracted from S-1/A 0000946155-26-000052, filed Apr 27, 2026 and verified against that filing text.
Key risk factors
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Investment performance and loss risk
“The value of your investment in the Real Estate Account will go up or down depending on how the Account performs and you could lose money.”
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No guarantee by TIAA
“TIAA does not guarantee the investment performance of the Account, and you will bear the entire investment risk.”
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Real estate market sensitivity
“The Account’s returns could go down if, for example, real estate values or rental and occupancy rates, or the value of real estate–related securities, decrease due to general economic conditions and/or a weak market for real estate generally.”
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Foreign real property risks
“The value of foreign investments or rental income can increase or decrease due to changes or fluctuations in foreign currency exchange rates, imposition of currency exchange control or market control regulations, possible expropriation or confiscatory taxation, political, social, diplomatic and economic developments and foreign regulations.”
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ESG criteria risk
“The Account’s utilization of ESG criteria in its commercial real estate underwriting may, if economic risk or financial opportunity projections do not materialize in the way we have anticipated, result in the Account forgoing some commercial real estate market opportunities that could have ultimately been beneficial to the Account.”
Financials before the first trade
| Fiscal Year | Revenue | Growth YoY | Gross Profit | Gross Margin | Operating Income | Net Income | Operating CF | Cash | Total Assets |
|---|---|---|---|---|---|---|---|---|---|
|
FY 2025
ended 2025-12-31
|
$1.25B | -8.0% | — | — | — | $882.7M | $97.8M | $74.9M | $25.81B |
|
FY 2024
ended 2024-12-31
|
$1.36B | -0.6% | — | — | — | -$973.7M | $937.8M | $144.7M | $25.25B |
|
FY 2023
ended 2023-12-31
|
$1.37B | +9.4% | — | — | — | -$3.81B | $2.11B | $58.8M | $27.18B |
|
FY 2022
ended 2022-12-31
|
$1.25B | +4.8% | — | — | — | $2.34B | $534.9M | $72.4M | $33.03B |
|
FY 2021
ended 2021-12-31
|
$1.19B | +0.2% | — | — | — | $4.21B | -$1.12B | $21.2M | $31.28B |
|
FY 2020
ended 2020-12-31
|
$1.19B | +8.1% | — | — | — | -$228M | $4.28B | $37.8M | $25.94B |
|
FY 2019
ended 2019-12-31
|
$1.1B | +1.9% | — | — | — | $1.43B | -$235.9M | $15.1M | $30.21B |
|
FY 2018
ended 2018-12-31
|
$1.08B | +2.2% | — | — | — | $1.18B | -$285.7M | $3.8M | $28.82B |
|
FY 2017
ended 2017-12-31
|
$1.06B | +5.0% | — | — | — | $1.06B | $476.3M | $11.7M | $27.45B |
|
FY 2016
ended 2016-12-31
|
$1.01B | — | — | — | — | $1.18B | -$1.3B | $3M | $26.99B |
From the company's own XBRL-tagged financial statements (SEC companyfacts), full fiscal years only. Growth and margins are computed from the stated figures.
Filing history
| Filed | Form | Accession | |
|---|---|---|---|
| 2026-04-27 | S-1/A | 0000946155-26-000052 | View on EDGAR |
| 2026-03-12 | S-1 | 0000946155-26-000021 | View on EDGAR |