NAV $434.164; -1.42% vs 12/31/19 So, asset outflow was -12.97% vs 12/31/19
Line of Credit [LOC] $500 million; outstanding loan $91 million Mentioned elsewhere that sale of real estate securities was used to pay off $200 million LOC during Q3.
Total Return -1.42% for 9 months [-1.89% annualized]
ER 0.77% [annualized]
Net Income 2.89% [annualized]
Real Estate Securities 2.5% of Gross Assets; 2.81% of Net Assets; see Recent Transactions and Subsequent Events
Other Marketable Securities 2.7% of Gross Assets; 3.03% of Net Assets This compared to 13.9% and 15.62%, respectively, at 12/31/19. Basically, agencies, corporates, munis were sold entirely, but some short-term Treasuries remain.
Loans Receivable 5.7% of Gross Assets; 6.40% of Net Assets
Recent Transactions [during Q3]. Sold $200 million in real estate securities to pay off $200 million LOC.
Subsequent Events [between report date 9/30/20 and filing date 11/10/20], pg 30. Sale of 1 property and $500 million in real estate securities [out of $662.2 million at 9/30/20]. So, basically sold most of real estate securities.
Last Edit: Aug 7, 2021 20:29:33 GMT -6 by Admin/YBB
Gross Assets $28.928 billion Liabilities $2.648 billion Net Assets $26.280 billion, +13.06% YTD (used for NAV)
NAV $485.832, +11.25% YTD
Inflows +1.64% YTD
Line of Credit (LOC) $500 million, unused at commitment fee of 0.20% annual
Total Return +11.25% for 9 months; +14.99% annualized ER 0.85% annualized Investment Income 2.89% annualized
Corporate Bonds 1.8% of Gross Assets; 2.0% of Net Assets (this is ON/OFF/ON) US Treasuries & Agencies 4.9% of Gross Assets; 5.3% of Net Assets
Real Estate Funds (private/not listed) 2.5% of Gross Assets; 2.8% of Net Assets Real Estate Operating Businesses 1.1% of Gross Assets; 1.2% of Net Assets Loans Receivable 5.2% of Gross Assets; 5.7% of Net Assets No listed REITs or real estate funds
Recent Transactions on pg 56-57 (for Q3) Subsequent Events on pg 31 (from 9/30/21-11/5/21)
Following are % of Gross Assets RE Properties 67.3% RE Joint-Ventures 25.6% RE Funds (private) 2.9% RE Operating Businesses 1.2% US Agencies/ Treasuries 5.9% Corporate Bonds 2.0% (new!) Loans Receivable 5.1%
No listed RE equities/ REITs.
Line of Credit (LOC) $500 million, fully utilized! Loan to Value (LTV) 17.6% (mortgage + LOC + Loans Receivable)
T-REA has been very busy with activities. Weak Areas - Office, retail, hotel (Hilton in TX) Strong Areas - Apartments, industrial, warehouses/ storage, alternatives (medical offices, data centers). Alternatives are growing rapidly.
NOTE1, 3/14/22. In connection with the S-1 filing for additional shares of T-REA ($3.2 billion NEW; only $1.3 billion REMAIN to be issued and are being carried over), a NEW prospectus has been filed. Clearly, TIAA is expecting brisk sales for T-REA although the AUM growth from inflows has been anemic. Normally, TIAA & CREF issue new prospectuses on May 1, so this is an early filing. I haven't gone through it to see if there are any changes - I wish that the SEC required a summary section mentioning anything new. www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828022005978/tiaareal-20220312.htm
Last Edit: Mar 14, 2022 15:30:39 GMT -6 by Admin/YBB