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Post by Admin/YBB on Jul 16, 2021 6:32:47 GMT -6
Real Estate Account VA, 10-Q for 9/30/20 www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828020016161/tiaareal-20200930.htmGross Assets $26.323 billion Liabilities $2.894 billion Net Assets $23.428 billion; -14.21% vs 12/31/19 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.
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Post by Admin/YBB on Jul 16, 2021 6:43:38 GMT -6
TIAA Real Estate Account VA, Annual 10-K, 12/31/20 www.sec.gov/ix?doc=/Archives/edgar/data/946155/000162828021004496/tiaareal-20201231.htmGross Assets $25.938 billion Liabilities $2.694 billion Net Assets $23.244 billion [-14.88%, mostly due to outflows] NAV $436.722 [-0.84%] TR -0.84% Investment Income 2.85% ER 0.81% Properties Acquired in 2020, pg 53 Properties Sold in 2020, pg 54 Properties Acquired or Sold in Q4, pg 63-64 Subsequent Transactions [from 12/31/20 to report date 3/11/21] - None reported Lines of Credit [LOC] $0 outstanding of $500 million; expenses $2.3 million REITs 0% [all sold] Corporate Bonds 0% [all sold] Loans Receivable 5.8% of Gross Assets, 6.47% of Net Assets [up a bit] Real Estate Funds 1.5% of Gross Assets, 1.67% of Net Assets Real Estate Operating Businesses [REOB] 1.0% of Gross Assets, 1.12% of Net Assets [new] US Treasuries/Agencies 2.9% of Gross Assets, 3.24% of Net Assets [significantly reduced]
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Post by Admin/YBB on Jul 16, 2021 6:46:55 GMT -6
TIAA Real Estate Account VA, 10-Q for 3/31/21 www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828021010102/tiaareal-20210331.htmAs of 3/31/21: Gross Assets $26.455 billion Liabilities $2.683 billion Net Assets $23.722 billion, +2.27% vs 12/31/20 NAV 446.469, +2.23% vs 12/31/20 Net Inflows negligible at +0.04% vs 12/31/20 (surprising with many posters reporting going back) TR +2.23% for 3 mo, +8.92% annualized Income 2.23% annualized ER 0.94% annualized (seems high in view of the official ER; also officially increased 5/1/21) Line of Credit (LOC) 2 now, $500 million each, both unused (used to be one) Commitments for capital calls $677.6 million, 2.86% of Net Assets Real Estate Operating Businesses (REOB) 1.0% of Gross Assets (1.11% of Net Assets) Treasuries & Government Agencies 3.2% of Gross Assets (3.56% of Net Assets) REITs 0% Bonds 0% Loans Receivable 5.6% of Gross Assets (6.23% of Net Assets) Recent Transactions negligible on pg 54 Subsequent Transactions (3/31/21 to report date 5/13/21) none mentioned
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Post by Admin/YBB on Aug 7, 2021 20:17:09 GMT -6
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Post by Admin/YBB on Nov 6, 2021 20:45:25 GMT -6
TIAA Real Estate Account VA, 10-Q for 9/30/21 www.sec.gov/ix?doc=/Archives/edgar/data/946155/000162828021021948/tiaareal-20210930.htmGross 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) Edit/Add: T-REA analysis of 2021/Q3. www.sec.gov/Archives/edgar/data/0000946155/000162828021022189/a991-0193021.htm
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Post by devotion2 on Feb 19, 2022 18:20:38 GMT -6
When will the 2021 annual report be released?
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Post by Admin/YBB on Mar 10, 2022 14:29:58 GMT -6
TIAA Real Estate Account VA, 10-K for 12/31/21 www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828022005665/tiaareal-20211231.htmGross Assets $31.276 billion Liabilities $3.204 billion Net Assets $28.072 billion, +20.77% NAV $514.765, +17.87% Inflows +2.46% TR +17.87% Income 2.82% ER +0.84% 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) Property transactions (2021), pg 53-54 Recent transactions (Q4), pg 63-64 Subsequent events (12/31/22 - 3/10/22), pg 101-102 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
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Post by Admin/YBB on May 7, 2022 19:21:13 GMT -6
TIAA Real Estate Account VA, 10-Q for 3/31/22 www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828022012888/tiaareal-20220331.htmAs of 3/31/22 (Some presentation formats have been changed) Gross Assets $32.950 billion Liabilities $3.179 billion Net Assets $29.771 billion, +6.05% YTD NAV $542.752, +5.44% YTD Net Inflows +0.58% YTD Line of Credit (LOC) $500 million; used $500 million. Total Return (TR) +5.44% (YTD) ER 0.94% (annualized); actual reported ER and it differs from prospectus ER. Income 2.52% (annualized) Assets as % of Net Assets (used to be as % of Gross Assets) RE Properties 67.8% RE Joint Ventures 24.4% RE Funds (private) 2.7% (no publicly traded REITs) RE Operating Businesses 1.6% Loans Receivable 4.2% Marketable Securities 8.5% (includes corporates 1.9%; rest short-term government/agency securities) Total 109.5% Recent Transactions on pg 45-47; several new purchases (apartments, medical offices, storage, industrial, land) and some sales (office, retail). Subsequent Transactions - none reported between 3/31/22 and the filing date 5/6/22. EDIT/ADD: T-REA self-analysis of 2022/Q1 results, www.sec.gov/Archives/edgar/data/0000946155/000162828022013212/a99133122.htm
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Post by Admin/YBB on Jun 15, 2022 14:31:09 GMT -6
T-REA Notes Issued, $750 millionOn behalf of T-REA, the TIAA has issued 2 series of senior Notes to institutional investors: Series A, $500 million, 3.24%, 7-yr, callable Series B, $250 million, 3.35%, 10-yr, callable These are to be used for general purposes. More details will be in the next quarterly 10-Q, June 30, 2022. Unclear if this is more permanent financing to replace the current $500 million LOC, or debt for additional property purchases, or payment of some existing mortgages. www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828022017213/tiaareal-20220610.htm
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Post by Admin/YBB on Aug 5, 2022 18:48:53 GMT -6
TIAA Real Estate Account VA, 10-Q, 6/30/22www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828022021355/tiaareal-20220630.htmAs of 6/30/22Gross Assets $35.125 billion Liabilities $3.676 billion Net Assets $31.449 billion, +12.03% YTD NAV $570.473, +10.82% YTD Net Inflows +1.09% YTD (small) TR +10.82% YTD Income 2.46% (annualized) ER 0.84% (annualized) (actual) Line of Credit (LOC) $500 million, used 100% Senior Notes $500 million, Series A $300 million, Series B $200 million Series differ in rates and maturities. Unclear why the earlier reports were of $750 million. Assets as % of Net Assets RE Properties 67.7% RE Joint Ventures 24.3% RE Funds (Private) 2.9% RE Operating Businesses 2.0% Loan Receivable 4.7% Marketable Securities 8.7% (Agencies/Treasuries, Corporates) Total 110.5% Recent Transactions, pg 51-52 Subsequent Transactions None (6/30/22-8/5/22) Edit/Add: T-REA self-analysis of 2022/Q2 results, www.sec.gov/Archives/edgar/data/0000946155/000162828022021592/a99163022.htmEdit/Add, 8/23/22: New T-REA FAQs with data to 6/30/22. www.sec.gov/Archives/edgar/data/946155/000162828022023407/a991reafaq63022.htm
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Post by Admin/YBB on Oct 3, 2022 11:03:36 GMT -6
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Post by Admin/YBB on Nov 5, 2022 21:34:24 GMT -6
TIAA Real Estate Account VA, 10-Q, 9/30/22www.sec.gov/ix?doc=/Archives/edgar/data/946155/000162828022028424/tiaareal-20220930.htmAs of 9/30/22Gross Assets $35.011 billion Liabilities $3.438 billion Net Assets $31.573 billion, +12.47% YTD NAV $577.081, +12.11% YTD Inflows +0.32% YTD (tiny) TR +12.11% (9 mo) Investment Income 2.37% (annualized) ER 0.88% (annualized) (actual) Credit Facility (New) $500 million revolving (unused) $500 million term-loan (fully used) Senior Notes Issued $500 million, due 2029 & 2032 Assets as % of Net Assets RE Properties 68.1% RE Joint Ventures 23.3% RE Funds (private) 2.8% RE Operating Business 2.0% Loans Receivable 4.7% Marketable Securities 8.4% (agencies, Treasuries, corporates) Total 109.5% Recent Transactions on pg 50-51. Subsequent Transactions - None (9/30/22-11/4/22) No further details on upcoming management changes in December. Edit/Add, 11/8/22. T-REA self-analysis of performance, www.sec.gov/Archives/edgar/data/946155/000162828022028596/a99193022.htm
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Post by Admin/YBB on Mar 9, 2023 15:49:04 GMT -6
TIAA Real Estate Account VA, 10-K, 12/31/22www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828023007206/tiaareal-20221231.htmAs of 12/31/22Gross Assets $33.034 billion Liabilities $3.376 billion Net Assets $29.658 billion, +5.65% vs 12/31/21 NAV $556.923, +8.19% vs 12/31/21 Net Outflows -2.35% vs 12/31/21 TR +8.19% Income 2.45% ER +0.89% (actual) All annual figures Line of Credit (LOC) $500 million used of $1.0 billion Senior Notes $500 million Assets as % of Net Assets RE Properties 68.9% RE Joint Ventures 24.0% RE Funds (private) 3.0% RE Operating Business 2.2% Marketable Securities 6.8% (Agencies 3.0%, Treasuries 1.9%, corporates 1.8%) Loans Receivable 5.0% Total 109.90% Properties Bought & Sold (2022), pg 53-54 Recent Transactions (2022/Q4), pg 60-61 Subsequent Events - None (between 12/31/22 & 3/9/23) New Manager Chris Burk, 01/2023- (noted without comments) Edit/Add: Looking at the past data and calculating quarterly fund flows, 2022/Q1 Inflow +0.58% 2022/Q2 Inflow +0.66% 2022/Q3 Outflow -0.91% 2022/Q4 Outflow -2.67% For 2022, Outflow -2.35% 2023/YTD Outflow -2.40% (2 months to 2/28/23) Edit/Add2, 3/13/23: T-REA self-analysis of performance, www.sec.gov/Archives/edgar/data/946155/000162828023007657/a991123122.htmEdit/Add3, 3/25/23: More Senior Notes issued; details will be in the NEXT 10-Q. www.sec.gov/ix?doc=/Archives/edgar/data/946155/000162828023009142/tiaareal-20230324.htmExisting Series A $300 million, 3.24%, to 6/10/29 Series B $200 million, 3.25%, to 6/10/32 New Series C $400 million, 5.50%, to 6/30/27 Total Senior Notes $900 million Edit/Add4, 4/6/23: New T-REA FAQs with data to 12/31/22, www.sec.gov/Archives/edgar/data/946155/000162828023010959/a991reafaq123122.htmAccessible from Facebook TIAA Group by YBB, Morningstar (M*).
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Post by Admin/YBB on May 5, 2023 20:19:28 GMT -6
TIAA Real Estate Account VA, 10-Q, 3/31/23www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828023016069/tiaareal-20230331.htmAs of 3/31/23Gross Assets $31.611 billion Liabilities $3.561 billion Net Assets $28.050 billion, -5.42% YTD NAV $543.524, -2.41% YTD Outflows -3.09% YTD TR -2.41% YTD ER 0.98% (actual, annualized) Income 2.94% (annualized) Credit Facility, 09/2022-09/2024 Revolving Credit Line $945 million (unused; commitment fee is paid) Term Loans $500 million (fully used) Senior Notes Payable Series A $300 million, due 06/2029 Series B $200 million, due 06/2032 Recent Events on pg 44-45 are only related to financing and loans. Subsequent Events - None, 3/31/23-5/5/23 Assets as % of Net Assets Real Estate Properties 71.5% Real Estate Joint Ventures 24.1% Treasuries/Agencies/Corporates 4.5% Real Estate Funds (private) 3.3% Real Estate Operating Business 2.3% Loans Receivable 5.2% Total 110.9% Edit/Add, 5/8/23. T-REA self-analysis of performance, www.sec.gov/Archives/edgar/data/946155/000162828023016388/a99133123.htm
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Post by Admin/YBB on Aug 4, 2023 15:26:38 GMT -6
TIAA Real Estate Account VA, 10-Q, 6/30/23www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828023027500/tiaareal-20230630.htmAs of 6/30/23Gross Assets $29.527 billion Liabilities $3.528 billion Net Assets $25.998 billion, -12.34% YTD NAV $518.533, -6.89% YTD Outflow -5.85% YTD Total Return -6.89%, YTD Investment Income 2.80% ER 1.10% (annualized; actual; high but should even out for the year) Credit Facility Revolving Line of Credit (LOC) $945 million Term Loans $500 million All fully used Senior Notes (issued to institutional investors) Series A $300 million Series B $200 million Series C $400 million Subsequent Events, 6/30/23-8/4/23 None Recent Transactions, pg 50-51 (not much activity) Assets as % of Net Assets Real Estate Properties 73.8% Real Estate Joint Ventures 24.4% Treasuries/Agencies 2.4% (down sharply due to outflows) Real Estate Funds 3.4% Real Estate Operating Business 2.5% Loans Receivable 4.9% Total 111.8% Edit/Add, 8/7/23. T-REA self-analysis of performance. www.sec.gov/Archives/edgar/data/946155/000162828023027811/a99163023.htm
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