Real Estate Account VA, 10-K, 12/31/23 (Annual)www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0000946155/000162828024011115/tiaareal-20231231.htmAs of 12/31/23Gross Assets $27.181 billion
Liabilities $3.562 billion
Net Assets $23.619 billion,
-20.36%NAV $481.054,
-13.62%TR
-13.62%Net Income 3.00%
ER 0.93%
Outflows
-7.80%Liquidity Guarantee
Purchased in 2023 1.2 million units,
$617.6 million, 2.57% of accumulation units
Purchased in 2024 0.5 million units,
$242.7 million (Subsequent Events, 1/1/24-3/14/24 (edited), pg 102)
So, Liquidity Guarantee purchases haven't slowed down
Credit Facility
Line of Credit (LOC) $500 million (limit) to $1.4 billion (limit); used $463 million.
Term Loans $500 million (limit) to $0; it was shifted to LOC.
Recent Transactions in Q4 on pg 63 (not much)
Senior Notes
Series A $300 million
Series B $200 million
Series C $400 million
Assets as % of Net Assets
Real Estate Property 76.3% (up)
Real Estate Joint Ventures 24.9%
Real Estate Funds 3.4%
Real Estate Operating Business 2.9%
Marketable Securities 0.7% (Treasury & Agencies) (down sharply)
Corporate Bonds 0.0% (down)
Loans Receivable 4.6%
Total 112.8%
While the TIAA is providing Liquidity Guarantees for the ongoing high outflows, T-REA's own liquidity is almost nil/exhausted, so it cannot take advantage of the depressed CRE markets.
Edit/Add, 3/15/24. T-REA self-analysis of results,
www.sec.gov/Archives/edgar/data/946155/000162828024011393/a991123123.htmEdit/Add, 3/16/24. AUM & Price Monitoring
9/30/23 AUM $24.934 billion, NAV $505.717
12/31/23 AUM $23.619 billion, NAV $481.054; outflow -0.417% in Q4, -7.80% in 2023
2/29/24 AUM $23.117 billion, NAV $470.63 (TIAA, StockCharts, MFO Premium, 3/16/24); inflow +0.0424% YTD
3/31/24 ?
4/30/24 ?
So, Q4 OUTFLOWS were small, and from 12/31/23 to 2/29/24, INFLOWS +0.0424%, tiny but +, so no outflows!
How could this be?
Well, if TIAA is providing Liquidity Guarantee, then T-REA/TIAA is holding on to redeemed units and handing out cash to people selling. So, there isn't much change in total units held, and the decline in AUM is just about equal to the decline in the NAV.
More monthly data will be added when available.
Edit/Add, 4/3/24. T-REA AUM & Price Monitoring
With T-REA AUM for 3/31/24 posted at TIAA website:
9/30/23. AUM $24.934 billion, NAV $505.717
12/31/23. AUM $23.619 billion, NAV $481.054; outflow -0.417% in Q4, -7.80% in 2023
2/29/24. AUM $23.117 billion, NAV $470.63 (TIAA, StockCharts, MFO, 3/16/24); inflow
+0.0424% YTD
3/31/24. AUM $22.97 billion, NAV $468.33 (TIAA): outflow
-0.1056% YTD
4/30/24. ?
So, the assets are stable due to TIAA Liquidity Purchases and/or holders not heading for exits on net basis.