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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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Post by Admin/YBB on Aug 31, 2023 15:29:39 GMT -6
Liquidity Guarantee Triggered - $51 Million T-REA Purchased by TIAA
The previous Liquidity Guaranteed was triggered in December 2008, and I think the TIAA purchases continued through March/April 2009. The T-REA bottomed in February/March 2010. I hope that the cycle may be shorter this time. I was surprised that the T-REA/TIAA released this information BEFORE the market close today in the SEC filing. (All dates are from memory as I couldn't find T-REA chart beyond 10 years quickly). www.sec.gov/Archives/edgar/data/946155/000162828023031115/supplementno1-tiaaliquidit.htmEdit/Add, 10/3/23: There was no similar SEC filing at the end of September. So, there was no Liquidity Guarantee purchases in September.
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Post by Admin/YBB on Nov 3, 2023 11:06:12 GMT -6
Real Estate Account VA, 10-Q, 9/30/23www.sec.gov/ix?doc=/Archives/edgar/data/0000946155/000162828023036604/tiaareal-20230930.htmAs of 9/30/23Gross Assets $28.499 billion Liabilities $3.565 billion Net Assets $24.934 billion, -15.93% YTD NAV $505.717, -9.19% YTD TR -9.19% YTD Income 2.80% annualized ER 0.92%, actual, annualized Outflows -7.42% YTD Liquidity Units Purchased by TIAA $189.9 million in Q3; 0.78% of accumulation units outstanding. Only the initial purchase of $51 million was disclosed in SEC/Edgar filing on 8/31/23. There have been "several" other Liquidity purchases since then to total $189.9 million for Q3. There is a warning that more Liquidity purchases may be in Q4 if the outflows persist. Credit Facilities LOC/Revolving $945 million increased to $1.4 billion, used $510 million Term Loans $500 million decreased to 0 (all shifted to LOC) Senior Notes Series A $300 million Series B $200 million Series C $400 million Subsequent Events None (between 9/30/23 & 11/3/23) Recent Transactions, pg 51-52 (not much activity in Q3; not selling properties to raise cash.) Assets as % of Net Assets Real Estate Properties 75.4% (up) Real Estate Joint Ventures 24.7% Marketable Securities 0.9% (down) (Treasuries/Agencies) Real Estate Funds 3.6% Real Estate Operating Business 2.6% Loans Receivable 4.8% Total 112.4%
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Post by Admin/YBB on Mar 14, 2024 12:04:37 GMT -6
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.htmFrom M* community.morningstar.com/s/question/0D5S600000872F3KAI/trea-aum-price-monitoringEdit/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. Edit/Add, 5/1/24. T-REA AUM & Price Monitoring With T-REA AUM for 4/30/24 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% YTD3/31/24. AUM $22.97 billion, NAV $468.33 (TIAA): outflow -0.1056% YTD4/30/24. AUM $22.80 billion, NAV $464.74 (TIAA); outflow -0.0789% YTDSo, again, with ongoing Liquidity Purchases by TIAA, the asset levels haven't changed this year.
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Post by Admin/YBB on May 3, 2024 19:30:37 GMT -6
TIAA Real Estate Account VA, 10-Q, 3/31/24 (Quarterly)www.sec.gov/ix?doc=/Archives/edgar/data/946155/000162828024020223/tiaareal-20240331.htmAs of 3/31/24Gross Assets $26.36 billion Liabilities $3.39 billion Net Assets $22.97 billion, -2.75% YTD NAV $468.327, -2.65% YTDTR -2.65% YTD Income 3.28% annualized ER 1.05% annualized, actual Outflows -0.1062% (noise) Accumulation Units 48.0 million (same as on 12/31/24 due to Liquidity Guarantee Purchases) Liquidity Guarantee Purchased $242.7 million in 2024/Q1 Total $860.3 million, 3.63% of AUM, as of 3/31/24 More 4/1/24-5/5/24 $51 million (Subsequent Events, pg 24) Credit Facility: Line of Credit $1.445 billion, used $1.129 billion Senior Notes Series A $300 million Series B $200 million Series C $400 million Recent Transactions on pg 45 - not much activity Assets as % of Net Assets Real Estate Properties 75.6% Real Estate Joint Ventures 25.0% Real Estate Funds 3.4% Real Estate Operating Business 3.2% Loans Receivable 4.3% Marketable Securities 0.7% (Treasuries & Agencies) Total 112.6%
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