TIAA Real Estate Account posts June 30, 2025 FAQ: loan-to-value 17.4%, foreign 0.5% of net assets

TIAA REAL ESTATE ACCOUNT

Loan-to-value ratio 17.4% as of June 30, 2025, below 25% target; total debt includes $1.4B line of credit and $900M senior notes.
Foreign real estate investments $119.6M, 0.5% of net assets; joint ventures 21.3% of total investments.
Property allocation: Industrial 35.1%, Apartment 28.2%, Office 16.2%, Retail 13.3%, Other 7.2%.
Expense ratio 0.895% for May 1, 2025–April 30, 2026, up from prior period (specific prior rate not provided).
No liquid real estate-related securities held; portfolio targets 75-85% real estate assets.

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