TIAA Real Estate Account reports Q1 2025 portfolio allocation; industrial 34.6%, loan-to-value 18%

TIAA REAL ESTATE ACCOUNT

Industrial, apartment, office, retail and other sectors: 34.6%, 28.3%, 18.1%, 11.8%, 7.2%.
Loan-to-value ratio 18.0%, below the 25% target; total debt includes $1.4B line of credit and $900M senior notes.
Foreign real estate investments total $96M (0.4% of net assets), well under 10% limit.
21.2% of total investments held via joint ventures; no liquid real estate securities owned.
Account targets 75-85% direct real estate and 15-25% liquid fixed income; currently within ranges.

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