# EDGAR Filing Document

**Accession Number:** 0000946155
**File Stem:** 0000946155-26-000019
**Filing Date:** 2026-3
**Character Count:** 826385
**Document Hash:** b465d7ebac5f7a073814718cf85be506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000946155-26-000019.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0000946155-26-000019

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 204

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA REAL ESTATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000946155
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-92990
- **FILM NUMBER:** 26746999

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2124909000

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version='1.0' encoding='ASCII'? tiaareal-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 10-K**

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to _________

Commission file number: 33-92990; 333-285628

**TIAA REAL ESTATE ACCOUNT**

(Exact name of registrant as specified in its charter)

New York NOT APPLICABLE <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

C/O TEACHERS INSURANCE AND

ANNUITY ASSOCIATION OF AMERICA

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: (212) 490-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>None.</u>  

Securities registered pursuant to Section 12(g) of the Act:

None. <br> <u>(Title of Class)</u>

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes □ No 🗷

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act:

Yes □ No 🗷

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes 🗷 No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes 🗷 No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" or "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒  | Smaller Reporting Company | ☐ |
| | | Emerging Growth Company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

------

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). &nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes □ No ☒

Aggregate market value of voting stock held by non-affiliates: Not Applicable

Documents Incorporated by Reference: None

------

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **<u>Item</u>** | | **Page** |
| <u>[Part I](#id58712af4c534328a77074b0a40d094d_10)</u> | <u>[Part I](#id58712af4c534328a77074b0a40d094d_10)</u> | <u>[Part I](#id58712af4c534328a77074b0a40d094d_10)</u> | |
| | <u>[Item 1.](#id58712af4c534328a77074b0a40d094d_13)</u> | [Business](#id58712af4c534328a77074b0a40d094d_13) | [3](#id58712af4c534328a77074b0a40d094d_13) |
| | | Summary Risk Factors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9](#id58712af4c534328a77074b0a40d094d_16) |
| | <u>[Item 1A.](#id58712af4c534328a77074b0a40d094d_19)</u> | [Risk Factors](#id58712af4c534328a77074b0a40d094d_19) | [12](#id58712af4c534328a77074b0a40d094d_19) |
| | <u>[Item 1B.](#id58712af4c534328a77074b0a40d094d_22)</u> | [Unresolved Staff Comments](#id58712af4c534328a77074b0a40d094d_22) | [36](#id58712af4c534328a77074b0a40d094d_22) |
| | <u>[Item 1C.](#id58712af4c534328a77074b0a40d094d_25)</u> | Cybersecurity | [36](#id58712af4c534328a77074b0a40d094d_25) |
| | <u>[Item 2.](#id58712af4c534328a77074b0a40d094d_28)</u> | [Properties](#id58712af4c534328a77074b0a40d094d_28) | [38](#id58712af4c534328a77074b0a40d094d_28) |
| | <u>[Item 3.](#id58712af4c534328a77074b0a40d094d_31)</u> | [Legal Proceedings](#id58712af4c534328a77074b0a40d094d_31) | [46](#id58712af4c534328a77074b0a40d094d_31) |
| | <u>[Item 4.](#id58712af4c534328a77074b0a40d094d_34)</u> | [Mine Safety Disclosures](#id58712af4c534328a77074b0a40d094d_34) | [46](#id58712af4c534328a77074b0a40d094d_34) |
| <u>[Part II](#id58712af4c534328a77074b0a40d094d_37)</u> | <u>[Part II](#id58712af4c534328a77074b0a40d094d_37)</u> | <u>[Part II](#id58712af4c534328a77074b0a40d094d_37)</u> | |
| | <u>[Item 5.](#id58712af4c534328a77074b0a40d094d_40)</u> | Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | [47](#id58712af4c534328a77074b0a40d094d_40) |
| | <u>[Item 6.](#id58712af4c534328a77074b0a40d094d_43)</u> | [Reserved] | [47](#id58712af4c534328a77074b0a40d094d_43) |
| | <u>[Item 7.](#id58712af4c534328a77074b0a40d094d_46)</u> | Management's Discussion and Analysis of Financial Condition and Results of Operations | [47](#id58712af4c534328a77074b0a40d094d_46) |
| | <u>[Item 7A.](#id58712af4c534328a77074b0a40d094d_49)</u> | [Quantitative and Qualitative Disclosures about Market Risk](#id58712af4c534328a77074b0a40d094d_49) | [67](#id58712af4c534328a77074b0a40d094d_49) |
| | <u>[Item 8.](#id58712af4c534328a77074b0a40d094d_52)</u> | [Financial Statements and Supplementary Data](#id58712af4c534328a77074b0a40d094d_52) | [69](#id58712af4c534328a77074b0a40d094d_52) |
| | <u>[Item 9.](#id58712af4c534328a77074b0a40d094d_145)</u> | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#id58712af4c534328a77074b0a40d094d_145) | [117](#id58712af4c534328a77074b0a40d094d_145) |
| | <u>[Item 9A.](#id58712af4c534328a77074b0a40d094d_148)</u> | [Controls and Procedures](#id58712af4c534328a77074b0a40d094d_148) | [117](#id58712af4c534328a77074b0a40d094d_148) |
| | <u>[Item 9B.](#id58712af4c534328a77074b0a40d094d_151)</u> | [Other Information](#id58712af4c534328a77074b0a40d094d_151) | [117](#id58712af4c534328a77074b0a40d094d_151) |
| | <u>[Item 9C.](#id58712af4c534328a77074b0a40d094d_154)</u> | Disclosure Regarding Foreign Jurisdictions that Prevent Inspection | [117](#id58712af4c534328a77074b0a40d094d_154) |
| <u>[Part III](#id58712af4c534328a77074b0a40d094d_157)</u> | <u>[Part III](#id58712af4c534328a77074b0a40d094d_157)</u> | <u>[Part III](#id58712af4c534328a77074b0a40d094d_157)</u> | |
| | <u>[Item](#id58712af4c534328a77074b0a40d094d_160)[10](#id58712af4c534328a77074b0a40d094d_160)</u>. | [Directors, Executive Officers, and Corporate Governance](#id58712af4c534328a77074b0a40d094d_160)[;](#id58712af4c534328a77074b0a40d094d_160) | [118](#id58712af4c534328a77074b0a40d094d_160) |
| | <u>[Items 11.](#id58712af4c534328a77074b0a40d094d_1491)</u> | Executive Compensation | [120](#id58712af4c534328a77074b0a40d094d_163) |
| | <u>[Item 12.](#id58712af4c534328a77074b0a40d094d_163)</u> | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#id58712af4c534328a77074b0a40d094d_163) | [120](#id58712af4c534328a77074b0a40d094d_163) |
| | <u>[Item 13.](#id58712af4c534328a77074b0a40d094d_166)</u> | [Certain Relationships and Related Transactions, and Director Independence](#id58712af4c534328a77074b0a40d094d_166) | [120](#id58712af4c534328a77074b0a40d094d_166) |
| | <u>[Item 14.](#id58712af4c534328a77074b0a40d094d_169)</u> | [Principal Accountant Fees and Services](#id58712af4c534328a77074b0a40d094d_169) | [121](#id58712af4c534328a77074b0a40d094d_169) |
| <u>[Part IV](#id58712af4c534328a77074b0a40d094d_172)</u> | <u>[Part IV](#id58712af4c534328a77074b0a40d094d_172)</u> | <u>[Part IV](#id58712af4c534328a77074b0a40d094d_172)</u> | |
| | <u>[Item 15.](#id58712af4c534328a77074b0a40d094d_175)</u> | [Exhibits and](#id58712af4c534328a77074b0a40d094d_175)[Financial Statement Schedules](#id58712af4c534328a77074b0a40d094d_175) | [122](#id58712af4c534328a77074b0a40d094d_175) |
| | <u>[Item 16.](#id58712af4c534328a77074b0a40d094d_178)</u> | Form 10-K Summary | [124](#id58712af4c534328a77074b0a40d094d_178) |
| <u>[Signatures](#id58712af4c534328a77074b0a40d094d_181)</u> | <u>[Signatures](#id58712af4c534328a77074b0a40d094d_181)</u> | <u>[Signatures](#id58712af4c534328a77074b0a40d094d_181)</u> | [125](#id58712af4c534328a77074b0a40d094d_181) |
| <u>[Exhibit Index](#id58712af4c534328a77074b0a40d094d_184)</u> | <u>[Exhibit Index](#id58712af4c534328a77074b0a40d094d_184)</u> | | [127](#id58712af4c534328a77074b0a40d094d_184) |

---

------

**PART I**

 **ITEM 1. BUSINESS.**

**General**. The TIAA Real Estate Account (the "Real Estate Account", the "Account" or the "Registrant") was established on February 22, 1995, as an insurance company separate account of Teachers Insurance and Annuity Association of America ("TIAA"), a New York insurance company, by resolution of TIAA's Board of Trustees (the "Board"). The Account, which invests mainly in real estate and real estate-related investments, is a variable annuity investment option offered through individual, group and tax-deferred annuity contracts available to employees in the academic, medical, cultural and research fields. The Account commenced operations on July 3, 1995, and interests in the Account were first offered to eligible participants (or "contract owners") on October 2, 1995.

The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account's performance.

The Account is regulated by the New York State Department of Financial Services ("NYDFS"), and the insurance departments of certain other jurisdictions in which the annuity contracts are offered. Although TIAA owns the assets of the Real Estate Account and the Account's obligations are obligations of TIAA, the Account's income, investment gains and investment losses are credited to or charged against the assets of the Account without regard to TIAA's other income, gains, or losses. Under New York insurance law, the Account cannot be charged with liabilities incurred by any other TIAA business activities or any other TIAA separate account.

The Real Estate Account is designed as an option for retirement and tax-deferred savings plans for employees of non-profit and governmental institutions. TIAA currently offers the Real Estate Account under the following annuity contracts:

&nbsp;&nbsp;&nbsp;&nbsp;• RAs and GRAs (Retirement Annuities and Group Retirement Annuities)

&nbsp;&nbsp;&nbsp;&nbsp;• SRAs (Supplemental Retirement Annuities)

&nbsp;&nbsp;&nbsp;&nbsp;• GSRAs (Group Supplemental Retirement Annuities)

&nbsp;&nbsp;&nbsp;&nbsp;• Retirement Choice and Retirement Choice Plus Annuities

&nbsp;&nbsp;&nbsp;&nbsp;• GAs (Group Annuities) and Institutionally Owned GSRAs

&nbsp;&nbsp;&nbsp;&nbsp;• Traditional and Roth IRAs (Individual Retirement Annuities) including SEP IRAs (Simplified Employee Pension Plans)

&nbsp;&nbsp;&nbsp;&nbsp;• Keoghs

&nbsp;&nbsp;&nbsp;&nbsp;• ATRAs (After-Tax Retirement Annuities)

&nbsp;&nbsp;&nbsp;&nbsp;• Real Estate Account Accumulation Contracts

Note that state regulatory approval may be pending for certain of these contracts and these contracts may not currently be available in every state. TIAA may also offer the Real Estate Account as an investment option under additional contracts, both at the individual and plan sponsor level, in the future.

**Investment Objective**. The Real Estate Account seeks to generate favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments, while offering investors guaranteed, daily liquidity.

**<u>Investment Strategy</u>**

*Real Estate-Related Investments.* The Account intends to have between 75% and 85% of its net assets invested directly in real estate or real estate-related investments with the goal of producing favorable long-term returns primarily through rental income and appreciation. These investments may consist of:

• Direct ownership interests in domestic and foreign real estate;

• Direct ownership of real estate through interests in domestic and foreign joint ventures; or

------

• Indirect interests in real estate through real estate-related securities, such as:

&nbsp;&nbsp;&nbsp;&nbsp;◦ private real estate limited partnerships and limited liability companies (collectively, "real estate funds");

&nbsp;&nbsp;&nbsp;&nbsp;◦ real estate operating businesses;

&nbsp;&nbsp;&nbsp;&nbsp;◦ investments in equity or debt securities of domestic and foreign companies whose operations involve real estate (i.e., that primarily own, develop or manage real estate) which may not be real estate investment trusts ("REITs");

&nbsp;&nbsp;&nbsp;&nbsp;◦ domestic or foreign loans, including conventional commercial mortgage loans, participating mortgage loans, secured domestic and foreign mezzanine loans, subordinated loans and collateralized mortgage obligations, including commercial mortgage-backed securities ("CMBS"), collateralized mortgage obligations ("CMOs") and other similar investments; and

&nbsp;&nbsp;&nbsp;&nbsp;◦ public and/or privately placed, domestic and foreign, registered and unregistered equity investments in REITs, which investments may consist of registered or unregistered common or preferred stock interests.

The Account's principal strategy is to purchase direct ownership interests in income-producing real estate, including the four primary sectors of office, industrial, retail, and multi-family, as well as alternative real estate sectors (defined as real estate outside of the four primary sectors noted above, including single family real estate).

In addition, the Account is authorized to hold up to 25% of its net assets in liquid real estate-related securities, including publicly traded REITs and CMBS. As of December 31, 2025, the Account did not hold any publicly traded REITs or CMBS.

In making commercial real estate investments within the Account, TIAA seeks to make investments that are suitable from a financial perspective, taking into account the potential financial impacts associated with industry recognized environmental, social and governance ("ESG") criteria to the extent that such criteria are reasonably expected to impact the financial performance of the investment and not to achieve a desired outcome or as an investment qualification or screen. Ultimately, the Account will make an investment decision that incorporates ESG criteria only to the extent that the criteria are reasonably expected to enhance our understanding of the investment's ability to achieve desired returns for the Account.

TIAA believes awareness, and, as appropriate, implementation of standards that improve ESG criteria in commercial real estate holdings is beneficial to total long-term returns for the Account. Such criteria are described in more detail below under the sections entitled "About the Account's investments — In general" and "Risk Factors — Risks related to real estate investing."

*Liquid, Fixed-Income Investments*. The Account will invest the remaining portion of its assets (targeted to be between 15% and 25% of its net assets) in the following types of liquid, fixed income investments;

**•** U.S. Treasury or U.S. Government agency securities;

**•** Intermediate-term or long-term government related instruments, such as bond or other fixed-income securities issued by U.S. Government agencies, U.S. States or municipalities or U.S. Government-sponsored entities as well as foreign governments and their agencies (including those in emerging markets) and supranational or multinational organizations (e.g., European Union);

• Intermediate-term or long-term non-government related instruments, such as corporate debt securities, domestic- or foreign mezzanine or other debt, and structured securities, (e.g. unsecured debt obligations with a return linked to the performance of an underlying asset). Such structured securities may include asset-backed securities ("ABS") issued by domestic or foreign entities, mortgage backed securities ("MBS"), residential mortgage backed securities ("RMBS"), debt securities of foreign governments, and collateralized debt ("CDO"), collateralized bond ("CBO") and collateralized loan ("CLO") obligations, but only if such non-government related instruments are investment-grade securities;

**•** Money market instruments and other cash equivalents. These will usually be high-quality, short-term debt instruments, including U.S. Government or government agency securities, commercial paper, certificates of deposit, bankers' acceptances, repurchase agreements, interest-bearing time deposits, and corporate debt securities; and

------

**•** To a limited extent, privately issued (or non-publicly traded) debt securities, including SEC Rule 144A securities, issued by domestic and foreign companies that do not primarily own or manage real estate, but only if such domestic and foreign privately issued debt securities are investment-grade securities.

However, the Account's liquid, fixed-income investments may comprise less than 15% of its net assets (excluding Rule 144A securities) especially during and following periods of significant net contract owner outflows. In addition, the Account, on a temporary basis, may hold in excess of 25% of its net assets in liquid, fixed-income investments, particularly during times of significant inflows into the Account and/or a lack of attractive real estate–related investments available in the market.

*Liquid Securities Generally*. Primarily due to management's need to manage fluctuations in cash flows, in particular during and following periods of significant contract owner net transfer activity into or out of the Account, the Account may, on a temporary or long term basis (i) exceed the upper end of its targeted holdings (currently 35% of the Account's net assets) in liquid securities of all types, including both publicly traded non-real estate-related liquid investments and liquid real estate-related securities, such as REITs, and structured securities including (ABS, RMBS, CMBS and MBS), or (ii) be below the low end of its targeted holdings in such liquid securities (currently 15% of the Account's net assets).

The portion of the Account's net assets invested in liquid investments of all types may exceed the upper end of its target, for example, if (i) the Account receives a large inflow of money in a short period of time, in particular due to significant contract owner transfer activity into the Account, (ii) the Account receives significant proceeds from sales or financings of direct real estate assets, (iii) there is a lack of attractive direct real estate investments available on the market, and/or (iv) the Account anticipates more near-term cash needs, including to acquire or improve direct real estate investments, pay expenses or repay indebtedness. Conversely, the portion of the Account's net assets invested in liquid investments of all types may exceed the lower end of its target, for example, during and immediately following periods of significant net contract owner outflows.

The portion of the Account's net assets invested in liquid investments of all types may decline below the lower end of its target, for example, as a result of significant contract owner net transfer or withdrawal activity from the Account.

*Foreign Investments*. The Account may also make foreign real estate, foreign real estate-related investments and foreign liquid, fixed-income investments as well as domestic and foreign limited partnerships and joint ventures that hold foreign real estate directly. Under the Account's investment guidelines, investments in direct foreign real estate and real estate loans, together with foreign real estate-related securities and foreign liquid, fixed-income investments may not comprise more than 25% of the Account's net assets. However, management does not intend such foreign investments, in the aggregate, to exceed 10% of the Account's net assets. As of December 31, 2025, the Account held $166.6 million, or 0.7% of the Account's net assets in foreign real estate investments.

In managing any domestic or foreign mezzanine debt or other domestic or foreign loans or securities, the Account may enter into certain derivatives transactions (including forward currency contracts and swaps, futures contracts, put and call options and other hedging transactions) in order to hedge against the risks of exchange rate uncertainties, interest rate uncertainties and foreign currency or market fluctuations impacting the Account's domestic or foreign investments. The Account does not intend to speculate in such transactions.

**Investments Summary**. At December 31, 2025, the Account's net assets totaled $22.8 billion. As of that date, the Account's investments in real estate properties, real estate joint ventures, real estate funds, a real estate operating business and loans receivable, net of the fair value of loans payable on real estate, notes payable of the Account related to the Note Purchase Agreement (as defined below), and the Account's outstanding balance on its line of credit related to the Syndicated Credit Agreement and senior notes payable, represented 92.8% of the Account's net assets. Short-term marketable securities, such as U.S. Treasury securities, U.S. government agency notes and reverse repurchase agreements represented 7.5% of net assets.

**Borrowing**. The Account is authorized to borrow money and assume or obtain a mortgage on a property (i.e., make leveraged real estate investments) in accordance with the Account's current investment guidelines. Under such

------

guidelines, management intends to maintain the Account's loan-to-value ratio (as defined below) at or below 30%, with a targeted loan-to-value ratio of 25% or less. Forms of borrowing may include:

• placing new debt on properties;

• refinancing outstanding debt;

• assuming debt on the Account's properties;

• extending the maturity date of outstanding debt;

• an unsecured line of credit, credit facility or bank term loan; or

• the issuance of debt securities.

The Account's loan-to-value ratio at any time is based on the ratio of the outstanding principal amount of the Account's debt to the Account's total gross asset value and excludes leverage, if any, employed by REITs and underlying partnerships or investment funds in which the Account invests. This ratio will be measured at the time of any debt incurrence and will be assessed after giving effect thereto. The Account's total gross asset value, for these purposes, is equal to the total fair value of the Account's assets (including the fair value of the Account's interest in joint ventures), with no reduction associated with any indebtedness on such assets. In calculating outstanding indebtedness, we include only the Account's actual percentage interest in any borrowings on a joint venture investment and not that of any joint venture partner. Also, at the time the Account (or a joint venture in which the Account is a partner) enters into a revolving or other line of credit, management includes only amounts outstanding when calculating outstanding indebtedness.

From time to time, the Account may increase its loan-to-value ratio above the targeted ratio of 25% or less in order to satisfy short-term and long-term portfolio management needs such as addressing debt maturities and ongoing working capital requirements. If the value of the Account's portfolio investments decrease, then the Account's loan-to-value ratio of the Account may increase above the loan-to-value ratio which Account management intends to achieve or has targeted.

As of December 31, 2025, the principal amount of mortgages secured by the Account's wholly-owned properties was $0.6 billion. When combined with the Account's equity share of the $2.6 billion in mortgages held within and serviced by the Account's joint venture investments, $1.6 billion of senior notes payable outstanding, $0.2 billion in loans collateralized by loans receivable, and $0.2 billion in line of credit, the Account's total outstanding debt is $5.2 billion, which is used to derive the Account's loan-to-value ratio of 18.4% as of December 31, 2025.

In times of high net inflow activity, in particular during times of high net contract owner transfer inflows, management may determine to apply a portion of cash flows to make prepayments of indebtedness prior to scheduled maturity, which would have the effect of reducing the Account's loan-to-value ratio. Such prepayments may require the Account to pay fees or "yield maintenance" amounts to lenders.

The Account may borrow up to 70% of the then-current value of a property, although construction loans may be for 100% of costs incurred in developing the property. Except for construction loans, any mortgage loans on a property will be non-recourse to the Account. For this purpose, non-recourse means that if there is a default on a loan in respect to a specific property, the lender will have recourse to (i.e., be able to foreclose on) only the property encumbered (or the joint venture owning the property), or to other specific Account properties that may have been pledged as security for the defaulted loan, but not to any other assets of the Account.

Currently, TIAA, on behalf of the Account, maintains a credit agreement with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A. (the "Credit Agreement"), comprised of an unsecured revolving line of credit. In addition, TIAA, on behalf of the Account, entered into three note purchase agreements (the "Note Purchase Agreements") with certain qualified institutional purchasers party thereto (collectively, the "Note Holders"). The Notes are unsecured obligations of the Account and were offered and sold by the Account to the Note Holders pursuant to an applicable exemption under the federal securities laws. The Account may use the proceeds of borrowings under the Credit Agreement, the Note Purchase Agreements, or future similar lending and debt arrangements for funding general organizational purposes of the Account in the ordinary course of business, including financing certain real estate portfolio investments. The Account may enter into additional unsecured lines

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of credit, credit facilities, term bank loans underwritten by one or more third-party lenders, and note purchase agreements or similar contractual arrangements related to the issuance of debt securities.

**Risk Factors**. The Account's assets and income can be affected by a variety of risk factors. These risks are more fully described under Item 1A of this report.

**Personnel and Management**. The Account has no officers, directors or employees. TIAA employees, under the direction and control of the Board, manage the investment of the Account's assets, following investment management procedures TIAA has adopted for the Account. References to "Management" herein refer to the employees and officers of TIAA responsible for management of the Account. In addition, TIAA performs administration functions for the Account (which includes receiving and allocating premiums, calculating and making annuity payments and providing recordkeeping and other services). Distribution services for the Account (which include, without limitation, distribution of the annuity contracts, advising existing annuity contract owners in connection with their accumulations and helping employers implement and manage retirement plans) are performed by TIAA-CREF Individual & Institutional Services, LLC ("Services"), a wholly-owned subsidiary of TIAA, and a registered broker-dealer and member of the Financial Industry Regulatory Authority ("FINRA"). TIAA and Services provide investment management, administration, and distribution services, as applicable, to the Account on an "at-cost" basis.

**Contracts**. TIAA offers the Account as a variable option for the annuity contracts listed earlier in this Item 1, although some employer plans may not offer the Account as an option for certain contracts. Each payment to the Account buys a number of accumulation units. Similarly, any transfer or withdrawal from the Account results in the redemption of a number of accumulation units. The price paid for an accumulation unit, and the price received for an accumulation unit when redeemed, is the accumulation unit value ("AUV") calculated for the business day on which the contract owner's purchase, redemption or transfer request is received in good order (unless a contract owner asks for a later date for a redemption or transfer).

Subject to the terms of the contracts and a contract owner's employer's plan, a contract owner can move money to and from the Account in the following ways, among others:

**•** from the Account to a College Retirement Equities Fund ("CREF") investment account, a TIAA Access variable account (if available), TIAA's Traditional Annuity or a mutual fund (including TIAA-CREF affiliated mutual funds) or other options available under the plan;

• to the Account from a CREF investment account, a TIAA Access variable account (if available), TIAA's Traditional Annuity (transfers from TIAA's Traditional Annuity under RA, GRA or Retirement Choice contracts are subject to restrictions), a TIAA-CREF affiliated mutual fund or from other companies' plans;

• by withdrawing cash; and/or

• by setting up a program of automatic withdrawals or transfers.

Importantly, transfers out of the Account to a TIAA or CREF account or into another investment option can be executed on any business day, but are limited to once per calendar quarter, although some plans may allow systematic transfers that result in more than one transfer per calendar quarter. TIAA reserves the right to stop accepting transfers into the Account at any time. Other limited exceptions may apply. Also, transfers to CREF accounts or to certain other options may be restricted by an employer's plan, current tax law or by the terms of a contract owner's contract. In addition, with most contracts, individual contract owners are subject to certain limitations on making internal transfers into their Account accumulation if, after giving effect to such transfer, the total value of such contract owner's Account accumulation (under all contracts issued to such contract owner) would exceed $150,000. Categories of transactions that TIAA deems "internal funding vehicle transfers" for purposes of this limitation are described in the applicable contract or endorsement form in the Account's prospectus. The effective date of the limitation as it applies to an individual contract owner will be reflected on his or her applicable contract or endorsement form.

**Appraisals and Valuations**. With respect to the Account's real property investments or associated interest in the underlying property held by a joint venture investment (collectively "real properties"), following the initial purchase of a property or the making of a mortgage loan on a property by the Account (at which time the Account normally

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receives an independent appraisal on such property), each of the Account's real properties are appraised, and mortgage loans are valued, at least once every calendar quarter or sooner as circumstances arise. Each of the Account's real estate properties is appraised each quarter by an independent third-party state-certified (or its foreign equivalent) appraiser (which we refer to in this report as an "independent appraiser") who is a member of a professional appraisal organization. In addition, TIAA's appraisal unit staff performs a review of each of these quarterly appraisals, in conjunction with the Account's independent fiduciary, and TIAA's appraisal unit staff or the independent fiduciary may request an additional appraisal or valuation outside of this quarterly cycle. Any differences in the conclusions of TIAA's appraisal unit staff and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal).

In general, the Account records appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments and thus adjustments to the valuations of its holdings (to the extent adjustments are made) happen regularly throughout each quarter and not on one specific day in each period. In addition, an estimated daily equivalent of net operating income is taken into consideration and is adjusted for actual transactional activity. See "Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations—Critical Accounting Estimates" in this Form 10-K for more information on how each class of the Account's investments are valued.

**Liquidity Guarantee**. The TIAA General Account provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account's net assets. If the Account cannot fund contract owner requests from the Account's own cash flow and liquid investments, the TIAA General Account will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as "liquidity units"). The liquidity guarantee is required by the NYDFS. TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account's contract owners.

The liquidity guarantee is not a guarantee of the investment performance of the Account or a guarantee of the value of a contract owner's units.

*Redemption of Liquidity Units*. The independent fiduciary is vested with oversight and approval over any redemption of TIAA's liquidity units, acting in the best interests of Real Estate Account contract owners.

To the extent liquidity units are held by the TIAA General Account, the independent fiduciary reserves the right to authorize or direct the redemption of all or a portion of liquidity units at any time. Upon termination and liquidation of the Account (wind-up), any liquidity units held by TIAA will be the last units redeemed, unless the independent fiduciary directs otherwise.

**Independent Fiduciary**. Because TIAA's ability to purchase and sell liquidity units raises certain technical issues under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), TIAA applied for and received a prohibited transaction exemption from the U.S. Department of Labor in 1996 ("PTE 96-76"). In connection with the exemption, TIAA has appointed an independent fiduciary for the Account, with overall responsibility for reviewing the Account's transactions to determine whether they are in accordance with the Account's investment guidelines. SitusAMC Real Estate Valuation Services, LLC, a real estate consulting firm whose principal offices are located in West Des Moines, IA ("SitusAMC"), was appointed as independent fiduciary beginning March 1, 2006 and currently serves as the Account's independent fiduciary, pursuant to an engagement letter agreement effective March 1, 2022, whose term expires on February 28, 2027. The independent fiduciary's responsibilities include:

• reviewing and approving the Account's investment guidelines and monitoring whether the Account's investments comply with those guidelines;

• reviewing and approving valuation procedures for the Account's properties;

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• approving adjustments to any property valuations that change the value of the property or the Account as a whole above or below certain prescribed levels, or that are made within three months of the annual independent appraisal;

• reviewing and approving how the Account values accumulation and annuity units;

• approving the appointment of all independent appraisers;

• reviewing the purchase and sale of units by TIAA to ensure that the Account uses the correct unit values; and

• requiring appraisals besides those normally conducted, if the independent fiduciary believes that any of the properties have changed materially, or that an additional appraisal is necessary to ensure the Account has correctly valued a property.

In addition, the independent fiduciary has certain responsibilities with respect to the Account that it had historically undertaken or is currently undertaking with respect to TIAA's purchase and ownership of liquidity units, including among other things, reviewing the purchases and redemption of liquidity units by TIAA to ensure the Account uses the correct unit values. In connection therewith, as set forth in PTE 96-76, the independent fiduciary's responsibilities include:

• establishing the percentage of total accumulation units that TIAA's ownership should not exceed (the "trigger point") and creating a method for changing the trigger point;

• approving any adjustment of TIAA's ownership interest in the Account and, in its discretion, requiring an adjustment if TIAA's ownership of liquidity units reaches the trigger point; and

• once the trigger point has been reached, participating in any program to reduce TIAA's ownership in the Account by utilizing cash flow or liquid investments in the Account, or by utilizing the proceeds from asset sales.

If the independent fiduciary were to determine that TIAA's ownership should be reduced following the trigger point, its role in participating in any asset sales program would include (i) participating in the selection of properties for sale, (ii) providing sales guidelines, and (iii) approving those sales if, in the independent fiduciary's opinion, such sales are desirable to reduce TIAA's ownership of liquidity units.

**Available Information**. The Account's annual report on Form 10-K, quarterly reports on Form 10-Q, and any amendments to those reports, filed by the Account with the Securities and Exchange Commission (the "SEC') on or after the date hereof, can be accessed free of charge at www.tiaa.org. Information contained on this website is expressly not incorporated by reference into this annual report on Form 10-K.

The SEC also maintains a website that contains reports and information statements and other information we file with the SEC at www.sec.gov. Copies of these reports, information statements and other information may also be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.

**SUMMARY RISK FACTORS.**

Investing in the Account involves a high degree of risk. Some, but not all, of the risks and uncertainties that we face are risks related to:

• Acquiring, owning and selling real property and real estate investments, including risks related to general economic and real estate market conditions, the risk that the Account's properties become too concentrated (whether by geography, sector or by tenant mix) and the risk that the sales price of a property might differ from its estimated or appraised value;

• Property valuations, including the fact that the Account's appraisals are generally obtained on a quarterly basis and there may be periods in between appraisals of a property during which the value attributed to the property for purposes of the Account's daily accumulation unit value may be more or less than the actual realizable value of the property;

• Financing the Account's properties, including the risk of default on loans secured by the Account's properties (which could lead to foreclosure);

• Contract owner transactions, in particular that (i) significant net contract owner transfers out of the Account may impair our ability to pursue or consummate new investment opportunities, (ii) significant net contract

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owner transfers into the Account may result, on a temporary basis, in our cash holdings and/or holdings in liquid non-real estate-related investments exceeding our long-term targeted holding levels and (iii) high levels of cash and liquid non-real estate-related investments in the Account during times of appreciating real estate values can impair the Account's overall return;

• Joint ventures and real estate funds, including the risk that the Account may have limited rights with respect to the joint venture or that a co-venturer or fund manager may have financial difficulties;

• Governmental regulatory matters such as zoning laws, rent control laws, and property and other taxes;

• Potential liability for damage to the environment or injury to individuals caused by hazardous substances used or found on its properties, as well as risks associated with federal and state environmental laws, may impose restrictions on the manner in which a property may be used;

• Certain catastrophic losses that may be uninsurable, as well as risks related to climate-related changes and hazards, which could adversely impact the Account's investment returns;

• ESG criteria used to assess economic risk or financial opportunity projections in the evaluation of commercial real estate investments that may not materialize in the way we have anticipated, resulting in the Account subsequently underperforming relative to other investment vehicles that did not utilize such ESG criteria in selecting and managing portfolio properties;

• Countries with emerging market, foreign commercial real properties, foreign real estate loans, foreign debt investments and foreign securities investments that may experience unique risks such as changes in currency exchange rates, imposition of market controls or currency exchange controls, seizure, expropriation or nationalization of assets, political, social or diplomatic events or unrest, regulatory and taxation risks and risks associated with enforcing judgments in foreign countries that could cause the Account to lose money;

• Investments in REITs, including changes in the value of the underlying properties or by the quality of any credit extended, as well as exposure to market risk due to changing conditions in the financial markets;

• Investments in mortgage-backed securities, which are subject to the same risks inherent in real estate investing, making mortgage loans and investing in debt securities. For example, the underlying mortgage loans may experience defaults, are subject to prepayment risks and are sensitive to economic conditions impacting the credit markets generally;

• Risks associated with the Account's investments in mortgage or mezzanine loans, including (i) borrower default that results in the Account being unable to recover its original investment, (ii) liens that may have priority over the Account's security interest, (iii) a deterioration in the financial condition of tenants, and (iv) changes in interest rates for the Account's variable-rate mortgage loans and other debt instruments;

• Risks associated with the Account's investments in, and leasing of, single-family real estate include risks relating to the condition of the properties, the credit quality and employment stability of the tenants, and compliance with applicable local laws regarding the acquisition and leasing of single family real estate (which may include manufactured housing);

• Investment securities issued by U.S. Government agencies and U.S. Government-sponsored entities, including the risk that the issuer may not have their securities backed by the full faith and credit of the U.S. Government, which could adversely affect the pricing and value of such securities;

• Risks associated with investments in liquid, fixed-income investments and real estate-related liquid assets (which could include, from time to time, registered or unregistered REIT securities and CMBS), and non-real estate-related liquid assets;

• Conflicts of interests associated with TIAA serving as investment manager of the Account and provider of the liquidity guarantee while also serving as an investment manager to other real estate accounts or funds;

• Lending securities, which has the Account bear the market risk with respect to the investment of collateral or a portion of the income generated by interest paid by the securities lending agent on the cash collateral balance;

• The Account's requirement to sell property in the event that TIAA owns too large of a percentage of the Account's accumulation units, which sales could occur at a time or price that is not optimal for the Account's returns; and

• The tax rules applicable to the contracts vary and your rights under a contract may be subject to the terms of your employer's retirement plan itself, regardless of the terms of the contract. We cannot provide detailed

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information on all tax aspects of owning the contracts. Tax rules may change without notice, and we cannot predict whether, when, or how tax rules could change or what, if any, tax legislation will actually be proposed or enacted.

This summary does not address all of the risks that we face. Additional discussion of the risks summarized above, and other risks that we face, can be found in the "Risk Factors" section directly below.

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**ITEM 1A. RISK FACTORS.**

**The value of your investment in the Account will fluctuate based on the value of the Account's assets, the income the assets generate and the Account's expenses. Contract owners can lose money by investing in the Account. The past performance of the Account is not indicative of future results.** There is risk associated with an investor attempting to "time" an investment in the Account's units, or effecting a redemption of an investor's units. The Account's assets and income can be affected by many factors, and you should consider the specific risks presented below before investing in the Account. In particular, for a discussion of how forward-looking statements contained in this annual report on Form 10-K are subject to uncertainties that are difficult to predict, which may be beyond management's control and which could cause actual results to differ materially from historical experience or management's present expectations, please refer to the subsection entitled *"Forward-Looking Statements*," which is contained in the section entitled *"Management's Discussion and Analysis of the Account's Financial Condition and Results of Operations."*

**RISKS ASSOCIATED WITH REAL ESTATE INVESTING**

**Risks of Acquiring and Owning Real Property**. As referenced elsewhere in this report, the substantial majority of the Account's net assets consist of direct ownership interests in real estate. As such, the Account is particularly subject to the risks inherent in acquiring and owning real property, including in particular the following:

• *Adverse Global and Domestic Economic Conditions.* The economic conditions in the markets where the Account's properties are located may be adversely impacted by factors which include:

&nbsp;&nbsp;&nbsp;&nbsp;◦ adverse domestic or global economic conditions, particularly in the event of a deep recession which results in significant employment losses across many sectors of the economy and reduced levels of consumer spending;

&nbsp;&nbsp;&nbsp;&nbsp;◦ a weak market for real estate generally and/or in specific locations where the Account may own property, including, among other reasons, as a result of an epidemic, pandemic or other health-related issue, or changing economic or market environment with high inflation or rapid increases in interest rates, in one or more markets where the Account owns property;

&nbsp;&nbsp;&nbsp;&nbsp;◦ business closings, industry or sector slowdowns, employment losses and related factors;

&nbsp;&nbsp;&nbsp;&nbsp;◦ the availability of financing (both for the Account and potential purchasers of the Account's properties);

&nbsp;&nbsp;&nbsp;&nbsp;◦ an oversupply of, or a reduced demand for, certain types of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;◦ natural disasters (including hurricanes, tornadoes, earthquakes, wildfires and tsunamis), rising sea levels due to global climate warming or otherwise, flooding and other significant and severe weather-related events;

&nbsp;&nbsp;&nbsp;&nbsp;◦ health emergencies, such as pandemics and epidemics;

&nbsp;&nbsp;&nbsp;&nbsp;◦ changing economic or market environments with high inflation or rapid increases in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;◦ cyber attacks;

&nbsp;&nbsp;&nbsp;&nbsp;◦ terrorist attacks and/or other man-made events; and

&nbsp;&nbsp;&nbsp;&nbsp;◦ decline in population or shifting demographics.

The incidence of some or all of these factors could reduce occupancy, rental rates and the fair value of the Account's real properties or interests in investment vehicles (such as real estate funds) which directly hold real properties.

*Concentration Risk.* The Account may experience periods in which its investments are geographically concentrated, either regionally or in certain markets with similar demographics. Further, while the Account seeks diversification across the four primary sectors of office, industrial, retail and multi-family, as well as across alternative real estate sectors, the Account may experience periods where it has concentration in one property type, increasing the potential exposure if there were to be an oversupply of, or a reduced demand for, certain types of real estate properties in the markets in which the Account operates. Also, the Account may experience periods in which its tenant base is concentrated within a particular primary industry sector (e.g., retail mall shopping centers, industrial properties or office space) or an alternative real estate sector. If any or all of these events occur, the Account's income and performance may be adversely impacted disproportionately by deteriorating economic conditions in those areas or industry sectors in which the Account's investments are concentrated. Also, the Account could

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experience a more rapid negative change in the value of its real estate investments than would be the case if its real estate investments were more diversified.

*Leasing Risk.* A number of factors could cause the Account's rental income, a key source of the Account's revenue and investment return, to decline, which would adversely impact the Account's results and investment returns. These factors include the following:

• A property may be unable to attract new tenants or retain existing tenants. This situation could be exacerbated if a concentration of lease expirations occurred during any one time period or multiple tenants exercise early termination at the same time.

• The financial condition of our tenants may be adversely impacted, particularly in a prolonged economic downturn. The Account could lose revenue if tenants do not pay rent when contractually obligated, request some form of rent relief and/or default under a lease at one of the Account's properties. Such a default could occur if a tenant declared bankruptcy, suffered from a lack of liquidity, failed to continue to operate its business or for other reasons. In the event of any such default, we may experience a delay in, or an inability to effect, the enforcement of our rights against that tenant, particularly if that tenant filed for bankruptcy protection. Further, any disputes with tenants could involve costly and time consuming litigation.

• In the event a tenant vacates its space in one of the Account's properties, whether as a result of a default, the expiration of the lease term, rejection of the lease in bankruptcy or otherwise, given current market conditions, we may not be able to re-lease the vacant space either (i) for as much as the rent payable under the previous lease or (ii) at all. Also, we may not be able to re-lease such space without incurring substantial expenditures for tenant improvements and other lease-up related costs, while still being obligated for any mortgage payments, real estate taxes and other expenditures related to the property. In some instances, the Account's properties may be specifically suited to and/or outfitted for the particular needs of a certain tenant based on the type of business the tenant operates. The Account may have difficulty obtaining a new tenant for any vacant space in its properties, particularly if the current structure of the developed property (e.g., floor plan or otherwise) limits the types of businesses that can use the space without major renovation, which may require the Account to incur substantial expense in re-planning the space. Also, upon expiration of a lease, the space preferences of the Account's major tenants may no longer align with the space they previously rented, which could cause those tenants to not renew their lease, or may require the Account to expend significant sums to reconfigure the space to their needs.

• The Account owns and operates retail properties, which, in addition to the risks listed above, are subject to specific risks, including the insolvency and/or closing of an anchor tenant for certain properties. Many times, anchor tenants will be "big box" stores and other large retailers that have been particularly adversely impacted by a global recession, competition from online retailers and reduced consumer spending generally. Factors that can impact the level of consumer spending include increases in fuel and energy costs, residential and commercial real estate and mortgage conditions, labor and healthcare costs, access to credit, consumer confidence, inflation, tariffs and other macroeconomic factors. Changes in consumer spending patterns may increasingly favor online retailers over physical retail locations. These changes in consumer spending patterns may reduce net operating income and appraised values of retail properties held by the Account, adversely impacting such properties' financial condition and the performance returns of the Account. Under certain circumstances, co-tenancy clauses in tenants' leases may allow certain tenants in a retail property to terminate their leases or reduce or withhold rental payments when overall occupancy at the property falls below certain minimum levels. The insolvency and/or closing of an anchor tenant may also cause such tenants to terminate their leases, or to fail to renew their leases at expiration.

• The Account also owns and operates office properties, which, in addition to the risks listed above, are subject to specific risks, including the risk of long term demand for traditional office space declining significantly in the future as employers shift from traditional in-office working models to work-from-home and hybrid working arrangements as a result of pandemic or other factors.

• From time to time, the Account may own and lease single family real estate (which may include manufactured housing). In addition to the risks listed above, single-family real estate investment may subject the Account to a variety of additional risks, including risks relating to the condition of the properties, the credit quality and employment stability of the tenants, and compliance with applicable local laws regarding the acquisition and

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leasing of single family real estate. This part of our real estate-related investment strategy involves purchasing, renovating, maintaining and managing residential properties and leasing them to suitable tenants. Large, well-capitalized institutional investors such as the Account have only recently entered this business and, as a result, there are very few peer companies with an established long-term track record to assist us in predicting whether any single family investment strategy can be implemented and sustained successfully over time. Furthermore, the single family real estate (which may include manufactured housing) that we may acquire can vary materially in terms of time to possession, renovation, quality and type of construction, location and hazards. Our success depends on our ability to acquire single family properties that can be quickly possessed, renovated, repaired, upgraded and rented with minimal expense and maintained in rentable condition. Our ability to identify and acquire such properties is fundamental to this part of our real estate-related investment strategy. In addition, the recent market and regulatory environments relating to single-family residential properties have been changing rapidly, making future trends difficult to forecast. For example, an increasing number of homeowners now wait for an eviction notice or eviction proceedings to commence before vacating foreclosed premises, which can significantly increase the time period between the acquisition and leasing of a single family property. Such changes affect the accuracy of our assumptions on the investment return for single family properties and, in turn, may adversely affect the Account's performance.

• Future pandemics, such as the COVID-19 pandemic from early 2020 to mid-2022, could have repercussions across regional and global economies and financial markets. Most countries, including the United States, reacted to the pandemic by restricting many business and travel activities, mandating the partial or complete closures of certain businesses and schools and taking other actions to mitigate the spread of the virus, most of which had a disruptive effect on economic activity, including the use of and demand for office space. Many private businesses, including some of our customers, continue to permit some or all of their employees to work from home some or all of the time even after the pandemic has subsided. Potential changes in customer behavior, such as the continued social acceptance, desirability and perceived economic benefits of work-from-home arrangements prompted initially by the pandemic, could materially and negatively impact the future demand for office space over the long-term, which could have an adverse effect on business.

*Competition.* The Account may face competition for real estate investments from multiple sources, including individuals, corporations, insurance companies or other insurance company separate accounts, as well as real estate funds, commercial developers, pension plans, other institutional and foreign investors and other entities engaged in real estate investment activities. Some of these competitors may have similar financial and other resources as the Account, and/or they may have investment strategies and policies (including the ability to incur significantly more leverage than the Account) that allow them to compete more aggressively for real estate investment opportunities, which could result in the Account paying higher prices for investments, experiencing delays in acquiring investments or failing to consummate such purchases. Any resulting delays in the acquisition of investments, or the failure to consummate acquisitions the Account deems desirable, may increase the Account's costs or otherwise adversely affect the Account's investment results. In addition, the Account's properties may be located close to properties that are owned by other real estate investors and that compete with the Account for tenants. These competing properties may be better located, more suitable for tenants than our properties, or have owners who may compete more aggressively for tenants, resulting in a competitive advantage for these other properties. The Account may also face similar competition from other properties that may be developed in the future. This competition may limit the Account's ability to lease space, increase its costs of securing tenants, and limit the Account's ability to maximize our rents and/or require the Account to make capital improvements it otherwise would not, in order to make its properties more attractive to prospective tenants.

*Operating Costs.* A property's cash flow could decrease if operating costs, such as property taxes, utilities, litigation expenses associated with a property, maintenance and insurance costs that are not reimbursed by tenants, increase in relation to gross rental income, or if the property needs unanticipated repairs and renovations. In addition, the Account's expenses of owning and operating a property are not necessarily reduced when the Account's income from a property is reduced.

*Condemnation.* A governmental agency may condemn and convert for a public use (i.e., through eminent domain) all or a portion of a property owned by the Account. While the Account would receive compensation in connection

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with any such condemnation, such compensation may not be in an amount that TIAA, as the manager of the Account, believes represents the equivalent value for the condemned property. Further, a partial condemnation could impair the ability of the Account to maximize the value of the property during its operation, including making it more difficult to find new tenants or retain existing tenants. Finally, a property which has been subject to a partial condemnation may be more difficult to sell at a price the Account believes is appropriate.

*Terrorism and Acts of War and Violence.* Terrorist attacks may harm our property investments. The Account can provide no assurance that there will not be further terrorist attacks against the United States or U.S. businesses or elsewhere in the world. These attacks, armed conflicts or domestic unrest may directly or indirectly impact the value of the property the Account owns or that secure our loans. Losses resulting from these types of events may be uninsurable or not insurable to the full extent of the loss suffered. Moreover, any of these events could cause consumer confidence and spending to decrease or result in increased volatility in the United States, worldwide financial markets, and the global economy. Such events could also result in economic uncertainty in the United States or abroad. Adverse economic conditions resulting from terrorist activities could reduce demand for space in the Account's properties and thereby reduce the value of the Account's properties and therefore your investment return.

*Risk of Limited Warranty.* Purchasing a property "as is" or with limited warranties, which limit the Account's recourse if due diligence fails to identify all material risks, can negatively impact the Account by reducing the value of such properties and increasing the Account's cost to hold or sell properties.

*Risk of ESG-Related Factors.* Third party property management services employed by TIAA may not sufficiently assess and/or appropriately manage ESG-related criteria when acquiring and/or operating commercial real property held in the Account's portfolio, and any resulting ESG-related financial performance issues with the commercial property may have the potential in certain circumstances to negatively impact the value of the property and resulting investment returns for the Account.

**Risks of Selling Real Estate Investments**. Among the risks of selling real estate investments are:

• The sale price of an Account property might differ, perhaps significantly, from its estimated or appraised value, leading to losses or reduced profits to the Account.

• The Account might not be able to sell a property at a particular time for a price which management believes represents its fair or full value. This illiquidity may result from the cyclical nature of real estate, general economic conditions impacting the location of the property, disruption in the credit markets or the availability of financing on favorable terms or at all, and the supply of and demand for available tenant space, among other reasons. This might make it difficult to raise cash quickly which could impair the Account's liquidity position (particularly during any period of sustained significant net contract owner outflows) and also could lead to Account losses. Further, the liquidity guarantee does not serve as a working capital facility or credit line to enhance the Account's liquidity levels generally, as its purpose is solely tied to contract owners having the ability to redeem their accumulation units upon demand (thus alleviating the Account's need to dispose of properties solely to increase liquidity levels in what management deems a suboptimal sales environment).

• The Account may need to provide financing to a purchaser if no cash buyers are available, or if buyers are unable to receive financing on terms enabling them to consummate the purchase. Such seller financing introduces a risk that the counterparty may not perform its obligations to repay the amounts borrowed from the Account to complete the purchase.

• For any particular property, the Account may be required to make expenditures for improvements to, or to correct defects in, the property before the Account is able to market and/or sell the property.

• Interests in real estate funds tend to be, in particular, illiquid and the Account may be unable to dispose of such investments at opportune times.

• Sales of the Account's properties are subject to other risks including, but not limited to, negative changes in the climate for real estate, risks related to local, regional, national and global economic conditions, overbuilding and increased competition, property taxes and operating expenses, uninsured losses at properties due to terrorism, domestic unrest, natural disasters or acts of violence, and costs resulting from the cleanup of environmental problems.

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• When the Account sells property, it is often required to provide some amount of indemnity for loss to the buyer. While the Account takes steps to try to mitigate the impact of the indemnities, such indemnities could negatively impact the sale price or result in claims by the buyer for indemnity in the future, which could increase the Account's expenses and thereby reduce the return on investment.

**Valuation and Appraisal Risks**. Investments in the Account's assets are stated at fair value, which is defined as the price that would be received to sell the asset in an orderly transaction between market participants at the measurement date. Because fair value excludes transaction costs that will be incurred to sell an investment, the Account's unit value won't necessarily reflect the net realizable value of its investments. Determination of fair value, particularly for real estate assets, involves significant judgment. Valuation of the Account's real estate properties (which comprise a substantial majority of the Account's net assets) are based on real estate appraisals, which are estimates of property values based on a professional's opinion and may not be accurate predictors of the amount the Account would actually receive if it sold a property. Appraisals can be subjective in certain respects and rely on a variety of assumptions and conditions at that property or in the market in which the property is located, which may change materially after the appraisal is conducted. Among other things, market prices for comparable real estate may be volatile, in particular if there has been a lack of recent transaction activity in such market.

Any future disruptions in the macro-economy, real estate markets and the credit markets, such as those that occurred from 2008-2011, were caused by the COVID-19 pandemic from early 2020 to mid-2022, or occur as a result of changing economic or market environments with high inflation or rapid increases in interest rates, could lead to a significant decline in real estate transaction activity in most markets and sectors in which the Account is invested. The resulting lack of observable transaction data may make it more difficult for a property appraisal to determine the fair value of the Account's investment in one or more real estate assets. In addition, a portion of the data used by appraisers is based on historical information at the time the appraisal is conducted, and subsequent changes to such data, after an appraiser has used such data in connection with the appraisal, may not be adequately captured in the appraised value. Also, to the extent that the Account uses a relatively small number of independent appraisers to value a significant portion of its properties, valuations may be subject to any institutional biases of such appraisers and their valuation procedures.

Further, as the Account generally obtains appraisals on a quarterly basis, there may be circumstances in the period between appraisals or interim valuation adjustments in which the true realizable value of a property is not reflected in the Account's daily net asset value calculation or in the Account's periodic consolidated financial statements. This disparity may be more apparent when the commercial and/or residential real estate markets experience an overall and possibly dramatic decline (or increase) in property values in a relatively short period of time between appraisals.

If the appraised values of the Account's properties as a whole are too high, those contract owners who purchased accumulation units prior to (i) a downward valuation adjustment of a property or multiple properties or (ii) a property or properties being sold for a lower price than the appraised value will be credited with less of an interest than if the value had previously been adjusted downward. Also, those contract owners who redeem during any such period will have received more than their pro rata share of the value of the Account's assets, to the detriment of other non-redeeming contract owners. In particular, appraised property values may prove to be too high (as a whole) in a rapidly declining commercial real estate market. Further, implicit in the Account's definition of fair value is a principal assumption that there will be a reasonable time to market a given property and that the property will be exchanged between a willing buyer and willing seller in a non-distressed scenario. However, an appraised value may not reflect the actual realizable value that would be obtained in a rush sale where time was of the essence. Also, appraised values may lag actual realizable values to the extent there is significant and rapid economic deterioration in a particular geographic market or a particular sector within a geographic market.

If the appraised values of the Account's properties as a whole are too low, those contract owners who redeem prior to (i) an upward valuation adjustment of a property or multiple properties or (ii) a property or properties being sold for a higher price than the appraised value will have received less than their pro rata share of the value of the Account's assets, and those contract owners who purchase units during any such period will be credited with more than their pro rata share of the value of the Account's assets.

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Finally, the Account recognizes items of income (such as net operating income from real estate investments, distributions from real estate funds or joint ventures, or dividends from REIT stocks) and expense in many cases on an intermittent basis, where the Account cannot predict with certainty the magnitude or the timing of such items. As such, even as the Account estimates items of net operating income on a daily basis, the AUV for the Account may fluctuate, perhaps significantly, from day to day, as a result of adjusting these estimates for the actual realized item of income or expense.

**Risks of Borrowing**. The Account acquires some of its properties subject to existing financing and from time to time borrows new funds at the time of purchase. The Account may borrow pursuant to mortgages placed on individual properties, under the Account's Syndicated Credit Agreement, under another unsecured line of credit, credit facility or term bank loan into which the Account enters in the future, or under the terms of debt securities issued by the Account. Also, the Account may from time to time place new leverage on, increase the leverage already placed on, or refinance maturing debt on, existing properties the Account owns. Under the Account's current investment guidelines, the Account intends to maintain its loan-to-value ratio at or below 30% (measured at the time of incurrence and after giving effect thereto) with a targeted loan-to-value ratio of 25% or less. From time to time, the Account may increase its loan-to-value ratio above the targeted ratio of 25% or less in order to satisfy short-term and long-term portfolio management needs such as addressing debt maturities and ongoing working capital requirements. If the values of the Account's portfolio investments decrease, the loan-to-value ratio of the Account may increase above the loan-to-value ratio which Account management intends to achieve or has targeted.

As of December 31, 2025, the Account's loan-to-value ratio was approximately 18.4%. Also, the Account may borrow up to 70% of the then-current value of a particular property. Non-construction mortgage loans on a property will be non-recourse to the Account, except for standard non-recourse carve outs. Among the risks of borrowing money, including borrowing under the Syndicated Credit Agreement, any additional future line of credit, credit facility or term bank loan, the Note Purchase Agreements and any additional issuance of debt securities by the Account in the future, or under another line of credit or credit facility, or otherwise investing in a property subject to a mortgage are the following:

• *General Economic Conditions.* General economic conditions, dislocations in the capital or credit markets generally or the market conditions then in effect in the real estate finance industry, may hinder the Account's ability to obtain financing or refinancing for its property investments on favorable terms or at all, regardless of the quality of the Account's property for which financing or refinancing is sought. Such unfavorable terms might include high interest rates, increased fees and costs and restrictive covenants applicable to the Account's operation of the property. Longer term disruptions in the capital and credit markets as a result of uncertainty, changing or increased regulation, reduced alternatives, rising interest rates or failures of significant financial institutions could adversely affect our access to financing necessary to make profitable real estate investments. Our failure to obtain financing or refinancing on favorable terms due to the current state of the credit markets or otherwise could have an adverse impact on the returns of the Account. Also, the Account's ability to continue to secure financing may be impaired if negative marketplace effects, such as those which followed from the worldwide economic slowdown following the 2008-2011 financial crisis or the subsequent sovereign debt and banking difficulties experienced in parts of the Eurozone, were to occur. Such marketplace effects could result in tighter lending standards instituted by banks and financial institutions, the reduced availability of credit facilities and project finance facilities from banks and the fall of consumer and/or business confidence.

• *Default Risk.* The property or group of encumbered properties may not generate sufficient cash flow to support the debt service on the mortgage loan. The property may also fail to meet certain financial or operating covenants contained in the loan documents and/or the property may have negative equity (i.e., the loan balance exceeds the value of the property) or inadequate equity. In addition, income from properties or investments or any other source of income for the Account may not generate sufficient cash flow to support the debt service on a line of credit or credit facility or debt securities issued by the Account. In any of these circumstances, we (or a joint venture in which we invest) may default on the loan, including due to the failure to make required debt service payments when due. If a loan is in default, the Account or the venture may determine that it is not economically desirable and/or in the best interests of the Account to continue to make payments on the loan (including accessing other sources of funds to support debt service on the loan), and/or the Account or venture may not be able to otherwise remedy such default on commercially reasonable terms or at all. In either case, the

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lender then could accelerate the outstanding amount due on the loan and/or foreclose on the underlying property, in which case the Account could lose the value of its investment in the foreclosed property. Further, any such default or acceleration could trigger a default under loan agreements in respect of other Account properties pledged as security for the defaulted loan or other loans. Finally, any such default could subject the Account to the costs of litigation, increase the Account's borrowing costs, result in default of other loans or debts, or result in less favorable terms, with respect to financing future properties or entering into future lines of credit or credit facilities, obtaining future bank term loans or issuing debt securities.

• *Balloon Maturities.* If the Account obtains a mortgage loan that involves a balloon payment, there is a risk that the Account will not be able to make the lump sum principal payment due under the loan at the end of the loan term, or otherwise obtain adequate refinancing on terms commercially acceptable to the Account or at all. The Account then may be forced to sell the property or other properties under unfavorable market conditions, restructure the loan on terms not advantageous to the Account, or default on its mortgage, resulting in the lender exercising its remedies, which may include repossession of the property, and the Account could lose the value of its investment in that property.

• *Variable Interest Rate Risk.* If the Account obtains variable-rate loans, the Account's returns may be volatile when interest rates are volatile. Generally, changes in interest rates will have a smaller effect on the market value of variable-rate loans than on the market value of comparable fixed-rate obligations. Further, the Account is exposed to interest rate risk with respect to variable-rate indebtedness based on current property-level mortgage financings, and may become exposed to such interest rate risk in any future borrowings under the Syndicated Credit Agreement, one or more future bank term loans or any issuance of debt securities. Any increase in interest rates under such debt financing arrangements would directly result in higher interest expense costs to the Account. Any interest rate hedging activities the Account engages in to mitigate this risk may not fully protect the Account from the impact of interest rate volatility. As of December 31, 2025, the outstanding principal balance of our variable rate indebtedness, including mortgage loans payable and line of credit, was $520.6 million.

*• Valuation Risk.* The market valuation of loans payable could have an adverse impact on the Account's performance. Valuations of loans payable are generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs, and such valuations are subject to a number of assumptions and factors with respect to the loan and the underlying property, a change in any of which could cause the value of a mortgage loan to fluctuate. In addition, the Account may not be able to transact at a price deemed to be attractive, if at all, which may inhibit the Account from pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased transaction activity by contract owners and increased portfolio turnover, which could reduce liquidity for certain Account investments, adversely affect values of portfolio holdings and increase the Account's costs.

• *Underlying Leverage Risk by Certain Portfolio Investments*. Certain of the Account's portfolio investments, including investments in certain REITs, joint ventures and real estate funds and other investment vehicles often utilize leverage in connection with their investment activity. Such leverage is generally not included in the Account's loan-to-value calculation. In addition, higher amounts of leverage by such portfolio investments could cause the investments to lose money and negatively impact the Account's performance.

• *Ability to Incur Additional Indebtedness*. The Account and Account Subsidiaries may also incur additional indebtedness in the future. Although the Account's Syndicated Credit Agreement, Note Purchase Agreements, and other financing agreements contain certain financial covenants, these restrictions are subject to a number of qualifications and exceptions, and the indebtedness incurred in compliance with these restrictions could be substantial. In addition, to the extent new debt is added to the Account and the Account Subsidiaries' current debt levels, the substantial risks of borrowings described above would increase.

A general disruption in the credit markets, such as the disruption experienced in 2008 and 2009, caused by the COVID-19 pandemic from early 2020 to mid-2022, or caused by changing economic or market environments with high inflation or rapid increases in interest rates, may aggravate some or all of these risks.

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**Investment and Cash Management Risks Associated with Contract Owner Transactions**. The amount the Account has available to invest in new properties and other real estate-related assets will depend, in large part, on the level of net contract owner transfers into or out of the Account as well as contract owner premiums into the Account. As noted elsewhere in this report, the Account intends to hold between 15% and 25% of its net assets in liquid, fixed-income investments. These liquid assets are intended to be used to satisfy contract owner redemption requests and meet the Account's expense needs (including, from time to time, obligations on debt). Significant contract owner transaction activity into or out of the Account's units is generally not predictable, and wide fluctuations can occur as a result of macroeconomic, geopolitical or market conditions (including market disruptions, volatility or downturns), the performance of equities or fixed income securities or general investor sentiment, regardless of the historical performance of the Account or of the performance of the real estate asset class generally. In the event that the Account were to experience significant net contract owner transfers out of the Account, such transfers can eventually cause the Account's liquid, fixed-income investments and cash and cash equivalents to comprise less than 10% of the Account's net assets, as occurred over the course of 2025 and 2024. As of December 31, 2025, the Account's liquid, fixed-income investments, and cash and cash equivalents, comprised 7.9% of its net assets. Such situations could trigger the need to execute the TIAA liquidity guarantee, most recently commencing on August 31, 2023. If a significant amount of net contract owner transfers out of the Account were to recur, particularly in high volumes, the Account may not have enough available liquid assets to pursue, or consummate, new investment opportunities presented to us that are otherwise attractive to the Account. This, in turn, could harm the Account's returns. Even though the Account has over time experienced both net inflows (purchases) and net outflows (redemptions) of contract owner investments on an annual basis, there is no guarantee that net outflow or redemption activity will not increase, perhaps in a significant and rapid manner, particularly in response to market cycles in the domestic and foreign securities and commercial real estate markets and other factors.

Alternatively, periods of significant net transfer activity into the Account can result in the Account holding a higher percentage of its net assets in liquid, fixed-income investments than the Account's manager would target to hold under the Account's long-term strategy. At times, the portion of the Account's net assets invested in these types of liquid instruments may exceed 25%, particularly if the Account receives a large inflow of money in a short period of time, coupled with a lack of attractive real estate-related investments on the market. Also, large inflows from contract owner transactions often occur in times of appreciating real estate values and pricing, which can render it challenging to execute on some transactions at ideal prices.

In an appreciating real estate market generally, a large percentage of assets held in liquid, fixed-income investments and not in real estate and real estate-related investments may impair the Account's overall returns. This scenario may be exacerbated in a low interest rate environment for U.S. Treasury and Agency securities and other liquid, fixed-income investments. In addition, to manage cash flow, the Account may temporarily hold a higher percentage of its net assets in liquid real estate-related securities, such as REIT and CMBS securities, than its long-term targeted holdings in such securities, particularly during and immediately following times of significant net transfer activity into the Account. Such holdings could increase the volatility of the Account's returns.

**Joint Venture Investment Risks**. Investing in joint ventures or other forms of joint property ownership may involve special risks, many of which are exacerbated when the consent of parties other than the Account is required to take action.

• The co-venturer may have interests or goals inconsistent with those of the Account, including during times when a co-venturer may be experiencing financial difficulty. For example:

&nbsp;&nbsp;&nbsp;&nbsp;◦ a co-venturer may desire a higher current income return on a particular investment than does the Account (which may be motivated by a longer-term investment horizon or exit strategy), or vice versa, which could cause difficulty in managing a particular asset;

&nbsp;&nbsp;&nbsp;&nbsp;◦ a co-venturer may desire to maximize or minimize leverage in the venture, which may be at odds with the Account's strategy;

&nbsp;&nbsp;&nbsp;&nbsp;◦ a co-venturer may be more or less likely than the Account to agree to modify the terms of significant agreements (including loan agreements) binding the venture, or may significantly delay in reaching a

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determination whether to do so, each of which may frustrate the business objectives of the Account and/or lead to a default under a loan secured by a property owned by the venture; or

&nbsp;&nbsp;&nbsp;&nbsp;◦ for reasons related to its own business strategy, a co-venturer may have different concentration standards as to its investments (geographically, by sector, or by tenant), which might frustrate the execution of the business plan for the joint venture.

• The co-venturer may be unable to fulfill its obligations (such as to fund its pro rata share of committed capital, expenditures or guarantee obligations of the venture) during the term of such agreement or may become insolvent or bankrupt, any of which could expose the Account to greater liabilities than expected and frustrate the investment objective of the venture.

• If a co-venturer does not follow the Account's instructions or adhere to the Account's policies, the jointly owned properties, and consequently the Account, might be exposed to greater liabilities than expected.

• The Account may have limited rights with respect to the underlying property pursuant to the terms of the joint venture, including the right to operate, manage or dispose of a property, and a co-venturer could have approval rights over the marketing or the ultimate sale of the underlying property.

• The terms of the Account's ventures often provide for complicated agreements which can impede our ability to direct the sale of the property owned by the venture at times the Account views most favorable. One such agreement is a "buy-sell" right, which may force us to make a decision (either to buy our co-venturer's interest or sell our interest to our co-venturer) at inopportune times.

• A co-venturer can make it harder for the Account to transfer its equity interest in the venture to a third party, which could adversely impact the valuation of the Account's interest in the venture.

• To the extent the Account serves as the general partner or managing member in a venture, it may owe certain contractual or other duties to the co-venturer, including fiduciary duties, which may present perceived or actual conflicts of interest in the management of the underlying assets. Such an arrangement could also subject the Account to liability to third parties in the performance of its duties as a general partner or managing member.

• The venture may incur higher than normal levels of investment leverage, including levels that exceed the Account's typical loan-to-value ratio.

• A partner that administratively operates a particular co-venture may not sufficiently assess and/or appropriately manage ESG-related criteria when acquiring and/or operating commercial real property, and any resulting ESG-related financial performance issues with the commercial property may have the potential in certain circumstances to negatively impact the value of, and subsequent investment returns on, the property.

**Risks of Developing or Redeveloping Real Estate or Buying Recently Constructed Properties**. If the Account chooses to develop or redevelop a property or buys a recently constructed property, it may face the following risks:

• There may be delays or unexpected increases in the cost of property development, redevelopment and construction due to strikes, bad weather, material shortages, increases in material and labor costs or other events.

• There are risks associated with potential underperformance or non-performance by, and/or solvency of a contractor we select or other third party vendors involved in developing or redeveloping the property.

• If the Account were viewed as developing or redeveloping underperforming properties, suffering losses on our investments, or defaulting on any loans on our properties, our reputation could be damaged. Damage to our reputation could make it more difficult to successfully develop or acquire properties in the future and to continue to grow and expand our relationships with our lenders, venture partners and tenants.

• Because external factors may have changed from when the project was originally conceived (e.g., slower growth in the local economy, periods of high inflation or rising interest rates, overbuilding in the area, or changes in the regulatory and permitting environment), the property may not attract tenants on the schedule we originally planned and/or may not operate at the income and expense levels first projected.

**Real Estate Regulatory Risks**. Government regulation at the federal, state and local levels, including, without limitation, zoning laws, rent control or rent stabilization laws, laws regulating housing on the Account's multi-family and single family properties, the Americans with Disabilities Act, property taxes and fiscal, accounting, environmental or other government policies, could operate or change in a way that adversely affects the Account

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and its properties. For example, these regulations could raise the cost of acquiring, owning, improving or maintaining properties, present barriers to otherwise desirable investment opportunities or make it harder to sell, rent, finance, or refinance properties either on economically desirable terms, or at all, due to the increased costs associated with regulatory compliance.

In addition, some state and local municipal jurisdictions, such as New York City, Boston, MA, and Washington D.C. and the States of Washington and Colorado, have enacted legislation which compels building owners to meet standards for energy efficiency or carbon emission limits which may result in unplanned capital expenditures or require amendments to leases or other financial agreements with tenants (which represent a significant portion of building energy consumption) to improve building efficiency. If standards are not met, the Account could be subject to fines and/or other regulatory penalties that may impact the value of non-compliant buildings held in the Account's portfolio. Additional state and local jurisdictions (including foreign jurisdictions where the Account could own commercial property) that have committed to achieve carbon reduction, clean energy standards and other ESG-related criteria may implement similar legislation impacting commercial real estate that could increase costs and negatively impact the performance of such properties in the Account's portfolio where it may not be financially feasible to meet such standards. Buildings that do not meet these standards could be discounted at the time of sale based on the cost required to meet regulatory requirements.

**Environmental Risks**. How well a company manages its impact on the natural environment can support longer-term sustainable growth, or present unmitigated costs and risks. The Account may be liable for damage to the environment or injury to individuals caused by hazardous substances used or found on its properties. Under various environmental regulations, the Account may also be liable, as a current or previous property owner or mortgagee, for the cost of removing or cleaning up hazardous substances found on a property, even if it did not know of and was not responsible for the hazardous substances. If any hazardous substances are present or the Account does not properly clean up any hazardous substances, or if the Account fails to comply with regulations requiring it to actively monitor the business activities on its premises, the Account may have difficulty selling or renting a property or be liable for monetary penalties. Further, environmental laws may impose restrictions on the manner in which a property may be used, the tenants which may be allowed, or the manner in which businesses may be operated, which may require the Account to expend funds in order to comply with these laws. These laws may also cause the most ideal use of the property to differ from that originally contemplated and as a result could impair the Account's returns. The cost of any required clean-up relating to a single real estate investment (including remediating contaminated property) and the Account's potential liability for environmental damage, including paying personal injury claims and performing under indemnification obligations to third parties, could exceed the value of the Account's investment in a property, the property's value, or in an extreme case, a significant portion of the Account's assets. Finally, while the Account may from time to time acquire third-party insurance related to environmental risks, such insurance coverage may be inadequate to cover the full cost of any loss and would cause the Account to be reliant on the financial health of our third-party insurer at the time any such claim is submitted.

**Uninsurable Loss Risks**. Certain catastrophic losses (e.g., from earthquakes, wars, terrorist acts, nuclear accidents, hurricanes, tsunamis, high winds, wildfires, inland or coastal floods, rising sea levels or environmental or industrial hazards or accidents) may be uninsurable or so expensive to insure against that it is economically disadvantageous to buy insurance for them. Further, the terms and conditions of the insurance coverage the Account has on its properties, in conjunction with the type of loss actually suffered at a property, may subject the property, or the Account as a whole, to a cap on insurance proceeds that is less than the loss or losses suffered. If a disaster that we have not insured against occurs, if the insurance contains a high deductible, and/or if the aggregate insurance proceeds for a particular type of casualty are capped, the Account could lose some of its original investment and any future profits from the property. Also, the Account may not have sufficient access to internal or external sources of funding to repair or reconstruct a damaged property to the extent insurance proceeds do not cover the full loss. In addition, some leases may permit a tenant to terminate its obligations in certain situations, regardless of whether those events are fully covered by insurance. In that case, the Account would not receive rental income from the property while that tenant's space is vacant, and any such vacancy might impact the value of that property. Finally, as with respect to all third-party insurance, the Account is reliant on the continued financial health of such insurers and their ability to pay on valid claims. If the financial health of an insurer were to deteriorate quickly, the Account

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may not be able to find adequate coverage from another carrier on favorable terms, which could adversely impact the Account's investment returns.

**Physical Climate Change and Natural Disaster Related Financial Risks**. Many of the Account's commercial properties are located within geographical regions in the United States and likely foreign jurisdictions in the future that currently are, and in the future will continue to be, affected by increasingly severe and adverse weather conditions across the globe, including, among others, hurricanes, tornadoes, high winds, wildfires, changes in rainfall patterns, inland or coastal flooding, and rising sea levels. Impacts from such climate change-related disasters, as well as impacts from other natural disasters such as earthquakes and tsunamis, may present significant risks to global financial assets and economic growth. As regions experience changes to the climate and extreme weather events become more frequent and intense, commercial real estate assets within the Account that are located in such regions could be adversely impacted by direct damage to buildings and other improvements thereon and result in loss of revenue, the incurrence of unplanned capital and other expenses not covered by insurance, and increase operating expenses for such properties, including utility, insurance and maintenance costs. Climate related changes and resulting hazards may stress local populations (including as a result of malnutrition, mortality and population migration), real estate financing and operational systems, and local infrastructure to the point where such changes and hazards negatively impact local market attractiveness of such properties as investments, rental market growth, and ultimately decrease demand for and value of commercial real estate in such regions. Any resulting losses from such climate changes and hazards could adversely impact the Account's investment returns; however, should climate change assumptions be incorrect it may result in the Account forgoing investments that may have ultimately been beneficial to the Account.

**Climate Change Transition Risks.** Climate change poses long-term risks to investments that should be assessed and mitigated. Risks fall into two primary categories, as outlined with the Task Force on Climate Related Financial Disclosures ("TCFD"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Physical Risk** (as described above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Low Carbon Transition Related Risks:** Transitioning to a low-carbon economy may entail extensive policy, legal, regulatory, technology and market changes as public and private organizations and institutions attempt to mitigate and adapt to climate change. Depending on the nature, speed and focus of these changes, transition risks may pose varying levels of financial and reputational risk to organizations and, by definition, also to their investors and portfolio assets (such as those held by the Account). While transition risk is relevant across sectors, it is likely to be especially severe for carbon-intensive industries. The Account will periodically evaluate specific opportunities to reduce the carbon footprint of certain properties within its commercial real estate portfolio, provided that doing so makes economic or financial sense for individual properties and the portfolio as a whole. TIAA will continue to ensure that all portfolio investment decisions for the Account are based on expected financial performance, taking into account potential risks to asset value or liquidity, and opportunities to improve performance through improvements to commercial real estate properties held by the Account that reduce energy use and carbon emissions and decrease long-term costs for the Account.

**ESG Criteria Risks**. Management of the Account looks to utilize industry recognized environmental, social and governance ("ESG") criteria in its commercial real estate underwriting given TIAA's view that the application of such criteria, as part of the underwriting process, is beneficial in achieving positive long-term returns for the Account. In its evaluation of commercial real estate opportunities, the Account will take ESG considerations into account as part of the financial assessment of a commercial real estate portfolio asset, and not to achieve a desired outcome or as an investment qualification or screen. Ultimately, the Account will make an investment decision that incorporates ESG criteria only to the extent that the criteria are reasonably expected to enhance the investment's ability to achieve desired returns for the Account. However, the Account's utilization of ESG criteria in its commercial real estate underwriting may, if economic risk or financial opportunity projections do not materialize in the way we have anticipated, result in the Account forgoing some commercial real estate market opportunities that could have ultimately been beneficial to the Account. Consequently, the Account may underperform other investment vehicles that do not utilize such ESG criteria in selecting portfolio properties.

**Foreign Real Property Investment Risks**. Investment in foreign commercial real properties, foreign real estate loans, and foreign debt investments may present the following special risks:

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• The value of foreign investments or rental income can increase or decrease due to changes or fluctuations in foreign currency exchange rates, imposition of currency exchange control or market control regulations, possible expropriation or confiscatory taxation, political, social, diplomatic and economic developments and foreign regulations. The Account translates into U.S. dollars purchases and sales of securities, income receipts and expense payments made in foreign currencies at the exchange rates prevailing on the respective dates of the transactions. The effect of any changes in currency exchange rates on foreign debt investments and loans payable is included in the Account's net realized and unrealized gains and losses. As such, fluctuations in currency exchange rates, even if hedged, may impair or reduce the Account's returns and result in poorer overall performance of the Account than if it had not acquired such foreign investments or entered into any foreign currency hedging transactions.

• In managing any domestic or foreign commercial real property investments, the Account may, but is not required to, use or enter into forward currency contracts and foreign currency swaps, and may buy or sell put and call options and futures contracts on foreign currencies as well as other types of derivatives transactions (including interest rate swaps and options, futures contracts or swaps) in order to hedge against the risks of currency or exchange rate uncertainties, interest rate uncertainties and foreign currency or market fluctuations impacting the Account's domestic or foreign real estate investments. Changes in exchange rates and exchange control regulations or interest rates may increase or reduce the value of domestic or foreign real estate investments. Currency hedging, interest rate hedging and similar transactions involve special risks and may limit potential gains due to increases in a currency's value or changes in interest rates. Unanticipated changes in interest rates, domestic or foreign securities prices or currency exchange rates may result in poorer overall performance of the Account than if it had not entered into any such currency-related or interest rate-related hedging transactions for such real property investments. In addition, the Account could incur additional costs of paying hedge unwind fees, if it has to terminate cross-currency or interest rate swaps, futures contracts or options prematurely due to early repayment of domestic or foreign mortgage loans related to such properties. The Account does not intend to speculate in foreign currency exchange transactions, forward currency contracts, interest rate options, futures contracts or swaps or other types of hedging transactions related to its portfolio of domestic or foreign real property investments.

• Non-U.S. jurisdictions may impose withholding taxes on the Account as a result of its investment activity in that jurisdiction. TIAA may be eligible for a foreign tax credit in respect of such tax paid by the Account and such credit (if available to TIAA) would be reimbursed to the Account. However, there may be circumstances where TIAA is unable to receive some or all of the benefit of a foreign tax credit and the Account would thus not receive reimbursement, which could harm the value of the Account's units.

• Foreign real estate markets may have different liquidity and volatility attributes than U.S. markets.

• The regulatory environment in non-U.S. jurisdictions may disfavor owners and operators of real estate investment properties, resulting in less predictable and/or economically harmful outcomes if the Account were to face a significant dispute with a tenant or with a regulator itself.

• The Account may be subject to increased risk of regulatory scrutiny pursuant to U.S. federal statutes, such as the Foreign Corrupt Practices Act, which, among other things, requires robust compliance and oversight programs to help prevent violations. The costs associated with maintaining such programs, in addition to costs associated with a potential regulatory inquiry, could impair the Account's returns and divert management's attention from other Account activities.

• It may be more difficult for the Account to obtain and collect a judgment on foreign investments than on domestic investments, and the costs to the Account that are associated with contesting claims relating to foreign investments may exceed those costs associated with a similar claim on domestic investments.

**RISKS OF INVESTING IN REAL ESTATE INVESTMENT TRUST (REIT) SECURITIES**

The Account may invest in registered and unregistered REIT securities for diversification, liquidity management and other purposes. The Account's investment in REITs may also increase, as a percentage of net assets, during periods in which the Account is experiencing large net inflow activity, in particular due to net contract owner transfers into the Account. As of December 31, 2025, the Account did not hold any REIT securities. Investments in REIT securities are subject to many of the same general risks associated with direct real property ownership. In particular, equity REITs may be affected by changes in the value of the underlying properties owned by the entity,

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while mortgage REITs may be affected by the quality of any credit extended. Moreover, changes in consumer behavior that affect the use of commercial spaces could negatively impact the value of properties underlying certain REITs. In addition to these risks, because REIT investments are securities and generally publicly traded, they may be exposed to market risk and potentially significant price volatility due to changing conditions in the financial markets and, in particular, changes in overall interest rates, regardless of the value of the underlying real estate such REIT may own.

In general, during periods of high interest rates, REITs may lose some of their appeal for investors who may be able to obtain higher yields from other income-producing investments, such as long-term bonds. Rising interest rates generally increase the cost of financing for real estate projects, which could cause the value of an equity REIT to decline. During periods of declining interest rates, mortgagors may elect to prepay mortgages held by mortgage REITs, which could lower or diminish the yield on the REIT. Also, sales of REIT securities by the Account for liquidity management purposes may occur at times when values of such securities have declined and it is otherwise an inopportune time to sell the security. Volatility in REITs can cause significant fluctuations in the Account's AUV on a daily basis, as they are correlated to equity markets which have experienced significant day to day fluctuations. Finally, certain REITs may be self-liquidating in that a specific term of existence is provided for in their trust document. In acquiring the securities of REITs, the Account runs the risk that it will sell them at an inopportune time.

REITs do not generally pay federal income taxes if they distribute most of their earnings to their shareholders and meet other tax requirements. Many of the requirements to qualify as a REIT, however, are highly technical and complex. Failure to qualify as a REIT results in tax consequences, as well as disqualification from operating as a REIT for a period of time. Consequently, if the Account invests in securities of a REIT that later fails to qualify as a REIT, this may adversely affect the performance of our investment.

**RISKS OF MORTGAGE-BACKED SECURITIES**

The Account from time to time has invested in mortgage-backed securities and may in the future invest in such securities. Mortgage-backed securities, such as CMBS and RMBS, are subject to many of the same general risks inherent in real estate investing, making mortgage loans and investing in debt securities. The underlying mortgage loans may experience defaults with greater frequency than projected when such mortgages were underwritten, which would impact the values of these securities, and could hamper our ability to sell such securities. In particular, these types of investments may be subject to prepayment risk or extension risk (i.e., the risk that borrowers will repay the loans earlier or later than anticipated). If the underlying mortgage assets experience faster than anticipated prepayments of principal, the Account could fail to recoup some or all of its initial investment in these securities, since the original price paid by the Account was based in part on assumptions regarding the receipt of interest payments. If the underlying mortgage assets are repaid later than anticipated, the Account could lose the opportunity to reinvest the anticipated cash flows at a time when interest rates might be rising. The rate of prepayments depends on a variety of geographic, social and other functions, including prevailing market interest rates and general economic factors. Further, it is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future, and the U.S. Government may change its support of, and policies regarding, the Federal National Mortgage Association ("FNMA" or "Fannie Mae") and the Federal Home Loan Mortgage Corp ("FHLMC" or "Freddie Mac"). Both Fannie Mae and Freddie Mac have been operating under conservatorship with the Federal Housing Finance Administration ("FHFA") since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Even if the Account acquired such securities, such changes may have a negative effect on the pricing of such securities. Other policy changes impacting Fannie Mae and Freddie Mac and/or U.S. Government programs related to mortgages that may be implemented in the future could create market uncertainty and affect the actual or perceived credit quality of issued securities, adversely affecting mortgage-backed securities through an increased risk of loss.

Importantly, the fair market value of these securities is also highly sensitive to changes in interest rates, liquidity of the secondary market and economic conditions impacting financial institutions and the credit markets generally. Note that the potential for appreciation, which could otherwise be expected to result from a decline in interest rates, may be limited by any increased prepayments. Further, volatility and disruption in the mortgage market and credit

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markets generally, including periods of high inflation or rapid increases in interest rates, may cause there to be a very limited or even no secondary market for these securities and they therefore may be harder to sell than other securities.

As of December 31, 2025, the Account did not hold any mortgage-backed securities.

**RISKS OF INVESTING IN MORTGAGE LOANS AND RELATED INVESTMENTS**

The Account's investment strategy includes, to a limited extent, investments in mortgage loans (i.e*.*, the Account serving as lender).

*General Risks of Mortgage Loans*. The Account will be subject to the risks inherent in making mortgage loans, including:

• The borrower may default on the loan, requiring that the Account foreclose on the underlying property to protect the value of its mortgage loan. Since its mortgage loans are usually non-recourse, the Account must rely solely on the value of a property for its security. In addition, there is a risk of delay in exercising any contractual remedies due to actions of the borrower, including, without limitation, bankruptcy or insolvency of the borrower.

• The larger the mortgage loan compared to the value of the property securing it, the greater the loan's risk. Upon default, the Account may not be able to sell the property for its estimated or appraised value. Also, certain liens on the property, such as mechanic's or tax liens, may have priority over the Account's security interest.

• A deterioration in the financial condition of tenants, which could be caused by general or local economic conditions or other factors beyond the control of the Account, or the bankruptcy or insolvency of a major tenant, may adversely affect the income of a property, which could increase the likelihood that the borrower will default under its obligations.

• The borrower may be unable to make a lump sum principal payment due under a mortgage loan at the end of the loan term, unless it can refinance the mortgage loan with another lender.

• If interest rates are volatile during the loan period, the Account's variable rate mortgage loans could have volatile yields. Further, to the extent the Account makes mortgage loans with fixed interest rates, it may receive lower yields than those which are then available in the market if interest rates rise generally.

*Interest Rate Risk*. The risk that the value or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect the Account's income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment's yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-term investments. Interest rate risk is generally heightened during periods when prevailing interest rates are low or negative. During periods of very low or negative interest rates, a fixed-income investment may not be able to maintain positive returns. As of December 31, 2025, interest rates in the United States and in certain foreign markets have minimally decreased and remained high from historic low levels with unknown future monetary policy direction from central banks, which may increase the Account's exposure to risks associated with rising interest rates. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, or general economic conditions).

*Negative Interest Rate Risk*. Certain European countries and Japan have in the past pursued negative interest rate policies. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. If a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank. In such a scenario, certain debt instruments may trade at negative yields, which means the purchaser of the instrument may receive at maturity less than the total

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amount invested. Such market conditions may increase the Account's exposure to the risks associated with rising interest rates. A number of factors may contribute to debt instruments trading at a negative yield. While negative yields can be expected to reduce demand for fixed-income investments trading at a negative interest rate, investors may be willing to continue to purchase such investments for a number of reasons including, but not limited to, price insensitivity, arbitrage opportunities across fixed-income markets, rules-based investment strategies, capital preservation, reduced volatility, or decreased investment opportunities. If negative interest rates become prevalent in the market, it is expected that investors would seek to reallocate assets to other income-producing assets such as investment-grade and high-yield debt instruments, or equity investments that pay a dividend. This increased demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. In addition, a move to higher yielding investments may cause investors, including the Account, to seek fixed-income investments with longer duration and/or potentially reduced credit quality in order to seek the desired level of yield. These considerations may limit the Account's ability to locate fixed-income instruments containing the desired risk/return profile. Changing interest rates, including, but not limited to, rates that in the future fall below zero, could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility and potential illiquidity, increasing the potential for losses for the Account.

*Extension Risk.* The risk that during periods of rising interest rates, borrowers pay off their mortgage loans later than expected, preventing the Account from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other ABS. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by the Account can result in losses to the Account.

*Prepayment Risk.* The Account's mortgage loan investments will usually be subject to the risk that the borrower repays a loan early. Also, the Account may be unable to reinvest the proceeds at as high an interest rate as the original mortgage loan rate, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other ABS. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by the Account can result in losses to investors in the Account.

*Interest Limitations.* The interest rate we charge on mortgage loans may inadvertently violate state usury laws that limit rates, if, for example, state law changes during the loan term. If this happens, the Account could incur penalties or may be unable to enforce payment of the loan.

*Risks of Investing in Domestic and Foreign Debt or Loans.* The Account may invest from time to time in domestic and foreign mezzanine and other debts or loans to entities which own real estate assets. Generally these loans will be secured by a pledge of the equity securities of the entity, but not by a first lien security interest in the property itself. As such, the Account's recovery in the event of an adverse circumstance at the property (such as a default under a mortgage loan on the property) will be subordinated to the recovery available to the first lien mortgage lender(s) to the property. The Account's remedy may solely consist of foreclosing on the equity interest in the entity owning the property, and that equity interest will be junior in right of recovery to a loan secured by the property owned by the entity. Also, as a subordinated lender, the Account may have limited rights to exercise control over the process by which the mortgage loan is restructured or the property is liquidated following a default. Any of these circumstances may result in the Account being unable to recover some or all of its original investment.

*Risks of Hedging Strategies for Domestic and Foreign Loans and Securities.* In managing any domestic or foreign mezzanine debt or other domestic or foreign loans, securities or real estate, the Account may use or enter into forward currency contracts and foreign currency swaps, and may buy or sell put and call options and futures contracts on foreign currencies as well as other types of derivatives transactions (including interest rate swaps and options, futures contracts or swaps) in order to hedge against the risks of exchange rate uncertainties, interest rate uncertainties and foreign currency or market fluctuations impacting the Account's domestic or foreign loans, securities and real estate investments. Changes in exchange rates and exchange control regulations or interest rates

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may increase or reduce the value of domestic or foreign mezzanine debt or other types of loans, securities and real estate. Currency hedging, interest rate hedging and similar transactions involve special risks and may limit potential gains due to increases in a currency's value or changes in interest rates. Unanticipated changes in interest rates, domestic or foreign securities prices or currency exchange rates may result in poorer overall performance of the Account than if it had not entered into any such currency-related or interest rate-related hedging transactions for such loans and securities. In addition, the Account could incur additional costs of paying hedge unwind fees, if it has to terminate cross-currency or interest rate swaps, futures contracts or options prematurely due to early repayment of domestic or foreign mezzanine or other debt or securities. The Account does not intend to speculate in foreign currency exchange transactions, forward currency contracts, interest rate options, futures contracts or swaps or other types of hedging transactions relating to its portfolio of domestic and foreign loans and securities.

*Risks of Participations.* To the extent the Account invested in a participating mortgage, the following additional risks would apply:

&nbsp;&nbsp;&nbsp;&nbsp;• The participation feature, in tying the Account's returns to the performance of the underlying asset, might generate insufficient returns to make up for the higher interest rate the loan would have obtained without the participation feature.

&nbsp;&nbsp;&nbsp;&nbsp;◦ In very limited circumstances, a court may characterize the Account's participation interest as a partnership or joint venture with the borrower and the Account could lose the priority of its security interest or become liable for the borrower's debts.

**RISKS OF U.S. GOVERNMENT AND GOVERNMENT AGENCY SECURITIES AND CORPORATE OBLIGATIONS**

The Account invests in securities issued by U.S. Government agencies and U.S. Government-sponsored entities. Some of these issuers may not have their securities backed by the full faith and credit of the U.S. Government, which could adversely affect the pricing and value of such securities. U.S. Government securities that are supported by the full faith and credit of the United States present limited credit risk compared to other types of debt securities but are not free of risk. Other U.S. Government securities are supported by the right of the agency or instrumentality to borrow an amount limited to a specific line of credit from the U.S. Treasury or by the discretionary authority of the U.S. Government to purchase financial obligations of the agency or instrumentality, which are thus subject to a greater amount of credit risk than those supported by the full faith and credit of the United States. Still other U.S. Government securities are only supported by the credit of the issuing agency or instrumentality which are subject to greater credit risk as compared to other U.S. Government securities. The maximum potential liability of the issuers of some U.S. Government securities may exceed then current resources, including any legal right to support from the U.S. Treasury. Because the U.S. Government is not obligated by law to support an agency or instrumentality that it sponsors, or such agency's or instrumentality's securities, the Account only invests in U.S. Government securities when TIAA determines that the credit risk associated with the obligation is suitable for the Account.

It is possible that issuers of U.S. Government securities will not have the funds to meet their payment obligations in the future. The FHLMC (or Freddie Mac) and the FNMA (or Fannie Mae) have been operating under conservatorship, with the FHFA acting as their conservator, since September 2008. In the event that FHLMC or FNMA are taken out of conservatorships, it is unclear how their respective capital structure would be constructed and what impact, if any, there would be on FHLMC's or FNMA's creditworthiness and guarantees of certain mortgage-backed securities. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of FHLMC and FNMA and the value of their securities and the securities which they guarantee.

Uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling may increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Account.

In addition, the Account may invest in corporate obligations (such as commercial paper and other types of corporate debt obligations) and while the Account seeks out such holdings in short-term or intermediate-term, higher-quality liquid instruments, the ability of the Account to sell these securities may be uncertain, particularly when there are

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general dislocations in the finance or credit markets. Any such volatility could have a negative impact on the value of these securities. Further, transaction activity may fluctuate significantly from time to time, which could impair the Account's ability to dispose of a security at a favorable time, regardless of the credit quality of the underlying issuer. Also, inherent with investing in any corporate obligation is the risk that the credit quality of the issuer will deteriorate, which could cause the obligations to be downgraded and hamper the value or the liquidity of these securities. Finally, any further downgrades or threatened downgrades of the credit rating for U.S. Government obligations generally could impact the pricing and liquidity of agency securities or corporate obligations in a manner which could impact the value of the Account's units. On three occasions, the long-term credit rating of the United States has been downgraded by at least one leading rating agency in part as a result of disagreements within the U.S. Government over raising the debt ceiling to repay outstanding obligations. Similar situations in the future could result in periods of high inflation, rising interest rates, changes in the prices of U.S. Treasury securities and increase the costs of various kinds of debt, which may adversely affect the Account.

**RISKS OF LIQUID, FIXED-INCOME INVESTMENTS**

The Account's investments in liquid, fixed-income investments, whether real estate-related securities (such as REITs, CMBS or some loans receivable) or non real estate-related securities (such as ABS, MBS, RMBS, CLOs, CMOs, CDOs, cash equivalents, municipal bond securities, other domestic and foreign government and corporate securities and structured securities), and whether debt or equity, are subject to the following general risks:

*Issuer Risk (often called Financial Risk).* The risk that an issuer's earnings or revenue prospects and overall financial position will deteriorate (or be perceived to deteriorate by market participants, rating agencies, pricing services or otherwise), causing a decline in the value of the issuer's financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer's credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

*Credit Risk.* The risk that the issuer of the fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due, or, in the case of structured securities, the risk that the underlying collateral for the security may be insufficient to support such interest or principal payments, thereby causing a loss to the Account on the investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer's credit risk can quickly change and even large, well-established issuers and/or governments or, in the case of structured securities, higher quality underlying collateral for the security, may deteriorate rapidly with little or no warning.

*Credit Spread Risk*. The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security's respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Account's securities. Credit spreads often increase more for lower-rated and unrated securities than for investment-grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

*Market Volatility, Liquidity and Valuation Risk.* The risk that volatile or dramatic reductions in trading activity, or the cessation of trading at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as natural disasters or public emergencies (pandemics and epidemics), or periods of high inflation or rapid increases in interest rates, in securities markets make it difficult for the Account to properly value its investments. In such situations, the Account may not be able to purchase or sell a securities investment at an attractive price, if at all. This risk is particularly acute to the extent the Account holds equity securities, which have experienced significant short-term price volatility in recent years.

*Interest Rate Risk.* The risk that increases or volatility in interest rates can cause the prices of certain fixed-income investments to decline. This risk is heightened to the extent the Account invests in fixed-income investments and during periods when prevailing interest rates are low. Periods of very low or negative interest rates may challenge the Account's ability to maintain positive returns. As of the date of this report, interest rates in the United States and in certain foreign markets have minimally decreased and remain high from historic low levels with unknown future monetary policy direction from central banks, which may increase the Account's exposure to risks associated with

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rising interest rates. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, or general economic conditions).

*Downgrade Risk*. The risk that securities are subsequently downgraded should TIAA and/or rating agencies believe the issuer's business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer's ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer's deteriorating financial position.

*Income Volatility Risk.* Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from the Account's portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.

*Call Risk*. The risk that an issuer will redeem a fixed-income investment prior to maturity, if the issuer has the right to do so. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, the Account may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, the Account would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Account originally invested, resulting in a decline in income.

*Prepayment Risk.* The risk that, during periods of falling interest rates, borrowers may pay off their loans sooner than expected, forcing the Account to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, borrowers have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on borrower prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by the Account can result in losses to the Account.

*Extension Risk*. The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by the Account can result in losses to the Account.

*U.S. Government Securities Risk.* Securities issued by the U.S. Government or one of its agencies or instrumentalities may receive varying levels of support from the U.S. Government, which could affect the Account's ability to recover should they default. Therefore, securities issued by U.S. Government agencies or instrumentalities that are not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. To the extent the Account invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Account invests may have a significant impact on the Account's performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.

*State and Municipal Investment Risk.* Events affecting states and municipalities may adversely affect the Account's investments and its performance. These events may include severe financial difficulties and continued budget deficits, economic or political policy changes, tax base erosion, state constitutional limits on tax increases, and changes in the credit ratings assigned to state and municipal issuers of debt instruments that the Account may hold. Many states and municipalities have experienced—and may continue to experience—severe financial difficulties.

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As a result, the economies and fiscal condition of these states and municipalities could deteriorate significantly as a result of a number of economic and other factors, including state and local housing crises, high unemployment levels, a drop in tax revenue and periods of larger national economic slowdown. The continued deterioration of state and municipal economies could result in large state and municipal budget deficits and it is unclear when and how states and municipalities would close their budget gaps or how those solutions might affect state or municipal governments. A negative change in any one of these or other areas could affect the ability of state or municipal issuers to meet their debt obligations and result in losses to the Account.

*Foreign Securities Investment Risk*. Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be difficult for the Account to use foreign laws and courts to enforce financial or legal obligations. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, and less stringent investor protections and disclosure standards.

*Emerging Markets Risk*. The risk of foreign investment often increases in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging markets countries may also have less stringent regulation of accounting, auditing, financial reporting, and recordkeeping requirements, which could affect the Account's ability to evaluate potential investments. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as the Account are subject to a variety of special restrictions in many emerging market countries. The risks outlined above are often more pronounced in "frontier markets" in which the Account may invest. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging markets countries. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries.

*Fixed-Income Foreign Investment Risk*. Foreign fixed-income securities investments, including securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer's balance of payments, including export performance, its

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access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country's balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments.

*Sovereign Debt Risk*. The risk that the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of foreign debt or foreign currency exchange rates, among other possible reasons. To the extent the issuer or controlling governmental authority is unable or unwilling to repay principal or interest when due, the Account may have limited recourse to compel payment in the event of default and could result in losses to the Account.

*Supranational Debt Risk*. The risk that the issuer of multinational or supranational foreign debt (e.g., the European Union or the International Monetary Fund (IMF)) that controls the repayment of such debt may be unable or unwilling to repay principal or interest when due. This may result from, among other possible reasons, political or social factors (e.g., the sudden or gradual disintegration of the multinational or supranational organization), the general economic environment of the countries or foreign markets that comprise the organization, levels of foreign debt or foreign currency exchange rates. To the extent the issuer or controlling multinational or supranational authority is unable or unwilling to repay principal or interest when due, the Account may have limited recourse to compel payment in the event of default and could result in losses to the Account.

*Active Management Risk.* The risk that the Account's strategy, investment selection or trading execution for securities, including REIT stocks, may cause the Account to underperform relative to a stated benchmark index or funds or accounts with similar investment objectives.

*Currency Risk*. The risk of a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that foreign currency. The overall impact on the Account's holdings can be significant and long lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging markets currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or political developments.

*Derivatives Risk*. The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Account than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and the Account could lose more than the amount invested.

*Currency Management Strategies Risk*. Currency management strategies, including forward currency contracts, may substantially change the Account's exposure to currency exchange rates and could result in losses to the Account if currencies do not perform as TIAA expects. In addition, currency management strategies, to the extent that such strategies reduce the Account's exposure to currency risks, may also reduce the Account's ability to benefit from favorable changes in currency exchange rates. There is no assurance that TIAA's use of currency management strategies will benefit the Account or that they will be, or can be, used at appropriate times. Furthermore, there may not be a perfect correlation between the amount of exposure to a particular currency and the amount of securities in the portfolio denominated in that currency. Currency markets are generally less regulated than securities markets.

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Derivatives transactions, especially forward currency contracts and currency-related futures contracts and swap agreements, may involve significant amounts of currency management strategies risk.

*Counterparty and Third Party Risk*. Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty's or third party's ability to perform in accordance with the terms of the transaction. If a counterparty defaults, the Account may have contractual remedies but the Account may be unable to enforce them due to the application of bankruptcy, insolvency and other laws affecting the rights of creditors. Counterparty risk is still present even if a counterparty's obligations are secured by collateral because, for example, the Account's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. The Account is also subject to counterparty risk to the extent it executes a significant portion of its securities or derivatives transactions through a single broker, dealer, or futures commission merchant.

*Rule 144A Securities Risk.* The risk that SEC Rule 144A securities may be less liquid, and have less disclosure and investor protections, than publicly traded securities. Such securities may involve a high degree of business and financial risk and may result in losses to the Account.

*Deposit/Money Market Risk.* The risk that, to the extent the Account's cash held in bank deposit accounts exceeds federally insured limits as to that bank, the Account could experience losses if banks fail. In addition, there is some risk that investments held in money market accounts or funds can suffer losses. Further, to the extent that a significant portion of the Account's net assets at any particular time consist of cash, cash equivalents and non-real estate-related liquid securities, the Account's returns may suffer as compared to the return that could have been generated by more profitable real estate-related investments. Such a potential negative impact on returns may be exacerbated in times of low prevailing interest rates payable on many classes of liquid securities.

*Risks Related to Liquid Securities.* In addition to the risks noted above, the U.S. capital markets may experience extreme volatility and disruption for a variety of reasons, including a global pandemic, such as the COVID-19 pandemic from early 2020 and similar health concerns. Disruptions in the capital markets, and periods of high inflation or rapid increases in interest rates, can increase the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Such disruptions may adversely affect the Account's business, financial position and results of operations.

*Structured Securities Risk*. The risk that the value of a structured security or its underlying collateral can rise or fall in inverse proportion to the movement of interest rates. In addition, structured securities are often subject to limited liquidity and to market volatility (whether volatility in the market for the structured security itself or volatility in the market for the underlying collateral). Structured securities are also subject to (i) the credit risk of the issuer or the underlying collateral for the security, (ii) changes in credit spreads charged by the market for taking the issuer's or underlying collateral's credit risk, (iii) early termination events (which can lower the payout at maturity), (iv) contractual provisions that may impose maximum gains, participation rights or similar features that limit investment return on the security, and (v) hidden fees and costs embedded in the price of the security. All of these risks can adversely impact the value of, and result in the loss of principal or interest on, the structured security at maturity.

**Risks of Fixed-income, Liquid Investments That Later Become Illiquid**

Liquid, fixed-income securities in which the Account invests (including Rule 144A securities) may, despite being liquid at the time of purchase, subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions or investor perceptions and geopolitical and foreign country and issuer risk. Such liquid securities that later become illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid securities are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Account's investments in liquid, fixed-income securities that later become illiquid investments may reduce the returns of the Account because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Account from taking advantage of other investment opportunities. Illiquid securities may trade less frequently, in lower quantities and/or at a discount, which may cause the Account to receive distressed prices and incur higher transaction costs when selling such investments.

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Dislocations in certain parts of markets have resulted, and may continue to result, in reduced liquidity for certain liquid securities in the future. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, the Account's liquid, fixed-income investment could potentially experience significant levels of illiquidity. In addition, Rule 144A fixed-income or debt securities in which the Account invests may, in general, be less liquid than other types of fixed-income or debt securities.

**GLOBAL ECONOMIC RISKS**

National and regional economies and financial markets have become increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax, tariff and economic conditions may cause fluctuations in markets and securities and commercial real property prices around the world, which could negatively impact the value of the Account's investments. For example, the United Kingdom's referendum decision to leave the European Union resulted in the depreciation in value of the British pound, short term declines in the stock markets and ongoing economic and political uncertainty concerning the consequences of the exit. Similar major economic or political disruptions, particularly in large economies like China, may have global negative economic and market repercussions. Additionally, events such as war (e.g., the ongoing conflict in Ukraine), terrorism, natural and environmental disasters, the spread of infectious illnesses, pandemics or other public health emergencies, or changing economic or market environments with high inflation or rapid increases in interest rates, may adversely affect the global economy and the securities, local commercial real estate markets and issuers in which the Account invests.

Historical examples of such events include the COVID-19 pandemic from early 2020 to mid-2022, which resulted in government imposed shutdowns across the globe. These events have reduced and could continue to reduce consumer demand and economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy, including the commercial real estate sector. Governmental and quasi-governmental authorities and regulators throughout the world responded to the multi-year impact of the COVID-19 pandemic, and could respond to future pandemics, with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and new monetary programs. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities and commercial real estate markets, which could adversely affect the Account's investments.

**CONFLICTS OF INTEREST WITHIN TIAA**

*General.* TIAA and its affiliates (including Nuveen Alternatives Advisors LLC ("NAA") and Nuveen Asset Managment LLC ("NAM"), its wholly owned subsidiaries and registered investment advisers, and Nuveen Management AIFM Limited (dba Nuveen Real Estate ("NRE"), its wholly owned subsidiary) have interests in other real estate programs and accounts and also engage in other business activities. As such, they will have conflicts of interest in allocating their time between the Account's business and these other activities. Also, the Account may be buying properties at the same time as TIAA affiliates that may have similar investment objectives to those of the Account. There is also a risk that TIAA will choose a property that provides lower returns to the Account than a property purchased by TIAA and its affiliates. Further, the Account will likely acquire properties in geographic areas where TIAA and its affiliates own or manage properties, including in foreign markets. In addition, the Account may desire to sell a property at the same time another TIAA affiliate is selling a property in an overlapping market. Conflicts could also arise because some properties owned or managed by TIAA and its affiliates may compete with the Account's properties for tenants. Among other things, if one of the TIAA entities attracts a tenant that the Account is competing for, the Account could suffer a loss of revenue due to delays in locating another suitable tenant. TIAA has adopted allocation policies and procedures applicable to the purchasing conflicts scenario, but the resolution of such conflicts may be economically disadvantageous to the Account. As a result of TIAA's and its affiliates' obligations to TIAA itself and to other current and potential investment vehicles sponsored by TIAA affiliates with similar objectives to those of the Account, there is no assurance that the Account will be able to take advantage of every attractive investment opportunity that otherwise is in accordance with the Account's investment objectives.

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*Liquidity Guarantee.* In addition, as discussed elsewhere in this report, the TIAA General Account provides a liquidity guarantee to the Account. While an independent fiduciary is responsible under the prohibited transaction exemption issued to the Account in 1996 under PTE 96-76 ("PTE 96-76") for establishing a "trigger point" (a percentage of TIAA's ownership of liquidity units beyond which TIAA's ownership may be reduced at the fiduciary's direction), there is no express cap on the amount TIAA may be obligated to fund under this guarantee. Further, the Account's independent fiduciary oversees any redemption of TIAA liquidity units. TIAA's ownership of liquidity units (including the potential for changes in its levels of ownership in the future) from time to time could result in the perception that TIAA is taking into account its own economic interests while serving as investment manager for the Account. In particular, the value of TIAA's liquidity units fluctuates in the same manner as the value of accumulation units held by all contract owners. Any perception of a conflict of interest could cause contract owners to transfer accumulations out of the Account to another investment option, which could have an adverse impact on the Account's ability to act most optimally upon its investment strategy.

**RISKS OF SECURITIES LENDING**

In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk the borrower or securities lending agent (the "Agent") may default on its contractual obligations to the Account. Each Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loaned securities have not been returned. Substitute payments for dividends received by the Account for securities loaned out by the Account will not be considered as qualified dividend income or as eligible for the corporate dividend received deduction.

**REQUIRED PROPERTY SALES UNDER THE PTE**

If TIAA were to own too large a percentage of the Account's accumulation units through funding the liquidity guarantee (as determined by the Account's independent fiduciary), the independent fiduciary could, pursuant to its obligations under PTE 96-76, require the Account to sell commercial real properties or other portfolio assets in the Account to reduce TIAA's ownership interest. Any such required sales could occur at times and at prices that depress the sale proceeds to the Account and result in losses to the Account.

**NO OPPORTUNITY FOR PRIOR REVIEW OF TRANSACTIONS**

Investors do not have the opportunity to evaluate the economic or financial merit of the purchase, sale or financing of a property or other investment before the Account completes the transaction, so investors will need to rely solely on TIAA's judgment and ability to select investments consistent with the Account's investment objective and policies. Further, the Account may change its investment objective and pursue specific investments in accordance with any such amended investment objective without the consent of the Account's investors.

**RISKS OF REGISTRATION UNDER THE INVESTMENT COMPANY ACT OF 1940**

The Account has not registered, and management intends to continue to operate the Account so that it will not have to register, as an "investment company" under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Generally, a company is an "investment company" and required to register under the Investment Company Act if, among other things, it holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, or it is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of such company's total assets (exclusive of government securities and cash items) on an unconsolidated basis.

If in the future the Account elected to or was obligated to register as an investment company, the Account would have to comply with a variety of substantive requirements under the Investment Company Act that impose, among other things, limitations on capital structure, restrictions on certain investments, compliance with reporting, record-keeping, voting and proxy disclosure requirements and other rules and regulations that could significantly increase its operating expenses and reduce its operating flexibility. To maintain compliance with the exemptions from the Investment Company Act, the Account may be unable to sell assets it would otherwise want to sell and may be

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unable to purchase securities it would otherwise want to purchase, which might materially adversely impact the Account's performance.

**CYBERSECURITY AND OTHER BUSINESS CONTINUITY RISKS**

With the increased use of connected technologies such as the Internet to conduct business, the Account and its service providers (including, but not limited to, TIAA, Services, the independent fiduciary and the Account's custodian and financial intermediaries) are susceptible to cybersecurity risks. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through "hacking" or other means to digital systems, networks, or devices that are used to service the Account's operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity attacks can also be carried out in a manner that does not require gaining unauthorized access, including by carrying out a "denial-of-service" attack on the Account or its service providers. In addition, authorized persons could inadvertently or intentionally release and possibly destroy confidential or proprietary information stored on the Account's systems or the systems of its service providers.

Cybersecurity failures by the Account or any of its service providers, or the issuers of any portfolio securities in which the Account invests (e.g., issuers of REIT stocks or debt securities), have the ability to result in disruptions to and impacts on business operations and may adversely affect the Account and the value of your accumulation units. Such disruptions or impacts may result in: financial losses; interference with the processing of contract transactions, including the processing of orders from TIAA's website; interfere with the Account's ability to calculate AUVs; barriers to trading and order processing; Account contract owners' inability to transact business with the Account; violations of applicable federal and state privacy or other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; or additional compliance costs. The Account and its service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cybersecurity breach may cause such information to be lost, improperly accessed, used or disclosed. The Account may incur additional, incremental costs to prevent and mitigate the risks of cybersecurity attacks or incidents in the future. The Account and its contract owners could be negatively impacted by such cybersecurity attacks or incidents. Although the Account has established business continuity plans and risk-based processes and controls to address such cybersecurity risks, there are inherent limitations in such plans and systems in part due to the evolving nature of technology and cybersecurity attack tactics. As a result, it is possible that the Account or the Account's service providers will not be able to adequately identify or prepare for all cybersecurity attacks. In addition, the Account cannot directly control the cybersecurity plans or systems implemented by its service providers.

Other disruptive events, including, but not limited to, natural disasters, fires and severe weather events, civil or political unrest, terrorism, or public health or pandemic crises (such as the COVID-19 pandemic from early 2020), may adversely affect the Account's ability to conduct business. Such adverse effects may include the inability of TIAA's employees, or the employees of its affiliates and the Account's service providers, to perform their responsibilities as a result of any such event. Any resulting disruptions to the Account's business operations can interfere with our processing of contract transactions (including the processing of orders from our website), impact our ability to calculate annuity unit values, or cause other operational issues.

**TAX RISKS**

The tax rules applicable to the contracts vary according to the type of retirement plan and the terms and conditions of the plan. Your rights under a contract may be subject to the terms of the retirement plan itself, regardless of the terms of the contract. Adverse tax consequences may result if contributions, distributions, and other transactions with respect to the contract are not made or effected in compliance with applicable law. We cannot provide detailed information on all tax aspects of the contracts. Moreover, the tax aspects that apply to a particular person's contract may vary depending on the facts applicable to that person and state of residence. Tax rules may change without notice. We cannot predict whether, when, or how these rules could change. Any change could affect contracts purchased before the change. We cannot predict what, if any, legislation will actually be proposed or enacted. Before making contributions to your contract or taking other action related to your contract, you should consult a qualified tax advisor to determine the tax implications of an investment in, and payments received under, the contract.

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**ITEM 1B. UNRESOLVED STAFF COMMENTS.**

Not applicable.

**ITEM 1C. CYBERSECURITY.**

TIAA, on behalf of the Account, has a program and formal processes in place to assess, identify, and manage material risks from cybersecurity threats. The Account's business is dependent on the communications and information technology ("IT") systems of TIAA and other third-party IT service providers to TIAA. TIAA, with support from certain of its subsidiaries, manages the Account's day-to-day operations and has implemented a cybersecurity program that applies to the Account.

The Account depends on and engages various third parties and service providers, including suppliers, custodians, transfer agents, property management companies, and joint venture partners, to operate its commercial real estate and investment business. The Account relies on the expertise of risk management, legal, information technology, and compliance personnel of TIAA when identifying and overseeing risks from cybersecurity threats associated with the Account's use of such entities.

**Cybersecurity Program Overview**

TIAA has instituted an enterprise cybersecurity program designed to identify, assess, and mitigate cyber risks applicable to TIAA, the Account, and other products, subsidiaries and affiliates of TIAA and their respective third party service providers.

This cyber risk management program is integrated into TIAA's overall risk management program. It involves risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Account relies. TIAA relies on its internal subject matter experts and external experts, as needed, including but not limited to cybersecurity assessors, consultants, and auditors, to evaluate cybersecurity measures and risk management processes, applicable to the Account and other products, subsidiaries, and affiliates of TIAA.

TIAA actively monitors the current cyber threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Account in connection with its day-to-day commercial real estate, investment, and other operations.

**Board Oversight of Cybersecurity Risks** 

The Board provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Board receives periodic updates from TIAA's Cybersecurity leadership regarding the overall state of TIAA's cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Account.

**Management's Role in Cybersecurity Risk Management**

TIAA's management, including its Chief Information Security Officer ("CISO"), is responsible for assessing and managing material risks from cybersecurity threats to the TIAA organization, including the Account. The CISO and cybersecurity leaders have significant expertise in this area, including in IT and cybersecurity engineering as well as cybersecurity leadership experience in other major financial institutions. In particular, the CISO holds an master of business administration (MBA) degree and a bachelor of science (BS) degree in computer science. He has several security industry certifications including the Certified Information Systems Security Professional (CISSP) and Certified Secure Software Lifecycle Profession (CSSLP) designations, and has held prior management positions in the technology space with Snap Finance, American Express, Visa and Paypal. Management of the Account is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Account, including through the receipt of notifications from third party service providers and reliance on communications with cybersecurity, risk management, legal, IT, and/or compliance personnel of TIAA.

**Assessment of Cybersecurity Risk**

The potential impact of risks from cybersecurity threats on the Account are assessed on an ongoing basis, and how such risks could materially affect the Account's business strategy, operational results, and financial condition are

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regularly evaluated. TIAA maintained appropriate cyber security policies and procedures during the 12-month period covered by this report and there were no material cybersecurity issues that affected the Account. Cybersecurity risk remains heightened to the financial industry, including the Account, and a failure in or breach of our systems or infrastructure, or those of a material third party or service provider, could cause disruption and adversely impact the Account's operations and performance. TIAA continues to invest in its cybersecurity program to protect against emerging threats, including threats against third parties and service providers.

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**ITEM 2. PROPERTIES.**

**THE PROPERTIES—GENERAL**

In the table below, contract owners will find general information about each of the Account's investments as of December 31, 2025. The Account's investments include both properties that are wholly owned by the Account and properties owned by the Account's joint venture investments. Certain investments include a portfolio of properties.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Ownership Percentage** | **Rentable**<br>**Area**<br>**(Sq. ft.)**<sup>(1)</sup> | **Percent<br>Leased** | **Fair**<br>**Value**<sup>(2)</sup><br>**(millions)** | |
| **OFFICE PROPERTIES** | **OFFICE PROPERTIES** | **OFFICE PROPERTIES** | **OFFICE PROPERTIES** | **OFFICE PROPERTIES** | **OFFICE PROPERTIES** | **OFFICE PROPERTIES** |
| Lincoln Centre | Dallas, TX | 100.00% | 1637827 | 92.1% | $603.9 |  |
| Campus Pointe  | San Diego, CA | 43.44% | 1240707 | 94.6% | 591.0 |  |
| 1001 Pennsylvania Avenue | Washington, D.C. | 100.00% | 770975 | 95.9% | 450.1 |  |
| Seavest MOB | Pittsburgh, PA | 98.40% | 764026 | 94.5% | 312.4 | <sup>(4)</sup> |
| Four Oaks Place | Houston, TX | 51.00% | 2377150 | 88.1% | 305.9 | <sup>(4)</sup> |
| 1900 K Street, NW | Washington, D.C. | 100.00% | 356456 | 75.6% | 190.1 | <sup>(3)</sup> |
| Juniper MOB Portfolio | Various | 50.00% | 1055154 | 88.1% | 188.5 | <sup>(4)</sup> |
| 21 Penn Plaza | New York, NY | 100.00% | 374371 | 85.2% | 178.4 |  |
| One Boston Place | Boston, MA | 50.25% | 812936 | 80.5% | 156.5 |  |
| Fort Point Creative Exchange Portfolio | Boston, MA | 100.00% | 248124 | 82.2% | 88.7 |  |
| 837 Washington Street | New York, NY | 100.00% | 58580 | 100.0% | 81.3 |  |
| 101 Pacific Coast Highway | El Segundo, CA | 100.00% | 199017 | 77.5% | 56.5 |  |
| Vista Station Office Portfolio | Draper, UT | 100.00% | 175000 | 100.0% | 45.5 | <sup>(3)</sup> |
| 1600 Broadway Street | Denver, CO | 100.00% | 444595 | 63.8% | 42.5 |  |
| 8270 Greensboro Drive | McLean, VA | 100.00% | 164112 | 85.7% | 40.5 |  |
| 3131 McKinney | Dallas, TX | 100.00% | 146551 | 78.1% | 40.4 |  |
| Liberty Park | Herndon, VA | 100.00% | 335137 | 73.9% | 38.9 | <sup>(3)</sup> |
| 735 Watkins Mill | Gaithersburg, MD | 80.00% | 137363 | —% | 36.5 |  |
| Sixth & Main | Portland, OR | 100.00% | 378116 | 43.3% | 32.0 |  |
| The Stratum | Austin, TX | 100.00% | 253402 | 55.3% | 31.9 |  |
| Wilton Woods Corporate Campus | Wilton, CT | 100.00% | 190762 | 89.8% | 25.1 |  |
| 101 N. Tryon Street | Charlotte, NC | 85.00% | 552637 | 45.0% | 22.8 | <sup>(4)</sup> |
| Five Oak | Portland, OR | 100.00% | 267094 | 74.9% | 19.0 | <sup>(3)</sup> |
| 355 West 52nd St | New York, NY | 95.00% | 55621 | 100.0% | 18.9 | <sup>(4)</sup> |
| Colorado Center | Santa Monica, CA | 2.00% | 1131511 | 87.3% | 6.2 | <sup>(4)</sup> |
| 817 Broadway | New York, NY | 31.34% | 139312 | 97.6% | (1.1) |  |
| **Subtotal—Office Properties** | **Subtotal—Office Properties** |  |  | **83.5%** | $**3602.4** |  |
| **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** | **INDUSTRIAL PROPERTIES** |  |  |  |
| Ontario Industrial Portfolio | Various | 100.00% | 3362172 | 100.0% | $958.1 |  |
| Dallas Industrial Portfolio | Dallas and Coppell, TX | 100.00% | 3684941 | 100.0% | 508.5 |  |
| Great West Industrial Portfolio | Rancho Cucamonga and Fontana, CA | 100.00% | 1358925 | 100.0% | 369.1 |  |
| Southern CA RA Industrial Portfolio | Los Angeles, CA | 100.00% | 920078 | 81.7% | 251.5 |  |
| Rainier Corporate Park | Fife, WA | 100.00% | 1104071 | 71.3% | 242.3 |  |
| Seneca Industrial Park | Pembroke Park, FL | 100.00% | 882182 | 99.9% | 240.5 |  |
| South River Road Industrial | Cranbury, NJ | 100.00% | 858957 | 100.0% | 235.1 |  |
| Cerritos Industrial Park | Cerritos, CA | 100.00% | 934233 | 83.5% | 233.7 |  |
| Oakmont IE West Portfolio | Fontana, CA | 100.00% | 709941 | 100.0% | 213.6 |  |
| Regal Logistics Campus | Seattle, WA | 100.00% | 968535 | 100.0% | 197.0 |  |
| Pinto Business Park | Houston, TX | 100.00% | 1641141 | 96.6% | 196.2 |  |
| Frontera Industrial Business Park | San Diego, CA | 100.00% | 794330 | 88.0% | 192.0 |  |
| Shawnee Ridge Industrial Portfolio | Atlanta, GA | 100.00% | 1422922 | 100.0% | 189.1 |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Ownership Percentage** | **Rentable**<br>**Area**<br>**(Sq. ft.)**<sup>(1)</sup> | **Percent<br>Leased** | **Fair**<br>**Value**<sup>(2)</sup><br>**(millions)** | |
| Port St. Lucie | Port St. Lucie, FL | 100.00% | 1080306 | 100.0% | $176.0 |  |
| Northern CA RA Industrial Portfolio | Oakland, CA | 100.00% | 625304 | 95.4% | 148.1 |  |
| Rancho Cucamonga Industrial Portfolio | Rancho Cucamonga, CA | 100.00% | 573000 | —% | 145.0 |  |
| Minneapolis Core Portfolio | Brooklyn Park, MN | 100.00% | 952642 | 88.4% | 134.2 |  |
| Pinnacle Industrial Portfolio | Grapevine, TX | 100.00% | 899200 | 88.6% | 129.0 |  |
| Weston Business Center | Weston, FL | 100.00% | 455268 | 89.4% | 123.9 |  |
| Ontario Mills Industrial Portfolio | Ontario, CA | 100.00% | 435733 | 100.0% | 118.0 |  |
| Weston Business Center EF | Weston, FL | 100.00% | 396090 | 100.0% | 116.6 |  |
| Chicago CalEast Industrial Portfolio | Chicago, IL | 100.00% | 1145152 | 100.0% | 116.2 |  |
| Northwest Houston Industrial Portfolio | Houston, TX | 100.00% | 1010912 | 100.0% | 111.1 |  |
| Stevenson Point | Newark, CA | 100.00% | 312885 | 100.0% | 104.7 |  |
| Knightdale Gateway | Raleigh, NC | 100.00% | 511233 | 100.0% | 102.7 |  |
| Hendricks Gateway | Indianapolis, IN | 100.00% | 1072069 | 100.0% | 98.2 |  |
| Centre Pointe And Valley View | Los Angeles County, CA | 100.00% | 307685 | 97.0% | 96.0 |  |
| Reno Industrial Portfolio | Raleigh, NC | 100.00% | 497875 | 100.0% | 92.4 |  |
| Broward Industrial Portfolio | Various, FL | 100.00% | 355088 | 96.6% | 90.8 |  |
| Pacific Coast Corporate Park | Fife, WA | 100.00% | 388783 | 55.3% | 87.8 |  |
| Landover Logistics Center | Landover, MD | 100.00% | 360550 | 100.0% | 87.3 |  |
| Jackson Shaw Forward Portfolio: 46 Ranch | Fort Worth, TX | 100.00% | 562680 | 100.0% | 83.9 |  |
| Northeast RA Industrial Portfolio | Boston, MA | 100.00% | 384126 | 100.0% | 83.4 |  |
| 200 Milik Street | Carteret, NJ | 100.00% | 232134 | 100.0% | 82.2 |  |
| Atlanta Industrial Portfolio | Lawrenceville, GA | 100.00% | 495440 | 75.8% | 82.1 |  |
| Midway 840 | Mount Juliet, TN | 100.00% | 670680 | 56.5% | 77.1 |  |
| Fairfield Tolenas | Fairfield, CA | 100.00% | 496541 | 100.0% | 75.6 |  |
| Northwest RA Industrial Portfolio | Seattle, WA | 100.00% | 312321 | 100.0% | 71.6 |  |
| The Hub | Long Island City, NY | 95.00% | 344178 | 79.4% | 67.3 | <sup>(4)</sup> |
| 10 New Maple Avenue | Pine Brook, NJ | 100.00% | 266338 | 100.0% | 55.9 |  |
| Otay Mesa Industrial Portfolio | San Diego, CA | 100.00% | 265843 | 42.4% | 54.9 |  |
| One Beeman Road | Northborough, MA | 100.00% | 300253 | —% | 54.4 |  |
| Chicago Industrial Portfolio | Chicago, IL | 100.00% | 334824 | 100.0% | 50.6 |  |
| Riverside 202 Industrial | Phoenix, AZ | 100.00% | 319860 | 100.0% | 49.3 |  |
| Archway Baytown Development | Baytown, TX | 95.00% | 503775 | 49.3% | 49.1 |  |
| 4417 192nd Street East | Tacoma, WA | 100.00% | 281181 | 100.0% | 45.7 |  |
| Central 64 Portfolio | Denver, CO | 100.00% | 220100 | 85.1% | 43.9 |  |
| Jackson Shaw Forward Portfolio: Centerpoint | San Antonio, TX | 100.00% | 302518 | 100.0% | 42.5 |  |
| 62nd Street North | Largo, FL | 100.00% | 209047 | 100.0% | 41.3 |  |
| Almond Avenue | Fontana, CA | 100.00% | 146864 | 100.0% | 40.0 |  |
| Salt Lake Light Industrial Portfolio | Salt Lake City, UT | 100.00% | 265899 | 63.5% | 36.7 |  |
| 101 East Crossroads Parkway | Raleigh, NC | 100.00% | 283630 | 100.0% | 34.6 |  |
| Paseo De La Fuente | San Diego, CA | 100.00% | 152469 | 100.0% | 32.0 |  |
| 1530 Broadway Avenue | Raleigh, NC | 100.00% | 234133 | 100.0% | 28.3 |  |
| Mercy Star Court | Orlando, FL | 100.00% | 111980 | 100.0% | 27.0 |  |
| Empire Business Park (KBC) | Peoria, AZ | 100.00% | 153145 | —% | 26.3 |  |
| Jackson Shaw Forward Portfolio: Parc 20 | Arlington, TX | 100.00% | 154127 | 100.0% | 25.5 |  |
| 4925 Bulls Bay Highway | Jacksonville, FL | 100.00% | 198408 | 100.0% | 21.2 |  |
| Park 10 Distribution Center | Houston, TX | 100.00% | 152638 | 79.7% | 17.3 |  |
| 6615 West Boston Street | Chandler, AZ | 100.00% | 96000 | 100.0% | 15.0 |  |
| 4620 B Street Northwest | Auburn, WA | 100.00% | 65555 | 100.0% | 14.0 |  |
| **Subtotal—Industrial Properties** | **Subtotal—Industrial Properties** |  |  | **91.3%** | $**7533.4** |  |
| **RETAIL PROPERTIES** | **RETAIL PROPERTIES** | **RETAIL PROPERTIES** | **RETAIL PROPERTIES** |  |  |  |
| Fashion Show | Las Vegas, NV | 50.00% | 1906000 | 89.2% | $414.8 | <sup>(4)</sup> |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Ownership Percentage** | **Rentable**<br>**Area**<br>**(Sq. ft.)**<sup>(1)</sup> | **Percent<br>Leased** | **Fair**<br>**Value**<sup>(2)</sup><br>**(millions)** | |
| The Florida Mall | Orlando, FL | 50.00% | 1729411 | 92.3% | $248.7 | <sup>(4)</sup> |
| West Town Mall | Knoxville, TN | 50.00% | 1278291 | 95.7% | 182.5 |  |
| Westwood Marketplace | Los Angeles, CA | 100.00% | 202202 | 100.0% | 162.0 |  |
| Florida Retail Portfolio | Various, FL | 80.00% | 326729 | 94.2% | 149.9 |  |
| Pacific City | Huntington Beach, CA | 100.00% | 194574 | 92.1% | 132.3 |  |
| Village Crossing | Skokie, IL | 100.00% | 722466 | 87.3% | 122.5 |  |
| River Oaks Shopping Center | Santa Clarita, CA | 100.00% | 275048 | 96.9% | 107.0 |  |
| Algonquin Commons | Algonquin, IL | 100.00% | 542984 | 96.0% | 100.3 |  |
| Hillside Village | Dallas,TX | 100.00% | 149828 | 90.6% | 100.0 |  |
| 350 Washington | Boston, MA | 100.00% | 147504 | 78.9% | 89.7 |  |
| Marketfair | West Windsor, NJ | 100.00% | 239356 | 85.0% | 87.0 |  |
| Campus Marketplace | San Marcos, CA | 100.00% | 144055 | 97.8% | 86.6 |  |
| Marketplace at Mill Creek | Buford, GA | 100.00% | 401896 | 83.3% | 81.3 | <sup>(3)</sup> |
| Plaza America | Reston, VA | 100.00% | 163407 | 85.8% | 78.6 |  |
| Publix at Weston Commons | Weston, FL | 100.00% | 126922 | 94.1% | 76.2 |  |
| The Shops at Wisconsin Place | Chevy Chase, MD | 100.00% | 117869 | 86.8% | 72.7 | <sup>(5)</sup> |
| Winslow Bay Commons | Mooresville, NC | 100.00% | 441773 | 99.0% | 61.2 | <sup>(3)</sup> |
| Creeks at Virginia Center | Glen Allen, VA | 100.00% | 266023 | 99.1% | 56.9 |  |
| Southside at McEwen | Franklin, TN | 100.00% | 92470 | 100.0% | 55.6 |  |
| Overlook At King Of Prussia | King of Prussia, PA | 100.00% | 192218 | 100.0% | 54.1 | <sup>(3)</sup> |
| Heritage Pavilion | Smyrna, GA | 100.00% | 255971 | 100.0% | 54.1 |  |
| Alexander Place | Raleigh, NC | 100.00% | 198309 | 91.6% | 45.3 |  |
| The Forum at Carlsbad | Carlsbad, CA | 50.00% | 260499 | 78.0% | 38.7 | <sup>(4)</sup> |
| Town and Country | Knoxville, TN | 100.00% | 650229 | 79.0% | 30.0 |  |
| 401 West 14th Street | New York, NY | 42.19% | 62583 | 100.0% | 28.3 | <sup>(4)</sup> |
| Riverchase Village | Hoover, AL | 100.00% | 176211 | 64.5% | 25.6 |  |
| 32 South State Street | Chicago, IL | 100.00% | 96354 | 100.0% | 19.5 | <sup>(3)</sup> |
| 1619 Walnut Street | Philadelphia, PA | 100.00% | 33599 | 11.7% | 5.3 |  |
| **Subtotal—Retail Properties** | **Subtotal—Retail Properties** |  |  | **90.7%** | $**2766.7** |  |
| **OTHER PROPERTIES** | **OTHER PROPERTIES** | **OTHER PROPERTIES** | **OTHER PROPERTIES** |  |  |  |
| Storage Portfolio IV | Various, U.S.A. | 90.00% | 2609532 | 92.0% | $500.1 |  |
| Storage Portfolio II | Various, U.S.A. | 90.00% | 2701520 | 92.7% | 345.7 | <sup>(4)</sup> |
| Storage Portfolio | Various, U.S.A. | 66.02% | 1685779 | 93.0% | 204.2 | <sup>(4)</sup> |
| Present Made | Foreign | 95.00% | N/A | N/A | 115.0 | <sup>(4)(6)</sup> |
| Lincoln Centre - Hilton Dallas | Dallas, TX | 100.00% | 213092 | 61.4% | 96.0 |  |
| Storage Portfolio III | Various, U.S.A. | 90.00% | 359555 | 92.0% | 79.4 |  |
| Storage Portfolio V | Various, U.S.A. | 90.00% | 456787 | 91.9% | 77.1 |  |
| Castleforbes | Not Applicable | 51.00% | N/A | N/A | 51.6 | <sup>(4)(6)</sup> |
| Somerset Logistics Center | Somerset, NJ | 100.00% | N/A | N/A | 28.7 | <sup>(6)</sup> |
| Carson South End Co-GP Development | Charlotte, NC | 75.00% | N/A | N/A | 23.6 | <sup>(6)</sup> |
| **Subtotal—Other Properties** | **Subtotal—Other Properties** |  |  | **91.6%** | $**1521.4** |  |
| **Subtotal—Commercial and Other Properties** | **Subtotal—Commercial and Other Properties** |  |  | **89.7%** | $**15423.9** |  |
| **RESIDENTIAL PROPERTIES** | **RESIDENTIAL PROPERTIES** | **RESIDENTIAL PROPERTIES** | **RESIDENTIAL PROPERTIES** |  |  |  |
| Simpson Housing Portfolio | Various, U.S.A. | 80.00% | 3830147 | 94.2% | $544.6 | <sup>(4)</sup> |
| The Colorado | New York, NY | 100.00% | 186344 | 93.4% | 256.4 |  |
| Holly Street Village | Pasadena, CA | 100.00% | 326810 | 94.7% | 196.1 |  |
| Terra House | San Jose, CA | 100.00% | 271123 | 94.5% | 151.4 |  |
| The Palatine | Arlington, VA | 100.00% | 263873 | 93.5% | 145.4 |  |
| AmpliFi - Fullerton | Fullerton, CA | 100.00% | 254095 | 93.5% | 145.2 |  |
| Ashford Meadows Apartments | Herndon, VA | 100.00% | 448137 | 93.4% | 144.4 | <sup>(3)</sup> |
| Hudson Woodstock | Woodstock, GA | 100.00% | 522174 | 93.6% | 142.3 |  |
| The Legacy at Westwood | Los Angeles, CA | 100.00% | 206078 | 92.0% | 138.1 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Ownership Percentage** | **Rentable**<br>**Area**<br>**(Sq. ft.)**<sup>(1)</sup> | **Percent<br>Leased** | **Fair**<br>**Value**<sup>(2)</sup><br>**(millions)** | |
| Mass Court | Washington, D.C. | 100.00% | 303684 | 92.3% | $135.2 |  |
| Regents Court | San Diego, CA | 100.00% | 209105 | 94.0% | 129.2 |  |
| Sole at City Center | West Palm Beach, FL | 100.00% | 255194 | 96.2% | 126.6 |  |
| The Louis at 14th | Washington, D.C. | 100.00% | 213413 | 89.2% | 126.2 |  |
| 803 Corday | Naperville, IL | 100.00% | 393971 | 93.6% | 125.0 | <sup>(3)</sup> |
| Casa Palma | Coconut Creek, FL | 100.00% | 382198 | 93.4% | 119.7 |  |
| Henley at Kingstowne | Alexandria, VA | 100.00% | 312098 | 93.3% | 119.3 |  |
| Union - South Lake Union | Seattle, WA | 100.00% | 187274 | 92.7% | 115.5 |  |
| Rancho Del Mar | San Clemente, CA | 100.00% | 196630 | 90.8% | 115.2 |  |
| The 266 Framingham | Framingham, MA | 100.00% | 254520 | 88.9% | 113.1 |  |
| Fusion 1560 | St. Petersburg, FL | 100.00% | 269783 | 95.2% | 111.3 |  |
| Sole at Brandon | Riverview, FL | 100.00% | 363646 | 93.2% | 100.5 |  |
| Boca Arbor Club | Boca Raton, FL | 100.00% | 258700 | 94.1% | 99.0 |  |
| Circa Green Lake | Seattle, WA | 100.00% | 160246 | 90.7% | 97.0 |  |
| Carrington Park | Plano, TX | 100.00% | 322083 | 92.9% | 94.3 | <sup>(3)</sup> |
| Ascent at Windward | Alpharetta, GA | 100.00% | 332111 | 92.7% | 89.7 |  |
| The District on La Frontera | Austin, TX | 100.00% | 398853 | 82.6% | 89.2 |  |
| Uptown La Grange | La Grange, IL | 100.00% | 237780 | 93.7% | 89.1 |  |
| Churchill on the Park | Dallas, TX | 100.00% | 374800 | 95.1% | 88.7 | <sup>(3)</sup> |
| Greene Crossing | Columbia, SC | 100.00% | 267644 | 99.4% | 87.7 |  |
| The Residences at the Village of Merrick Park | Coral Gables, FL | 100.00% | 172987 | 93.2% | 84.8 |  |
| 5 West | Tampa, FL | 100.00% | 293515 | 91.5% | 84.8 |  |
| Sun SYNC Venture | Various, U.S.A. | 95.00% | 1265002 | 95.0% | 83.2 | <sup>(4)</sup> |
| Lofts at SoDo | Orlando, FL | 100.00% | 283672 | 91.2% | 81.6 |  |
| Centric Gateway | Charlotte, NC | 100.00% | 243770 | 88.9% | 78.2 |  |
| Orion on Orpington | Orlando, FL | 100.00% | 202176 | 97.3% | 77.3 |  |
| Cherry Knoll | Germantown, MD | 100.00% | 277066 | 93.3% | 76.2 |  |
| The Row at the Stadium | Columbia, SC | 98.50% | 218160 | 99.8% | 75.3 |  |
| Biltmore at Midtown | Atlanta, GA | 100.00% | 202701 | 94.2% | 75.0 |  |
| Prescott Wallingford Apartments | Seattle, WA | 100.00% | 114418 | 95.0% | 73.2 |  |
| Houston Apartment Portfolio | Houston, TX | 100.00% | 360595 | 88.9% | 72.2 |  |
| Glen Lake | Atlanta, GA | 100.00% | 299881 | 91.1% | 69.8 |  |
| Lakepointe at Jacaranda | Plantation, FL | 100.00% | 205260 | 93.1% | 69.8 |  |
| The Maroneal | Houston, TX | 100.00% | 274160 | 93.9% | 69.7 |  |
| Allure at Camarillo | Camarillo, CA | 100.00% | 142096 | 97.6% | 69.5 |  |
| Westcreek | Westlake Village, CA | 100.00% | 116770 | 95.2% | 57.3 |  |
| Orchards | Marlborough, MA | 100.00% | 168729 | 93.6% | 53.9 |  |
| Park Creek Apartments | Fort Worth, TX | 100.00% | 232795 | 92.3% | 50.0 |  |
| Cliffs at Barton Creek | Austin, TX | 100.00% | 195810 | 95.7% | 49.7 |  |
| MiMA | New York, NY | 21.00% | 458315 | 95.0% | 46.6 | <sup>(4)</sup> |
| 12 South | Nashville, TN | 100.00% | 72640 | 94.1% | 43.2 |  |
| THP Student Housing Portfolio | Various, U.S.A. | 97.00% | 235296 | 14.8% | 32.2 |  |
| Lennar MFPV Cave Creek | Phoenix, AZ | 90.00% | 218095 | 90.7% | 31.7 | <sup>(4)</sup> |
| Lennar MFPV Cane Bay Phase I | Summerville, SC | 90.00% | 305064 | 83.0% | 30.8 | <sup>(4)</sup> |
| The Cordelia | Portland, OR | 100.00% | 85210 | 92.6% | 29.9 |  |
| The Ashton | Washington, D.C. | 100.00% | 69350 | 87.8% | 25.3 |  |
| Lennar MFPV Emblem at Conyers | Conyers, GA | 90.00% | 265296 | 91.7% | 18.2 | <sup>(4)</sup> |
| **Subtotal—Residential Properties** | **Subtotal—Residential Properties** | **Subtotal—Residential Properties** |  | **93.1%** | $**5644.8** |  |
| **Total—All Properties** | **Total—All Properties** | **Total—All Properties** | **Total—All Properties** | **90.4%** | $**21068.7** |  |

---

<sup>(1)</sup> The square footage is an approximate measure and is subject to periodic remeasurement.

<sup>(2)</sup> Wholly owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

<sup>(3)</sup> Property is subject to a mortgage. The fair value shown represents the Account's interest gross of debt.

<sup>(4)</sup> Property held by the joint venture is subject to a mortgage. The fair value reflects the Account's interest in the joint venture and is net of debt.

------

<sup>(5)</sup> Fair value shown reflects a retail property wholly-owned by the Account, as well as the Account's 33.33% interest in a joint venture investment.

<sup>(6)</sup> Investment represents developable land or land currently under development.

**Commercial (Non-Residential) Investments**

**Major Tenants:** The following tables list the Account's ten most significant tenants based on the total space they occupied as of December 31, 2025 in each of the Account's commercial property types.

---

| | | | |
|:---|:---|:---|:---|
| **Major Office Tenants** | **Occupied Sq. Ft.** | **% of Total Rentable Area of Account's Office Properties** | **% of Total Rentable Area of Non-Residential Properties** |
| BHP Billiton Petroleum (Deepwater), Inc.<sup>(2)</sup> | 603179 | 4.2% | 0.9% |
| Crowell & Moring, LLP<sup>(2)</sup> | 391757 | 2.7% | 0.6% |
| Hulu, LLC<sup>(1)</sup> | 349913 | 2.5% | 0.5% |
| Atmos Energy Corporation<sup>(2)</sup> | 313070 | 2.2% | 0.5% |
| Eli, Lilly and Company<sup>(1)</sup> | 305006 | 2.1% | 0.5% |
| Signal Pharmaceuticals<sup>(1)</sup> | 251893 | 1.8% | 0.4% |
| Bank of New York Mellon<sup>(1)</sup> | 225781 | 1.6% | 0.4% |
| The Carlyle Group<sup>(2)</sup> | 199508 | 1.4% | 0.3% |
| Edmunds<sup>(1)</sup> | 195594 | 1.4% | 0.3% |
| Rubin Postaer & Associates<sup>(1)</sup> | 186894 | 1.3% | 0.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Major Industrial Tenants** | **Occupied Sq. Ft.** | **% of Total Rentable Area of Account's Industrial Properties** | **% of Total Rentable Area of Non-Residential Properties** |
| Amazon.com Services LLC<sup>(3)</sup> | 1555530 | 4.0% | 2.4% |
| Wal-Mart Stores, Inc.<sup>(2)</sup> | 1099112 | 2.9% | 1.7% |
| XPO Logistics, LLC<sup>(2)</sup> | 1072069 | 2.8% | 1.7% |
| Regal West Corporation<sup>(2)</sup> | 968535 | 2.5% | 1.5% |
| Custom Goods, LLC<sup>(2)</sup> | 886055 | 2.3% | 1.4% |
| Kumho Tire U.S.A. Inc.<sup>(2)</sup> | 830485 | 2.2% | 1.3% |
| Federal Express<sup>(2)</sup> | 693164 | 1.8% | 1.1% |
| Del Monte Fresh Product, N.A., Inc.<sup>(2)</sup> | 689660 | 1.8% | 1.1% |
| Farrington<sup>(2)</sup> | 659157 | 1.7% | 1.0% |
| Rheem Sales Company, Inc.<sup>(2)</sup> | 656600 | 1.7% | 1.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Major Retail Tenants** | **Occupied Sq. Ft.** | **% of Total Rentable Area of Account's Retail Properties** | **% of Total Rentable Area of Non-Residential Properties** |
| Dillard's<sup>(1)</sup> | 685394 | 6.0% | 1.1% |
| Dick's Sporting Goods, Inc.<sup>(3)</sup> | 621732 | 5.5% | 1.0% |
| Macy's, Inc.<sup>(1)</sup> | 500716 | 4.4% | 0.8% |
| J.C. Penney Corporation, Inc.<sup>(1)</sup> | 347282 | 3.0% | 0.5% |
| Belk, Inc.<sup>(1)</sup> | 306885 | 2.7% | 0.5% |
| Target Corporation<sup>(2)</sup> | 272351 | 2.4% | 0.4% |
| Nordstrom, Inc.<sup>(3)</sup> | 230700 | 2.0% | 0.4% |
| Sears<sup>(1)</sup> | 169931 | 1.5% | 0.3% |
| Neiman Marcus<sup>(1)</sup> | 167000 | 1.5% | 0.3% |
| Saks OFF 5TH<sup>(1)(4)</sup> | 165572 | 1.5% | 0.3% |

---

<sup>(1)</sup> Tenant occupied space within joint venture investments.

<sup>(2)</sup> Tenant occupied space within wholly-owned investments.

<sup>(3)</sup> Tenant occupied space within wholly-owned and joint venture investments.

------

<sup>(4)</sup> On March 6, 2026, Saks Fifth Avenue announced the closure of multiple locations, including the location reflected in the occupied square footage presented in this table. As of March 12, 2026, the date the financial statements were available to be issued, no official closing date has been announced.

The following tables list the rentable area for long term leases subject to expiring leases during the next ten years and an aggregate figure for expirations in 2035 and thereafter, in the Account's commercial (non-residential) properties that are both wholly-owned by the Account and held within the Account's joint venture investments. While many of the leases contain renewal options with varying terms, these charts assume that none of the tenants exercise their renewal options, including those with terms that expired on December 31, 2025 or are month to month leases.

**Office Properties**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of<br>Lease Expiration** | **Number of<br>Tenants with<br>Expiring Leases** | **Base Rent**<br>**Associated with Such**<br>**Leases (millions)**<sup>(1)</sup> | **Expiring Rent as**<br>**a % of**<br>**Rental Income**<sup>(1)</sup> | **Rentable Area<br>Subject to Expiring<br>Leases (sq. ft.)** | **% of<br>Total Rentable<br>Area of Account's<br>Office Properties<br>Represented by<br>Expiring Leases** |
| 2026 | 113 | $74.5 | 4.0% | 1189730 | 8.3% |
| 2027 | 125 | 70.5 | 3.8% | 1282592 | 9.0% |
| 2028 | 155 | 73.7 | 3.9% | 1449572 | 10.2% |
| 2029 | 115 | 59.8 | 3.2% | 1080284 | 7.6% |
| 2030 | 92 | 60.4 | 3.2% | 901773 | 6.3% |
| 2031 | 53 | 66.3 | 3.5% | 1258963 | 8.8% |
| 2032 | 38 | 62.0 | 3.3% | 1041490 | 7.3% |
| 2033 | 34 | 24.5 | 1.3% | 403104 | 2.8% |
| 2034 | 47 | 32.3 | 1.7% | 639335 | 4.5% |
| 2035 | 30 | 36.1 | 1.9% | 737170 | 5.2% |
| Thereafter | 41 | 66.3 | 3.5% | 1626906 | 11.4% |
| Total | 843 | $626.4 | 33.3% | 11610919 | 81.4% |

---

**Industrial Properties**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of<br>Lease Expiration** | **Number of<br>Tenants with<br>Expiring Leases** | **Base Rent**<br>**Associated with Such**<br>**Leases (millions)**<sup>(1)</sup> | **Expiring Rent as**<br>**a % of**<br>**Rental Income**<sup>(1)</sup> | **Rentable Area<br>Subject to Expiring<br>Leases (sq. ft.)** | **% of<br>Total Rentable<br>Area of Account's<br>Industrial Properties<br>Represented by<br>Expiring Leases** |
| 2026 | 84 | $55.5 | 3.0% | 4897060 | 12.7% |
| 2027 | 120 | 81.2 | 4.3% | 5927404 | 15.4% |
| 2028 | 78 | 63.9 | 3.4% | 5107497 | 13.3% |
| 2029 | 69 | 53.4 | 2.9% | 4103236 | 10.6% |
| 2030 | 53 | 30.1 | 1.6% | 2009823 | 5.2% |
| 2031 | 36 | 34.4 | 1.8% | 3401242 | 8.8% |
| 2032 | 18 | 23.6 | 1.3% | 3092241 | 8.0% |
| 2033 | 14 | 11.2 | 0.6% | 1438069 | 3.7% |
| 2034 | 7 | 14.1 | 0.8% | 1569356 | 4.1% |
| 2035 | 1 | 2.9 | 0.2% | 105800 | 0.3% |
| Thereafter | 9 | 30.8 | 1.6% | 2765211 | 7.2% |
| Total | 489 | $401.1 | 21.5% | 34416939 | 89.3% |

---

------

**Retail Properties**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of<br>Lease Expiration** | **Number of<br>Tenants with<br>Expiring Leases** | **Base Rent**<br>**Associated with Such**<br>**Leases (millions)**<sup>(1)</sup> | **Expiring Rent as**<br>**a % of**<br>**Rental Income**<sup>(1)</sup> | **Rentable Area<br>Subject to Expiring<br>Leases (sq. ft.)** | **% of<br>Total Rentable<br>Area of Account's<br>Retail Properties<br>Represented by<br>Expiring Leases** |
| 2026 | 200 | $48.8 | 2.6% | 810378 | 7.1% |
| 2027 | 188 | 62.2 | 3.3% | 1300953 | 11.4% |
| 2028 | 153 | 44.6 | 2.4% | 762414 | 6.7% |
| 2029 | 143 | 45.3 | 2.4% | 998023 | 8.8% |
| 2030 | 130 | 50.0 | 2.7% | 1031810 | 9.1% |
| 2031 | 95 | 31.7 | 1.7% | 996199 | 8.7% |
| 2032 | 64 | 16.6 | 0.9% | 640918 | 5.6% |
| 2033 | 62 | 22.5 | 1.2% | 1071982 | 9.4% |
| 2034 | 57 | 21.6 | 1.2% | 393706 | 3.5% |
| 2035 | 59 | 17.4 | 0.9% | 397457 | 3.5% |
| Thereafter | 44 | 15.2 | 0.8% | 1854327 | 16.3% |
| Total | 1195 | $375.9 | 20.1% | 10258167 | 90.1% |

---

<sup>(1)</sup> Includes base rent from wholly-owned properties and properties held through joint ventures.

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

The following table details the leasing activity during the year ended December 31, 2025.

---

| | |
|:---|:---|
| | **Leasing Activity<br>(sq. ft.)** |
| Vacant space beginning of year | 6234517 |
| Vacant space acquired during the year | 144765 |
| Vacant space disposed of during the year | (879231) |
| Vacant space placed into service during the year | (4669409) |
| Expiring leases during the year | 6017937 |
| Vacant space end of year | 6848579 |
| Average remaining lease term\* | 48 months |

---

<sup>\*</sup>Includes office, industrial and retail properties.

Based on leases in place at December 31, 2025, leases representing approximately 12.3% of net rentable area are scheduled to expire throughout 2026. Upon lease expirations, current prevailing market rent estimates will be applied to the respective space based on market-oriented rollover assumptions.

**Residential Investments**

The Account's residential property investment portfolio is comprised of first class or luxury multi-family, garden, mid-rise, and high-rise apartment buildings. The complexes generally contain one to three bedroom apartment units with a range of amenities, such as patios or balconies, washers and dryers, and central air conditioning. Many of these apartment communities have on-site fitness facilities, including some with swimming pools. Rents on each of the properties tend to be comparable with competitive communities and are not subject to rent regulation. The Account is responsible for the expenses of operating its residential properties.

------

The following table contains detailed information regarding the apartment complexes in the Account's portfolio as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Property** | **Location** | **Number<br>Of Units** | **Average<br>Unit Size<br>(Sq. Ft.)** |
| The Ashton | Washington, D.C. | 49 | 1639 |
| The Residences at the Village of Merrick Park | Coral Gables, FL | 120 | 1231 |
| Glen Lake | Atlanta, GA | 270 | 1199 |
| The Legacy at Westwood | Los Angeles, CA | 187 | 1181 |
| Houston Apartment Portfolio<sup>(1)</sup> | Houston, TX | 314 | 1245 |
| Casa Palma | Coconut Creek, FL | 350 | 1123 |
| Orchards | Marlborough, MA | 156 | 1121 |
| Hudson Woodstock | Woodstock, GA | 498 | 1110 |
| Ascent at Windward | Alpharetta, GA | 328 | 1075 |
| Sole at Brandon | Riverview, FL | 366 | 1060 |
| The Palatine | Arlington, VA | 262 | 1056 |
| Ashford Meadows Apartments | Herndon, VA | 440 | 1050 |
| Simpson Housing Portfolio<sup>(1)</sup> | Various, U.S.A. | 3828 | 1014 |
| Sun SYNC Venture<sup>(1)</sup> | Various, U.S.A. | 1282 | 997 |
| The 266 Framingham | Orlando, FL | 270 | 994 |
| 5 West | Tampa, FL | 318 | 978 |
| Cherry Knoll | Germantown, MD | 300 | 968 |
| Uptown La Grange | Orlando, FL | 254 | 962 |
| Lofts at SoDo | Orlando, FL | 308 | 961 |
| Cliffs at Barton Creek | Austin, TX | 210 | 952 |
| Westcreek | Westlake Village, CA | 126 | 951 |
| 803 Corday | Naperville, IL | 440 | 937 |
| Carrington Park | Plano, TX | 364 | 936 |
| Henley at Kingstowne | Alexandria, VA | 358 | 930 |
| The Maroneal | Houston, TX | 309 | 928 |
| District at La Frontera | Austin, TX | 512 | 920 |
| AmpliFi | Fullerton, CA | 290 | 901 |
| Boca Arbor Club | Boca Raton, FL | 304 | 896 |
| Centric Gateway | Charlotte, NC | 297 | 890 |
| Regents Court | San Diego, CA | 251 | 886 |
| Allure at Camarillo | Camarillo, CA | 165 | 880 |
| Lakepointe at Jacaranda | Plantation, FL | 246 | 880 |
| Holly Street Village | Pasadena, CA | 374 | 879 |
| The Colorado | New York, NY | 175 | 877 |
| Churchill on the Park | Dallas, TX | 448 | 868 |
| Rancho del Mar | San Clemente, CA | 250 | 841 |
| Mass Court | Washington, D.C. | 371 | 836 |
| Fusion 1560 | St. Petersburg, FL | 325 | 834 |
| Park Creek Apartments | Fort Worth, TX | 300 | 833 |
| Sole at City Center | West Palm Beach, FL | 317 | 822 |
| Terra House | San Jose, CA | 348 | 814 |
| Biltmore at Midtown | Atlanta, GA | 276 | 765 |
| Circa Green Lake | Seattle, WA | 199 | 765 |
| MiMA | New York, NY | 500 | 739 |

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| | | | |
|:---|:---|:---|:---|
| **Property** | **Location** | **Number<br>Of Units** | **Average<br>Unit Size<br>(Sq. Ft.)** |
| 12 South | Nashville, TN | 90 | 712 |
| Union - South Lake Union | Seattle, WA | 284 | 695 |
| The Cordelia | Portland, OR | 135 | 667 |
| Prescott Wallingford Apartments | Seattle, WA | 154 | 665 |
| The Louis at 14th | Washington, D.C. | 273 | 664 |
| THP Student Housing Portfolio<sup>(1)(2)</sup> | Various, U.S.A. | 954 | 159 |
| Greene Crossing<sup>(2)</sup> | Columbia, SC | 726 | 369 |
| Orion on Orpington<sup>(2)</sup> | Orlando, FL | 624 | 324 |

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<sup>(1)</sup> Represents a portfolio containing multiple properties.

<sup>(2)</sup> Investments are student housing assets. Units are rented per bedroom, and multiple bedrooms can exist in one apartment.

**Other Real Estate Investments**

In addition to the Account's commercial and residential real estate investments, the Account has other real estate investments comprised of five storage portfolios, a hotel and land developments. The storage portfolios are held through joint ventures with an established operator in the self-storage industry. The storage portfolios are diversified throughout the United States, with exposure present in more than fifty U.S. metropolitan areas. The hotel, located in Dallas, TX, is located within the Lincoln Centre campus, which is also the location of an office property held by the Account. The Account has four parcels of land currently under development in two U.S. metropolitan areas and two developable land parcels located in Dublin, Ireland and Cambridge, United Kingdom.

**ITEM 3. LEGAL PROCEEDINGS.**

In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitrations, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of December 31, 2025, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account's business, financial position or results of operations.

**ITEM 4. MINE SAFETY DISCLOSURES.**

Not applicable.

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**PART II**

**ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.**

<u>Market Information</u>. There is no established public trading market for securities issued by the Account. Accumulation units in the Account are sold to eligible contract owners at the Account's current accumulation unit value, which is based on the value of the Account's then current net assets, and are redeemable in accordance with the terms of the contract owner's annuity contract. For the period from January 1, 2025 to December 31, 2025, the high and low accumulation unit values for the Account were $479.538 and $461.310, respectively. For the period January 1, 2024 to December 31, 2024, the high and low accumulation unit values for the Account were $481.203 and $456.250, respectively. The Account's quarterly high and low accumulation unit values can be seen below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Current Year** | **High** | **Low** | **Prior Year** | **High** | **Low** |
| For the period from January 1, 2025 to March 31, 2025, the high and low accumulation unit values | 465.853 | 461.310 | For the period from January 1, 2024 to March 31, 2024, the high and low accumulation unit values | 481.203 | 467.133 |
| For the period from April 1, 2025 to June 30, 2025, the high and low accumulation unit values | 471.305 | 465.737 | For the period from April 1, 2024 to June 30, 2024, the high and low accumulation unit values | 468.607 | 460.066 |
| For the period from July 1, 2025 to September 30, 2025, the high and low accumulation unit values | 474.779 | 469.654 | For the period from July 1, 2024 to September 30, 2024, the high and low accumulation unit values | 461.323 | 456.250 |
| For the period from October 1, 2025 to December 31, 2025, the high and low accumulation unit values | 479.538 | 474.683 | For the period from October 1, 2024 to December 31, 2024, the high and low accumulation unit values | 461.272 | 458.490 |

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<u>Holders</u>. The approximate number of Account contract owners at December 31, 2025 was 968,398.

<u>Securities Authorized for Issuance under Equity Compensation Plans</u>. Not applicable.

<u>Use of Proceeds</u>. Not applicable.

<u>Purchases of Equity Securities by Issuer</u>. Not applicable.

**ITEM 6. [RESERVED]**

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE ACCOUNT'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

*The following discussion and analysis of the Account's financial condition and results of operations should be read together with the Consolidated Financial Statements and notes contained in this report and with consideration to the sub-section entitled "Forward-looking Statements," which begins below, and the section entitled "Item 1A. Risk Factors." The past performance of the Account is not indicative of future results.*

***<u>Forward-looking Statements</u>***

*Some statements in this Form 10-K which are not historical facts may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about management's expectations, beliefs, intentions or strategies for the future, include the assumptions and beliefs underlying these forward-looking statements, and are based on current expectations, estimates and projections about the real estate industry, domestic and global economic conditions, including conditions in the credit and capital markets, the sectors, and markets in which the Account invests and operates, and the transactions described in this Form 10-K. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek",* 

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*"estimate", "predict", "expect", "anticipate", and similar expressions, or the negative of such terms, or other comparable terminology. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management.*

*While management believes the assumptions underlying its forward-looking statements and information to be reasonable, such information may be subject to uncertainties and may involve certain risks which may be difficult to predict and are beyond management's control. These risks and uncertainties could cause actual results to differ materially from those contained in any forward-looking statement. These risks and uncertainties include, but are not limited to, those described under "Item 1—Summary Risk Factors" and "Item 1A-Risk Factors."*

*More detailed discussions of certain of these risk factors are contained in the section of this Form 10-K entitled "Item 1A. Risk Factors" and also in the section entitled "Item 7A. Quantitative and Qualitative Disclosures About Market Risk," that could cause actual results to differ materially from historical experience or management's present expectations.*

*Caution should be taken not to place undue reliance on management's forward-looking statements, which represent management's views only as of the date that this report is filed. Neither management nor the Account undertake any obligation to update publicly or revise any forward-looking statement, whether as a result of new information, changed assumptions, future events or otherwise.*

*Commercial real estate market statistics discussed in this section are obtained by the Account from sources that management considers reliable, but some of the data is preliminary for the year or quarter ended December 31, 2025 and may be subsequently revised. Prior period data may have been adjusted to reflect updated calculations. Investors should not rely exclusively on the data presented below in forming a judgment regarding the current or prospective performance of the commercial real estate market generally.*

**<u>2025 U.S. ECONOMIC AND COMMERCIAL REAL ESTATE OVERVIEW</u>**

**<u>Economic Overview and Outlook</u>**

**Key Macro Economic Indicators\***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Forecast** | **Forecast** |
| | **1Q 2025** | **2Q 2025** | **3Q 2025** | **4Q 2025** | **2026** | **2027** |
| **Economy**<sup>(1)</sup> |  |  |  |  |  |  |
| Gross Domestic Product ("GDP") | (0.6)% | 3.8% | 4.4% | 1.7% | 2.1% | 1.5% |
| Employment Growth<sup>(2)</sup> | 111 | 55 | 51 | (22) | 41 | 46 |
| Unemployment Rate | 4.2% | 4.1% | 4.4% | 4.4% | 4.6% | 4.5% |
| **Interest Rates**<sup>(3)</sup> |  |  |  |  |  |  |
| 10 Year Treasury | 4.2% | 4.2% | 4.2% | 4.2% | 4.3% | 4.3% |

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*Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Moody's Analytics*

\*Data subject to revision

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>GDP growth rates are annual rates. Quarterly unemployment rates are the reported value for the final month of the quarter while average annual values represent a twelve-month average.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Values represented in thousands. Forecast values represent average monthly employment growth in the respective periods.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Treasury rates are an average over the stated period.

Global economic activity remained broadly healthy in 2025, as most major economies proved resilient amidst the general uncertainty throughout the year surrounding the U.S.' shift in trade policy. Global growth forecasts for 2026 call for continued solid growth, as improved growth conditions in Europe should help offset a gradual slowdown in the U.S. economy and Asia.

In the U.S., President Trump's policy agenda continues to shape the economic outlook for the coming year. The administration walked back some tariff measures towards the end of the 2025, but tariffs remain high in 2026 relative to the start of 2025 and are likely to put upward pressure on prices in coming months. In addition, the U.S.

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Government's U.S. border and immigration actions have already altered immigration trends and are likely to affect population and economic growth in the coming year. However, several tax provisions in the One Big Beautiful Bill Act also went into effect at the start of 2026, which are expected to provide some stimulus to U.S. businesses and households.

The U.S. economy slowed in the fourth quarter of 2025 but remained generally solid, climbing at an estimated 1.7% annualized pace after robust growth in the second and third quarter. Consumer sentiment has slumped in recent months, but spending has held up well and business investment in expanding artificial intelligence ("AI") capacity continues to drive growth in the economy overall. The labor market has struggled in recent months, however, driven by federal layoffs and reduced hiring from private employers. The economy shed 67,000 jobs in the fourth quarter of 2025, marking the first quarterly decline in the U.S. since the COVID-19 pandemic.

The Federal Reserve continued its rate cutting cycle in the fourth quarter, lowering the target federal funds rate by 25 basis points in both October and December to address weakening conditions in the labor market. Federal officials have signaled that future rate cuts are likely in 2026, but inflation remains stubbornly above the Federal Reserve's target rate of 2% and tariff impacts are likely to put upward pressure on prices throughout the year. As a result, markets expect that the pace of rate cuts will slow, with 1-2 rates cuts anticipated in 2026. Yields on 10-year Treasuries were essentially unchanged in the fourth quarter, finishing the year at 4.18%.

Economic growth in Europe is poised to accelerate in 2026, as uncertainty surrounding U.S. trade policy begins to subside. Increased business investment is expected throughout the year, as companies that delayed decisions in 2025 are likely to increase capital expenditures now that there is greater clarity. In addition, fiscal policy in the region is expected to be more supportive this year, led by Germany's plans to increase spending on infrastructure and defense. The European Central Bank (ECB) held interest rates steady throughout the second half of the year. Inflation is trending towards target in most countries in the region, however, and increased imports from China are likely to provide downward pressure on prices in coming quarters, given room for the ECB to resume rates cuts this year if needed to stimulate growth.

In Asia, China's economy grew 4.5% year-over-year in the fourth quarter of 2025, down from the 4.8% pace in the previous quarter. China's export sector recorded a record $1.2 trillion surplus in 2025 despite higher tariffs on goods headed to the U.S. However, consumer spending continued to struggle at the end of the year, raising concerns about the pace of growth as the country attempts to shift away from its export and property investment growth model. Both monetary and fiscal policy are expected to be stimulative during the year.

**<u>Real Estate Market Conditions and Outlook</u>**

Commercial real estate, much like other investment categories, contends with some unpredictability due to expectations of decelerating economic expansion and ongoing shifts in policy direction. That said, property values in the commercial sector already experienced a significant adjustment period spanning from the end of 2022 into the beginning of 2024, primarily triggered by the sharp rise in long-term interest rates during 2022. This previous correction reduces the probability of another substantial drop in valuations and creates a favorable opportunity for those looking to invest as the market enters a fresh expansion phase. The United States commercial property market's rebound continued in the fourth quarter of 2025, supported by steadying credit conditions and better availability of financing. Furthermore, development activity has been tapering across most property types, which is expected to result in stabilized or improved vacancy and help maintain healthier market conditions for real estate performance.

The Account returned 1.01% in the fourth quarter of 2025 and 3.97% for the year. The Account had slight appreciation in property values in the fourth quarter and property fundamentals remain strong. Future transaction activity will be consistent with the Account's multi-year strategy of reducing exposure to anticipated underperforming sectors such as traditional office and regional malls and increasing allocations to anticipated outperforming sectors such as housing, industrial, necessity retail and alternatives.

Data for the Account's top five markets in terms of market value as of December 31, 2025 are provided below. The five markets presented below represent 40.8% of the Account's total real estate portfolio. Across all markets, the Account's properties are 90.4% leased.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Top 5 Metro Areas by Fair Value** | **Account %**<br>**Leased** | **Number of<br>Property<br>Investments** | **Metro Area**<br>**Fair Value**<br>**as a % of Total**<br>**RE Portfolio\*** | **Metro Area**<br>**Fair Value**<br>**as a % of Total**<br>**Investments\*** |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 87.6% | 17 | 8.8% | 7.3% |
| Dallas-Fort Worth-Arlington, TX | 95.0% | 12 | 8.8% | 7.3% |
| Riverside-San Bernardino-Ontario, CA | 91.3% | 6 | 8.7% | 7.2% |
| Los Angeles-Long Beach-Anaheim, CA | 88.2% | 20 | 8.4% | 6.9% |
| Atlanta-Sandy Springs-Roswell, GA | 92.5% | 8 | 6.1% | 5.0% |

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\*Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

**<u>Office</u>**

The office sector remains challenged but stabilized over the second half of 2025 and is in the early stages of recovery. Net absorption remained positive for a second consecutive quarter, and vacancy fell by 12 basis points over the quarter. Additionally, there are attractive opportunities emerging for high-quality assets. Newer properties have collectively seen improving occupancy since early 2024. Starts are near record lows, leading to virtually no new supply over the mid-term and net negative supply after factoring in demolitions and conversions of obsolete space into other uses. The result will likely be a shortage of high-quality space. Prices bottomed early last year, falling 40% from the peak and have increased by 4.4% since. A supply shortage of quality assets combined with comparatively high going-in yields are starting to drive a compelling relative value opportunity.

Vacancy nationwide decreased from 14.1% in the third quarter to 14.0% in the fourth quarter of 2025, as reported by CoStar. The vacancy rate of the Account's office portfolio remained at 16.5% in the third and fourth quarter of 2025. Vacancy in the Washington, Dallas, Houston and San Diego metro areas is primarily driven by economic uncertainty and hybrid work adoption. The decrease in vacancy in the New York metro areas is driven by stabilization of in-office attendance, high quality renovated buildings and a major lease renewal with Bilt Technologies Inc.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Vacancy** | **Account Vacancy** | **Market Vacancy\*** | **Market Vacancy\*** |
|<br>**Top 5 Office Metropolitan Areas** |<br>**Total Sector by Metro Area ($M)** |<br>**% of Total<br>Investments** | **December 31, 2025** | **September 30, 2025** | **December 31, 2025** | **September 30, 2025** |
| Account / Nation |  |  | **16.5%** | **16.5%** | **14.0%** | **14.1%** |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $756.1 | 3.0% | 20.8% | 19.7% | 17.4% | 17.5% |
| Dallas-Fort Worth-Arlington, TX | 644.3 | 2.5% | 9.0% | 7.4% | 17.8% | 17.9% |
| San Diego-Carlsbad, CA | 591.1 | 2.3% | 5.4% | 2.6% | 13.0% | 12.9% |
| Houston-The Woodlands-Sugar Land, TX | 305.9 | 1.2% | 11.9% | 11.7% | 19.6% | 19.8% |
| New York-Newark-Jersey City, NY-NJ-PA | 299.9 | 1.2% | 8.6% | 18.0% | 13.1% | 13.3% |

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\*Source: CoStar. Market vacancy is defined as the percentage of space available for rent. The Account's vacancy is defined as the percentage of unleased square footage.

**<u>Industrial</u>**

Industrial fundamentals solidified in the fourth quarter after deteriorating steadily over the past two and a half years, with vacancy in the sector holding steady at 7.4%, according to Costar. Much of the weakness during the middle of 2025 was driven by policy uncertainty surrounding tariff and trade rule changes. Demand growth improved to a three-year high of 64.2 million square feet at the end of the year, helped by reductions in some of the most damaging tariffs and greater clarity on trade terms between the United States and key trading partners. Meanwhile supply growth, which drove much of the vacancy increase in 2023-2024, has trended lower and new industrial construction continues to hover near decade lows. In the near term, expected demand conditions are anticipated to potentially be stronger in 2026, and the sector still benefits from long term tailwinds from growing e-commerce and

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supply chain modernization. Consequently, well-located functional industrial space remains an attractive target for investment, well-positioned to outperform as fundamentals continue to stabilize in coming quarters.

The average vacancy rate of the industrial properties held by the Account increased slightly from 8.6% in the third quarter of 2025 to 8.7% in the fourth quarter of 2025 driven primarily by the disposition of two properties that had high occupancy. The increase in vacancy in the Los Angeles metro area is driven by slowing trade, cost conscious demands and elevated rents. The vacancy decrease in the Miami metro area is driven by an increase in regional trade demands, population growth and location resilience due to limited land availability.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Vacancy** | **Account Vacancy** | **Market Vacancy\*** | **Market Vacancy\*** |
|<br>**Top 5 Industrial Metropolitan Areas** |<br>**Total Sector by Metro Area ($M)** |<br>**% of Total<br>Investments** | **December 31, 2025** | **September 30, 2025** | **December 31, 2025** | **September 30, 2025** |
| Account / Nation |  |  | **8.7%** | **8.6%** | **7.4%** | **7.4%** |
| Riverside-San Bernardino-Ontario, CA | $1843.8 | 7.2% | 8.7% | 8.7% | 8.7% | 8.7% |
| Dallas-Fort Worth-Arlington, TX | 746.9 | 2.9% | 1.9% | 1.9% | 8.9% | 9.1% |
| Seattle-Tacoma-Bellevue, WA | 598.7 | 2.4% | 17.7% | 17.3% | 9.3% | 8.9% |
| Los Angeles-Long Beach-Anaheim, CA | 581.2 | 2.3% | 15.3% | 14.2% | 6.2% | 6.3% |
| Miami-Fort Lauderdale-West Palm Beach, FL | 571.8 | 2.2% | 2.9% | 3.5% | 6.5% | 6.2% |

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\*Source: CoStar. Market vacancy is defined as the percentage of space available for rent. The Account's vacancy is defined as the percentage of unleased square footage.

**<u>Multi-Family</u>**

The multi-family sector is transitioning toward a more balanced supply-demand dynamic after a historic wave of new deliveries and absorption. Net absorption in the fourth quarter of 2025 reached approximately 51,000 units, roughly half the 100,000 units absorbed during the same period in 2024. The pullback in the sector will be a secular tailwind for the apartment market over the medium term. As a result of relatively limited new supply in the coming years, market fundamentals are expected to continue strengthening. For-sale affordability headwinds are expected to provide a buoy for demand in the medium term, particularly in the form of resident retention.

The national apartment vacancy rate increased from 6.7% in the previous quarter to 7.0% in the fourth quarter of 2025, as reported by Real Page. The average vacancy rate of the apartment properties held by the Account increased from 3.7% in the third quarter of 2025 to 6.9% in the fourth quarter of 2025, primarily driven by the impact of multiple lease expirations and market competition from competitors in active lease-up and stabilization phases.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Vacancy** | **Account Vacancy** | **Market Vacancy\*** | **Market Vacancy\*** |
|<br>**Top 5 Apartment Metropolitan Areas** |<br>**Total Sector by<br>Metro Area ($M)** |<br>**% of Total<br>Investments** | **December 31, 2025** | **September 30, 2025** | **December 31, 2025** | **September 30, 2025** |
| Account / Nation |  |  | **6.9%** | **3.7%** | **7.0%** | **6.7%** |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $772.0 | 3.0% | 7.5% | 0.9% | 7.3% | 6.6% |
| Los Angeles-Long Beach-Anaheim, CA | 609.1 | 2.4% | 6.7% | 1.1% | 5.2% | 4.9% |
| Miami-Fort Lauderdale-West Palm Beach, FL | 499.9 | 2.0% | 6.0% | 0.1% | 5.8% | 5.6% |
| Atlanta-Sandy Springs-Roswell, GA | 376.8 | 1.5% | 7.1% | 0.2% | 8.5% | 8.2% |
| New York-Newark-Jersey City, NY-NJ-PA | 303.0 | 1.2% | 5.5% | 6.7% | 2.3% | 2.2% |

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\*Source: RealPage. Market vacancy is the percentage of units vacant. The Account's vacancy is defined as the percentage of unleased square footage.

**<u>Retail</u>** 

Retail fundamentals have shown resilience despite uncertainty pertaining to changing United States policies, a slowing economy, and impacts on consumer spending. Vacancy rates modestly increased from historic lows due to store closures that occurred in the first half of 2025, however, the vacancy rate started to improve in the second half of the year on the back of stable leasing activity and fewer move outs. Construction activity remains at historic lows, which provides a buffer for occupancy rates even if demand softens. Leasing continues to be dominated by smaller format, freestanding, or in-line spaces with service-based tenants leading growth. The sector continues to see a performance gap determined by quality and relevance with consumers with Class A and higher-rated malls maintaining strong performance while lower-rated properties struggle. Meanwhile, necessity-based and grocery-anchored retail properties demonstrate defensive characteristics, as grocery spending typically remains relatively inelastic during periods of economic uncertainty.

The Account's retail portfolio is composed primarily of high-end lifestyle shopping centers and regional malls in large metropolitan or tourist centers, which tend to have higher vacancy rates than the overall national retail market. The Account has over 1,100 retailers across its portfolio, with its largest retail exposure comprising less than 5.0% of total retail rentable area. The retail portfolio has managed to minimize significant exposure to any single retailer. The Account's retail vacancy increased to 9.3% in the fourth quarter, up from 8.9% in the third quarter, driven by terminated leases and a disposition during the quarter. The Power Center sector, which are commonly large retailers, saw a decrease to 11.5% in the fourth quarter, down from 12.2% in the previous quarter, driven by improved tenant performance and suburban demand.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Vacancy** | **Account Vacancy** | **Market Vacancy\*** | **Market Vacancy\*** |
| |<br>**Total by<br>Retail Type ($M)** |<br>**% of Total<br>Investments** | **December 31, 2025** | **September 30, 2025** | **December 31, 2025** | **September 30, 2024** |
| National Retail |  |  | **9.3%** | **8.9%** | **4.3%** | **4.3%** |
| Lifestyle & Mall | $1159.6 | 4.6% | 9.0% | 8.8% | 8.5% | 8.5% |
| Neighborhood, Community & Strip\*\* | 1046.7 | 4.1% | 9.6% | 8.7% | 6.1% | 6.1% |
| Power Center\*\* | 337.5 | 1.3% | 11.5% | 12.2% | 4.6% | 4.6% |

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\*Source: CoStar. Market vacancy is the percentage of space available for rent. The Account's vacancy is defined as the percentage of unleased square footage

\*\*The Power Center designation is reserved for properties with three or more anchor units. Anchor units are leased to large retailers such as department stores, home improvement stores, and warehouse clubs. Properties with the Neighborhood, Community and Strip designation consist of two or less anchor units.

**<u>Hotel</u>**

The U.S. hotel industry entered a period of moderating growth with mixed performance signals, driven by shifting travel demand and broader macroeconomic headwinds. Throughout the year, occupancy rates softened due to inflation pressures, elevated costs and slower business travel. Strategic adoption of technology for pricing and personalization, along with a rebound in leisure travel offered pockets of stability, but overall performance remained constrained.

The Account's exposure to the hospitality sector is limited to one hotel in the Dallas metro area. The hotel is located in a business park and caters largely to business travelers. Key metrics to track hotel performance include occupancy, the average daily rate ("ADR") and revenue per available room ("RevPAR"). For the quarter ended December 31, 2025, occupancy of the property increased to 60.2%, as compared to 47.6% in the previous quarter. ADR and Total RevPAR were $153.98 and $159.54, respectively, for the fourth quarter of 2025, as compared to $146.90 and $121.59, respectively, in the prior quarter.

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**<u>INVESTMENTS</u>**

As of December 31, 2025, the Account had total net assets of $22.8 billion, a 1.2% decrease from December 31, 2024.

As of December 31, 2025, the Account held 83.0% of its total investments in real estate and real estate joint ventures. The Account also held investments a real estate operating business representing 4.2% of total investments, U.S. treasury securities representing 3.6% of total investments, real estate funds representing 3.3% of total investments, investments in loans receivable, including those with related parties, representing 2.7% of total investments, U.S. government agency notes representing 2.4% of total investments and U.S. short term repos representing 0.8% of total investments.

The outstanding principal on loans payable on the Account's wholly-owned real estate portfolio as of December 31, 2025 was $0.6 billion. The Account's proportionate share of outstanding principal on loans payable within its joint venture investments was $2.6 billion, which is netted against the underlying properties when determining the joint venture investments fair value presented on the Consolidated Schedules of Investments. Total outstanding principal on the Account's portfolio as of December 31, 2025, inclusive of loans payable within the joint venture investments, $1.6 billion in senior notes payables, $0.2 billion in loans collateralized by a loan receivable and $0.2 billion in line of credit, was $5.2 billion, which represented a loan-to-value ratio of 18.4%.

Management believes that the Account's real estate portfolio is diversified by location and property type. The Account does not intend to buy and sell its real estate investments simply to make short-term profits. Rather, the Account's general strategy in selling real estate investments is to dispose of those assets that management believes (i) have maximized in value, (ii) have underperformed or face deteriorating property-specific or market conditions, (iii) need significant capital infusions in the future, (iv) are appropriate to dispose of in order to remain consistent with the Account's intent to diversify the Account by property type and geographic location (including reallocating the Account's exposure to or away from certain property types in certain geographic locations), or (v) otherwise do not satisfy the investment objectives of the Account. Management, from time to time, will evaluate the need to manage liquidity in the Account as part of its analysis as to whether to undertake a particular asset sale. The Account may reinvest any sale proceeds that it does not need to pay operating expenses or to meet debt service or redemption requests (e.g*.*, contract owner withdrawals or benefit payments).

The following charts reflect the diversification of the Account's real estate assets by region and property type and the Account's ten largest investments based on fair value at December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> |
| | **West**<sup>(2)</sup> | **South**<sup>(3)</sup> | **East**<sup>(4)</sup> | **Midwest**<sup>(5)</sup> | **Foreign**<sup>(6)</sup> | **Total** |
| Industrial | 18.8% | 11.3% | 3.6% | 2.1% | —% | 35.8% |
| Apartments | 7.4% | 10.2% | 8.2% | 1.0% | —% | 26.8% |
| Office | 4.7% | 5.1% | 7.0% | 0.3% | —% | 17.1% |
| Retail | 4.5% | 4.8% | 2.7% | 1.1% | —% | 13.1% |
| Other<sup>(7)</sup> | 2.0% | 2.5% | 1.7% | 0.2% | 0.8% | 7.2% |
| Total | 37.4% | 33.9% | 23.2% | 4.7% | 0.8% | 100.0% |

---

<sup>(1)</sup> Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

<sup>(2)</sup> Properties in the "West" region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

<sup>(3)</sup> Properties in the "South" region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX

<sup>(4)</sup> Properties in the "East" region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV

<sup>(5)</sup> Properties in the "Midwest" region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI

<sup>(6)</sup> Represents developable land investments located outside of the United States.

<sup>(7)</sup> Represents interests in Storage Portfolio investments, a hotel investment and land.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** | **Ten Largest Real Estate Investments** |
| **Property Investment Name** | **Ownership Percentage** | **City** | **State** | **Type** | **Gross Real Estate Fair Value**<sup>(1)</sup> | **Debt Fair Value**<sup>(2)</sup> | **Net Real Estate Fair Value**<sup>(3)</sup> | **Property as a% of Total<br>Real Estate<br>Portfolio**<sup>(4)</sup> | **Property as a% of Total<br>Investments**<sup>(5)</sup> |
| Simpson Housing Portfolio | 80% | Various | U.S.A. | Apartment | $1023.4 | $484.7 | $538.7 | 4.3% | 3.7% |
| Ontario Industrial Portfolio | 100% | Ontario | CA | Industrial | 958.1 |  | 958.1 | 4.1% | 3.4% |
| Fashion Show | 50% | Las Vegas | NV | Retail | 826.3 | 415.5 | 410.8 | 3.5% | 2.9% |
| Lincoln Centre | 100% | Dallas | TX | Office | 603.9 |  | 603.9 | 2.6% | 2.2% |
| Campus Pointe | 43% | San Diego | CA | Office | 595.2 |  | 595.2 | 2.5% | 2.1% |
| Storage Portfolio II | 90% | Various | U.S.A. | Storage | 577.3 | 170.8 | 406.5 | 2.4% | 2.1% |
| The Florida Mall | 50% | Orlando | FL | Retail | 536.3 | 300.0 | 236.3 | 2.3% | 1.9% |
| Dallas Industrial Portfolio | 100% | Dallas | TX | Industrial | 508.4 |  | 508.4 | 2.1% | 1.8% |
| 1001 Pennsylvania Avenue | 100% | Washington | DC | Office | 450.1 |  | 450.1 | 1.9% | 1.6% |
| Seavest MOB | 98% | Various | U.S.A. | Office | 396.4 | 89.1 | 307.3 | 1.7% | 1.4% |

---

<sup>(1)</sup> The Account's share of the fair value of the property investment, gross of debt.

<sup>(2)</sup> Debt fair values are presented at the Account's ownership interest.

<sup>(3)</sup> The Account's share of the fair value of the property investment, net of debt.

<sup>(4)</sup> Total real estate portfolio is the aggregate fair value of the Account's wholly-owned properties and the properties held within a joint venture, gross of debt.

<sup>(5)</sup> Total investments are the aggregate fair value of all investments held by the Account, gross of debt. Total investments, as calculated within this table, will vary from total investments, as calculated in the Account's Schedule of Investments, as joint venture investments are presented in the Schedule of Investments at their net equity position in accordance with accounting principles generally accepted in the United States ("U.S. GAAP").

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** |
| **Property Name** | **Ownership Percentage** | **Property Type** | **City** | **State** | **Net Purchase Price**<sup>(1)</sup> | **Mortgage Debt** |
| **Wholly-Owned** | | | | | | |
| &nbsp;&nbsp;&nbsp;101 E. Crossroads Parkway | 100.00% | Industrial | Bolingbrook | IL | $32.5 | $— |
| &nbsp;&nbsp;&nbsp;Reno Industrial Portfolio | 100.00% | Industrial | Reno | NV | 90.1 |  |
| &nbsp;&nbsp;&nbsp;Hillside Village | 100.00% | Retail | Dallas | TX | 94.4 |  |
| &nbsp;&nbsp;&nbsp;Campus Marketplace | 100.00% | Retail | San Marcos | CA | 85.7 |  |
| &nbsp;&nbsp;&nbsp;River Oaks Shopping Center | 100.00% | Retail | Santa Clara | CA | 105.9 |  |
| &nbsp;&nbsp;&nbsp;1530 Broadway Avenue | 100.00% | Industrial | Braselton | GA | 26.4 |  |
| &nbsp;&nbsp;&nbsp;Uptown La Grange | 100.00% | Multi-family | Lagrange | IL | 87.9 |  |
| &nbsp;&nbsp;&nbsp;Salt Lake Light Industrial Portfolio | 100.00% | Industrial | Salt Lake City | UT | 36.4 |  |
| &nbsp;&nbsp;&nbsp;The 266 Framingham | 100.00% | Multi-family | Framingham | MA | 112.2 |  |
| &nbsp;&nbsp;&nbsp;Somerset Logistics Center | 100.00% | Land | Somerset | NJ | 27.0 |  |
| &nbsp;&nbsp;&nbsp;Bulls Bay Highway | 100.00% | Industrial | Jacksonville | FL | 20.4 |  |
| &nbsp;&nbsp;&nbsp;Algonquin Commons | 100.00% | Retail | Algonquin | IL | 98.6 |  |
| &nbsp;&nbsp;&nbsp;Knightdale Gateway | 100.00% | Industrial | Raleigh | NC | 102.8 |  |
| &nbsp;&nbsp;62nd Street North<sup>(3)</sup> | 100.00% | Industrial | Largo | FL | 40.8 |  |
| &nbsp;&nbsp;Mercy Star Court<sup>(3)</sup> | 100.00% | Industrial | Orlando | FL | 27.5 |  |
| &nbsp;&nbsp;Paseo De La Fuente<sup>(3)</sup> | 100.00% | Industrial | San Diego | CA | 30.5 |  |
| &nbsp;&nbsp;4417 192nd Street East<sup>(3)</sup> | 100.00% | Industrial | Tacoma | WA | 41.1 |  |
| &nbsp;&nbsp;4620 B Street Northwest<sup>(3)</sup> | 100.00% | Industrial | Auburn | WA | 13.4 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** | **Property Investments and Mortgage Debt Acquired in 2025 (millions)** |
| **Property Name** | **Ownership Percentage** | **Property Type** | **City** | **State** | **Net Purchase Price**<sup>(1)</sup> | **Mortgage Debt** |
| &nbsp;&nbsp;6615 West Boston Street<sup>(3)</sup> | 100.00% | Industrial | Chandler | AZ | 14.7 |  |
| **Total Wholly-Owned** |  |  |  |  | $1088.3 | $— |
| **Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;817 Broadway<sup>(4)</sup> | 31.34% | Multi-family | New York | NY | $— | $38.4 |
| &nbsp;&nbsp;Highlands at Dearborn<sup>(5)</sup> | 80.00% | Multi-family | Peabody | MA |  | 93.6 |
| &nbsp;&nbsp;Reserve at Beachline<sup>(5)</sup> | 80.00% | Multi-family | Orlando | FL |  | 38.4 |
| &nbsp;&nbsp;Citrine<sup>(5)</sup> | 80.00% | Multi-family | Phoenix | AZ |  | 47.6 |
| &nbsp;&nbsp;Chancery Village at the Park<sup>(5)</sup> | 80.00% | Multi-family | Cary | NC |  | 27.0 |
| &nbsp;&nbsp;Mira Bella<sup>(5)</sup> | 80.00% | Multi-family | San Diego | CA |  | 59.0 |
| &nbsp;&nbsp;Montelena<sup>(5)</sup> | 80.00% | Multi-family | Grapevine | TX |  | 25.0 |
| &nbsp;&nbsp;Promenade Park<sup>(5)</sup> | 80.00% | Multi-family | Charlotte | NC |  | 33.8 |
| &nbsp;&nbsp;The Sanctuary at Tallyns Reach<sup>(5)</sup> | 80.00% | Multi-family | Aurora | CO |  | 76.6 |
| &nbsp;&nbsp;Silos South End<sup>(5)</sup> | 80.00% | Multi-family | Charlotte | NC |  | 56.8 |
| &nbsp;&nbsp;The Ranch<sup>(5)</sup> | 80.00% | Multi-family | Austin | TX |  | 27.0 |
| **Total Joint Ventures** |  |  |  |  | $— | $484.8 |
| **Total Properties Acquired** |  |  |  |  | $1088.3 | $484.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** |
| **Property Name** | **Ownership Percentage** | **Property<br>Type** | **City** | **State** | **Net Sales Price**<sup>(2)</sup> | **Mortgage Loan Payoff** |
| **Wholly-Owned** | | | | | | |
| &nbsp;&nbsp;&nbsp;The Phoenician | 100.00% | Retail | Fayetteville | GA | $49.5 | $— |
| &nbsp;&nbsp;&nbsp;1401 H Street NW | 100.00% | Retail | Lake Mary | FL | 124.0 | 115.0 |
| &nbsp;&nbsp;&nbsp;Circa Green Lake | 100.00% | Multi-family | Seattle | WA |  | 52.0 |
| &nbsp;&nbsp;&nbsp;Union - South Lake Union | 100.00% | Multi-family | Seattle | WA |  | 57.0 |
| &nbsp;&nbsp;&nbsp;Creekside Alta Loma | 100.00% | Multi-family | Cucamonga | CA | 89.4 |  |
| &nbsp;&nbsp;&nbsp;Ellipse at Ballston | 100.00% | Office | Arlington | VA | 19.5 |  |
| &nbsp;&nbsp;99 High Street<sup>(6)</sup> | 100.00% | Office | Boston | MA | 220.2 | 277.0 |
| &nbsp;&nbsp;&nbsp;88 Kearny | 100.00% | Office | San Francisco | CA | 69.3 |  |
| &nbsp;&nbsp;&nbsp;The Bridges | 100.00% | Multi-family | Minneapolis | MN | 32.6 |  |
| &nbsp;&nbsp;&nbsp;The Knoll | 100.00% | Multi-family | Minneapolis | MN | 21.6 |  |
| &nbsp;&nbsp;&nbsp;Westlake Business | 100.00% | Office | West Lake Village | CA | 22.8 |  |
| &nbsp;&nbsp;&nbsp;30700 Russell Ranch | 100.00% | Office | West Lake Village | CA | 15.9 |  |
| &nbsp;&nbsp;&nbsp;Holly Street Village | 100.00% | Multi-family | Pasadena | CA |  | 81.0 |
| &nbsp;&nbsp;&nbsp;The Henley at Kingstowne | 100.00% | Multi-family | Alexandria | VA |  | 64.3 |
| &nbsp;&nbsp;&nbsp;Spring House Innovation Park | 100.00% | Office | Lower Gwynedd | PA |  | 116.8 |
| &nbsp;&nbsp;&nbsp;Montecito Apartments | 100.00% | Multi-family | Houston | TX | 46.6 |  |
| &nbsp;&nbsp;&nbsp;Stella | 100.00% | Multi-family | Marina Del Ray | CA | 132.6 |  |
| &nbsp;&nbsp;&nbsp;Chisholm Trail | 100.00% | Industrial | Houston | TX | 8.7 |  |
| &nbsp;&nbsp;&nbsp;Monee Development | 100.00% | Industrial | Monee | IL | 69.7 |  |
| **Total Wholly-Owned** |  |  |  |  | $922.4 | $763.1 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** | **Property Investments Sold and Mortgage Debt Paid-off in 2025 (millions)** |
| **Property Name** | **Ownership Percentage** | **Property<br>Type** | **City** | **State** | **Net Sales Price**<sup>(2)</sup> | **Mortgage Loan Payoff** |
| **Joint Ventures** | | | | | | |
| &nbsp;&nbsp;Park on Morton<sup>(7)</sup> | 97.00% | Multi-family | Bloomington | IN | $68.5 | $26.9 |
| &nbsp;&nbsp;Aspen Heights<sup>(7)</sup> | 97.00% | Multi-family | Austin | TX | 74.9 |  |
| &nbsp;&nbsp;Cabana Beach San Marcos<sup>(7)</sup> | 97.00% | Multi-family | San Marcos | TX | 49.4 | 22.8 |
| &nbsp;&nbsp;The Theory<sup>(7)</sup> | 97.00% | Multi-family | Raleigh | NC | 81.5 |  |
| &nbsp;&nbsp;Cabana Beach Gainesville<sup>(7)</sup> | 97.00% | Multi-family | Gainesville | FL | 62.8 |  |
| &nbsp;&nbsp;440 Ninth Avenue<sup>(8)</sup> | 88.52% | Office | New York | NY | 92.2 | 135.0 |
| &nbsp;&nbsp;&nbsp;The Forum - Sam Houston | 97.00% | Multi-family | Huntsville | TX |  | 15.9 |
| &nbsp;&nbsp;&nbsp;Birkdale Village | 93.00% | Retail | Huntersville | NC | 252.8 |  |
| &nbsp;&nbsp;&nbsp;SV MOB Pittsburg | 98.72% | Office | Pittsburgh | PA |  | 66.1 |
| &nbsp;&nbsp;The Brockman Lofts<sup>(5)</sup> | 80.00% | Multi-family | Los Angeles | CA |  | 17.7 |
| &nbsp;&nbsp;District at Greenbriar<sup>(5)</sup> | 80.00% | Multi-family | Houston | TX |  | 25.1 |
| **Total Joint Ventures** |  |  |  |  | $682.1 | $309.5 |
| **Total Properties Sold** |  |  |  |  | $1604.5 | $1072.6 |

---

<sup>(1)</sup> The net purchase price represents the purchase price less closing costs, at the Account's share.

<sup>(2)</sup> The net sales price represents the sale price less selling expenses, at the Account's share .

<sup>(3)</sup> Property is held in Cabot Industrial Portfolio.

<sup>(4)</sup> Mortgage loan balance restructured to reflect ownership reduction from 61.46% to 31.34%.

<sup>(5)</sup> Property was held in Simpson Housing Portfolio.

<sup>(6)</sup> The lender agreed to forgive $50.0 million of the original principal balance outstanding and the remaining $277.0 million was assumed by the buyer at the time of purchase.

<sup>(7)</sup> Property was held in THP Student Housing Portfolio

<sup>(8)</sup> A portion of the outstanding debt was forgiven by the lender during sale of property.

------

**<u>Results of Operations</u>**

***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024***

**<u>Net Investment Income</u>**

The following table shows the results of operations for the years ended December 31, 2025 and 2024 and the dollar and percentage changes for those periods (millions).

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Change** |
| | **2025** | **2024** | $**%** |
| **INVESTMENT INCOME** |  |  |  |
| ***Real estate income, net*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $1251.8 | $1360.7 | (8.0)% |
| &nbsp;&nbsp;&nbsp;Real estate property level expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 310.3 | 340.6 | (8.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 181.3 | 200.0 | (9.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 59.2 | 86.8 | (31.8)% |
| &nbsp;&nbsp;&nbsp;Total real estate property level expenses | 550.8 | 627.4 | (12.2)% |
| Real estate income, net | 701.0 | 733.3 | (4.4)% |
| &nbsp;&nbsp;&nbsp;Income from real estate joint ventures | 159.5 | 202.8 | (21.4)% |
| &nbsp;&nbsp;&nbsp;Income from real estate funds | 23.4 | 13.7 | 70.8% |
| &nbsp;&nbsp;Interest income | 124.8 | 128.8 | (3.1)% |
| **TOTAL INVESTMENT INCOME** | 1008.7 | 1078.6 | (6.5)% |
| ***Expenses*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment management charges | 69.2 | 83.0 | (16.6)% |
| &nbsp;&nbsp;&nbsp;Administrative charges | 56.3 | 63.4 | (11.2)% |
| &nbsp;&nbsp;&nbsp;Distribution charges | 9.6 | 15.1 | (36.4)% |
| &nbsp;&nbsp;&nbsp;Liquidity guarantee charges | 63.5 | 63.7 | (0.3)% |
| &nbsp;&nbsp;&nbsp;Interest expense | 57.7 | 53.5 | 7.9% |
| **TOTAL EXPENSES** | 256.3 | 278.7 | (8.0)% |
| **INVESTMENT INCOME, NET** | $752.4 | $799.9 | (5.9)% |

---

The table below illustrates and compares rental income, operating expenses and real estate taxes for properties held by the Account for the entirety of each respective year, "same property," as compared to the comparative increases or decreases associated with the acquisition and disposition of properties throughout each respective year.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Rental Income** | **Rental Income** | **Rental Income** | **Operating Expenses** | **Operating Expenses** | **Operating Expenses** | **Real Estate Taxes** | **Real Estate Taxes** | **Real Estate Taxes** |
| | | | **Change** | | | **Change** | | | **Change** |
| | **2025** | **2024** | $**%** | **2025** | **2024** | $**%** | **2025** | **2024** | $**%** |
| Same Property | $1119.9 | $1117.0 | 0.3% | $274.3 | $268.5 | 2.2% | $161.3 | $153.6 | 5.0% |
| Properties Acquired | 56.0 | 8.0 | 600.0% | 14.4 | 3.1 | 364.5% | 7.7 | 1.1 | 600.0% |
| Properties Sold | 75.9 | 235.7 | (67.8)% | 21.6 | 69.0 | (68.7)% | 12.3 | 45.3 | (72.8)% |
| **Impact of Properties Acquired/Sold** | 131.9 | 243.7 | (45.9)% | 36.0 | 72.1 | (50.1)% | 20.0 | 46.4 | (56.9)% |
| **Total Property Portfolio** | $1251.8 | $1360.7 | (8.0)% | $310.3 | $340.6 | (8.9)% | $181.3 | $200.0 | (9.4)% |

---

*Rental Income:*

Rental income decreased $108.9 million, or 8.0%, compared to the prior year, primarily attributable to property dispositions; as indicated in the table above, underperformance in the office sector driven by macroeconomic pressures including slower job growth and weakening consumer confidence. These unfavorable variances were partially offset by rental increases, bad debt recoveries, reduced lease concessions and stronger leasing demand across the industrial, multi-family and retail sectors.

------

*Operating Expenses:*

Operating expenses decreased $30.3 million, or 8.9%, compared to the prior year, primarily attributable to property dispositions; as indicated in the table above. The favorable variance was partially offset by cost escalations in utilities, repairs and maintenance, space conversion activities, and common area maintenance, with the retail and office sectors experiencing the most significant increases.

*Real Estate Taxes:*

Real estate taxes decreased $18.7 million, or 9.4%, compared to the prior year, primarily attributable to property dispositions; as indicated in the table above. This decline was partially offset by increases in assessed property values driven by post-pandemic recovery and strong leisure and corporate travel demand at the Account's sole hotel property, as well as appreciation in the industrial sector.

*Interest Expense:*

Interest expense on mortgage loans decreased $27.6 million, or 31.8%, as a result of lower average outstanding principal balance, as compared to the same period in 2024.

*Income from Real Estate Joint Ventures:*

Income from real estate joint ventures decreased $43.3 million, or 21.4%, most notably driven by lower distributed income from four of the Account's retail joint venture investments, due to higher operating expenses.

*Income from Real Estate Funds:*

Income from real estate funds increased $9.7 million, or 70.8%, as a result of increased distributed income from four of the Account's real estate fund investments.

*Interest income:*

Interest income decreased $4.0 million, or 3.1%, in comparison to the prior year, primarily attributable to a continued decrease in the Account's loan receivable held.

*Expenses:*

Investment management, administrative and distribution costs charged to the Account are associated with managing the Account. Investment management charges are comprised primarily of fixed components, but fluctuate based on the size of the Account's portfolio of investments, whereas administrative and distribution charges are comprised of more variable components that generally correspond with movements in net assets. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, respectively, on an at cost basis. Investment management expenses decreased $13.8 million compared to the prior year, primarily attributable to a reduction in charge rates. Administrative expenses decreased $7.1 million due to lower average net assets during the year. Distribution charges decreased by $5.5 million compared to the prior year, primarily attributable to a decrease in the applicable charge rate and lower average net assets.

Mortality and expense risk and liquidity guarantee expenses are contractual charges to the Account from TIAA for TIAA's assumption of these risks and provision of the liquidity guarantee. The rate for these charges is established annually and is charged at a fixed rate based on the Account's net assets. There were no mortality and expense risk expenses in 2025 or the prior year. Liquidity guarantee expenses decreased $0.2 million as a result of lower average nets assets during the year.

Interest expense on the Account's other unsecured debt and line of credit increased $4.2 million when compared to prior year, due to a higher average outstanding principal balance and interest rates on the Account's Credit Agreement.

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**<u>Net Realized and Unrealized Gains and Losses on Investments and Debt</u>**

The following table shows the net realized and unrealized (losses) gains on investments and debt for the years ended December 31, 2025 and 2024 and the dollar and percentage changes for those periods (millions).

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Change** |
| | **2025** | **2024** | $**%** |
| **NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT** |  |  |  |
| &nbsp;&nbsp;&nbsp;***Net realized (loss) gain on investments:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate properties | $(715.3) | $(117.7) | 507.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate joint ventures | (94.5) | (206.9) | (54.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate funds | 8.4 | 0.5 | 1580.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 0.2 | (0.2) | (200.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 0.1 |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | (113.0) | (170.4) | (33.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable | 61.7 |  | N/M |
| **Total realized (loss) gain on investments** | (852.4) | (494.7) | 72.3% |
| &nbsp;&nbsp;&nbsp;***Net change in unrealized (loss) gain on:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate properties | 685.0 | (1021.3) | (167.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate joint ventures | 210.4 | (367.6) | (157.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate funds | (21.1) | (29.0) | (27.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate operating business | 10.2 | 145.4 | (93.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 0.1 |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | 76.5 | (0.3) | (25600.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable with related parties |  | 0.7 | (100.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable | 13.3 | (11.3) | (217.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other unsecured debt | 8.3 | 4.5 | 84.4% |
| **Net change in unrealized (loss) gain on investments and debt** | 982.7 | (1278.9) | (176.8)% |
| **NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT** | $130.3 | $(1773.6) | (107.3)% |

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N/M—Not meaningful

*Real Estate Properties:*

Wholly-owned real estate investments experienced net realized and unrealized losses of $30.3 million during 2025, compared to net losses of $1.1 billion during 2024. While the Account saw appreciation across most core real estate sectors during the year, the significant unrealized gains primarily emanated from the multi-family and office sectors due to interest rate cuts improving property values, strong rental fundamentals and leasing demand. The realized losses in 2025 were attributable to the sale of six multi-family properties in Texas, California and Minnesota; six office properties in Washington, D.C, Virginia, Massachusetts and California; and two industrial properties in Texas and Illinois. Previous year witnessed depreciation across most core real estate sectors during the year, the significant unrealized losses primarily emanated from office properties in the Eastern region due to declining occupancy and stagnant demand. The sale of eight retail properties, five office properties, and three multi-family properties drove the net loss during the year.

*Real Estate Joint Ventures:*

Real estate joint ventures experienced net realized and unrealized gains of $115.9 million in 2025, compared to $574.5 million of net losses during 2024. Unrealized gains were primarily driven by the Account's joint venture investments in the office and retail sectors due to increased market demand, recapitalization efforts and macroeconomic conditions producing mixed cap rates across the sectors. The disposition of a retail property in North Carolina, an office building in New York and five student housing properties in Texas, North Carolina and Florida were contributors to the realized loss during the year. Unrealized losses in 2024 were primarily driven by the Account's joint venture investments in the office, retail and apartment sectors due to increases in discount and

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capitalization rates, economic conditions, as well as other market factors. The disposition of a retail property in FL and two office properties in CA and MA were contributors to the net loss during the year.

*Real Estate Funds:*

Real estate funds incurred net realized and unrealized losses of $12.7 million in 2025, compared to $28.5 million in net realized and unrealized losses during 2024. The unrealized losses in the current year can be attributed unfavorable valuation of four of the Account's real estate funds, due to higher capitalization rates. Current period realized gains were primarily due to profit generated from the sale of a partnership's assets. The losses in the previous year can be attributed to elevated capitalization rates, resulting in adverse valuation that have impacted eight of the Account's funds.

*Real Estate Operating Business:*

The Account's real estate operating business experienced unrealized gains of $10.2 million during 2025 compared to $145.4 million during 2024. Unrealized gains in 2025 were primarily attributed to favorable valuations resulting from a significant lease that is expected to add substantial value to the overall operating business. Unrealized gains in the prior year were the result of future growth experienced throughout the previous year.

*Foreign Currency Translation:*

The Account realized a gain of $0.2 million due to foreign currency translation during 2025 due to favorable exchange rates.

*Marketable Securities:*

The Account's marketable securities experienced net realized and unrealized gains of $0.2 million for the year ended December 31, 2025, compared to net realized and unrealized gains or losses of zero for 2024. The net realized and unrealized gains in 2025 was due to fluctuating yet declining U.S. Treasury rates during the year.

*Loans Receivable, including those with related parties:*

Loans receivable, including loans receivable with related parties, experienced net realized and unrealized losses of $36.5 million in 2025 compared to net realized and unrealized losses of $170.0 million in 2024. The current year unrealized gains are primarily attributable to favorable valuations of three loans. The appraised values of the collateral asset properties exceeded the principal value of the loans, which resulted in the favorable valuation of the loans receivable, compounded by realized losses associated with three loans paid off by the borrower and one foreclosure. Prior year losses are attributable to unfavorable valuations of three loans, compounded by default and subsequent foreclosures of the collateral property on three receivables and loan payoffs on three properties.

*Loans Payable:*

Loans payable experienced net realized and unrealized gains of $75.0 million during 2025, compared to unrealized losses of $11.3 million during 2024. The 2025 realized gains were attributable to the interest and debt forgiven associated with a disposed office property in Massachusetts. The unrealized gains were primarily driven by declining market interest rate and tightening credit spreads. The 2024 unrealized losses resulted from incremental changes in U.S. Treasury yields driven by inflation risk and widening credit spreads.

*Other Unsecured Debt:*

Other unsecured debt experienced unrealized gains of $8.3 million in 2025, compared to unrealized gains of $4.5 million in 2024, attributable to favorable changes in the risk-free yield curve and changes in market confidence due to Federal Rate interest rate cuts.

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***Year Ended December 31, 2024 Compared to Year Ended December 31, 2023***

A discussion of the results of operations for the year ended December 31, 2024 is found in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025, which is available free of charge on the SEC's website at www.sec.gov.

**<u>Liquidity and Capital Resources</u>**

As of December 31, 2025 and 2024, the Account's cash and cash equivalents and non-real estate-related marketable securities had a value of $1.8 billion and $1.4 billion, respectively (7.9% and 6.0% of the Account's net assets at such dates, respectively). The increase in liquid assets during the year was primarily driven by property dispositions, line of credit management, and mixed but favorable market trends in the U.S. commercial real estate market, that providentially impacted property valuations. The Account's liquid assets continue to be available to purchase suitable real estate properties, meet the Account's debt obligations, expense needs, and contract owner redemption requests (i.e., contract owner transfers, withdrawals or benefit payments). In addition, we believe that the Account is able to meet its short-term and long-term liquidity needs through cash provided by operating activities, the available capacity on its credit facility and the liquidity guarantee provided by TIAA as described below.

*Liquidity Guarantee*

The liquidity guarantee ensures that the account will be able to meet its cash requirements with respect to redeeming accumulation unit contract owners, both in the short- and long-term. In accordance with the liquidity guarantee obligation, TIAA guarantees that all contract owners in the Account may redeem their accumulation units at their accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. The Account pays TIAA a fee for the risks associated with providing the liquidity guarantee through a daily deduction from the Account's net assets.

Pursuant to its existing liquidity guarantee obligation, beginning August 31, 2023 through the year ended December 31, 2025, the TIAA General Account purchased a cumulative total of 1.8 million liquidity units issued by the Account, amounting to $911.3 million. The Account did not experience significant net contract owner outflows during the year of 2025, and the TIAA General Account was not required to purchase any liquidity units this year. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA's ownership should not exceed (the "trigger point"), has established the trigger point at 45% of the outstanding accumulation units. As of December 31, 2025, the TIAA General Account owned approximately 3.98% of the outstanding accumulation units of the Account. The independent fiduciary will continue to monitor TIAA's ownership interest in the Account and provide further recommendations as necessary.

TIAA's obligation to provide Account contract owners liquidity through purchases of liquidity units is not subject to an express regulatory or contractual limitation, except as described in the following paragraphs.

The independent fiduciary may (but is not obligated to) require the reduction of TIAA's interest through sales of assets from the Account if TIAA's interest exceeds the trigger point. Even if the independent fiduciary so requires, TIAA's obligation to provide liquidity under the guarantee, which is required by the New York State Department of Financial Services, will continue. Management believes that TIAA has the ability to meet its obligations under this liquidity guarantee.

Whenever TIAA owns liquidity units, the duties of the Account's independent fiduciary, as part of its monitoring of the Account, include reviewing the purchase and redemption of liquidity units by TIAA to ensure the Account uses the correct accumulation unit values. In addition, the independent fiduciary's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;• establishing the percentage of total accumulation units that TIAA's ownership should not exceed (the "trigger point") and creating a method for reviewing the trigger point;

&nbsp;&nbsp;&nbsp;&nbsp;• approving any adjustment of TIAA's ownership interest in the Account and, in its discretion, requiring an adjustment if TIAA's ownership of liquidity units reaches the trigger point; and

&nbsp;&nbsp;&nbsp;&nbsp;• once the trigger point has been reached, participating in any program to reduce TIAA's ownership in the Account by utilizing cash flow or liquid investments in the Account, or by utilizing the proceeds from asset sales. If the independent fiduciary were to determine that TIAA's ownership should be reduced following the

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trigger point, its role in participating in any asset sales program would include (i) participating in the selection of properties for sale, (ii) providing sales guidelines and (iii) approving those sales if, in the independent fiduciary's opinion, such sales are desirable to reduce TIAA's ownership of liquidity units.

In establishing the appropriate trigger point, including whether or not to require certain actions once the trigger point has been reached, the independent fiduciary will assess, among other things and to the extent consistent with PTE 96-76 with respect to the liquidity guarantee and the independent fiduciary's duties under ERISA, the risk that a conflict of interest could arise due to the level of TIAA's ownership interest in the Account.

*Redemption of Liquidity Units.* The independent fiduciary is vested with oversight and approval over any redemption of TIAA's liquidity units, acting in the best interests of Account contract owners.

As a general matter, the independent fiduciary may authorize or direct the redemption of all or a portion of liquidity units at any time and TIAA will request the approval of the independent fiduciary before any liquidity units are redeemed. Upon termination and liquidation of the Account (wind-up), any liquidity units held by TIAA will be the last units redeemed, unless the independent fiduciary directs otherwise.

*Net Investment Income*

Net investment income continues to be an additional source of liquidity for the Account. Net investment income was $752.4 million for the year ended December 31, 2025 as compared to $799.9 million in the prior year. The total net investment income saw a slight increase as described more fully in the *Results of Operations* section.

*Leverage*

As of December 31, 2025, the Account's ratio of outstanding principal amount of debt (inclusive of the Account's proportionate share of debt held within its joint venture investments, senior notes payable and any loans outstanding on the Account's Credit Agreement) to total gross asset value (i.e., a "loan-to-value ratio") was 18.4%. The Account intends to maintain its loan-to-value ratio at or below 30% (this ratio is measured at the time of incurrence and after giving effect thereto). The Account's total gross asset value, for these purposes, is equal to the total fair value of the Account's assets (including the fair value of the Account's net equity interest in joint ventures), with no reduction associated with any indebtedness on such assets.

The Account's credit facility, which is a $1.4 billion unsecured line of credit, is used to facilitate near-term investment objectives, as further described in *Note 12—Credit Facility*. As of December 31, 2025, the Account had $160.0 million outstanding on the line of credit. The Account exercised the second of three extension options to extend the facility's termination date to September 20, 2026. The Account plans to exercise its remaining option before the facility's scheduled maturity in 2026, which extension is subject to customary representations, warranties and closing conditions.

As of December 31, 2025, total principal outstanding for mortgages on properties held directly by the Account, four collateralized by a loan receivable, the Credit Agreement and senior notes payable are $2.6 billion and $480.5 million, respectively. Principal and interest payments due in the next year for mortgages on properties held directly by the Account are $66.0 million and $23.8 million, respectively. The Account currently has sufficient liquidity in the form of cash and cash equivalents, short-term securities, and available capacity on the Account's line of credit that can be drawn to meet its current mortgage obligations.

In times of high net inflow activity, in particular during times of high net contract owner transfer inflows, management may determine to apply a portion of such cash flows to make prepayments of indebtedness prior to scheduled maturity, which would have the effect of reducing the Account's loan-to-value ratio.

*Material Cash Requirements*<sup>(1)</sup>

The following table sets forth a summary regarding the Account's known contractual and other material cash obligations, including required interest payments for those items that are interest bearing, as of December 31, 2025 (millions):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Amounts Due During Years Ending December 31,** | **Amounts Due During Years Ending December 31,** | **Amounts Due During Years Ending December 31,** | **Amounts Due During Years Ending December 31,** | **Amounts Due During Years Ending December 31,** | **Amounts Due During Years Ending December 31,** | **Amounts Due During Years Ending December 31,** |
| | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Debt Payable: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Principal Payments | $402.3 | $569.9 | $436.1 | $344.2 | $375.0 | $525.0 | $2652.5 |
| &nbsp;&nbsp;Interest Payments<sup>(2)</sup> | 118.9 | 105.3 | 78.6 | 53.2 | 45.8 | 78.7 | 480.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $521.2 | $675.2 | $514.7 | $397.4 | $420.8 | $603.7 | $3133 |
| Ground Leases<sup>(3)</sup> | 2.7 | 2.7 | 2.8 | 2.8 | 2.9 | 451.8 | 465.7 |
| Other Commitments<sup>(4)</sup> | 206.9 |  |  |  |  |  | 206.9 |
| Tenant Improvements<sup>(5)</sup> | 56.8 |  |  |  |  |  | 56.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Contractual and Material Cash Requirements** | $787.6 | $677.9 | $517.5 | $400.2 | $423.7 | $1055.5 | $3862.4 |

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<sup>(1)</sup> The material cash requirements do not include payments on debt held in joint ventures, which are the obligation of the individual joint venture entities.

<sup>(2)</sup> These amounts represent interest payments due on debt payable based on the stated rates at December 31, 2025.

<sup>(3)</sup> These amounts represent future minimum annual payments related to ground leases at December 31, 2025.

<sup>(4)</sup> This includes the Account's commitment to purchase interests in its real estate funds and remaining funding commitments on loans receivable and real estate operating business, which could be called by the partner or borrower at any time.

<sup>(5)</sup> This amount represents tenant improvements and leasing inducements committed by the Account as of December 31, 2025.

*Statements of Cash Flows* 

The following table sets forth the Account's sources and uses of cash flows for the year ended December 31, 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Cash flows provided by (used for): |  |  |
| &nbsp;&nbsp;Operating activities | $97.8 | $937.8 |
| &nbsp;&nbsp;Financing activities | $(207.9) | $(843.6) |

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The following provides information regarding the Account's cash flows from operating and financing activities for the year ended December 31, 2025.

*Operating Activities*: The Account's operating cash flows are primarily impacted by net investment income and the purchase or sale of investments and debt. Cash provided by operating activities for the year ended December 31, 2025, as compared to the prior year period, decreased by approximately $840.0 million. This decline was primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.1 billion of higher purchases of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $788.7 million of lower proceeds from sales of real estate properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $36.9 million of lower proceeds from sale of loans receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $28.8 million in higher purchases of other real estate properties.

Offsetting the decrease in cash provided by operating activities above was the following;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.1 billion in net decrease in purchases of other investments, higher proceeds from the sales of other real estate investments, and an increase in the proceeds from payoffs of loans receivable from related parties.

*Financing Activities*: The Account's financing cash flows are primarily impacted by contract owner transactions and debt activity. For the year ended December 31, 2025, cash used in financing activities decreased by $635.7 million compared to 2024, primarily driven by:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease in net debt repayments of $1.1 billion which included the Account borrowing $700.0 million by entering into a note purchase agreement in the form of series D and E senior notes and $576.0 million on the line of credit in the current year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partially offset by prior period purchase of liquidity units by the TIAA General Account of $293.7 million compared to no liquidity units purchased by the TIAA General Account in the current year.

*Long-Term Financing and Capital Needs*

The Account expects to meet its long-term liquidity requirements, such as debt maturities, property acquisitions and financing of development activities, through the use of unsecured debt and credit facilities, proceeds received from the disposition of certain properties and joint ventures, along with cash generated from operations after all distributions. The Account has a significant number of unencumbered properties available to secure additional mortgage borrowings should unsecured capital be unavailable or the cost of alternative sources of capital be too high. The value of and cash flow from these unencumbered properties are in excess of the requirements the Account must maintain in order to comply with covenants under its unsecured notes and credit facility.

A summary of the Account's outstanding debt is as follows (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Principal Balance** | **% of Total** | **Principal Balance** | **% of Total** |
| Secured | $892.4 | 33.6% | $1634.3 | 64.5% |
| Unsecured | 1760.0 | 66.4% | 900.0 | 35.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2652.4 | 100.0% | $2534.3 | 100.0% |
| *Fixed Rate Debt:* |  |  |  |  |
| &nbsp;&nbsp;Secured | $531.80 | 20.1% | $1182.9 | 46.7% |
| &nbsp;&nbsp;Unsecured | 1600.0 | 60.3% | 900.0 | 35.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fixed Rate Debt** | $2131.8 | 80.4% | $2082.9 | 82.2% |
| *Floating Rate Debt:* |  |  |  |  |
| &nbsp;&nbsp;Secured | $360.6 | 13.6% | $451.4 | 17.8% |
| &nbsp;&nbsp;Unsecured | 160.0 | 6.0% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Floating Rate Debt** | $520.6 | 19.6% | $451.4 | 17.8% |
| **Total** | $2652.4 | 100.0% | $2534.3 | 100.0% |

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**<u>Recent Transactions</u>**

*The following describes property and property-related transactions by the Account during the fourth quarter of 2025. Except as noted, the expenses for operating the properties purchased are either borne or reimbursed, in whole or in part, by the property tenants, although the terms vary under each lease.*

**<u>Real Estate Properties and Joint Ventures</u>**

*Purchases*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Purchase Date** | **Ownership Percentage** | **Sector** | **Location** | **Net Purchase Price** <sup>(1)</sup> |
| Knightdale Gateway | 10/22/2025 | 100.00% | Industrial | Raleigh, NC | $102.8 |
| 62nd Street North<sup>(2)</sup> | 11/21/2025 | 100.00% | Industrial | Largo, FL | 40.8 |
| Mercy Star Court<sup>(2)</sup> | 11/21/2025 | 100.00% | Industrial | Orlando, FL | 27.5 |
| Paseo De La Fuente<sup>(2)</sup> | 11/21/2025 | 100.00% | Industrial | San Diego, CA | 30.5 |
| 4417 192nd Street East<sup>(2)</sup> | 11/21/2025 | 100.00% | Industrial | Tacoma, WA | 41.1 |
| 4620 B Street Northwest<sup>(2)</sup> | 11/21/2025 | 100.00% | Industrial | Auburn, WA | 13.4 |
| 6615 West Boston Street<sup>(2)</sup> | 11/21/2025 | 100.00% | Industrial | Chandler, AZ | 14.7 |

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<sup>(1)</sup> Represents purchase price net of closing costs.

<sup>(2)</sup> Property is held in Cabot Industrial Portfolio

*Disposals*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Disposal Date** | **Ownership Percentage** | **Sector** | **Location** | **Net Sales Price** <sup>(1)</sup> | **Realized Gain (Loss) on Disposition**<sup>(1</sup><sup>)</sup> |
| Stella | 10/09/2025 | 100.00% | Multi-family | Marina Del Ray, CA | $132.6 | $(42.8) |
| Chisholm Trail | 10/14/2025 | 100.00% | Industrial | Houston, TX | 8.7 | 1.8 |
| Birkdale Village | 10/21/2025 | 93.00% | Retail | Huntersville, NC | 252.8 | 22.4 |
| Monee Development | 12/17/2025 | 100.00% | Industrial | Monee, IL | 69.7 | 0.1 |

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<sup>(1)</sup> Majority of the realized loss has been previously recognized as unrealized losses in the Account's Consolidated Statements of Operations.

**<u>Financings</u>**

*New Debt*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Transaction Date** | **Interest Rate** | **Sector** | **Maturity Date** | **Principal Amount** |
| Highlands at Dearborn<sup>(1)</sup> | 11/13/2025 | 1.30% + SOFR | Multi-family | 12/01/2030 | $93.6 |
| Reserve at Beachline<sup>(1)</sup> | 11/13/2025 | 1.30% + SOFR | Multi-family | 12/01/2030 | 38.4 |
| Citrine<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 47.6 |
| Chauncey Village at the Park<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 27.0 |
| Mira Bella<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 59.0 |
| Montelena<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 25.0 |
| Promenade Park<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 33.8 |
| The Sanctuary at Tallyns Reach<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 76.6 |
| Silos South End<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 56.8 |
| The Ranch<sup>(1)</sup> | 11/20/2025 | 4.88% | Multi-family | 12/01/2030 | 27.0 |

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<sup>(1)</sup> Property is held in Simpson Housing Portfolio.

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*Debt payoff*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Transaction Date** | **Interest Rate** | **Sector** | **Maturity Date** | **Principal Amount** |
| SV MOB Pittsburg | 10/01/2025 | 2.70% | Office | 09/29/2025 | $66.1 |
| The Brockman Lofts<sup>(1)</sup> | 11/20/2025 | 4.11% | Multi-family | 11/01/2025 | 17.7 |
| District at Greenbriar<sup>(1)</sup> | 11/20/2025 | 4.11% | Multi-family | 11/01/2025 | 25.1 |

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<sup>(1)</sup> Property is held in Simpson Housing Portfolio.

**<u>Critical Accounting Estimates</u>**

Management's discussion and analysis of the Account's financial condition and results of operations is based on the Account's Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of the Account's financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Management considers the valuation of real estate properties and valuation of real estate joint ventures to be critical accounting estimates because they involve a significant level of estimation uncertainty and have a material impact on the Account's financial condition and results of operations.

*Valuation of Real Estate Properties*

Investments in real estate properties are stated at fair value, the determination of which involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions include, but are not limited to, rental income and expense amounts, related rental income and expense growth rates, capital expenditures, discount rates and capitalization rates. Valuation techniques include discounted cash flow analysis, direct capitalization analysis, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties.

*Valuation of Real Estate Joint Ventures*

Real estate joint ventures are stated at the fair value of the Account's ownership interests of the underlying entities. The Account's ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate held by joint ventures is determined in the same manner and involves the same judgment, uncertainties and assumptions described above in *Valuation of Real Estate* 

*Properties.*

*Valuation of Real Estate Operating Business*

The investment in the real estate operating business is stated at the fair value of the Account's ownership in the business. The determination of fair value involves significant levels of judgment because the actual fair value of a real estate operating business can be determined only by negotiation between the parties in a sales transaction. The fair value of the real estate operating business is affected by, among other things, the financial position and operating performance of the business, future financial expectations, its competitive standing, as well as interest and inflation rates. As a result, determining the real estate operating business fair value involves many assumptions. Key inputs and assumptions include, but are not limited to, earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples, real property rental income and expense amounts, terminal growth rates, capital expenditures and discount rates. Valuation techniques include discounted cash flow analysis, analysis of recent comparable transactions, and negotiated transaction value.

For further discussion of the Account's valuation methodologies used to determine the fair value of the Account's investments as well as a summary of the Account's significant accounting policies, please see *Note 1–Organization and Significant Accounting Policies* to the Account's Consolidated Financial Statements included herewith.

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**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

The Account's real estate holdings, including real estate joint ventures, funds, an operating business and loans receivable including those with related parties, which, as of December 31, 2025, represented 93.2% of the Account's total investments, expose the Account to a variety of risks. These risks include, but are not limited to:

• General Real Estate Risk—The risk that the Account's property values or rental and occupancy rates could go down due to general economic conditions, a weak market for real estate generally, disruptions in the credit and/or capital markets, or changing supply and demand for certain types of properties;

• Appraisal Risk—The risk that the sale price of an Account property (i.e*.*, the value that would be determined by negotiations between independent parties) might differ substantially from its estimated or appraised value, leading to losses or reduced profits to the Account upon sale;

• Risk Relating to Property Sales—The risk that the Account might not be able to sell a property at a particular time for its full value, particularly in a poor market. This might make it difficult to raise cash quickly and also could lead to Account losses;

• Risks of Borrowing—The risk that interest rate changes may impact Account returns if the Account takes out a mortgage on a property, buys a property subject to a mortgage or holds a property subject to a mortgage, and hedging against such interest rate changes, if undertaken by the Account, may entail additional costs and be unsuccessful; and

• Foreign Currency Risk—The risk that the value of the Account's foreign investments, related debt, or rental income could increase or decrease due to changes in foreign currency exchange rates or foreign currency exchange control regulations, and hedging against such currency changes, if undertaken by the Account, may entail additional costs and be unsuccessful.

The Account believes the diversification of its real estate portfolio, both geographically and by sector, along with its quarterly valuation procedures, helps manage the real estate and appraisal risks described above.

As of December 31, 2025, 6.8% of the Account's total investments were comprised of marketable securities. Marketable securities may include high-quality debt instruments (i.e*.*, government agency notes) and REIT securities. The Account's Consolidated Statements of Investments sets forth the general financial terms of these instruments, along with their fair values, as determined in accordance with procedures described in *Note 1–Organization and Significant Accounting Policies* to the Account's Consolidated Financial Statements included herewith. As of December 31, 2025, the Account does not invest in derivative financial investments, although it does engage in hedging activity related to foreign currency denominated investments.

Risks associated with investments in real estate-related liquid assets (which could include, from time to time, REIT securities and CMBS), and non-real estate-related liquid assets, include the following:

• Financial/Credit Risk—The risk, for debt securities, that the issuer will not be able to pay principal and interest when due (and/or declare bankruptcy or be subject to receivership) and, for equity securities such as common or preferred stock, that the issuer's current earnings will fall or that its overall financial soundness will decline, reducing the security's value.

• Market Volatility Risk—The risk that the Account's investments will experience price volatility due to changing conditions in the financial markets regardless of the credit quality or financial condition of the underlying issuer. This risk is particularly acute to the extent the Account holds equity securities, which have experienced significant short-term price volatility over the past year. Also, to the extent the Account holds debt securities, changes in overall interest rates can cause price fluctuations.

• Interest Rate Volatility—The risk that interest rate volatility may affect the Account's current income from an investment.

• Deposit/Money Market Risk—The risk that, to the extent the Account's cash held in bank deposit accounts exceeds federally insured limits as to that bank, the Account could experience losses if banks fail. The Account does not believe it has exposure to significant concentration of deposit risk. In addition, there is some risk that investments held in money market accounts can suffer losses.

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In addition, to the extent the Account were to hold mortgage-backed securities (including commercial mortgage-backed securities) these securities are subject to prepayment risk or extension risk (i.e*.*, the risk that borrowers will repay the loans earlier or later than anticipated). If the underlying mortgage assets experience faster than anticipated repayments of principal, the Account could fail to recoup some or all of its initial investment in these securities, since the original price paid by the Account was based in part on assumptions regarding the receipt of interest payments. If the underlying mortgage assets are repaid later than anticipated, the Account could lose the opportunity to reinvest the anticipated cash flows at a time when interest rates might be rising. The rate of prepayment depends on a variety of geographic, social and other functions, including prevailing market interest rates and general economic factors. The fair value of these securities is also highly sensitive to changes in interest rates. Note that the potential for appreciation, which could otherwise be expected to result from a decline in interest rates, may be limited by any increased prepayments. These securities may be harder to sell than other securities.

In addition to these risks, real estate equity securities (such as REIT stocks and mortgage-backed securities) would be subject to many of the same general risks inherent in real estate investing, making mortgage loans and investing in debt securities. For more information on the risks associated with all of the Account's investments, see "Item 1A. Risk Factors" in this Form 10-K.

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**ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**TIAA REAL ESTATE ACCOUNT**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Management Responsibility](#id58712af4c534328a77074b0a40d094d_55)</u> | [70](#id58712af4c534328a77074b0a40d094d_55) |
| <u>[Report of the Audit Committee](#id58712af4c534328a77074b0a40d094d_58)</u> | [71](#id58712af4c534328a77074b0a40d094d_58) |
| <u>[Report of Independent Registered Public Accounting Firm](#id58712af4c534328a77074b0a40d094d_61)</u> (Auditor Firm ID 238) | [72](#id58712af4c534328a77074b0a40d094d_61) |
| <u>[Audited Consolidated Financial Statements:](#id58712af4c534328a77074b0a40d094d_64)</u> |  |
| &nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities](#id58712af4c534328a77074b0a40d094d_64)</u> | [74](#id58712af4c534328a77074b0a40d094d_64) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Operations](#id58712af4c534328a77074b0a40d094d_67)</u> | [75](#id58712af4c534328a77074b0a40d094d_67) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets](#id58712af4c534328a77074b0a40d094d_70)</u> | [76](#id58712af4c534328a77074b0a40d094d_70) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#id58712af4c534328a77074b0a40d094d_73)</u> | [77](#id58712af4c534328a77074b0a40d094d_73) |
| &nbsp;&nbsp;<u>[Notes to the Consolidated Financial Statements](#id58712af4c534328a77074b0a40d094d_76)</u> | [79](#id58712af4c534328a77074b0a40d094d_76) |
| &nbsp;&nbsp;<u>[Consolidated Schedules of Investments](#id58712af4c534328a77074b0a40d094d_139)</u> | [107](#id58712af4c534328a77074b0a40d094d_139) |

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**REPORT OF MANAGEMENT RESPONSIBILITY**

To the Participants of the TIAA Real Estate Account:

The accompanying consolidated financial statements of the TIAA Real Estate Account ("Account") of Teachers Insurance and Annuity Association of America ("TIAA") are the responsibility of TIAA's management. They have been prepared in accordance with accounting principles generally accepted in the United States of America and have been presented fairly and objectively in accordance with such principles.

TIAA has established and maintains an effective system of internal controls over financial reporting designed to provide reasonable assurance that assets are properly safeguarded, that transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable consolidated financial statements. In addition, TIAA's internal audit personnel provide regular reviews and assessments of the internal controls and operations of the Account, and the Executive Vice President, Chief Auditor regularly reports to the Audit Committee of the TIAA Board of Trustees.

The independent registered public accounting firm of PricewaterhouseCoopers LLP has audited the accompanying consolidated financial statements for the years ended December 31, 2025, 2024 and 2023. The report of the independent registered public accounting firm expresses an independent opinion on the fairness of presentation of the Account's consolidated financial statements.

The Audit Committee of the TIAA Board of Trustees, comprised entirely of independent, non-management trustees, meets regularly with management, representatives of the independent registered public accounting firm and internal audit group personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual independent audit of the Account's consolidated financial statements, the New York State Department of Financial Services and other state insurance departments regularly examine the operations and consolidated financial statements of the Account as part of their periodic corporate examinations.

---

| | |
|:---|:---|
| March 12, 2026 | /s/ Colbert Narcisse |
|  | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America |
|  | (Principal Executive Officer) |
|  | /s/ Christopher Baraks |
|  | Senior Vice President, Chief Accounting Officer and Corporate Controller of Teachers Insurance and Annuity Association of America  |
|  | (Principal Financial and Accounting Officer) |

---

------

**REPORT OF THE AUDIT COMMITTEE**

To the Participants of the TIAA Real Estate Account:

The TIAA Audit Committee ("Committee") oversees the financial reporting process of the TIAA Real Estate Account ("Account") on behalf of TIAA's Board of Trustees. The Committee operates in accordance with a formal written charter (copies of which are available upon request) which describes the Audit Committee's responsibilities. All members of the Committee are independent, as defined under the listing standards of the New York Stock Exchange.

TIAA's management has the primary responsibility for the Account's Consolidated Financial Statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of TIAA's internal audit group and the independent registered public accounting firm in connection with their respective audits of the Account. The Committee also meets regularly with the internal audit group and the independent registered public accounting firm, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will formally evaluate rotation of the independent registered public accounting firm whenever circumstances warrant, but in no event will the evaluation be less frequent than every ten years of the engagement.

The Committee reviewed and discussed the accompanying audited Consolidated Financial Statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the consolidated financial statements. The Committee has also discussed the audited Consolidated Financial Statements with PricewaterhouseCoopers LLP, the independent registered public accounting firm responsible for expressing an opinion on the conformity of these audited Consolidated Financial Statements with accounting principles generally accepted in the United States of America.

The discussion with PricewaterhouseCoopers LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by the Account, the clarity and completeness of the audited Consolidated Financial Statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with PricewaterhouseCoopers LLP, the auditors' independence from management and the Account, and has received a written disclosure regarding such independence, as required by the Securities and Exchange Commission.

Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited Consolidated Financial Statements for publication and filing with appropriate regulatory authorities.

Jason E. Brown, Audit Committee Chair

Ángel Cabrera, Audit Committee Member

James R. Chambers, Audit Committee Member

Michael R. Fanning, Audit Committee Member

Lisa W. Hess, Audit Committee Member

La June Montgomery Tabron, Audit Committee Member

March 12, 2026

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Teachers Insurance and Annuity Association of America and Participants of TIAA Real Estate Account

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments of the TIAA Real Estate Account and its subsidiaries (the "Account") as of December 31, 2025 and 2024, and the related consolidated statements of operations, of changes in net assets and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Account as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Account's management. Our responsibility is to express an opinion on the Account's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

*Valuation of Real Estate Properties and Real Estate Joint Ventures*

As described in Notes 1 and 5 to the consolidated financial statements, the Account had total investments in real estate properties of $16.0 billion and real estate joint ventures of $5.1 billion as of December 31, 2025, which are measured at fair value on a recurring basis and classified as level 3 within the fair value hierarchy. The valuation techniques used by management to measure the fair value estimates of the real estate properties and the real estate joint ventures include the income approach discounted cash flow analysis and the income approach direct capitalization analysis (collectively "the income approach"), the sales comparison approach, and actual sale negotiations and bona fide purchase offers received from third parties. The significant inputs and assumptions under

------

the income approach include, but are not limited to, rental income and expense amounts, rental income and expense growth rates, capital expenditures, discount rates, overall capitalization rates and terminal capitalization rates.

The principal considerations for our determination that performing procedures relating to the valuation of real estate properties and real estate joint ventures is a critical audit matter are (i) the significant judgment by management when developing the fair value estimates of real estate properties and real estate joint ventures using the income approach; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to rental income and expense amounts, discount rates, and terminal capitalization rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of real estate properties and real estate joint ventures. These procedures also included, among others (i) testing management's process for developing the fair value estimates of real estate properties and real estate joint ventures using the income approach; (ii) testing the completeness and accuracy of certain data used in the income approach; and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management's estimate by evaluating (a) the appropriateness of the income approach used by management and (b) the reasonableness of the rental income and expense amounts, discount rates, and terminal capitalization rates assumptions.

*Valuation of Real Estate Operating Business*

As described in Notes 1 and 5 to the consolidated financial statements, the Account had an investment of $1.1 billion in a real estate operating business as of December 31, 2025, which is measured at fair value on a recurring basis and classified as level 3 within the fair value hierarchy. The principal valuation techniques and unobservable inputs used by management to measure the fair value estimate of the real estate operating business include the income approach discounted cash flow, which uses unobservable inputs related to discount rate and terminal growth rate, the market approach, which uses unobservable inputs related to earnings before interest, taxes, depreciation and amortization ("EBITDA") multiple and terminal EBITDA multiple, and recent transactions. The valuation of the real estate operating business is then determined based on a weighting of the income approach discounted cash flow, market approach, and recent transactions.

The principal considerations for our determination that performing procedures relating to the valuation of the real estate operating business is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the real estate operating business; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the fair value estimate of the real estate operating business; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing the completeness and accuracy of certain underlying data provided by management, and (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management's estimate by (a) developing an independent range of fair value estimates for the real estate operating business using independently developed unobservable inputs related to the EBITDA multiple and (b) comparing the independent range of fair value estimates to management's estimate.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

March 12, 2026

We have served as the Account's auditor since 2005.

------

**TIAA REAL ESTATE ACCOUNT**

**AUDITED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(In millions, except per accumulation unit amounts)**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **ASSETS** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate properties<br>(cost: $12,973.4 and $13,290.0) | $15975.4 | $15607.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate joint ventures<br>(cost: $5,115.5 and $5,556.8) | 5098.8 | 5381.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate funds<br>(cost: $918.3 and $798.0) | 839.6 | 740.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate operating business<br>(cost: $621.8 and $491.2) | 1072.6 | 931.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities<br>(cost: $1,728.6 and $1,211.7) | 1728.7 | 1211.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable<br>(cost: $945.1 and $1,181.6) | 620.1 | 780.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable with related parties<br>(cost: $70.3 and $97.8) | 70.3 | 97.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments<br>(cost: $22,373.0 and $22,627.1) | 25405.5 | 24750.1 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 74.9 | 144.7 |
| &nbsp;&nbsp;&nbsp;Cash held by wholly owned properties | 113.3 | 129.2 |
| &nbsp;&nbsp;&nbsp;Due from investment manager | 5.1 |  |
| &nbsp;&nbsp;&nbsp;Other | 215.2 | 221.9 |
| **TOTAL ASSETS** | 25814.0 | 25245.9 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Loans payable, at fair value |  |  |
| &nbsp;&nbsp;(principal outstanding: $892.4 and $1,634.3) | 830.3 | 1585.5 |
| &nbsp;&nbsp;&nbsp;Line of credit, at fair value |  |  |
| &nbsp;&nbsp;(principal outstanding: $160.0 and $0.0) | 160.0 |  |
| &nbsp;&nbsp;&nbsp;Other unsecured debt, at fair value |  |  |
| &nbsp;&nbsp;(principal outstanding: $1,600.0 and $900.0) | 1568.7 | 877.0 |
| &nbsp;&nbsp;&nbsp;Accrued real estate property expenses | 211.7 | 242.7 |
| &nbsp;&nbsp;&nbsp;Due to investment manager |  | 6.9 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 223.6 |  |
| &nbsp;&nbsp;&nbsp;Other | 53.1 | 46.9 |
| **TOTAL LIABILITIES** | 3047.4 | 2759.0 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulation Fund | 22312.7 | 22028.4 |
| &nbsp;&nbsp;&nbsp;Annuity Fund | 453.9 | 458.5 |
| **TOTAL NET ASSETS** | $22766.6 | $22486.9 |
| **NUMBER OF ACCUMULATION UNITS OUTSTANDING** | 46.5 | 47.8 |
| **NET ASSET VALUE, PER ACCUMULATION UNIT** | $479.558 | $461.243 |

---

See notes to the audited consolidated financial statements

------

**TIAA REAL ESTATE ACCOUNT**

**AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;***Real estate income, net*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $1251.8 | $1360.7 | $1368.9 |
| &nbsp;&nbsp;&nbsp;Real estate property level expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 310.3 | 340.6 | 334.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 181.3 | 200.0 | 215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 59.2 | 86.8 | 94.8 |
| Total real estate property level expenses | 550.8 | 627.4 | 644.2 |
| Real estate income, net | 701.0 | 733.3 | 724.7 |
| &nbsp;&nbsp;&nbsp;Income from real estate joint ventures | 159.5 | 202.8 | 209.2 |
| &nbsp;&nbsp;&nbsp;Income from real estate funds | 23.4 | 13.7 | 24.9 |
| &nbsp;&nbsp;Interest income | 124.8 | 128.8 | 143.6 |
| **TOTAL INVESTMENT INCOME** | 1008.7 | 1078.6 | 1102.4 |
| &nbsp;&nbsp;&nbsp;***Expenses*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment management charges | 69.2 | 83.0 | 83.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative charges | 56.3 | 63.4 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution charges | 9.6 | 15.1 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity guarantee charges | 63.5 | 63.7 | 73.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 57.7 | 53.5 | 67.1 |
| **TOTAL EXPENSES** | 256.3 | 278.7 | 311.4 |
| **INVESTMENT INCOME, NET** | 752.4 | 799.9 | 791.0 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT** |  |  |  |
| &nbsp;&nbsp;&nbsp;***Net realized (loss) gain on investments*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate properties | (715.3) | (117.7) | 29.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate joint ventures | (94.5) | (206.9) | (279.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate funds | 8.4 | 0.5 | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 0.2 | (0.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange on forward contracts |  |  | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 0.1 |  | (35.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | (113.0) | (170.4) | (70.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable | 61.7 |  |  |
| **Net realized (loss) gain on investments** | (852.4) | (494.7) | (337.1) |
| &nbsp;&nbsp;&nbsp;***Net change in unrealized (loss) gain on*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate properties | 685.0 | (1021.3) | (2782.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate joint ventures | 210.4 | (367.6) | (1067.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate funds | (21.1) | (29.0) | (134.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate operating business | 10.2 | 145.4 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange on forward contracts |  |  | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 0.1 |  | 46.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | 76.5 | (0.3) | (274.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable with related parties |  | 0.7 | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable | 13.3 | (11.3) | (38.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other unsecured debt | 8.3 | 4.5 | (28.5) |
| **Net change in unrealized (loss) gain on investments and debt** | 982.7 | (1278.9) | (4268.3) |
| **NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT** | 130.3 | (1773.6) | (4605.4) |
| **NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $882.7 | $(973.7) | $(3814.4) |

---

See notes to the audited consolidated financial statements

------

**TIAA REAL ESTATE ACCOUNT**

**AUDITED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment income, net | $752.4 | $799.9 | $791.0 |
| &nbsp;&nbsp;Net realized (loss) gain on investments | (852.4) | (494.7) | (337.1) |
| &nbsp;&nbsp;Net change in unrealized (loss) gain on investments and debt | 982.7 | (1278.9) | (4268.3) |
| **NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | 882.7 | (973.7) | (3814.4) |
| **FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | 2854.2 | 2896.0 | 2135.3 |
| &nbsp;&nbsp;&nbsp;Purchase of liquidity units by TIAA |  | 293.7 | 617.6 |
| &nbsp;&nbsp;&nbsp;Annuity payments | (43.3) | (46.8) | (55.3) |
| &nbsp;&nbsp;&nbsp;Death benefits | (145.6) | (150.6) | (167.5) |
| &nbsp;&nbsp;&nbsp;Withdrawals | (3268.3) | (3150.6) | (4754.9) |
| **NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM TRANSACTIONS BY CONTRACT OWNERS AND TIAA** | (603.0) | (158.3) | (2224.8) |
| **NET (DECREASE) INCREASE IN NET ASSETS** | 279.7 | (1132.0) | (6039.2) |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22486.9 | 23618.9 | 29658.1 |
| &nbsp;&nbsp;&nbsp;End of period | $22766.6 | $22486.9 | $23618.9 |

---

See notes to the audited consolidated financial statements

------

**TIAA REAL ESTATE ACCOUNT**

**AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | $882.7 | $(973.7) | $(3814.4) |
| &nbsp;&nbsp;&nbsp;*Adjustments to reconcile net changes in net assets resulting from operations to net cash provided by (used in) operating activities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss (gain) on investments | 852.4 | 494.7 | 337.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized loss (gain) on investments and debt | (982.7) | 1278.9 | 4268.3 |
| &nbsp;&nbsp;&nbsp;Purchase of real estate properties | (1088.8) |  | (0.3) |
| &nbsp;&nbsp;&nbsp;Capital improvements on real estate properties | (242.4) | (319.5) | (332.5) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of real estate properties | 720.3 | 1509.0 |  |
| &nbsp;&nbsp;&nbsp;Purchases of other real estate investments | (517.3) | (488.5) | (374.4) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of other real estate investments | 673.0 | 340.2 | 202.2 |
| &nbsp;&nbsp;&nbsp;Purchases and originations of loans receivable | (13.0) | (41.5) | (23.4) |
| &nbsp;&nbsp;&nbsp;Purchase and originations of loans receivable with related parties | (0.2) | (0.2) | (31.4) |
| &nbsp;&nbsp;&nbsp;Proceeds from payoffs of loans receivable | 136.3 | 173.2 | 15.0 |
| &nbsp;&nbsp;&nbsp;Proceeds from payoffs of loans receivable from related parties | 27.8 | 1.0 |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in other investments | (293.1) | (1064.6) | 1894.2 |
| &nbsp;&nbsp;&nbsp;Net change in due from/to investment manager | (12.0) | 22.7 | (22.9) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in other assets | (16.7) | 51.2 | (18.6) |
| &nbsp;&nbsp;&nbsp;(Decrease) increase in other liabilities | (28.5) | (45.1) | 12.2 |
| **NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES** | 97.8 | 937.8 | 2111.1 |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from line of credit borrowings | 576.0 | 193.0 | 74.0 |
| &nbsp;&nbsp;&nbsp;Payments on line of credit | (416.0) | (656.0) | (111.0) |
| &nbsp;&nbsp;&nbsp;Proceeds from other unsecured debt issuances | 700.0 |  | 400.0 |
| &nbsp;&nbsp;&nbsp;Mortgage loan proceeds received | 0.4 | 16.7 | 414.9 |
| &nbsp;&nbsp;&nbsp;Payments on mortgage loans | (465.3) | (239.0) | (660.9) |
| &nbsp;&nbsp;&nbsp;Premiums | 2854.2 | 2896.0 | 2135.3 |
| &nbsp;&nbsp;&nbsp;Purchase of liquidity units by TIAA |  | 293.7 | 617.6 |
| &nbsp;&nbsp;&nbsp;Annuity payments | (43.3) | (46.8) | (55.3) |
| &nbsp;&nbsp;&nbsp;Death benefits | (145.6) | (150.6) | (167.5) |
| &nbsp;&nbsp;&nbsp;Withdrawals | (3268.3) | (3150.6) | (4754.9) |
| **NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES** | (207.9) | (843.6) | (2107.8) |
| **NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH** | (110.1) | 94.2 | 3.3 |
| **CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH** |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period cash, cash equivalents, cash held by wholly owned properties and restricted cash | 323.9 | 229.7 | 226.4 |
| &nbsp;&nbsp;&nbsp; Net (decrease) increase in cash, cash equivalents, cash held by wholly owned properties and restricted cash | (110.1) | 94.2 | 3.3 |
| &nbsp;&nbsp;&nbsp; End of period cash, cash equivalents, cash held by wholly owned properties and restricted cash | $213.8 | $323.9 | $229.7 |
| **SUPPLEMENTAL DISCLOSURES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for interest | $117.8 | $156.5 | $158.2 |
| **SUPPLEMENTAL NON-CASH DISCLOSURES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Property assumed and loans receivable extinguished as part of a deed-in-lieu of foreclosure agreement | $— | $109.9 | $27.5 |
| &nbsp;&nbsp;&nbsp;Conversion of term loans to line of credit borrowings | $— | $— | $500.0 |
| &nbsp;&nbsp;&nbsp; Debt extinguishment via real estate disposition | $227.0 | $170.0 | $— |
| &nbsp;&nbsp;&nbsp; Debt assumed in acquisition of property | $— | $104.0 | $— |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Marketable securities purchases pending settlement | $223.6 | $— | $|
| &nbsp;&nbsp;&nbsp; Loan receivable forgiven or extinguished | $112.9 | $— | $|
| &nbsp;&nbsp;&nbsp; Debt forgiven in disposition of property | $50.0 | $— | $|
| &nbsp;&nbsp;&nbsp; Joint venture contribution to payoff related party loan receivable | $— | $31.9 | $|
| &nbsp;&nbsp;&nbsp; Interest forgiven in disposition of property | $11.7 | $— | $|
| &nbsp;&nbsp;&nbsp;Capital write-off related to real estate disposition | $7.5 | $— | $|

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The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (millions):

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| Cash, cash equivalents and cash held by wholly owned properties | $188.2 | $274.9 | $192.5 |
| Restricted cash<sup>(1)</sup> | 25.6 | 49.0 | 37.2 |
| **TOTAL CASH, CASH EQUIVALENTS, CASH HELD BY WHOLLY OWNED PROPERTIES AND RESTRICTED CASH** | $213.8 | $323.9 | $229.7 |

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<sup>(1)</sup> Restricted cash is included within other assets on the Account's Consolidated Statements of Assets and Liabilities.

See notes to the audited consolidated financial statements

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**TIAA REAL ESTATE ACCOUNT**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1—Organization and Significant Accounting Policies**

**Business:** The TIAA Real Estate Account ("Account") is an insurance separate account of Teachers Insurance and Annuity Association of America ("TIAA") and was established by resolution of TIAA's Board of Trustees (the "Board") on February 22, 1995, under the insurance laws of the State of New York, for the purpose of funding variable annuity contracts issued by TIAA. The Account offers individual and group accumulating annuity contracts (with contributions made on a pre-tax or after-tax basis), as well as individual lifetime and term-certain variable payout annuity contracts (including the payment of death benefits to beneficiaries). Investors are entitled to transfer funds to or from the Account, and make withdrawals from the Account on a daily basis, under certain circumstances. Funds invested in the Account for each category of contract are expressed in terms of units, and unit values will fluctuate depending on the Account's performance.

The investment objective of the Account is to seek favorable total returns primarily through the rental income and appreciation of a diversified portfolio of directly held, private real estate investments and real estate-related investments while offering investors guaranteed, daily liquidity. The Account holds real estate properties directly and through subsidiaries wholly-owned by TIAA for the sole benefit of the Account. The Account also holds limited interests in real estate joint ventures, funds and operating business, as well as investments in loans receivable with commercial real estate properties as underlying collateral. Additionally, the Account invests in real estate-related and non-real estate-related publicly traded securities, cash and other instruments to maintain adequate liquidity levels for operating expenses, capital expenditures and to fund benefit payments (withdrawals, transfers and related transactions).

**Segment Reporting:** The Account has identified the Managing Director, Portfolio Management, and Head of TIAA Real Estate Account and Senior Director, Annuities Product Management, as the chief operating decision makers ("CODMs"), who use Investment Income, Net and Net Change in Net Assets Resulting from Operations, as presented in the Consolidated Statements of Operations, to evaluate the results of operations and to manage the Account. The measure of segment assets is reported on the Consolidated Statements of Assets and Liabilities as Total Assets. The Account's operations constitute a single operating segment and therefore, a single reportable segment, because the CODMs manage the business activities using information of the Account as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described below. The Account has no major tenants.

**Use of Estimates:** The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates made by management. Actual results may vary from those estimates, and such differences may be material.

**Basis of Presentation:** The accompanying Consolidated Financial Statements include the Account and those subsidiaries wholly-owned by TIAA for the benefit of the Account. Certain prior period amounts have been reclassified for comparative purposes to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported results of operations. All significant intercompany accounts and transactions between the Account and such subsidiaries have been eliminated.

The Accumulation Unit Value ("AUV") used for financial reporting purposes may differ from the AUV used for processing transactions. The AUV used for financial reporting purposes includes security and participant (or "contract owner") transactions, as well as purchases and sales of liquidity units by TIAA, effective through the period end date to which this report relates. Total return is computed based on the AUV used for processing transactions.

**Determination of Assets and Liabilities at Fair Value:** The Account reports all investments at fair value in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, *Financial Services—Investment Companies.* Further in accordance with the adoption of the fair value option allowed under ASC 825, *Financial Instruments*, and at the election of TIAA's management, loans payable, the

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Account's line of credit, term loans and senior notes payable are reported at fair value. The FASB has defined fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants excluding transaction costs.

The following is a description of the valuation methodologies used to determine the fair value of the Account's investments and loans payable and unsecured debt.

*Valuation of Real Estate Properties*—Investments in real estate properties are stated at fair value, as determined in accordance with policies and procedures reviewed by the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole. Accordingly, the Account does not record depreciation. Determination of fair value involves significant levels of judgment because the actual fair value of real estate can be determined only by negotiation between the parties in a sales transaction.

The Account's primary objective when valuing its real estate investments will be to produce a valuation that represents a reasonable estimate of the fair value of its investments. Implicit in the Account's definition of fair value are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buyer and seller are typically motivated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Both parties are well informed or well advised and acting in what they consider their best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A reasonable time is allowed for exposure in the open market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment is made in terms of cash or in terms of financial arrangements comparable thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates, and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Key inputs and assumptions under the income approach include, but are not limited to, rental income and expense amounts, rental income and expense growth rates, capital expenditures, discount rates, overall capitalization rates and terminal capitalization rates. Key inputs and assumptions under the sales comparison approach include, but are not limited to, price per projected unit. Valuation techniques include income approach discounted cash flow analysis, income approach direct capitalization analysis, sales comparison approach, actual sale negotiations and bona fide purchase offers received from third parties.

Real estate properties owned by the Account are initially valued based on an independent third party appraisal, as reviewed by TIAA's appraisal unit and as applicable by the Account's independent fiduciary at the time of the closing of the purchase. Such initial valuation may result in a potential unrealized gain or loss reflecting the difference between an investment's fair value (i.e., exit price) and its cost basis (which is inclusive of transaction costs).

Subsequently, each property is appraised each quarter by an independent third party appraiser, reviewed by TIAA's appraisal unit and as applicable the Account's independent fiduciary. In general, the Account obtains appraisals of its real estate properties spread out throughout the quarter, which is intended to result in appraisal adjustments, and thus, adjustments to the valuations of its holdings (to the extent such adjustments are made) that happen regularly throughout each quarter and not on one specific day or month in each period.

Further, management reserves the right to order an appraisal and/or conduct another valuation outside of the normal quarterly process when facts or circumstances at a specific property change. For example, under certain circumstances a valuation adjustment could be made when the account receives a bona fide bid for the sale of a property held within the Account or one of the Account's joint ventures. Adjustments may be made for events or circumstances indicating an impairment of a tenant's ability to pay amounts due to the Account under a lease (including due to a bankruptcy filing of that tenant). Alternatively, adjustments may be made to reflect the execution or renewal of a significant lease. Also, adjustments may be made to reflect factors (such as sales values for comparable properties or local employment rate) bearing uniquely on a particular region in which the Account holds properties. TIAA's appraisal unit oversees the entire appraisal process, in conjunction with the Account's

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independent fiduciary (the independent fiduciary is more fully described in the following paragraph). Any differences in the conclusions of TIAA's appraisal unit and the independent appraiser will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent independent appraisal).

Also, the independent fiduciary can require additional appraisals if factors or events have occurred that could materially change a property's value (including those identified above) and such change is not reflected in the quarterly valuation review, or otherwise to ensure that the Account is valued appropriately. The independent fiduciary must also approve any valuation change of real estate-related assets where a property's value changed by more than 6% from the most recent independent annual appraisal, or if the value of the Account would change by more than 4% within any calendar quarter or more than 2% since the prior calendar month. When a real estate property is subject to a mortgage, the property is valued independently of the mortgage and the property and mortgage fair values are reported separately (see *Valuation of Loans Payable*). The independent fiduciary reviews and approves all mortgage valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each real estate property and loan payable to calculate the Account's daily net asset value until the next valuation review or appraisal.

*Valuation of Real Estate Joint Ventures*—Real estate joint ventures are stated at the fair value of the Account's ownership interests of the underlying entities. The Account's ownership interests are valued based on the fair value of the underlying real estate, any related loans payable, and other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions and capital call obligations. The fair value of real estate and loans payable held by joint ventures is determined in the same manner described above in *Valuation of Real Estate Properties.* The independent fiduciary reviews and approves all valuation adjustments before such adjustments are recorded by the Account. Upon the disposition of all real estate investments by an investee entity, the Account will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, which occurs prior to the dissolution of the investee entity.

*Valuation of Real Estate Funds*—Real estate fund interests are stated at the fair value of the Account's ownership in the fund. Management uses net asset value information provided by fund manager as a practical expedient to estimate fair value. The Account receives estimates from fund manager on a quarterly basis, and audited information is provided annually. Upon receipt of the information, management reviews and concludes on whether the net asset values provided are an appropriate representation of the fair value of the Account's interests in the real estate funds and makes valuation adjustments as necessary. Valuation of real estate funds proceeds under the direction of the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole.

*Valuation of Real Estate Operating Businesses*—Real estate operating businesses are held at fair value, which is equal to their cost basis on the initial investment date. Subsequently, valuations are completed on a quarterly basis, with a third-party vendor utilized semi-annually and the interim quarters completed by TIAA's appraisal unit. Valuations are subject to review by the independent fiduciary. Fair value is based on the enterprise value of the business, subject to any preferential distributions that would be required upon liquidation, if applicable. Management reserves the right to order an external valuation outside of the normal quarterly process when facts or circumstances at the business materially change from the latest available valuation. Any differences in the

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conclusions of TIAA's appraisal unit and the external vendor will be reviewed by the independent fiduciary, which will make a final determination on the matter (which may include ordering a subsequent additional valuation).

*Valuation of Marketable Securities*—Equity securities listed or traded on any national market or exchange are valued at the last sale price as of the close of the principal securities market or exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and ask prices on such market or exchange, exclusive of transaction costs.

*Valuation of Debt Securities*—Debt securities with readily available market quotations, other than money market instruments, are generally valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities for which market quotations are not readily available, are valued at fair value as determined by TIAA's management and the Investment Committee of the Board and in accordance with the responsibilities of the Board as a whole.

Short-term investments are valued in the same manner as debt securities, as described above.

Money market instruments are valued at amortized cost, which approximates fair value.

*Valuation of Loans Receivable (i.e. the Account as a creditor)*—Loans receivable are stated at fair value and are initially valued at the face amount of the loan funding. Subsequently, loans receivable are valued at least quarterly by TIAA's valuation unit based on market factors, such as market interest rates and spreads for comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the counterparty. The independent fiduciary reviews and approves all loan receivable valuation adjustments before such adjustments are recorded by the Account. The Account continues to use the revised value for each loan receivable to calculate the Account's daily net asset value until the next valuation review.

*Valuation of Loans Payable (i.e. the Account as a debtor)*—Mortgage or other loans payable, including the Account's senior notes and any borrowings under the credit facility, are stated at fair value. The estimated fair value of loans payable is generally based on the amount at which the liability could be transferred in a current transaction, exclusive of transaction costs. Fair values are estimated based on market factors, such as market interest rates and spreads on comparable loans, the liquidity for loans of similar characteristics, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), the maturity date of the loan, the return demands of the market, and the credit quality of the Account. Different assumptions or changes in future market conditions could significantly affect estimated fair values.

See *Note 5*—*Assets and Liabilities Measured at Fair Value on a Recurring Basis* for further discussion and disclosure regarding the determination of the fair value of the Account's investments.

**Foreign Currency Transactions and Translation:** The Account's investments, other assets and liabilities that are denominated in a foreign currency are translated into U.S. dollars using the effective exchange rates at the end of the period. Transactions, such as the purchases and sales of securities or properties, income received, and expenses paid, executed in a foreign currency are translated into U.S. dollars at the effective exchange rate on the date of the transaction. The effects of foreign currency exchange rate translation on the Account's assets and liabilities are included in realized and unrealized gains and losses on the Account's Consolidated Statements of Operations.

**Accumulation and Annuity Funds:** The accumulation fund represents the net assets attributable to contract owners in the accumulation phase of their investment ("Accumulation Fund"). The annuity fund represents the net assets attributable to the contract owners currently receiving annuity payments ("Annuity Fund"). The net increase or decrease in net assets from investment operations is apportioned between the accounts based upon their relative daily net asset values. Once an Account participant begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account's actual mortality experience. In addition, the contracts pursuant to which the Account is offered are required to stipulate the maximum expense charge for all Account level expenses that can be assessed, which is not to exceed 2.5% of average net assets per year.

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**Accounting for Investments:** The investments held by the Account are accounted for as follows:

*Real Estate Properties*—Rent from real estate properties consists of all amounts earned under tenant operating leases, including base rent, recoveries of real estate taxes and other expenses and charges for miscellaneous services provided to tenants. Rental income is recognized in accordance with the billing terms of the lease agreements. The Account bears the direct expenses of the real estate properties owned. These expenses include, but are not limited to, fees to local property management companies, property taxes, utilities, maintenance, repairs, insurance, and other operating and administrative costs. An estimate of the net operating income earned from each real estate property is accrued by the Account on a daily basis and such estimates are adjusted when actual operating results are determined.

*Real Estate Joint Ventures*—The Account has ownership interests in various real estate joint ventures (collectively, the "joint ventures"). The Account records its contributions as increases to its investments in the joint ventures, and distributions from the joint ventures are treated as income within income from real estate joint ventures in the Account's Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Income distributions from the joint ventures are recorded based on the Account's proportional interest of the income distributed by the joint ventures. Income and losses incurred but not yet distributed or realized from the Account by the joint ventures are recorded as unrealized gains and losses.

*Real Estate Funds*—The Account has limited ownership interests in various private real estate funds. The Account records its contributions as increases to the investments, and distributions from the investments are treated as income within income from real estate funds in the Account's Consolidated Statements of Operations. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses. Unrealized gains and losses are recorded based upon the changes in the net asset values of the real estate funds as determined from the financial statements of the real estate funds when received by the Account. Prior to the receipt of the financial statements from the real estate funds, the Account estimates the value of its interest using information provided by the limited partners. Changes in value based on such estimates are recorded by the Account as unrealized gains and losses.

*Real Estate Operating Business*—The Account has a non-controlling ownership interest in one real estate operating business. The Account records contributions into the business as increases to the cost basis of its investment. Distributions are characterized by the business as either income, capital gains, or return of capital. Distributions classified as income are presented within income from real estate operating businesses in the Account's Consolidated Statements of Operations. Distributions identified as capital gains are presented as realized gains in the Account's Consolidated Statements of Operations. Distributions identified as returns of capital are recorded as a reduction to the cost basis of the investment. Unrealized gains and losses are recorded based upon the changes in the fair value of the enterprise value of the business.

*Marketable Securities*—Transactions in marketable securities are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date within dividend income. Dividends that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas dividends identified as capital gains or losses are recorded as realized gains or losses. Realized gains and losses on securities transactions are accounted for on the specific identification method.

*Loans Receivable*—The Account may originate, purchase or sell loans collateralized by real estate. The cost basis of originated loans is comprised of the principal balance and direct costs incurred that represent a component of loan's reported fair value. The cost basis of purchased loans consists of the purchase price of the loan and additional direct costs incurred that represent a component of the loan's reported fair value. Additional costs incurred by the Account to originate or purchase loans that do not represent a component of a loan's fair value are recorded as expenses in the period incurred. Nonrefundable origination fees paid by borrowers are recognized as interest income once all activities required to execute the loan are completed. Prepayment fees received from the payoff of loans in advance of their maturity date are recognized as interest income on the date the payoff occurs. Interest income from loans in accrual status is recognized based on the current coupon rate of the loans.

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Interest income from loans in accrual status is recognized based on the current coupon rate of the loans. Interest income accruals are suspended when a loan becomes a non-performing loan, defined as a loan more than ninety days in arrears or at any point when management believes the full collection of principal is doubtful. Interest income on non-performing loans is recognized only as cash payments are received. Loans can be rehabilitated to normal accrual status once all past due interest has been collected and management believes the full collection of principal is likely.

*Realized and Unrealized Gains and Losses*—Realized gains and losses are recorded at the time an investment is sold or a distribution is received in relation to an investment sale from a joint venture or fund. Real estate and loan receivable transactions are accounted for as of the date on which the purchase or sale transactions close (settlement date). The Account recognizes a realized gain on the sale of an investment to the extent that the contract sales price exceeds the cost-to-date of the investment being sold. A realized loss occurs when the cost-to-date exceeds the sales price. Realized gains and losses from partial sales of non-financial assets are recognized in accordance with ASC 610-20 - *Gains and Losses from the Derecognition of Nonfinancial Assets*. Realized gains and losses from the sale of financial assets are recognized in accordance with ASC 860 - *Transfers and Servicing*. Unrealized gains and losses are recorded as the fair values of the Account's investments are adjusted, and as discussed within the *Real Estate Joint Ventures, Real Estate Funds and Loans Receivable* sections above.

**Net Assets:** The Account's net assets as of the close of each valuation day are valued by taking the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value of the Account's cash; cash equivalents, and short-term and other debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value of the Account's other securities and other non-real estate assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value of the individual real properties (based on the most recent valuation of that property) and other real estate-related investments owned by the Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estimate of the net operating income accrued by the Account from its properties, other real estate-related investments and non-real estate-related investments (including short-term marketable securities) since the end of the prior valuation day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual net operating income earned from the Account's properties, other real estate-related investments and non-real estate-related investments (but only to the extent any such item of income differs from the estimated income accrued for on such investments),

and then reducing the sum by liabilities held within the Account, including the daily investment management fee, administration and distribution fees, mortality and expense fee, liquidity guarantee fee, and certain other expenses attributable to operating the Account. Daily estimates of net operating income are adjusted to reflect actual net operating income on a monthly basis, at which time such adjustments (if any) are reflected in the Account's unit value.

After the end of every quarter, the Account reconciles the amount of expenses deducted from the Account (which is established in order to approximate the costs that the Account will incur) with the expenses the Account actually incurred. If there is a difference, the Account adds it to or deducts it from the Account in equal daily installments over the remaining days of the following quarter. Material differences may be repaid in the current calendar quarter. The Account's at-cost deductions are based on projections of Account assets and overall expenses, and the size of any adjusting payments will be directly affected by the difference between management's projections and the Account's actual assets or expenses.

**Variable Interest Entities:** Variable interests are financial relationships that expose a reporting entity to the risks and rewards of variability in the entity's assets and operations. When variable interests exist, they are subject to evaluation under the variable interest entity ("VIE") model if any one of the following four characteristics are present: a) the entity is insufficiently capitalized; b) the equity holders do not have power to control the activities that most significantly impact the entity's financial performance; c) the voting rights of the equity holders are not proportionate to their economic interests; or d) the equity holders are not exposed to the residual losses or benefits that would normally be associated with equity interests.

ASC 810 - *Consolidation* prohibits a reporting entity that qualifies as an investment company under ASC 946 *- Financial Services - Investment Companies* from consolidating an investee that is not an investment company. This

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scope exception does not apply to situations in which an investment company has an interest in another investment company. Accordingly, the Account's investments in other investment companies (e.g., real estate funds) are subject to evaluation under the VIE model.

The Account consolidates a VIE if it concludes that the Account is the primary beneficiary of the VIE. The primary beneficiary has both: a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The following activities have been identified by the Account as having the most significant impact on a VIE's economic performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• control over the ability to acquire and dispose of investments held by the entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to kick out a managing entity without cause, either unilaterally or with a group of equity investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to modify the power of the managing entity without its consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• control over the day-to-day decision making of the underlying investments

An equity investor in a VIE may not actively be involved in the significant activities (i.e., it may cede day-to-day decision making to a third party), but if the equity investor has approval rights or some other mechanism to retain ultimate control, the equity investor with these rights would be concluded as having power over the activity.

On a quarterly basis, the Account evaluates all involvements with VIEs, including any changes to governing powers of continuing VIEs. The consolidation status of VIEs may change as a result of such continued evaluation. At the reporting date, the Account was not deemed to be the primary beneficiary of any VIEs. Refer to *Note 7—Investments in Real Estate Funds* for additional detail.

**Cash and Cash Equivalents:** Cash and cash equivalents are balances held by the Account in bank deposit accounts which, at times, may exceed federally insured limits. The Account's management monitors these balances to mitigate the exposure of risk due to concentration and has not experienced any losses from such concentration.

**Cash Held by Wholly Owned Properties:** Cash held by wholly owned properties consists of unrestricted cash held in individual real estate property level bank accounts to fund the immediate operating and capital needs of the properties. Such amounts are not readily available to fund the general liquidity needs of the Account.

**Restricted Cash:** The Account held restricted cash in escrow accounts for security deposits, as required by certain states, as well as property taxes, insurance, and various other property related matters as required by certain creditors related to outstanding loans payable collateralized by certain real estate investments. These amounts are recorded within other assets on the Consolidated Statements of Assets and Liabilities. See *Note 11—Loans Payable* for additional information regarding the Account's outstanding loans payable.

**Other Assets and Other Liabilities:** Other assets and other liabilities consist of operating assets and liabilities utilized and held at each individual real estate property investment. Other assets consist of, amongst other items, cash, tenant receivables and prepaid expenses; whereas other liabilities primarily consist of security deposits. Other assets also include cash collateral held for securities on loan.

**Federal Income Taxes:** Based on provisions of the Internal Revenue Code, Section 817, the Account is taxed as a segregated asset account of TIAA and as such, the Account incurs no material federal income tax attributable to the net investment activity of the Account. The Account's federal income tax return is generally subject to examination for a period of three years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account's Consolidated Financial Statements.

**Changes in Net Assets:** Premiums include premiums paid by existing accumulation unit holders in the Account and transfers into the Account. Withdrawals and death benefits include withdrawals out of the Account which include transfers out of the Account and required minimum distributions.

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**Due to/from Investment Manager:** Due to/from investment manager represents amounts that are to be paid or received by TIAA on behalf of the Account. Amounts generally are paid or received by the Account within one or two business days and no interest is contractually charged on these amounts.

**Securities Lending:** The Account may lend securities to qualified borrowers to earn additional income. The Account receives cash collateral against the loaned securities and maintains cash collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account is invested exclusively in an interest-bearing deposit account. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Consolidated Statements of Assets and Liabilities. When loaning securities, the Account retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the securities. All income generated by the securities lending program is reflected within interest income on the Consolidated Statements of Operations.

Securities lending transactions are for real-estate related equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of interest earned on cash collateral and lending fees, net of any rebates to the borrower and compensation to the agent. Such income is reflected within interest income on the Consolidated Statements of Operations. In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk that the agent may default on its contractual obligations to the Account. The agent bears the risk that the borrower may default on its obligation to return the loaned securities as the agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

**Foreign Currency Forwards:** The Account uses foreign currency forward contracts to manage foreign currency exchange rate risk related to foreign currency-denominated investments. Foreign currency forward contracts are recorded at fair value and are reflected in Other assets or liabilities on the Consolidated Statements of Assets and Liabilities. The fair value of foreign currency forward contracts is determined using the prevailing forward exchange rate which is derived from quotes provided by an independent pricing source.

**Recent Accounting Pronouncements:** In August 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, intended to (1) provide investors and other allocators of capital with more decision-useful information in a joint venture's separate financial statements and (2) reduce diversity in practice in this area of financial reporting. The amendments in ASU 2023-05 require that a joint venture, upon formation, apply a new basis of accounting. As a result, a newly formed joint venture should initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASU 2023-05 are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025, may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. Management adopted the guidance effective January 1, 2025. Management also adopted the guidance for joint ventures formed prior to January 1, 2025 and neither have a material impact on the Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than 5 percent of total income taxes paid). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be

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applied on a prospective basis. Retrospective application is permitted. Management adopted this guidance for the annual period ending December 31, 2025. The guidance did not have a material impact to the Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement— Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information is generally not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently assessing the impact this standard will have on our Consolidated Financial Statements as well as the method by which we will adopt the new standard.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required by GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted. Management is currently assessing the impact this standard will have on our Consolidated Financial Statements as well as the method by which we will adopt the new standard.

**Note 2—Related Party Transactions**

Investment management, administrative and distribution services are provided on an at-cost basis to the Account by TIAA and one of its subsidiaries. All such services provided at cost are paid by the Account on a daily basis based upon projected expenses to be provided to the Account. Payments are adjusted periodically to ensure daily payments are as close as possible to the Account's actual expenses incurred. Differences between actual expenses and the amounts paid by the Account are reconciled and adjusted quarterly.

Investment management services for the Account are provided by TIAA officers, under the direction and control of the Board, pursuant to investment management procedures adopted by TIAA for the Account. TIAA's investment management guidelines for the Account are subject to review by the Account's independent fiduciary. TIAA also provides various portfolio accounting and related services for the Account.

Part of TIAA's compensation for provision of at cost investment management services to the Account includes reimbursement of costs incurred by TIAA to manage certain of the Account's joint ventures. Such joint ventures also reimburse the Account directly in its capacity as general partner or managing member (collectively, the "GP") of the joint venture in the form of an asset management fee for GP-related services provided by the Account, and such fee is based on a percentage of the fair market value of the underlying properties held in the joint venture.

The Account is a party to a distribution agreement for the contracts issued by TIAA and funded by the Account, dated January 1, 2008 (the "Distribution Agreement"), by and among TIAA, for itself and on behalf of the Account, and TIAA-CREF Individual and Institutional Services, LLC ("Services"), a wholly-owned subsidiary of TIAA, a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Pursuant to the Distribution Agreement, Services performs distribution services for the Account which include, among other things, (i) distribution of annuity contracts issued by TIAA and funded by the Account, (ii) advising existing annuity contract owners in connection with their accumulations and (iii) helping employers implement and manage retirement plans. In addition, TIAA performs administrative functions for the Account, which include, among other things, (i) maintaining accounting records and performing accounting services, (ii) receiving and allocating premiums, (iii) calculating and making annuity payments, (iv) processing withdrawal requests, (v) providing regulatory compliance and reporting services, (vi) maintaining the Account's records of contract ownership and (vii) otherwise assisting generally in all aspects of the Account's operations. Both distribution services (pursuant to the Distribution Agreement) and administrative services are provided to the Account by Services and TIAA, as applicable, on an at

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cost basis. The Distribution Agreement is terminable by either party upon 60 days written notice and terminates automatically upon any assignment thereof.

In addition to providing the services described above, TIAA may charge the Account fees to bear certain mortality and expense risks and risks with providing the liquidity guarantee. These fees are charged as a percentage of the net assets of the Account. Rates for these fees are established annually.

Once an Account contract owner begins receiving lifetime annuity income benefits, payment levels cannot be reduced as a result of the Account's actual mortality experience. As such, mortality and expense risk are contractual charges for TIAA's assumption of this risk.

TIAA provides the Account with a liquidity guarantee enabling the Account to have funds available to meet contract owner redemption, transfer or cash withdrawal requests. The liquidity guarantee is required by the New York State Department of Financial Services and is subject to a prohibited transaction exemption that the Account received in 1996 from the U.S. Department of Labor ("PTE 96-76"). The Account pays TIAA for the risk associated with providing the liquidity guarantee through a daily deduction from the Account's net assets. Whether the liquidity guarantee is exercised is based on the cash level of the Account from time to time, as well as recent contract owner withdrawal activity and the Account's expected working capital, debt service and cash needs, and subject to the oversight of the Account's independent fiduciary. If the Account cannot fund contract owner withdrawal or redemption requests from the Account's own cash flow and liquid investments, TIAA will fund them by purchasing accumulation units issued by the Account (accumulation units that are purchased by TIAA are generally referred to as "liquidity units"). TIAA guarantees that contract owners can redeem their accumulation units at the accumulation unit value next determined after their transfer or cash withdrawal request is received in good order. Liquidity units owned by TIAA are valued in the same manner as accumulation units owned by the Account's contract owners.

Pursuant to its existing liquidity guarantee obligation, beginning August 31, 2023 through the year ended December 31, 2025, the TIAA General Account purchased a cumulative total of 1.8 million liquidity units issued by the Account, amounting to $911.3 million. The Account did not experience significant net contract owner outflows, during the year ended December 31, 2025, and the TIAA General Account was not required to purchase any liquidity units. The independent fiduciary, which has the right to adjust the percentage of total accumulation units that TIAA's ownership should not exceed (the "trigger point"), has established the trigger point at 45% of the outstanding accumulation units. As of December 31, 2025, the TIAA General Account owned approximately 3.98% of the outstanding accumulation units of the Account. The independent fiduciary will continue to monitor TIAA's ownership interest in the Account and provide further recommendations as necessary.

Expenses for the services and fees described above are identified as such in the accompanying Consolidated Statements of Operations and are further identified as "Expenses" in *Note 14—Financial Highlights.*

The Account has loans receivable outstanding with related parties as of December 31, 2025. Two of the loans are with a joint venture partner and the other loans are with joint ventures in which the Account also has an equity interest. The loans are held at fair value in accordance with the valuation policies described in *Note 1—Organization and Significant Accounting Policies.* References to "SOFR" in the table below and elsewhere in these Notes mean the Secured Overnight Financing Rate, a benchmark interest rate based on the U.S. Treasury bond repurchase market for U.S. dollar-denominated instruments. The following table presents the key terms of the loans as of the reporting date (in millions):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Related Party** | **Equity Ownership Interest** | **Interest Rate** | **Maturity Date** | **Fair Value at** | **Fair Value at** |
| **Principal** | **Principal** | **Related Party** | **Equity Ownership Interest** | **Interest Rate** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| **2025** | **2024** | **Related Party** | **Equity Ownership Interest** | **Interest Rate** | **Maturity Date** | **December 31, 2025** | **December 31, 2024** |
| 4.8 | 4.6 | MR MCC 3 Sponsor, LLC<sup>(1)</sup> | —% | 6.00% | 12/1/2025 | 4.8 | 4.6 |
| 36.5 | 36.5 | MRA Hub 34 Holding, LLC | 95.00% | 2.50% + SOFR | 5/26/2026 | 36.5 | 36.5 |
| 0.5 | 0.5 | MRA 34 LLC | —% | 3.75% + SOFR | 5/26/2026 | 0.5 | 0.5 |
|  | 27.7 | THP Student Housing, LLC | 97.00% | 6.10% | 6/30/2026 |  | 27.7 |
| 28.5 | 28.5 | TREA SV 355 West 52nd Street | 95.00% | 5.20% | 6/14/2027 | 28.5 | 28.5 |
| **TOTAL LOANS RECEIVABLE WITH RELATED PARTIES** | **TOTAL LOANS RECEIVABLE WITH RELATED PARTIES** | **TOTAL LOANS RECEIVABLE WITH RELATED PARTIES** | **TOTAL LOANS RECEIVABLE WITH RELATED PARTIES** | **TOTAL LOANS RECEIVABLE WITH RELATED PARTIES** | **TOTAL LOANS RECEIVABLE WITH RELATED PARTIES** | $**70.3** | $**97.8** |

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<sup>(1)</sup> The loan is currently in default

**Note 3—Concentration Risk**

Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants' obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Account's rent, or if tenants are concentrated in a particular industry.

As of December 31, 2025, the Account had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Account. Moreover, the Account's tenants have no notable concentration present in any one industry.

The Account's wholly-owned real estate investments and investments in joint ventures are primarily located in the United States. The following table represents the diversification of the Account's portfolio by region and property type as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> | **Diversification by Fair Value**<sup>(1)</sup> |
| | **West**<sup>(2)</sup> | **South**<sup>(3)</sup> | **East**<sup>(4)</sup> | **Midwest**<sup>(5)</sup> | **Foreign**<sup>(6)</sup> | **Total** |
| Industrial | 18.8% | 11.3% | 3.6% | 2.1% | —% | 35.8% |
| Apartments | 7.4% | 10.2% | 8.2% | 1.0% | —% | 26.8% |
| Office | 4.7% | 5.1% | 7.0% | 0.3% | —% | 17.1% |
| Retail | 4.5% | 4.8% | 2.7% | 1.1% | —% | 13.1% |
| Other<sup>(7)</sup> | 2.0% | 2.5% | 1.7% | 0.2% | 0.8% | 7.2% |
| Total | 37.4% | 33.9% | 23.2% | 4.7% | 0.8% | 100.0% |

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<sup>(1)</sup> Wholly-owned properties are represented at fair value and gross of any debt, while joint venture properties are represented at the net equity value.

<sup>(2)</sup> Properties in the "West" region are located in: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

<sup>(3)</sup> Properties in the "South" region are located in: AL, AR, FL, GA, LA, MS, OK, TN, TX

<sup>(4)</sup> Properties in the "East" region are located in: CT, DC, DE, KY, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV

<sup>(5)</sup> Properties in the "Midwest" region are located in: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI

<sup>(6)</sup> Represents developable land investments in Ireland and United Kingdom.

<sup>(7)</sup> Represents interests in Storage Portfolio investments, a hotel investment and land.

**Note 4—Leases**

The Account's wholly-owned real estate properties are leased to tenants under operating lease agreements which expire on various dates through 2115. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant's discretion, with termination options resulting in additional fees due to the Account. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, are as follows (millions):

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| | |
|:---|:---|
| | **For the Years Ending December 31,** |
| 2026 | $584.2 |
| 2027 | 543.6 |
| 2028 | 461.1 |
| 2029 | 388.5 |
| 2030 | 319.7 |
| Thereafter | 1129.0 |
| Total | $3426.1 |

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Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

The Account has ground leases for which the Account is the lessee. The leases do not contain material residual value guarantees or material restrictive covenants. The fair value of right-of-use assets and lease liabilities related to ground leases are reflected on the balance sheet within other assets and other liabilities, respectively.

The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (millions):

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets, at fair value | $36.6 | $37.4 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ground lease liabilities, at fair value | $36.6 | $37.4 |

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| | | |
|:---|:---|:---|
| **Key Terms** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average remaining lease term (years) | 59.8 | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average discount rate<sup>(1)</sup> | 9.03% | 8.56% |

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<sup>(1)</sup> Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.

For the years ended December 31, 2025 and 2024 operating lease costs related to ground leases were $2.5 and $2.4 million, respectively. These costs include variable lease costs, which are immaterial. Aggregate future minimum annual payments for ground leases held by the Account are as follows (millions):

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| | |
|:---|:---|
| | **For the Years Ending December 31,** |
| 2026 | $2.7 |
| 2027 | 2.7 |
| 2028 | 2.8 |
| 2029 | 2.8 |
| 2030 | 2.9 |
| Thereafter | 451.8 |
| Total | $465.7 |

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**Note 5—Assets and Liabilities Measured at Fair Value on a Recurring Basis**

**Valuation Hierarchy:** The Account's fair value measurements are grouped categorically into three levels, as defined by the FASB. The levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.

An asset or liability's categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See *Note 1—Organization and Significant Accounting Policies* for further discussion regarding the use of a practical expedient for the valuation of real estate funds.

The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1:<br>Quoted<br>Prices in<br>Active Markets<br>for Identical<br>Assets** | **Level 2:<br>Significant<br>Other<br>Observable<br>Inputs** | **Level 3:<br>Significant<br>Unobservable<br>Inputs** | **Total at<br>December 31,<br>2025** |
| Real estate properties | $— | $— | $15975.4 | $15975.4 |
| Real estate joint ventures |  |  | 5098.8 | 5098.8 |
| Real estate operating business |  |  | 1072.6 | 1072.6 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government agency<br>notes |  | 621.1 |  | 621.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury securities |  | 899.4 |  | 899.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement |  | 208.2 |  | 208.2 |
| Loans receivable<sup>(1)</sup> |  |  | 690.4 | 690.4 |
| Loans payable |  |  | (830.3) | (830.3) |
| Line of credit |  |  | $(160.0) | $(160.0) |
| Other unsecured debt |  | (1568.7) |  | (1568.7) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1:<br>Quoted<br>Prices in<br>Active Markets<br>for Identical<br>Assets** | **Level 2:<br>Significant<br>Other<br>Observable<br>Inputs** | **Level 3:<br>Significant<br>Unobservable<br>Inputs** | **Total at<br>December 31,<br>2024** |
| Real estate properties | $— | $— | $15607.0 | $15607.0 |
| Real estate joint ventures |  |  | 5381.4 | 5381.4 |
| Real estate operating business |  |  | 931.8 | 931.8 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government agency<br>notes |  | 701.4 |  | 701.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury securities |  | 510.4 |  | 510.4 |
| Loans receivable<sup>(1)</sup> |  |  | 877.8 | 877.8 |
| Loans payable |  |  | (1585.5) | (1585.5) |
| Other unsecured debt |  | (877.0) |  | (877.0) |

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<sup>(1)</sup> Includes loans receivable with related parties.

The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024 (millions):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Real Estate<br>Properties** | **Real Estate<br>Joint<br>Ventures** | **Real Estate Operating Business** | **Loans Receivable**<sup>(3)</sup> | **Total<br>Level 3<br>Investments** | **Loans<br>Payable** | **Line of Credit** |
| **For the year ended December 31, 2025** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Beginning balance January 1, 2025 | $15607.0 | $5381.4 | $931.8 | $877.8 | $22798.0 | $(1585.5) | $— |
| Total realized and unrealized (losses) gains included in changes in net assets<sup>(1)</sup> | (30.3) | 115.9 | 10.2 | (36.5) | 59.3 | 75.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases<sup>(2)</sup> | 1341.8 | 231.6 | 130.6 | 13.2 | 1717.2 | (0.4) | (576.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | (943.1) |  |  |  | (943.1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements<sup>(4)</sup> |  | (630.1) |  | (164.1) | (794.2) | 680.6 | 416.0 |
| &nbsp;&nbsp;&nbsp;Ending balance December 31, 2025 | $15975.4 | $5098.8 | $1072.6 | $690.4 | $22837.2 | $(830.3) | $(160.0) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Real Estate<br>Properties** | **Real Estate<br>Joint<br>Ventures** | **Real Estate Operating Business** | **Loans Receivable**<sup>(3)</sup> | **Total<br>Level 3<br>Investments** | **Loans<br>Payable** | **Line of Credit** |
| **For the year ended December 31, 2024** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Beginning balance January 1, 2024 | $18020.3 | $5881.2 | $685.9 | $1183.7 | $25771.1 | $(1862.5) | $(463.0) |
| Total realized and unrealized (losses) gains included in changes in net assets<sup>(1)</sup> | (1139.0) | (574.5) | 145.4 | (170.0) | (1738.1) | (11.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases<sup>(2)</sup> | 404.7 | 319.4 | 100.5 | 70.2 | 894.8 | (120.7) | (193.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | (1679.0) |  |  |  | (1679.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements<sup>(4)</sup> |  | (244.7) |  | (206.1) | (450.8) | 409.0 | 656.0 |
| &nbsp;&nbsp;&nbsp;Ending balance December 31, 2024 | $15607.0 | $5381.4 | $931.8 | $877.8 | $22798.0 | $(1585.5) | $— |

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<sup>(1)</sup> Includes properties acquired through deed-in-lieu of foreclosure agreements.

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<sup>(2)</sup> Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, assumption of loans payable and line of credit borrowings.

<sup>(3)</sup> Includes loans receivable with related parties.

<sup>(4)</sup> Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable and line of credit.

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Asset Class** | **Valuation Technique(s)** | **Unobservable Inputs**<sup>(1)</sup> | **Range (Weighted Average)** |
| **Real Estate Properties and Joint Ventures** | Office | Income Approach—Discounted Cash Flow | Discount Rate | 6.8%–11.0% (8.5%) |
|  |  |  | Terminal Capitalization Rate | 5.5%–10.3% (6.9%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0%–12.5% (6.9%) |
|  | Industrial | Income Approach—Discounted Cash Flow | Discount Rate | 6.5% - 8.1% (7.2%) |
|  |  |  | Terminal Capitalization Rate | 5.2% - 6.8% (5.6%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 3.8% - 6.3% (5.2%) |
|  | Residential | Income Approach—Discounted Cash Flow | Discount Rate | 6.5% - 9.3% (7.0%) |
|  |  |  | Terminal Capitalization Rate | 5.0% - 7.8% (5.5%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.8% - 7.0% (5.0%) |
|  | Retail | Income Approach—Discounted Cash Flow | Discount Rate | 6.5% - 12.0% (7.4%) |
|  |  |  | Terminal Capitalization Rate | 5.5% - 9.5% (6.3%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0% - 9.0% (6.0%) |
|  | Hotel | Income Approach—Discounted Cash Flow | Discount Rate | 10.0% |
|  |  |  | Terminal Capitalization Rate | 8.0% |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 7.8% |
|  | Land | Sales Comparison Approach | Price per projected unit | $55.00 -$140.00 ($101.00)<sup>(2)</sup> |
| **Real Estate Operating Business**<sup>(3)</sup> |  | Income Approach—Discounted Cash Flow | Discount Rate | 13.0% |
|  |  |  | Terminal Growth Rate | 11.4% |
|  |  | Market Approach | EBITDA Multiple | 30.3x |
|  |  |  | Terminal EBITDA Multiple | 20.0x |
| **Loans Receivable, including those with related parties** | Office | Discounted Cash Flow | Loan-to-Value Ratio | 55.0% - 73.3% (63.6%) |
|  |  |  | Equivalency Rate | 6.2% - 9.3% (6.7%) |
|  | Industrial | Discounted Cash Flow | Loan-to-Value Ratio | 51.6% - 68.8% (55.9%) |
|  |  |  | Equivalency Rate | 5.3% - 8.3% (6.0%) |
|  | Residential | Discounted Cash Flow | Loan-to-Value Ratio | 58.3% - 61.7% (60.6%) |
|  |  |  | Equivalency Rate | 7.0% - 8.3% (7.4%) |
| **Loans Payable** | Office | Discounted Cash Flow | Loan-to-Value Ratio | 42.4% - 80.0% (71.4%) |
|  |  |  | Equivalency Rate | 5.8% - 6.7% (6.5%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 42.4% - 80.0% (71.4%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.1 - 1.9 (1.7) |
|  | Industrial | Discounted Cash Flow | Loan-to-Value Ratio | 30.3% - 40.6% (35.1%) |
|  |  |  | Equivalency Rate | 5.4% - 5.9% (5.6%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 30.3% - 40.6% (35.1%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.1 - 1.1 (1.1) |
|  | Residential | Discounted Cash Flow | Loan-to-Value Ratio | 44.8% - 72.8% (56.3%) |
|  |  |  | Equivalency Rate | 4.7% - 6.0% (5.2%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 44.8% - 72.8% (56.3%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.2 - 1.5 (1.3) |
|  | Retail | Discounted Cash Flow | Loan-to-Value Ratio | 48.7% - 75.4% (53.9%) |
|  |  |  | Equivalency Rate | 5.5% - 7.3% (6.3%) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Asset Class** | **Valuation Technique(s)** | **Unobservable Inputs**<sup>(1)</sup> | **Range (Weighted Average)** |
|  |  | Net Present Value | Loan-to-Value Ratio | 48.7% - 75.4% (53.9%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.2 - 1.6 (1.3) |

---

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Asset Class** | **Valuation Technique(s)** | **Unobservable Inputs**<sup>(1)</sup> | **Range (Weighted Average)** |
| **Real Estate Properties and Joint Ventures** | Office | Income Approach—Discounted Cash Flow | Discount Rate | 6.5%–11.0% (8.5%) |
|  |  |  | Terminal Capitalization Rate | 5.0%–9.5% (6.9%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.0%–13.8% (6.9%) |
|  | Industrial | Income Approach—Discounted Cash Flow | Discount Rate | 6.8% - 8.5% (7.3%) |
|  |  |  | Terminal Capitalization Rate | 5.3% - 7.0% (5.7%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.3% - 6.5% (5.3%) |
|  | Residential | Income Approach—Discounted Cash Flow | Discount Rate | 6.8% - 8.0% (7.0%) |
|  |  |  | Terminal Capitalization Rate | 5.0% - 6.8% (5.6%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 4.5% - 6.5% (5.1%) |
|  | Retail | Income Approach—Discounted Cash Flow | Discount Rate | 6.8% - 12.0% (7.7%) |
|  |  |  | Terminal Capitalization Rate | 5.5% - 9.5% (6.6%) |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 5.3% - 9.0% (6.1%) |
|  | Hotel | Income Approach—Discounted Cash Flow | Discount Rate | 10.0%  |
|  |  |  | Terminal Capitalization Rate | 8.3% |
|  |  | Income Approach—Direct Capitalization | Overall Capitalization Rate | 7.8% |
|  | Land | Sales Comparison Approach | Price per projected unit | $55.00<sup>(2)</sup> |
| **Real Estate Operating Business**<sup>(3)</sup> |  | Income Approach—Discounted Cash Flow | Discount Rate | 12.5% |
|  |  |  | Terminal Growth Rate | 10.8% |
|  |  | Market Approach | EBITDA Multiple | 31.7x |
|  |  |  | Terminal EBITDA Multiple | 20.0x |
| **Loans Receivable, including those with related parties** | Office | Discounted Cash Flow | Loan-to-Value Ratio | 52.7% - 78.2% (65.7%) |
|  |  |  | Equivalency Rate | 8.8% - 32.6% (14.5%) |
|  | Industrial | Discounted Cash Flow | Loan-to-Value Ratio | 35.8% - 72.6% (54.3%) |
|  |  |  | Equivalency Rate | 5.3% - 8.3% (6.4%) |
|  | Residential | Discounted Cash Flow | Loan-to-Value Ratio | 69.9% - 72.0% (71.0%) |
|  |  |  | Equivalency Rate | 7.7% - 9.0% (8.1%) |
|  | Retail & Hospitality | Discounted Cash Flow | Loan-to-Value Ratio | 66.9% - 66.9% (66.9%) |
|  |  |  | Equivalency Rate | 24.0% - 24.0% (24.0%) |
| **Loans Payable** | Office | Discounted Cash Flow | Loan-to-Value Ratio | 43.2% - 78.4% (69.9%) |
|  |  |  | Equivalency Rate | 6.0% - 6.5% (6.4%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 43.2% - 78.4% (69.9%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.1 - 1.7 (1.4) |
|  | Industrial | Discounted Cash Flow | Loan-to-Value Ratio | 30.0% - 40.5% (34.1%) |
|  |  |  | Equivalency Rate | 6.0% - 6.1% (6.0%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 30.0% - 40.5% (34.1%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.1 - 1.1 (1.1) |
|  | Residential | Discounted Cash Flow | Loan-to-Value Ratio | 45.6% - 73.8% (57.7%) |
|  |  |  | Equivalency Rate | 5.7% - 7.1% (6.4%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 45.6% - 73.8% (57.7%) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Asset Class** | **Valuation Technique(s)** | **Unobservable Inputs**<sup>(1)</sup> | **Range (Weighted Average)** |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.2 - 1.4 (1.3) |
|  | Retail | Discounted Cash Flow | Loan-to-Value Ratio | 48.5% - 73.1% (54.0%) |
|  |  |  | Equivalency Rate | 5.7% - 7.2% (5.8%) |
|  |  | Net Present Value | Loan-to-Value Ratio | 48.5% - 73.1% (54.0%) |
|  |  |  | Weighted Average Cost of Capital Risk Premium Multiple | 1.2 - 1.4 (1.3) |

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<sup>(1)</sup> Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.

<sup>(2)</sup> Calculated per Floor Area Ratio and applied to the planned building area that can be constructed on site.

<sup>(3)</sup> The fair value measurement was additionally based upon information developed by the third-party valuation provider (including recent transactions), corroborated by the Independent Fiduciary for reasonableness. The valuation of the real estate operating business is then determined based on a weighting of the income approach - discounted cash flow, market approach, and recent transactions.

Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively.

*Line of Credit and Other Unsecured Debt:* The Account's line of credit and term loans are recorded at par as Management believes par approximates fair value due to the short-term nature of the credit facility.

During the years ended December 31, 2025 and 2024 there were no transfers between Levels 1, 2 or 3.

The amount of total net unrealized (losses) gains included in changes in net assets attributable to the change in net unrealized gains relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Real Estate<br>Properties** | **Real Estate<br>Joint Ventures** | **Real Estate Operating Business** | **Loans**<br>**Receivable**<sup>(1)</sup> | **Total<br>Level 3<br>Investments** | **Mortgage<br>Loans<br>Payable** |
| For the year ended December 31, 2025 | $63.7 | $81.0 | $10.2 | $(39.9) | $115.0 | $13.3 |
| For the year ended December 31, 2024 | $(992.5) | $(470.2) | $145.4 | $(79.0) | $(1396.3) | $2.5 |

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<sup>(1)</sup> Amount shown is reflective of loans receivable and loans receivable with related parties.

**Note 6—Investments in Joint Ventures**

The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account's ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At December 31, 2025, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% to 98.72%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold.

A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions):

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Real estate properties, at fair value | $12848.2 | $13013.5 |
| &nbsp;&nbsp;&nbsp;Other assets | 735.4 | 848.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13583.6 | $13861.7 |
| **Liabilities & Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage notes payable and other obligations, at fair value | $4840.4 | $4839.0 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 340.1 | 444.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $5180.5 | $5283.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | $8403.1 | $8578.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $13583.6 | $13861.7 |

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| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Operating Revenue and Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues | $1078.4 | $1179.3 | $1231.4 |
| &nbsp;&nbsp;&nbsp;Expenses | 693.8 | 723.5 | 739.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess of revenues over expenses | $384.6 | $455.8 | $492.4 |

---

**Note 7—Investments in Real Estate Funds**

The Account has ownership interests in real estate funds (each a "Fund", and collectively the "Funds"). The Funds are established as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a VIE as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to *Note 1—Organization and Significant Accounting Policies* for a description of the methodology used to determine the primary beneficiary of a VIE.

No financial support (such as loans or financial guarantees) was provided to the Funds during the year ended December 31, 2025. The Account is contractually obligated to make additional capital contributions in certain Funds in future years. These commitments are included in the maximum exposure to loss presented below.

The carrying amount and maximum exposure to loss relating to unconsolidated VIEs in which the Company holds a variable interest but is not the primary beneficiary were as follows at December 31, 2025 (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Carrying Amount** | **Maximum Exposure to Loss** <sup>(1)</sup> | **Liquidity Provisions** | **Investment Strategy** |
| **LCS SHIP Venture I, LLC (90.0% Account Interest)** | $46.9 | $46.9 | Redemptions prohibited prior to liquidation. | To invest in senior housing properties. |
|  |  |  | The fund is currently in liquidation. | To invest in senior housing properties. |
|  |  |  | The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. | To invest in senior housing properties. |
| **Veritas - Trophy VI, LLC (90.4% Account Interest)**  | $122.0 | $122.0 | Redemptions prohibited prior to liquidation. | To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). |
|  |  |  | The Account can sell or transfer its interest in the fund with the consent and approval of the manager. | To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). |
|  |  |  | The Account can sell or transfer its interest in the fund with the consent and approval of the manager. | To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA"). |

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| | | | | |
|:---|:---|:---|:---|:---|
| **SP V - II, LLC (61.8% Account Interest)** | $87.6 | $94.0 | Redemptions prohibited prior to liquidation. | To invest in medical office properties in the U.S. |
|  |  |  | Liquidation estimated to begin no earlier than 2029 | To invest in medical office properties in the U.S. |
|  |  |  | The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager. | To invest in medical office properties in the U.S. |
| **Taconic New York City GP Fund, LP (60.0% Account Interest)** | $4.4 | $4.4 | Redemptions prohibited prior to liquidation. | To invest in real estate and real estate-related assets in the New York City MSA. |
|  |  |  | The fund is currently in liquidation | To invest in real estate and real estate-related assets in the New York City MSA. |
|  |  |  | The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner. | To invest in real estate and real estate-related assets in the New York City MSA. |
| **Silverpeak NRE FundCo LLC (90.0% Account Interest)**  | $91.7 | $128.8 | Redemptions prohibited prior to liquidation. | To invest in alternative real estate investments primarily in major U.S. metropolitan markets. |
|  |  |  | Sales have commenced and the Account anticipates liquidation will continue through 2029. | To invest in alternative real estate investments primarily in major U.S. metropolitan markets. |
|  |  |  | The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. | To invest in alternative real estate investments primarily in major U.S. metropolitan markets. |
| **IDR - Core Property Index Fund, LLC (0.7% Account Interest)**  | $34.4 | $34.4 | Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. | To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. |
|  |  |  | Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability. | To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. |
|  |  |  | The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager. | To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed. |
| **Townsend Group Value-Add Fund (99.0% Account Interest)**  | $169.0 | $198.7 | Redemptions prohibited prior to liquidation. | To invest in value-add real estate investment opportunities in the U.S. market. |
|  |  |  | Liquidation estimated to begin no earlier than 2027 | To invest in value-add real estate investment opportunities in the U.S. market. |
|  |  |  | The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion | To invest in value-add real estate investment opportunities in the U.S. market. |
| **Flagler REA Healthcare Properties Partnership (90.0% Account Interest)**  | $17.3 | $17.3 | Redemptions prohibited prior to liquidation. | To acquire healthcare properties within the top 50 MSA's in the U.S. |
|  |  |  | Liquidation estimated to begin no earlier than 2026. | To acquire healthcare properties within the top 50 MSA's in the U.S. |
|  |  |  | The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch. | To acquire healthcare properties within the top 50 MSA's in the U.S. |
| **Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)**  | $10.9 | $10.9 | Redemptions prohibited prior to liquidation. | To acquire office investments across the Southeast. |
|  |  |  | Liquidation estimated to begin no earlier than 2026. | To acquire office investments across the Southeast. |
|  |  |  | The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager. | To acquire office investments across the Southeast. |
| **Silverpeak NRE FundCo 2 LLC (90.0% Account Interest)**  | $73.4 | $124.9 | Redemptions prohibited prior to liquidation. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. |
|  |  |  | Sales have commenced and the Account anticipates liquidation will continue through 2029. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. |
|  |  |  | The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. |
| **JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest)**  | $98.5 | $108.4 | Redemptions prohibited prior to liquidation. | To invest primarily in multi-family properties. |
|  |  |  | Liquidation estimated to begin no earlier than 2026. | To invest primarily in multi-family properties. |
|  |  |  | The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion | To invest primarily in multi-family properties. |
|  |  |  | The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion | To invest primarily in multi-family properties. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Silverpeak NRE FundCo 3 LLC (90.0% Account Interest)**  | $83.5 | $114.0 | Redemptions prohibited prior to liquidation. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. |
|  |  |  | Sales have commenced and the account anticipated liquidation will continue through 2029. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. |
|  |  |  | The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager. | To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets. |
| **Total** | $**839.6** | $**1004.7** |  |  |

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<sup>(1)</sup> Funds maximum exposure could include cumulative recallable commitments.

**Note 8—Investment in Real Estate Operating Business**

In September 2020, the Account made an initial $250.0 million investment to acquire an ownership stake in DataBank, an owner/operator of data centers. The investment represents an opportunity for the Account to continue to grow its digital real estate exposure alongside a market leading owner/operator poised to capture incremental demand nationally. The Account is part of a larger consortium of other investors providing funding to DataBank to enable their planned acquisition of 44 data centers, across 23 markets.

In January 2025, the Account made an additional capital commitments of $127.2 million, which fulfilled the remaining commitment entered into in 2024. As of December 31, 2025, the Account has fulfilled the remaining commitment entered into in 2024.

The Account's investment in DataBank at December 31, 2025, represents an ownership stake of 15.9%.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Operating Business** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| DataBank<sup>(1)</sup> | $621.8 | $1072.6 | $491.2 | $931.8 |

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<sup>(1)</sup> The Account invests in DataBank through DigitalBridge Zeus Partners, LP and DigitalBridge Zeus Partners III, LP (collectively, the "Databank" investment).

**Note 9—Reverse Repurchase Agreements**

The Account periodically enters into reverse repurchase agreements (or "repos") with third parties. Repos are transactions in which the Account purchases securities with a contractual obligation to resell them at a specific date and price, generally overnight or with a short maturity (e.g., one to seven days). The Account enters into these repos pursuant to an existing agreement with State Street Bank & Trust Company ("State Street") as a part of the liquid, fixed-income investment portion of the Account's portfolio. The Account's repo transactions include cash collateral received on securities loaned, certain overdraft credit agreements, and securities purchased under resale agreements. The securities underlying these repo transactions consist primarily of U.S. government and agency securities, which are monitored for market value daily. Under the Account's existing repurchase agreements, the Account generally has a right to obtain additional collateral or return excess collateral as market values fluctuate and to sell or repledge securities received as collateral. With repos, there is a risk that the counterparty to the transaction fails to pay the agreed upon resale price on the delivery date and the value of the collateral after the costs of disposing the collateral and any delay in foreclosing is less than the repurchase price. As of December 31, 2025, the aggregate fair value of repo securities held by the Account was $208.2 million, which represents less than 0.9% of the Account's net assets as of December 31, 2025.

**Note 10—Loans Receivable**

The Account's loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower's indirect interest in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Principal Outstanding** | **Fair Value** | **% of Fair Value** | **Principal Outstanding** | **Fair Value** | **% of Fair Value** |
| Office<sup>(1)</sup> | $672.7 | $394.7 | 57.2% | $911.5 | $518.7 | 59.1% |
| Apartments<sup>(1)</sup> | 157.2 | 154.1 | 22.3% | 185.0 | 179.7 | 20.5% |
| Industrial | 136.8 | 136.9 | 19.8% | 134.3 | 134.3 | 15.3% |
| Retail | 44.0 |  | —% | 44.0 | 40.5 | 4.6% |
| Land | 4.7 | 4.7 | 0.7% | 4.6 | 4.6 | 0.5% |
|  | $1015.4 | $690.4 | 100.0% | $1279.4 | $877.8 | 100.0% |

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<sup>(1)</sup> Includes loans receivable with related parties.

The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are delinquent or in default are generally assigned a D rating unless the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance. Debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers having adequate financial resources to service their financial commitments, or the value of the collateral asset is estimated to be greater than, or equal to, the outstanding loan balance, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay.

In 2025, the Account extinguished Aspen Lake Office Portfolio and 311 South Wacker after the lender foreclosed the office property.

In 2024, the Account took equity ownership of and began operating three collateral office properties through deed-in-lieu of foreclosure agreements after the borrowers defaulted on the following loans: The Stratum loan receivable, Five Oak mezzanine loan receivable, and Liberty Park mezzanine loan receivable.

The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of December 31, 2025, listed in order of the strength of the risk rating (from strongest to weakest):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Number of Loans** | **Fair Value** | **% of Fair Value** | **Number of Loans** | **Fair Value** | **% of Fair Value** |
| A+ | 1 | $127.9 | 18.5% |  | $— | —% |
| A | 1 | 39.2 | 5.7% |  |  | —% |
| BBB+ |  |  | —% | 2 | 199.0 | 22.7% |
| BBB |  |  | —% | 1 | 131.5 | 15.0% |
| BBB- | 2 | 149.3 | 21.6% | 1 | 45.3 | 5.2% |
| BB | 1 | 99.5 | 14.4% | 1 | 54.7 | 6.2% |
| BB- | 1 | 107.8 | 15.6% | 1 | 33.1 | 3.8% |
| B+ | 1 | 33.8 | 4.9% |  |  | —% |
| B | 1 | 53.1 | 7.7% | 3 | 231.6 | 26.4% |
| CCC+ |  |  | —% | 1 | 17.5 | 2.0% |
| CCC |  |  | —% | 1 | 40.5 | 4.6% |
| C | 1 | 9.5 | 1.4% | 1 | 26.7 | 3.0% |
| D | 5 |  | —% | 6 |  | —% |
| NR<sup>(1)</sup> | 4 | 70.3 | 10.2% | 5 | 97.9 | 11.1% |
|  | 18 | $690.4 | 100.0% | 23 | $877.8 | 100.0% |

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<sup>(1)</sup> "NR" designates loans not assigned an internal credit rating. As of December 31, 2025 and 2024, all loans with NR designations were with related parties. The loans are collateralized by equity interest in real estate investments.

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The Account recognizes interest income from real estate loans when it is earned and deemed collectible, or until the loan becomes past due in accordance with the terms of the loan agreement. Loans are placed in nonaccrual status if they are more than 90 days in arrears or if management determines the full collection of either interest or principal is unlikely. If a loan is not yet matured, any payments received while in nonaccrual status are first applied to reduce any account receivables. Once all accrued interest is collected, subsequent payments are recognized as income. No amounts are applied to the principal balance unless the loan is amortizing, For amortizing loans, payments are allocated between principal and interest based on the terms of the loan agreement. A loan may be returned to accrual status once all past due amounts have been fully repaid and the borrower has demonstrated the ability to meet ongoing payment obligations in accordance with the agreement.

The following table represents loans receivable in nonaccrual status as of December 31, 2025 (in millions).

---

| | | | |
|:---|:---|:---|:---|
| **Aging** | **Number of Loans** | **Principal Outstanding** | **Fair Value** |
| Past Due - 90 Days + | 7 | $311.5 | $5.3 |

---

**Note 11—Loans Payable**

At December 31, 2025 and 2024, the Account had outstanding loans payable secured by the following properties (millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **Interest Rate<br>and<br>Payment Frequency** | **Principal Amounts Outstanding as of<br>December 31,** | **Principal Amounts Outstanding as of<br>December 31,** | **Maturity** |
| **Property** | **Interest Rate<br>and<br>Payment Frequency** | **2025** | **2024** | **Maturity** |
| 1401 H Street NW<sup>(1)</sup>  | 7.00% paid monthly |  | 115.0 | February 5, 2025 |
| Circa Green Lake<sup>(2)</sup> | 3.71% paid monthly |  | 52.0 | March 5, 2025 |
| Union - South Lake Union<sup>(2)</sup> | 3.66% paid monthly |  | 57.0 | March 5, 2025 |
| Holly Street Village<sup>(2)</sup> | 3.65% paid monthly |  | 81.0 | May 1, 2025 |
| Henley at Kingstowne<sup>(2)</sup> | 3.60% paid monthly |  | 64.8 | May 1, 2025 |
| 32 South State Street<sup>(3)</sup> | 4.48% paid monthly | 24.0 | 24.0 | June 6, 2025 |
| Project Sonic<sup>(4)</sup> | 2.00% + SOFR paid monthly | 94.0 | 94.0 | June 9, 2026 |
| Spring House Innovation Park<sup>(2)(4)</sup> | 1.36% + SOFR paid monthly |  | 71.2 | July 9, 2026 |
| Reserve at Chino Hills<sup>(4)</sup> | 1.61% + SOFR paid monthly | 82.2 | 82.2 | August 9, 2026 |
| Vista Station Office Portfolio<sup>(5)</sup> | 4.20% paid monthly | 38.7 | 39.8 | November 1, 2026 |
| Marketplace at Mill Creek | 3.82% paid monthly | 39.6 | 39.6 | September 11, 2027 |
| Overlook At King Of Prussia | 3.82% paid monthly | 40.8 | 40.8 | September 11, 2027 |
| Winslow Bay | 3.82% paid monthly | 25.8 | 25.8 | September 11, 2027 |
| Liberty Park | 1.80% + SOFR paid monthly | 60.2 | 59.8 | December 9, 2027 |
| 1900 K Street, NW<sup>(5)</sup> | 3.93% paid monthly | 151.8 | 155.0 | April 1, 2028 |
| One Biscayne<sup>(4)</sup> | 2.45% + SOFR paid monthly | 80.0 | 100.0 | September 9, 2028 |
| Ashford Meadows<sup>(6)</sup> | 5.76% paid monthly | 64.6 | 64.6 | October 1, 2028 |
| 803 Corday<sup>(6)</sup> | 5.76% paid monthly | 62.2 | 62.2 | October 1, 2028 |
| Churchill on the Park<sup>(6)</sup> | 5.76% paid monthly | 40.5 | 40.5 | October 1, 2028 |
| Carrington Park<sup>(6)</sup> | 5.76% paid monthly | 43.8 | 43.8 | October 1, 2028 |
| Five Oak | 1.47% + SOFR paid monthly | 44.2 | 44.2 | August 9, 2029 |
| 99 High Street<sup>(1)</sup> | 7.90% paid monthly |  | 277.0 | March 1, 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Principal Outstanding |  | $892.4 | $1634.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Adjustment<sup>(7)</sup> |  | (62.1) | (48.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Loans Payable |  | $830.3 | $1585.5 |  |

---

<sup>(1)</sup> The debt was extinguished as part of the disposition of the collateral property.

<sup>(2)</sup> The principal amount of the outstanding debt was paid off during the year.

<sup>(3)</sup> The loan is currently in default.

<sup>(4)</sup> The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table.

------

<sup>(5)</sup> The mortgage is adjusted monthly for principal payments.

<sup>(6)</sup> The loan is part of a cross-collateralized credit facility.

<sup>(7)</sup> The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. *See Note 1 - Organization and Significant Accounting Policies.*

Principal payment schedule on loans payable as of December 31, 2025 was as follows (in millions):

---

| | |
|:---|:---|
| | **Amount** |
| 2026 | $242.3 |
| 2027 | 169.9 |
| 2028 | 436.1 |
| 2029 | 44.1 |
| 2030 |  |
| Thereafter |  |
| Total maturities | $892.4 |

---

**Note 12—Credit Facility**

On September 16, 2022, The Account entered into a credit agreement (the "Credit Agreement") with a syndicate of third-party bank lenders, including JPMorgan Chase Bank, N.A., comprised of revolving credit loans ("Line of Credit") up to $500.0 million and up to $500.0 million in term loans ("Term Loans"). On August 11, 2023, the Credit Agreement was amended to increase the revolving credit loans commitment to $1.4 billion and convert the $500.0 million in outstanding term loans into revolving credit loans. The term loans may not be redrawn and all references to Term Loans have been removed from the agreement. The Account may use the proceeds of borrowings under the Credit Agreement for general organizational purposes in the ordinary course of business, including to finance certain real estate portfolio investments. The Account may prepay borrowings under the Credit Facility at any time during the life of the loan without penalty.

The Account may elect for each borrowing under the Credit Agreement to bear annual interest at an adjusted base rate ("ABR") or adjusted SOFR plus an applicable margin which is dependent on the leverage ratio of the Account. The applicable margin for adjusted SOFR Revolving Credit Loans ranges from 0.875% to 1.30% and for ABR Revolving Credit Loans ranges from 0.00% to 0.30%. In addition, the Account pays quarterly facility fees ranging from 0.125% to 0.20%, depending on the leverage ratio of the Account, on the total revolving commitments (used and unused) under the Credit Agreement.

As of December 31, 2025, the Account was in compliance with all covenants required by the Credit Agreement.

The following table provides a summary of the key characteristics of the Credit Agreement as of December 31, 2025:

---

| | |
|:---|:---|
| Current Balance - Line of Credit (in millions) | $160.0 |
| Maximum Capacity (in millions) | $1285.0 |
| Inception Date | September 16, 2022 |
| Revolving Commitment Termination | September 16, 2026 |
| Extension Option<sup>(1)</sup> | Yes |
| ABR Revolving Credit Loans Interest Rate | ABR + Applicable Margin |
| SOFR Revolving Credit Loans Interest Rate<sup>(2)</sup> | Adjusted SOFR + Applicable Margin |

---

<sup>(1)</sup> The Account has one remaining option to extend the Commitment Termination Date for an additional twelve months. The Account may also request additional funding, not to exceed $55.0 million, at any time prior to the Commitment Termination Date; however, this request is subject to approval at the sole discretion of the lenders and is not guaranteed.

<sup>(2)</sup> The weighted average interest rate for the year ended December 31, 2025 was 5.171%.

------

**Note 13—Senior Notes Payable**

In June 2022, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $500.0 million of debt securities, in the form of Series A senior note (the "Series A Notes") and Series B senior notes (the "Series B Notes") that mature on June 10, 2029 and 2032, respectively. The Account is obligated to repay the Series A and B Notes at par, plus accrued and unpaid interest to, but not including, the date of repayment. The Series A Notes bear interest at an annual rate of 3.24%, payable semi-annually, and the Series B Notes bear interest at an annual rate of 3.35%, payable semi-annually. The Account may also prepay the Series A and B Notes in whole or in part at any time, or from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if prepaid on or before 90 days prior to the applicable maturity date, a make-whole premium.

On March 21, 2023, the Account entered into another note purchase agreement with certain qualified institutional investors. Under this note purchase agreement, the Account issued $400.0 million of debt securities on May 30, 2023, in the form of Series C senior notes (the "Series C Notes") that will mature on May 30, 2027. The Series C Notes bear interest at an annual rate of 5.50%, payable semi-annually and are subject to the same prepayment terms as the Series A and B Notes.

On October 22, 2025, the Account entered into a note purchase agreement with certain qualified institutional investors. Under the note purchase agreement, the Account issued $700.0 million of debt securities, in the form of $375.0 million Series D senior note (the "Series D Notes") and $325.0 million Series E senior note (the "Series E Notes") that mature on October 22, 2030 and 2032, respectively. The Series D Notes bear interest at an annual rate of 4.89% payable semi-annually, and the Series E Notes bear interest at an annual rate of 5.13% payable semi-annually. The Account may also prepay the Series D and E Notes in whole or in part (in any amount not less than 5% of the aggregate principal amount of the Notes) at any time, from time to time, at the Account's option at par plus accrued interest to the prepayment date and, if redeemed on or before 90 days prior to the applicable maturity date, a make-whole premium.

As of December 31, 2025, the Account was in compliance with all covenants required by the note purchase agreements.

The following table provides a summary of the key characteristics of the outstanding senior notes payable, as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Principal (in millions)** | **Interest Rate** | **Maturity Date** |
| **Series A** | $300.0 | 3.24% | June 10, 2029 |
| **Series B** | $200.0 | 3.35% | June 10, 2032 |
| **Series C** | $400.0 | 5.50% | May 30, 2027 |
| **Series D** | $375.0 | 4.89% | October 22, 2030 |
| **Series E** | $325.0 | 5.13% | October 22, 2032 |

---

------

**Note 14—Financial Highlights**

Selected condensed financial information for an Accumulation Unit of the Account is presented below. Per Accumulation Unit data is calculated on average units outstanding.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Accumulation Unit Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $26.577 | $28.407 | $27.323 | $23.751 | $22.672 |
| &nbsp;&nbsp;&nbsp;Real estate property level expenses | 11.694 | 13.098 | 12.858 | 11.042 | 10.683 |
| Real estate income, net | 14.883 | 15.309 | 14.465 | 12.709 | 11.989 |
| &nbsp;&nbsp;&nbsp;Other income | 6.533 | 7.209 | 7.539 | 6.559 | 5.474 |
| Total income | 21.416 | 22.518 | 22.004 | 19.268 | 17.463 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1.225 | 1.117 | 1.339 | 0.520 | 0.047 |
| &nbsp;&nbsp;&nbsp;Expense charges<sup>(1)</sup> | 4.217 | 4.701 | 4.877 | 4.601 | 3.988 |
| Investment income, net | 15.974 | 16.700 | 15.788 | 14.147 | 13.428 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) gain on investments and debt | 2.341 | (36.511) | (91.657) | 28.011 | 64.615 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in Accumulation Unit Value | 18.315 | (19.811) | (75.869) | 42.158 | 78.043 |
| &nbsp;&nbsp;&nbsp;Accumulation Unit Value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | $461.243 | $481.054 | $556.923 | $514.765 | $436.722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $479.558 | $461.243 | $481.054 | $556.923 | $514.765 |
| Total return | 3.97% | (4.12)% | (13.62)% | 8.19% | 17.87% |
| &nbsp;&nbsp;&nbsp;Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense charges<sup>(2)</sup> | 0.88% | 0.99% | 0.93% | 0.89% | 0.84% |
| &nbsp;&nbsp;Investment income, net | 3.32% | 3.52% | 3.00% | 2.45% | 2.82% |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate properties<sup>(3)</sup> | 6.9% | 2.7% | 1.4% | 5.6% | 7.6% |
| &nbsp;&nbsp;&nbsp;Marketable securities<sup>(4)</sup> | —% | 23.6% | 21.6% | 4.7% | —% |
| Accumulation Units outstanding at end of period (millions): | 46.5 | 47.8 | 48.0 | 52.1 | 53.4 |
| Net assets end of period (millions) | $22766.6 | $22486.9 | $23618.9 | $29658.1 | $28072.0 |

---

<sup>(1)</sup> Expense charges per Accumulation Unit reflect the year-to-date Account level expenses charges, which excludes interest expense on Account-level debt and also excludes real estate property level expenses, which are included in real estate income, net. Expense charges are deducted from the net assets of the Account and include fees for investment management services, administrative services, distribution services, mortality and expense risk charges and liquidity guarantee charges, all of which are described further in Note 2—Related Party Transactions.

<sup>(2)</sup> Ratio of expenses to average net assets reflects the year-to-date Account level expense charges, which excludes interest expense on Account-level debt and also excludes real estate property level expenses, which are included in real estate income, net.

<sup>(3)</sup> Real estate investment portfolio turnover rate is calculated by dividing the lesser of purchases or sales of real estate property investments (including contributions to, or return of capital distributions received from, existing joint venture and Funds investments) by the average value of the portfolio of real estate investments held during the period.

<sup>(4)</sup> Marketable securities portfolio turnover rate is calculated by dividing the lesser of purchases or sales of securities, excluding securities having maturity dates at acquisition of one year or less, by the average value of the portfolio securities held during the period.

------

**Note 15—Accumulation Units**

Changes in the number of Accumulation Units outstanding were as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** | **2023** |
| Outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 47.8 | 48.0 | 52.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credited for premiums | 6.1 | 6.3 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit for purchases of units by TIAA |  | 0.6 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuity, other periodic payments, withdrawals and death benefits | (7.4) | (7.1) | (9.5) |
| &nbsp;&nbsp;&nbsp;End of period | 46.5 | 47.8 | 48.0 |

---

**Note 16—Commitments and Contingencies**

*Commitments*—As of December 31, 2025 and 2024, the Account had the following immediately callable commitments, inclusive of recallable distributions, to purchase additional interests in its real estate funds or provide additional funding through its loan receivable investments (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Commitment Expiration** | **December 31, 2025**<sup>(5)</sup> | **December 31, 2024** |
| **<u>Real Estate Funds</u>**<sup>(1)</sup> | | | |
| JCR Capital - REA Preferred Equity Parallel Fund | 8/2025<sup>(2)</sup> | 9.9 | 11.5 |
| Silverpeak NRE FundCo LLC | 12/2025<sup>(2)(3)</sup> | 37.1 | 4.3 |
| Silverpeak NRE FundCo 3 LLC | 12/2026<sup>(3)</sup> | 30.5 | 31.9 |
| Townsend Group Value-Add Fund | 12/2026<sup>(2)</sup> | 29.7 | 29.7 |
| Silverpeak NRE FundCo 2 LLC | 12/2026<sup>(2)(3)</sup> | 51.5 | 22.7 |
| SP V - II, LLC | 09/2029<sup>(2)</sup> | 6.4 | 6.4 |
|  |  | $**165.1** | $**106.5** |
| **<u>Loans Receivable</u>**<sup>(4)</sup> |  |  |  |
| The Reserve at Chino Hills | 08/2025 |  | 0.9 |
| 735 Watkins Mill | 08/2025 |  | 4.7 |
| MRA Hub 34 Holding, LLC | 05/2026 | 1.5 | 1.5 |
| Project Sonic Senior Loan | 06/2026 |  | 1.9 |
| Project Sonic Mezzanine | 06/2026 |  | 0.6 |
| One Biscayne Tower Senior Loan | 07/2028 | 30.3 | 25.1 |
| One Biscayne Tower Mezzanine | 07/2028 | 10.0 | 8.3 |
|  |  | $**41.8** | $**43.0** |
| **<u>Real Estate Operating Business</u>** |  |  |  |
| DataBank | 03/2025 | $— | $126.0 |
|  |  | $**—** | $**126.0** |
| **TOTAL COMMITMENTS** |  | $**206.9** | $**275.5** |

---

<sup>(1)</sup> Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manger with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreement.

<sup>(2)</sup> The commitment and investment terms for this fund have expired; however the remaining unfunded equity relates solely to existing investments where capital is still required. No new investments will be made. The commitment expiration date has been updated to reflect the end of the investment term

<sup>(3)</sup> Commitment expiration date represents the Recallable Commitment Termination date.

<sup>(4)</sup> Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;extended through the extension term.

<sup>(5)</sup> Funds commitments could include cumulative recallable commitments.

------

*Contingencies*—In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, TIAA's management does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account's business, financial position or results of operations.

**Note 17—Subsequent Events**

In preparing these financial statements, the Account has evaluated events and transactions for potential recognition or disclosure subsequent to December 31, 2025, through March 12, 2026, the date the financial statements were available to be issued.

**<u>Real Estate Properties and Joint Ventures</u>**

*Purchases*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Purchase Date** | **Ownership Percentage** | **Sector** | **Location** | **Net Purchase Price** <sup>(1)</sup> |
| Boggs Road<sup>(2)</sup> | 01/27/2026 | 100.00% | Industrial | Duluth, GA | $27.3 |
| Cedars Road<sup>(2)</sup> | 01/27/2026 | 100.00% | Industrial | Lawrenceville, GA | 24.0 |
| Southside Industrial Bldg 1 and 2<sup>(2)</sup> | 01/27/2026 | 100.00% | Industrial | Atlanta, GA | 24.3 |
| Southside Industrial Bldg 3<sup>(2)</sup> | 01/27/2026 | 100.00% | Industrial | Atlanta, GA | 35.3 |
| Overmeyer Bldg 1 and 2<sup>(2)</sup> | 01/27/2026 | 100.00% | Industrial | Forest Park, GA | 27.2 |
| Progress Center Bldg 1 and 2<sup>(2)</sup> | 01/27/2026 | 100.00% | Industrial | Lawrenceville, GA | 20.7 |
| Lakes Parkway Bldg 1 and 2<sup>(2)</sup> | 01/28/2026 | 100.00% | Industrial | Lawrenceville, GA | 46.3 |
| Laval Boulevard<sup>(2)</sup> | 01/28/2026 | 100.00% | Industrial | Lawrenceville, GA | 43.0 |

---

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>The net purchase price represents the purchase price and closing costs.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Properties held within Project Bulldog Portfolio.

*Sales*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Sales Date** | **Ownership Percentage** | **Sector** | **Location** | **Net Sales Price** <sup>(1)</sup> | **Realized (Loss) Gain on Sale**<sup>(2)</sup> |
| 1619 Walnut | 01/08/2026 | 100.00% | Retail | Philadelphia, PA | $5.0 | $(19.8) |
| Fort Point Creative Exchange Portfolio<sup>(3)</sup> | 01/13/2026 | 100.00% | Office | Boston, MA | 55.3 | (46.9) |
| MiMA | 01/22/2026 | 21.00% | Apartment | New York, NY | 17.2 | (33.9) |
| Park Creek | 02/18/2026 | 100.00% | Apartment | Forth Worth, TX | 49.7 | (1.0) |
| Five Oak | 02/24/2026 | 100.00% | Office | Portland, OR | 9.8 | (26.5) |

---

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>The net sales price represents the sales price, less selling expenses.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Majority of the realized gain has been previously recognized as unrealized gains in the Account's Consolidated Statements of Operations.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Partial disposition of portfolio investments (34 Farnsworth, 44 Farnsworth and 332 Congress).

------

**<u>Financings</u>**

*New Debt*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Transaction Date** | **Interest Rate** | **Sector** | **Maturity Date** | **Principal Amount** |
| Five Oaks<sup>(1)</sup> | 03/02/2026 | 6.75% | Office | 03/06/2031 | $71.4 |

---

<sup>1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Property held within Four Oaks Place joint venture.

*Debt payoff*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Transaction Date** | **Interest Rate** | **Sector** | **Maturity Date** | **Principal Amount** |
| MiMA | 01/22/2026 | NYS HFA Bonds | Multi-family | 11/01/2041 | $67.2 |
| Five Oaks<sup>(1)</sup> | 03/02/2026 | 4.43% | Office | 01/01/2026 | 70.8 |
| TREA SV Littleton - SV MOB Denver<sup>(2)</sup> | 03/05/2026 | 5.62% + SOFR | Office | 03/05/2026 | 15.9 |

---

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Property held within Four Oaks Place joint venture.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Property held within Seavest MOB Portfolio.

**<u>Loans Receivable</u>**

*Payoff*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | **Transaction Date** | **Interest Rate** | **Sector** | **Maturity Date** | **Principal Amount** |
| SCG Oakland Portfolio<sup>(1)</sup> | 01/16/2026 | 4.36% + SOFR | Office - Debt Asset | 06/01/2023 | $56.0 |
| TREA SV 355 West 52nd Street - Seavest II | 02/02/2026 | 5.20% | Office - Debt Asset | 06/01/2029 | 28.5 |
| Charles River Plaza North | 02/25/2026 | 6.08% | Office - Debt Asset | 04/06/2029 | 100.0 |

---

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>The collateral property was foreclosed by the senior lender and the Account's mezzanine loan was extinguished.

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

**REAL ESTATE PROPERTIES—70.2% and 69.4%**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Name** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Property Name** |<br>**Location** | **Property Type** | **2025** | **2024** | **2024** |
| Riverchase Village | Alabama | Retail | $25.6 | $27.0 |  |
| 6615 West Boston Street | Arizona | Industrial | 15.0 |  |  |
| Empire Business Park (KBC) | Arizona | Industrial | 26.3 | 24.6 |  |
| Riverside 202 Industrial | Arizona | Industrial | 49.3 | 45.1 |  |
| 101 Pacific Coast Highway | California | Office | 56.5 | 62.3 |  |
| 30700 Russell Ranch | California | Office |  | 22.7 |  |
| 88 Kearny Street | California | Office |  | 71.7 |  |
| Allure at Camarillo | California | Apartment | 69.5 | 64.9 |  |
| Almond Avenue | California | Industrial | 40.0 | 39.1 |  |
| AmpliFi - Fullerton | California | Apartment | 145.2 | 135.0 |  |
| Campus Marketplace | California | Retail | 86.6 |  |  |
| Centre Pointe And Valley View | California | Industrial | 96.0 | 96.3 |  |
| Cerritos Industrial Park | California | Industrial | 233.7 | 247.0 |  |
| Creekside Alta Loma | California | Apartment |  | 93.8 |  |
| Fairfield Tolenas | California | Industrial | 75.6 | 72.1 |  |
| Frontera Industrial Business Park | California | Industrial | 192.0 | 195.8 |  |
| Great West Industrial Portfolio | California | Industrial | 369.1 | 413.0 |  |
| Holly Street Village | California | Apartment | 196.1 | 176.1 | <sup>(1)</sup> |
| Northern CA RA Industrial Portfolio | California | Industrial | 148.1 | 148.9 |  |
| Oakmont IE West Portfolio | California | Industrial | 213.6 | 224.0 |  |
| Ontario Industrial Portfolio | California | Industrial | 958.1 | 1023.6 |  |
| Ontario Mills Industrial Portfolio | California | Industrial | 118.0 | 121.5 |  |
| Otay Mesa Industrial Portfolio | California | Industrial | 54.9 | 62.2 |  |
| Pacific City | California | Retail | 132.3 | 135.3 |  |
| Paseo De La Fuente | California | Industrial | 32.0 |  |  |
| Rancho Cucamonga Industrial Portfolio | California | Industrial | 145.0 | 168.1 |  |
| Rancho del Mar | California | Apartment | 115.2 | 108.1 |  |
| Regents Court | California | Apartment | 129.2 | 126.0 |  |
| River Oaks Shopping Center | California | Retail | 107.0 |  |  |
| Southern CA RA Industrial Portfolio | California | Industrial | 251.5 | 260.3 |  |
| Stella | California | Apartment |  | 137.7 |  |
| Stevenson Point | California | Industrial | 104.7 | 106.0 |  |
| Terra House | California | Apartment | 151.4 | 145.0 |  |
| The Legacy at Westwood | California | Apartment | 138.1 | 130.2 |  |
| Westcreek | California | Apartment | 57.3 | 56.5 |  |
| West Lake North Business Park | California | Office |  | 21.5 |  |
| Westwood Marketplace | California | Retail | 162.0 | 157.0 |  |
| 1600 Broadway | Colorado | Office | 42.5 | 40.3 |  |
| Central 64 Portfolio | Colorado | Industrial | 43.9 | 42.8 |  |
| Wilton Woods Corporate Campus | Connecticut | Office | 25.1 | 24.2 |  |
| 4925 Bulls Bay Highway | Florida | Industrial | 21.2 |  |  |
| 5 West | Florida | Apartment | 84.8 | 82.0 |  |
| 62nd Street North | Florida | Industrial | 41.3 |  |  |
| Boca Arbor Club | Florida | Apartment | 99.0 | 92.7 |  |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Property Name** | **Location** | **Property Type** | **2025** | **2025** | **2024** | **2024** |
| Broward Industrial Portfolio | Florida | Industrial | $90.8 |  | $88.4 |  |
| Casa Palma | Florida | Apartment | 119.7 |  | 114.0 |  |
| Fusion 1560 | Florida | Apartment | 111.3 |  | 111.1 |  |
| Lakepointe at Jacaranda | Florida | Apartment | 69.8 |  | 69.0 |  |
| Lofts at SoDo | Florida | Apartment | 81.6 |  | 81.7 |  |
| Mercy Star Court | Florida | Industrial | 27.0 |  |  |  |
| Orion on Orpington | Florida | Apartment | 77.3 |  | 73.3 |  |
| Port St. Lucie | Florida | Industrial | 176.0 |  | 172.0 |  |
| Publix at Weston Commons | Florida | Retail | 76.2 |  | 69.8 |  |
| Seneca Industrial Park | Florida | Industrial | 240.5 |  | 230.5 |  |
| Sole at Brandon | Florida | Apartment | 100.5 |  | 99.8 |  |
| Sole at City Center | Florida | Apartment | 126.6 |  | 123.1 |  |
| The Residences at the Village of Merrick Park | Florida | Apartment | 84.8 |  | 81.7 |  |
| Weston Business Center | Florida | Industrial | 123.9 |  | 121.1 |  |
| Weston Business Center EF | Florida | Industrial | 116.6 |  | 111.5 |  |
| 1530 Broadway Avenue | Georgia | Industrial | 28.3 |  |  |  |
| Ascent at Windward | Georgia | Apartment | 89.7 |  | 90.5 |  |
| Atlanta Industrial Portfolio | Georgia | Industrial | 82.1 |  | 77.2 |  |
| Biltmore at Midtown | Georgia | Apartment | 75.0 |  | 73.3 |  |
| Glen Lake | Georgia | Apartment | 69.8 |  | 71.6 |  |
| Heritage Pavilion | Georgia | Retail | 54.1 |  | 51.3 |  |
| Hudson Woodstock | Georgia | Apartment | 142.3 |  | 134.0 |  |
| Marketplace At Mill Creek | Georgia | Retail | 81.3 | <sup>(1)</sup> | 81.6 | <sup>(1)</sup> |
| Shawnee Ridge Industrial Portfolio | Georgia | Industrial | 189.1 |  | 172.8 |  |
| 101 East Crossroads Parkway | Illinois | Industrial | 34.6 |  |  |  |
| 32 South State Street | Illinois | Retail | 19.5 | <sup>(1)</sup> | 25.0 | <sup>(1)</sup> |
| 803 Corday | Illinois | Apartment | 125.0 | <sup>(1)</sup> | 116.2 | <sup>(1)</sup> |
| Algonquin Commons | Illinois | Retail | 100.3 |  |  |  |
| Chicago CalEast Industrial Portfolio | Illinois | Industrial | 116.2 |  | 113.3 |  |
| Chicago Industrial Portfolio | Illinois | Industrial | 50.6 |  | 46.4 |  |
| Monee Development | Illinois | Industrial |  |  | 67.2 |  |
| Uptown La Grange | Illinois | Apartment | 89.1 |  |  |  |
| Village Crossing | Illinois | Retail | 122.5 |  | 129.1 |  |
| Hendricks Gateway | Indiana | Industrial | 98.2 |  | 95.8 |  |
| Cherry Knoll | Maryland | Apartment | 76.2 |  | 73.1 |  |
| Landover Logistics Center | Maryland | Industrial | 87.3 |  | 80.0 |  |
| The Shops at Wisconsin Place | Maryland | Retail | 55.6 |  | 62.6 |  |
| 350 Washington | Massachusetts | Retail | 89.7 |  | 110.0 |  |
| 99 High Street | Massachusetts | Office |  |  | 278.4 | <sup>(1)</sup> |
| Fort Point Creative Exchange Portfolio | Massachusetts | Office | 88.7 |  | 97.4 |  |
| Northeast RA Industrial Portfolio | Massachusetts | Industrial | 83.4 |  | 82.8 |  |
| One Beeman Road | Massachusetts | Industrial | 54.4 |  | 49.5 |  |
| Orchards | Massachusetts | Apartment | 53.9 |  | 53.2 |  |
| The 266 Framingham | Massachusetts | Apartment | 113.1 |  |  |  |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Property Name** | **Location** | **Property Type** | **2025** | **2025** | **2024** | **2024** |
| Minneapolis Core Portfolio | Minnesota | Industrial | $134.2 |  | $134.7 |  |
| The Bridges | Minnesota | Apartment |  |  | 35.0 |  |
| The Knoll | Minnesota | Apartment |  |  | 22.5 |  |
| Reno Industrial Portfolio | Nevada | Industrial | 92.4 |  |  |  |
| 10 New Maple Avenue | New Jersey | Industrial | 55.9 |  | 54.9 |  |
| 200 Milik Street | New Jersey | Industrial | 82.2 |  | 71.0 |  |
| Marketfair | New Jersey | Retail | 87.0 |  | 82.9 |  |
| Somerset Logistics Center | New Jersey | Land | 28.7 |  |  |  |
| South River Road Industrial | New Jersey | Industrial | 235.1 |  | 238.8 |  |
| 21 Penn Plaza | New York | Office | 178.4 |  | 154.3 |  |
| 837 Washington Street | New York | Office | 81.3 |  | 95.0 |  |
| The Colorado | New York | Apartment | 256.4 |  | 260.2 |  |
| Alexander Place | North Carolina | Retail | 45.3 |  | 40.9 |  |
| Centric Gateway | North Carolina | Apartment | 78.2 |  | 79.9 |  |
| Knightdale Gateway | North Carolina | Industrial | 102.7 |  |  |  |
| Winslow Bay Commons | North Carolina | Retail | 61.2 | <sup>(1)</sup> | 52.5 | <sup>(1)</sup> |
| Five Oak | Oregon | Office | 19.0 | <sup>(1)</sup> | 30.8 | <sup>(1)</sup> |
| Sixth & Main | Oregon | Office | 32.0 |  | 35.3 |  |
| The Cordelia | Oregon | Apartment | 29.9 |  | 27.3 |  |
| 1619 Walnut Street | Pennsylvania | Retail | 5.3 |  | 7.4 |  |
| Overlook At King Of Prussia | Pennsylvania | Retail | 54.1 | <sup>(1)</sup> | 55.8 | <sup>(1)</sup> |
| Greene Crossing | South Carolina | Apartment | 87.7 |  | 84.6 |  |
| 12 South | Tennessee | Apartment | 43.2 |  | 40.3 |  |
| Midway 840 | Tennessee | Industrial | 77.1 |  | 70.7 |  |
| Southside at McEwen | Tennessee | Retail | 55.6 |  | 51.3 |  |
| Town and Country | Tennessee | Retail | 30.0 |  | 33.2 |  |
| 3131 McKinney | Texas | Office | 40.4 |  | 35.0 |  |
| Carrington Park | Texas | Apartment | 94.3 | <sup>(1)</sup> | 92.9 | <sup>(1)</sup> |
| Chisolm Trail | Texas | Industrial |  |  | 8.2 |  |
| Churchill on the Park | Texas | Apartment | 88.7 | <sup>(1)</sup> | 88.2 | <sup>(1)</sup> |
| Cliffs at Barton Creek | Texas | Apartment | 49.7 |  | 52.4 |  |
| Dallas Industrial Portfolio | Texas | Industrial | 508.5 |  | 474.5 |  |
| Hillside Village | Texas | Retail | 100.0 |  |  |  |
| Jackson Shaw Forward Portfolio: 46 Ranch | Texas | Industrial | 83.9 |  | 83.8 |  |
| Jackson Shaw Forward Portfolio: Centerpoint | Texas | Industrial | 42.5 |  | 41.7 |  |
| Jackson Shaw Forward Portfolio: Parc 20 | Texas | Industrial | 25.5 |  | 24.3 |  |
| Lincoln Centre - Hilton Dallas | Texas | Hotel | 96.0 |  | 92.7 |  |
| Lincoln Centre | Texas | Office | 603.9 |  | 453.5 |  |
| Montecito Apartments | Texas | Apartment |  |  | 41.4 |  |
| Northwest Houston Industrial Portfolio | Texas | Industrial | 111.1 |  | 103.6 |  |
| Park 10 Distribution Center | Texas | Industrial | 17.3 |  | 16.7 |  |
| Park Creek Apartments | Texas | Apartment | 50.0 |  | 51.4 |  |
| Phoenician Apartments | Texas | Apartment |  |  | 49.5 |  |
| Pinnacle Industrial Portfolio | Texas | Industrial | 129.0 |  | 117.0 |  |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Name** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Property Name** | **Location** | **Property Type** | **2025** | **2025** | **2024** | **2024** |
| Pinto Business Park | Texas | Industrial | $196.2 |  | $182.5 |  |
| San Montego Apartments | Texas | Apartment | 72.2 |  | 66.3 |  |
| The District on La Frontera | Texas | Apartment | 89.2 |  | 101.1 |  |
| The Maroneal | Texas | Apartment | 69.7 |  | 65.6 |  |
| The Stratum | Texas | Office | 31.9 |  | 31.5 |  |
| Salt Lake Light Industrial Portfolio | Utah | Industrial | 36.7 |  |  |  |
| Vista Station Office Portfolio | Utah | Office | 45.5 | <sup>(1)</sup> | 43.7 | <sup>(1)</sup> |
| 8270 Greensboro Drive | Virginia | Office | 40.5 |  | 33.3 |  |
| Ashford Meadows Apartments | Virginia | Apartment | 144.4 | <sup>(1)</sup> | 130.1 | <sup>(1)</sup> |
| Creeks At Virginia Center | Virginia | Retail | 56.9 |  | 50.6 |  |
| Henley at Kingstowne | Virginia | Apartment | 119.3 |  | 119.2 | <sup>(1)</sup> |
| Liberty Park | Virginia | Office | 38.9 | <sup>(1)</sup> | 43.6 | <sup>(1)</sup> |
| Plaza America | Virginia | Retail | 78.6 |  | 78.5 |  |
| The Ellipse at Ballston | Virginia | Office |  |  | 20.6 |  |
| The Palatine | Virginia | Apartment | 145.4 |  | 138.2 |  |
| 4417 192nd Street East | Washington | Industrial | 45.7 |  |  |  |
| 4620 B Street Northwest | Washington | Industrial | 14.0 |  |  |  |
| Circa Green Lake | Washington | Apartment | 97.0 |  | 90.6 | <sup>(1)</sup> |
| Northwest RA Industrial Portfolio | Washington | Industrial | 71.6 |  | 69.4 |  |
| Pacific Coast Corporate Park | Washington | Industrial | 87.8 |  | 86.7 |  |
| Prescott Wallingford Apartments | Washington | Apartment | 73.2 |  | 68.8 |  |
| Rainier Corporate Park | Washington | Industrial | 242.3 |  | 222.4 |  |
| Regal Logistics Campus | Washington | Industrial | 197.0 |  | 191.0 |  |
| Union - South Lake Union | Washington | Apartment | 115.5 |  | 107.0 | <sup>(1)</sup> |
| 1001 Pennsylvania Avenue | Washington, D.C. | Office | 450.1 |  | 472.2 |  |
| 1401 H Street, NW | Washington, D.C. | Office |  |  | 126.6 | <sup>(1)</sup> |
| 1900 K Street, NW | Washington, D.C. | Office | 190.1 | <sup>(1)</sup> | 201.7 | <sup>(1)</sup> |
| Mass Court | Washington, D.C. | Apartment | 135.2 |  | 142.0 |  |
| The Ashton | Washington, D.C. | Apartment | 25.3 |  | 24.9 |  |
| The Louis | Washington, D.C. | Apartment | 126.2 |  | 133.1 |  |
| **(Cost $12,973.4 and $13,290.0)** |  |  | $**15975.4** |  | $**15607.0** |  |

---

**REAL ESTATE JOINT VENTURES—22.4% and 23.9%**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Entity/Property Name** | **Account Interest** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Entity/Property Name** | **Account Interest** |<br>**Location** | **Property Type** | **2025** | **2025** | **2024** | **2024** |
| TREA Cave Creek Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar MFPV Cave Creek | 90.00% | Arizona | Apartment | $31.7 | <sup>(2)</sup> | $27.5 | <sup>(2)</sup> |
| TREA Campus Pointe, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campus Pointe | 43.44% | California | Office | 591.0 |  | 563.4 | <sup>(10)</sup> |
| Colorado Center LP<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Center | 2.00% | California | Office | 6.2 | <sup>(2)</sup> | 5.6 | <sup>(2)</sup> |
| TREA The Forum at Carlsbad Investor Member<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Forum at Carlsbad | 50.00% | California | Retail | 38.7 | <sup>(2)</sup> | 39.6 | <sup>(2)</sup> |
| TREA Florida Retail, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Retail Portfolio | 80.00% | Florida | Retail | 149.9 |  | 127.8 |  |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Entity/Property Name** | **Account Interest** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Entity/Property Name** | **Account Interest** |<br>**Location** | **Property Type** | **2025** | **2025** | **2024** | **2024** |
| TIAA Florida Mall, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Florida Mall | 50.00% | Florida | Retail | $248.7 | <sup>(2)</sup> | $265.5 | <sup>(2)</sup> |
| TREA European Investment Holdco LP<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castleforbes | 51.00% | Foreign | Land | 51.6 | <sup>(24)</sup> | 2.8 | <sup>(24)</sup> |
| TREA European Investment Holdco LP<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Present Made | 95.00% | Foreign | Land | 115.0 | <sup>(24)</sup> | 61.0 | <sup>(24)</sup> |
| TREA Conyers Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar MFPV Emblem at Conyers | 90.00% | Georgia | Apartment | 18.2 | <sup>(2)</sup> | 18.7 | <sup>(2)</sup> |
| TREA MCC3 Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 Watkins Mill | 80.00% | Maryland | Office | 36.5 |  | 34.0 |  |
| T-C Wisconsin Place Owner, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Shops at Wisconsin Place | 33.33% | Maryland | Retail | 17.1 |  | 16.9 |  |
| T-C 501 Boylston Street Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 Boylston | 50.10% | Massachusetts | Office |  |  | 2.2 | <sup>(3)</sup> |
| One Boston Place REIT<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Boston Place | 50.25% | Massachusetts | Office | 156.5 |  | 157.1 |  |
| TREA Fashion Show Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fashion Show Mall | 50.00% | Nevada | Retail | 414.8 | <sup>(2)</sup> | 380.8 | <sup>(2)</sup> |
| T-C 401 West 14th Street Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 West 14th Street | 42.19% | New York | Retail | 28.3 | <sup>(2)</sup> | 28.6 | <sup>(2)</sup> |
| TREA 440 Ninth Avenue Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp; 440 Ninth Avenue | 88.52% | New York | Office | 1.7 | <sup>(3)</sup> | 3.4 | <sup>(2)</sup> |
| TREA 817 Broadway Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp; 817 Broadway | 31.34% | New York | Office | (1.1) | <sup>(2)</sup> | 0.1 | <sup>(2)</sup> |
| MIMA Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp; MiMA | 21.00% | New York | Apartment | 46.6 | <sup>(2)</sup> | 40.2 | <sup>(2)</sup> |
| TREA Hub Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp; The Hub | 95.00% | New York | Industrial | 67.3 | <sup>(2)</sup> | 63.1 | <sup>(2)</sup> |
| TREA SV MOB Investor Member II LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 West 52nd St | 95.00% | New York | Office | 18.9 |  | 13.1 |  |
| TREA 101 North Tryon Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp; 101 North Tryon Street | 85.00% | North Carolina | Office | 22.8 | <sup>(2)</sup> | 30.9 | <sup>(2)</sup> |
| TREA Carson Station Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carson South End Co-GP Development | 75.00% | North Carolina | Land | 23.6 |  | 20.4 |  |
| TREA Birkdale Village Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birkdale Village | 93.00% | North Carolina | Retail | 3.8 | <sup>(3)</sup> | 225.8 |  |
| TREA The Row at the Stadium Investor Member<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Row at the Stadium | 98.50% | South Carolina | Apartment | 75.3 |  | 69.3 |  |
| TREA Cane Bay Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar MFPV Cane Bay Phase I | 90.00% | South Carolina | Apartment | 30.8 | <sup>(2)</sup> | 18.9 | <sup>(2)</sup> |
| TIAA West Town Mall, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Town Mall | 50.00% | Tennessee | Retail | 182.5 |  | 177.9 |  |
| Four Oaks Venture LP<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Oaks Place | 51.00% | Texas | Office | 305.9 | <sup>(2)</sup> | 296.9 | <sup>(2)</sup> |
| TREA I-35 Logistics Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-35 Logistics Center | 95.00% | Texas | Industrial |  |  | 0.7 | <sup>(3)</sup> |
| TREA Baytown 10 CC Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archway Baytown Development | 95.00% | Texas | Industrial | 49.1 |  | 50.1 |  |
| TREA Juniper Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper MOB Portfolio | 50.00% | Various | Office | 188.5 | <sup>(5)</sup> | 185.5 | <sup>(5)</sup> |
| TREA SV MOB Investor Member LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seavest MOB Portfolio | 98.72% | Various | Office | 312.4 | <sup>(25)</sup> | 241.5 | <sup>(25)</sup> |
| TREA Sun Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun SYNC Venture | 95.00% | Various | Apartment | 83.2 | <sup>(25)</sup> | 91.5 | <sup>(25)</sup> |
| TREA SH Venture LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Housing Portfolio | 80.00% | Various | Apartment | 544.6 | <sup>(25)</sup> | 600.7 | <sup>(25)</sup> |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Entity/Property Name** | **Account Interest** | | **Property Type** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Entity/Property Name** | **Account Interest** |<br>**Location** | **Property Type** | **2025** | **2025** | **2024** | **2024** |
| TREA Student Housing JV Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THP Student Housing Portfolio | 97.00% | Various | Apartment | $32.2 | <sup>(25)</sup> | $322.4 | <sup>(25)</sup> |
| Storage Portfolio I, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Storage Portfolio | 66.02% | Various | Storage | 204.2 | <sup>(25)</sup> | 204.8 | <sup>(25)</sup> |
| TREA Self Storage Investor Member, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Storage Portfolio II | 90.00% | Various | Storage | 345.7 | <sup>(25)</sup> | 354.1 | <sup>(25)</sup> |
| TREA Self Storage Investor Member III, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storage Portfolio III | 90.00% | Various | Storage | 79.4 | <sup>(5)</sup> | 75.0 | <sup>(5)</sup> |
| TREA Self Storage Investor Member IV LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storage Portfolio IV | 90.00% | Various | Storage | 500.1 | <sup>(5)</sup> | 490.0 | <sup>(5)</sup> |
| TREA Self Storage Investor Member V LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storage Portfolio V | 90.00% | Various | Storage | 77.1 | <sup>(5)</sup> | 73.6 | <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE JOINT VENTURES**<br>**(Cost $5,115.5 and $5,556.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE JOINT VENTURES**<br>**(Cost $5,115.5 and $5,556.8)** |  |  | $**5098.8** |  | $**5381.4** |  |

---

**REAL ESTATE FUNDS—3.7% and 3.3%**

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair Value at December 31,** | **Fair Value at December 31,** |
|<br>**Fund Name** |<br>**Account Interest** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagler-REA Healthcare Properties Partnership | 90.00% | $17.3 | $15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grubb Southeast Real Estate Fund VI, LLC | 66.67% | 10.9 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDR - Core Property Index Fund, LLC | 0.70% | 34.4 | 34.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JCR Capital - REA Preferred Equity Parallel Fund | 31.14% | 98.5 | 96.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCS SHIP Venture I, LLC | 90.00% | 46.9 | 47.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silverpeak NRE FundCo II, LLC | 90.00% | 73.4 | 60.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silverpeak NRE FundCo LLC | 90.00% | 91.7 | 65.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silverpeak NRE REA FundCo III (LP) | 90.00% | 83.5 | 74.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP V - II, LLC | 61.78% | 87.6 | 83.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taconic New York City GP Fund | 60.00% | 4.4 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsend Group Value-Add Fund | 99.00% | 169.0 | 206.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritas Trophy VI, LLC | 90.40% | 122.0 | 35.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE FUNDS**<br>**(Cost $918.3 and $798.0)** |  | $**839.6** | $**740.3** |
| **REAL ESTATE OPERATING BUSINESS—4.7% and 4.1%** | **REAL ESTATE OPERATING BUSINESS—4.7% and 4.1%** |  |  |
|  |  | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **Operating Business** | **Account Interest** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank<sup>(9)</sup> | 15.90% | $1072.6 | $931.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REAL ESTATE OPERATING BUSINESS**<br>**(Cost $621.8 and $491.2)** |  | $**1072.6** | $**931.8** |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

**OTHER MARKETABLE SECURITIES—7.5% and 5.4%**

**U.S. GOVERNMENT AGENCY NOTES—2.7% and 3.1%**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal** | **Principal** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **2025** | **2024** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **2025** | **2024** |
| $67.0 | $— | Federal Home Loan Bank Discount Notes | 3.860% | 1/2/2026 | $67.0 | $— |
| 30.0 |  | Federal Home Loan Bank Discount Notes | 4.243%%-4.253% | 1/6/2026 | 30.0 |  |
| 0.1 |  | Fannie Mae Discount Notes | 3.650% | 1/7/2026 | 0.1 |  |
| 1.8 |  | Federal Home Loan Bank Discount Notes | 3.910% | 1/7/2026 | 1.8 |  |
| 15.0 |  | Freddie Mac Discount Notes | 3.730% | 1/12/2026 | 15.0 |  |
| 5.0 |  | Federal Home Loan Bank Discount Notes | 4.150% | 1/20/2026 | 5.0 |  |
| 3.3 |  | Freddie Mac Discount Notes | 3.660% | 1/20/2026 | 3.3 |  |
| 17.5 |  | Federal Home Loan Bank Discount Notes | 3.880% | 1/21/2026 | 17.5 |  |
| 7.0 |  | Tennessee Valley Authority Discount Notes | 3.680% | 1/21/2026 | 7.0 |  |
| 46.0 |  | Federal Home Loan Bank Discount Notes | 3.729%-3.852% | 1/23/2026 | 46.0 |  |
| 2.0 |  | Federal Home Loan Bank Discount Notes | 3.890% | 1/30/2026 | 2.0 |  |
| 19.8 |  | Federal Home Loan Bank Discount Notes | 3.755%-3.912% | 2/4/2026 | 19.8 |  |
| 20.1 |  | Federal Home Loan Bank Discount Notes | 3.890% | 2/9/2026 | 20.1 |  |
| 5.0 |  | Federal Home Loan Bank Discount Notes | 3.887% | 2/11/2026 | 5.0 |  |
| 71.3 |  | Federal Home Loan Bank Discount Notes | 3.649%-3.671% | 2/13/2026 | 71.3 |  |
| 80.3 |  | Federal Home Loan Bank Discount Notes | 3.664%-3.833% | 2/20/2026 | 80.3 |  |
| 22.9 |  | Federal Home Loan Bank Discount Notes | 3.888%-3.889% | 2/27/2026 | 22.9 |  |
| 13.7 |  | Federal Home Loan Bank Discount Notes | 3.642%-3.719% | 3/4/2026 | 13.7 |  |
| 74.0 |  | Federal Home Loan Bank Discount Notes | 3.660% | 3/20/2026 | 74.0 |  |
| 24.8 |  | Federal Home Loan Bank Discount Notes | 3.670% | 3/27/2026 | 24.8 |  |
| 40.0 |  | Federal Home Loan Bank Discount Notes | 3.648%-3.657% | 4/17/2026 | 40.0 |  |
| 3.0 |  | Federal Home Loan Bank Discount Notes | 3.670% | 4/22/2026 | 3.0 |  |
| 24.7 |  | Federal Home Loan Bank Discount Notes | 3.650% | 5/11/2026 | 24.7 |  |
| 24.6 |  | Farmer Mac Discount Notes | 3.650% | 5/21/2026 | 24.7 |  |
| 2.1 |  | Federal Home Loan Bank Discount Notes | 3.630% | 6/12/2026 | 2.1 |  |
|  | 78.7 | Federal Home Loan Bank Discount Notes | 4.158%-4.686% | 1/2/2025 |  | 78.7 |
|  | 53.6 | Federal Home Loan Bank Discount Notes | 4.290%-4.642% | 1/3/2025 |  | 53.5 |
|  | 6.0 | Federal Home Loan Bank Discount Notes | 4.240% | 1/6/2025 |  | 6.0 |
|  | 106.0 | Federal Home Loan Bank Discount Notes | 4.586%-4.667% | 1/8/2025 |  | 106.0 |
|  | 42.2 | Tennessee Valley Authority Discount Notes | 4.293%-4.371% | 1/8/2025 |  | 42.2 |
|  | 17.1 | Federal Home Loan Bank Discount Notes | 4.336%-4.654% | 1/10/2025 |  | 17.1 |
|  | 1.1 | Federal Home Loan Bank Discount Notes | 4.260% | 1/13/2025 |  | 1.1 |
|  | 23.5 | Federal Home Loan Bank Discount Notes | 4.319%-4.651% | 1/15/2025 |  | 23.5 |
|  | 25.8 | Tennessee Valley Authority Discount Notes | 4.374%-4.403% | 1/15/2025 |  | 25.8 |
|  | 22.4 | Freddie Mac Discount Notes | 4.330% | 1/16/2025 |  | 22.4 |
|  | 2.0 | Farmer Mac Discount Notes | 4.320% | 1/17/2025 |  | 2.0 |
|  | 39.2 | Federal Home Loan Bank Discount Notes | 4.297%-4.654% | 1/17/2025 |  | 39.2 |
|  | 0.6 | Fannie Mae Discount Notes | 4.300% | 1/21/2025 |  | 0.6 |
|  | 84.8 | Tennessee Valley Authority Discount Notes | 4.355%-4.407% | 1/22/2025 |  | 84.8 |
|  | 0.8 | Federal Home Loan Bank Discount Notes | 4.400% | 1/23/2025 |  | 0.8 |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal** | **Principal** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **2025** | **2024** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **2025** | **2024** |
| $— | $26.0 | Federal Home Loan Bank Discount Notes | 4.371%-4.646% | 1/27/2025 | $— | $26.0 |
|  | 1.1 | Federal Home Loan Bank Discount Notes | 4.330% | 1/28/2025 |  | 1.1 |
|  | 29.9 | Federal Farm Credit Discount Notes | 4.410% | 1/31/2025 |  | 29.9 |
|  | 0.1 | Federal Home Loan Bank Discount Notes | 4.530% | 2/11/2025 |  | 0.1 |
|  | 49.7 | Farmer Mac Discount Notes | 4.360% | 2/27/2025 |  | 49.7 |
|  | 39.7 | Farmer Mac Discount Notes | 4.370% | 3/12/2025 |  | 39.7 |
|  | 1.7 | Federal Home Loan Bank Discount Notes | 4.370% | 3/12/2025 |  | 1.7 |
|  | 49.5 | Federal Home Loan Bank Discount Notes | 4.350% | 3/21/2025 |  | 49.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT AGENCY NOTES**<br>**(Cost $621.0 and $701.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT AGENCY NOTES**<br>**(Cost $621.0 and $701.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT AGENCY NOTES**<br>**(Cost $621.0 and $701.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT AGENCY NOTES**<br>**(Cost $621.0 and $701.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT AGENCY NOTES**<br>**(Cost $621.0 and $701.5)** | $**621.1** | $**701.4** |

---

**UNITED STATES TREASURY SECURITIES—3.9% and 2.3%**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal** | **Principal** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **2025** | **2024** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **2025** | **2024** |
| $31.9 | $— | United States Treasury Bills | 3.922%-3.923% | 1/2/2026 | $31.9 | $— |
| 329.8 |  | United States Treasury Bills | 3.710%-3.891% | 1/6/2026 | 329.9 |  |
| 25.0 |  | United States Treasury Bills | 3.910% | 1/8/2026 | 25.0 |  |
| 49.9 |  | United States Treasury Bills | 3.914%-3.927% | 1/13/2026 | 49.9 |  |
| 14.2 |  | United States Treasury Bills | 3.708%-3.871% | 1/22/2026 | 14.2 |  |
| 49.9 |  | United States Treasury Bills | 3.690% | 1/29/2026 | 49.9 |  |
| 73.2 |  | United States Treasury Bills | 3.650%-3.691% | 2/3/2026 | 73.1 |  |
| 26.3 |  | United States Treasury Bills | 3.640% | 2/5/2026 | 26.3 |  |
| 24.9 |  | United States Treasury Bills | —% | 2/12/2026 | 24.9 |  |
| 49.8 |  | United States Treasury Bills | 3.650% | 2/17/2026 | 49.8 |  |
| 99.4 |  | United States Treasury Bills | 3.650% | 3/3/2026 | 99.4 |  |
| 26.3 |  | United States Treasury Bills | 3.598%-3.852% | 3/24/2026 | 26.3 |  |
| 49.4 |  | United States Treasury Bills | 3.647% | 4/28/2026 | 49.4 |  |
| 49.4 |  | United States Treasury Bills | 3.630% | 5/5/2026 | 49.4 |  |
|  | 100.0 | United States Treasury Bills | 4.566%-4.594% | 1/2/2025 |  | 100.0 |
|  | 88.3 | United States Treasury Bills | 4.240% | 1/14/2025 |  | 88.4 |
|  | 97.8 | United States Treasury Bills | 4.270% | 1/16/2025 |  | 97.9 |
|  | 24.9 | United States Treasury Bills | 4.580% | 1/23/2025 |  | 24.9 |
|  | 49.8 | United States Treasury Bills | 4.324%-4.351% | 1/30/2025 |  | 49.8 |
|  | 49.8 | United States Treasury Bills | 4.581% | 2/4/2025 |  | 49.8 |
|  | 99.6 | United States Treasury Bills | 4.350% | 2/6/2025 |  | 99.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY SECURITIES**<br>**(Cost $899.4 and $510.2)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY SECURITIES**<br>**(Cost $899.4 and $510.2)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY SECURITIES**<br>**(Cost $899.4 and $510.2)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY SECURITIES**<br>**(Cost $899.4 and $510.2)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL UNITED STATES TREASURY SECURITIES**<br>**(Cost $899.4 and $510.2)** | $**899.4** | $**510.4** |

---

**SHORT TERM - REPURCHASE AGREEMENT—0.9% and —%**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal** | **Principal** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **2025** | **2024** | **Issuer** | **Yield**<sup>(6)</sup> | **Maturity<br>Date** | **2025** | **2024** |
| $208.2 | $— | Repurchase Agreement | 3.82% | 1/2/2026 | $208.2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM - REPURCHASE AGREEMENT**<br>**(Cost $208.2 and $—)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM - REPURCHASE AGREEMENT**<br>**(Cost $208.2 and $—)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM - REPURCHASE AGREEMENT**<br>**(Cost $208.2 and $—)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM - REPURCHASE AGREEMENT**<br>**(Cost $208.2 and $—)** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM - REPURCHASE AGREEMENT**<br>**(Cost $208.2 and $—)** | $**208.2** | $**—** |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

**LOANS RECEIVABLE—2.7% and 3.5%**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Principal** | **Principal** | | | | **Maturity Date** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** | |
| **2025** | **2024** | **Borrower** | **Property Type** | **Interest Rate**<sup>(7)</sup> | **Maturity Date** | **2025** |  | **2024** |  |
| $— | $92.9 | 311 South Wacker Mezzanine | Office | 4.81% + SOFR | 3/7/2023 | $— |  | $— | <sup>(8)</sup> |
| 56.0 | 56.0 | SCG Oakland Portfolio | Office | 4.36% + SOFR | 6/1/2023 |  | <sup>(8)</sup> |  | <sup>(8)</sup> |
| 60.0 | 60.0 | River North Point Junior Mezzanine | Office | 4.41% + SOFR | 7/9/2023 |  | <sup>(8)</sup> |  | <sup>(8)</sup> |
| 44.0 | 44.0 | SoNo Collection Mezzanine | Retail | 6.75% + SOFR | 8/6/2025 |  | <sup>(8)</sup> | 40.5 |  |
| 136.8 | 134.3 | Project Sonic Mezzanine & Senior Loan | Industrial | 2.75% + SOFR | 6/9/2026 | 136.9 |  | 134.3 |  |
|  | 117.7 | Spring House Innovation Park | Office | 3.26% + SOFR | 6/9/2026 |  |  | 114.1 |  |
| 52.2 | 47.8 | 1330 Broadway Mezzanine | Office | 5.02% + SOFR | 6/10/2026 |  | <sup>(8)</sup> |  |  |
| 108.0 | 107.1 | Reserve at Chino Hills | Apartment | 2.51% + SOFR | 8/9/2026 | 107.8 |  | 106.6 |  |
| 77.7 | 77.6 | San Diego Office Portfolio Mezzanine & Senior Loan | Office | 2.45% + SOFR | 8/9/2026 | 62.5 |  | 72.2 |  |
|  | 20.0 | Aspen Lake Office Portfolio Mezzanine | Office | 8.250% | 3/6/2028 |  |  |  |  |
| 94.1 | 94.2 | Merritt on the River Office Portfolio Mezzanine | Office | 8.000% | 8/1/2028 |  |  |  |  |
| 167.2 | 179.8 | One Biscayne Tower Mezzanine & Senior Loan | Office | 2.75% + SOFR | 9/9/2028 | 167.2 |  | 169.2 |  |
| 100.0 | 100.0 | Charles River Plaza North Mezzanine | Office | 6.080% | 4/6/2029 | 99.5 |  | 97.8 |  |
| 49.1 | 50.2 | Sol y Luna Mezzanine | Apartment | 6.550% | 1/6/2030 | 46.2 |  | 45.3 |  |
| &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE**<br>**(Cost $945.1 and $1,181.6)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE**<br>**(Cost $945.1 and $1,181.6)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE**<br>**(Cost $945.1 and $1,181.6)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE**<br>**(Cost $945.1 and $1,181.6)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE**<br>**(Cost $945.1 and $1,181.6)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE**<br>**(Cost $945.1 and $1,181.6)** | $**620.1** |  | $**780.0** |  |

---

------

**TIAA REAL ESTATE ACCOUNT**

**CONSOLIDATED SCHEDULES OF INVESTMENTS**

**(Dollar values shown in millions)**

**LOANS RECEIVABLE WITH RELATED PARTIES—0.3% and 0.4%**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Principal** | **Principal** | | | | **Maturity Date** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Fair Value at December 31,** |
| **2025** | **2024** | **Borrower** | **Property Type** | **Interest Rate**<sup>(7)</sup> | **Maturity Date** | **2025** |  | **2024** |
| $4.8 | $4.6 | MR MCC 3 Sponsor, LLC | Office | 6.00% | 12/1/2025 | $4.8 | <sup>(8)</sup> | $4.6 |
| 0.5 | 0.5 | MRA 34, LLC | Office | 3.75% + SOFR | 5/26/2026 | 0.5 |  | 0.5 |
| 36.5 | 36.5 | MRA Hub 34 Holding, LLC | Office | 2.50% + SOFR | 5/26/2026 | 36.5 |  | 36.5 |
|  | 27.7 | THP Student Housing, LLC | Apartment | 6.10% | 6/30/2026 |  |  | 27.7 |
| 28.5 | 28.5 | TREA SV 355 West 52nd <br>Street | Apartment | 5.20% | 6/1/2029 | 28.5 |  | 28.5 |
| &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE WITH RELATED PARTIES**<br>**(Cost $70.3 and $97.8)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE WITH RELATED PARTIES**<br>**(Cost $70.3 and $97.8)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE WITH RELATED PARTIES**<br>**(Cost $70.3 and $97.8)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE WITH RELATED PARTIES**<br>**(Cost $70.3 and $97.8)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE WITH RELATED PARTIES**<br>**(Cost $70.3 and $97.8)** | &nbsp;&nbsp;&nbsp;**TOTAL LOANS RECEIVABLE WITH RELATED PARTIES**<br>**(Cost $70.3 and $97.8)** | $**70.3** |  | $**97.8** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS**<br>**(Cost $22,373.0 and $22,627.1)** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS**<br>**(Cost $22,373.0 and $22,627.1)** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS**<br>**(Cost $22,373.0 and $22,627.1)** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS**<br>**(Cost $22,373.0 and $22,627.1)** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS**<br>**(Cost $22,373.0 and $22,627.1)** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS**<br>**(Cost $22,373.0 and $22,627.1)** | $**25405.5** |  | $**24750.1** |

---

<sup>(1)</sup> The investment has a loan payable outstanding, as indicated in *Note 11 - Loans Payable*.

<sup>(2)</sup> The fair value reflects the Account's interest in the joint venture and is net of debt.

<sup>(3)</sup> Represents residual equity value of the joint venture investment after property disposition.

<sup>(4)</sup> Property is located outside of the United States.

<sup>(5)</sup> Properties within this investment are located throughout the United States.

<sup>(6)</sup> For zero-coupon securities issued at a discount or premium to par, yield represents the annualized yield to maturity. For all other securities, the coupon rate is presented.

<sup>(7)</sup> Fixed interest rate loans are represented with a single rate. Variable interest rate loans are presented with their base spread and the corresponding index rate. Variable interest loans currently held by the Account use the one month LIBOR or SOFR rate and spread adjustments on U.S, dollar deposits are the index rate, as published by ICE Benchmark Administration Limited.

<sup>(8)</sup> The loan is currently in default.

<sup>(9)</sup> The Account invests in DataBank through DigitalBridge Zeus Partners, LP and DigitalBridge Zeus Partners III, LP (collectively, the "Databank" investment).

<sup>(10)</sup> This value represents the consolidated value of five Campus Pointe investments that were listed separately in the December 31, 2024 10-K

------

**ADDITIONAL INFORMATION**

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.**

Not applicable.

**ITEM 9A. CONTROLS AND PROCEDURES.**

(a) The registrant maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the registrant's reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including the registrant's Principal Executive Officer ("PEO") and the Principal Financial Officer ("PFO"), as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and participation of the registrant's management, including the registrant's PEO and PFO, the registrant conducted an evaluation (as required under Rules 13a-15(b) and 15d-15(b) under the Exchange Act, under the supervision and with the participation of our PEO and PFO, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon management's review, the PEO and the PFO concluded with reasonable assurance that the registrant's disclosure controls and procedures were effective as of December 31, 2025.

(b) <u>Management's Report on Internal Control over Financial Reporting</u>. Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), is a process designed by, or under the supervision of the Account's PEO and PFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Account's Consolidated Financial Statements for external purposes in accordance with U.S. generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has made a comprehensive review, evaluation, and assessment of the Account's internal control over financial reporting as of December 31, 2025. In making its assessment of internal control over financial reporting, management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control-Integrated Framework* (2013 Framework). Based on this assessment, management has concluded that as of December 31, 2025, the Account's internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

This annual report does not include an attestation report of the registrant's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Registrant's independent registered public accounting firm pursuant to the rules of the U.S. Securities and Exchange Commission that permit the company to provide only management's report in this annual report.

(c) <u>Changes in internal control over financial reporting</u>. There have been no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

While the Account has no officers, directors, or employees, none of the directors or officers of TIAA responsible for the management of the Account adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) in respect of the Account during the quarterly period covered by this report.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTS INSPECTION**

Not applicable.

------

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.** 

The TIAA Real Estate Account has no officers or directors. Rather, TIAA officers, under the direction and control of the Board, manage the investment of the Account's assets, following investment management procedures that TIAA has adopted for the Account. The Trustees and certain executive officers of TIAA as of March 1, 2026, their years of birth ("YOB") and their principal occupations during at least the past five years, are as follows:

**<u>Trustees</u>**

**James R. Chambers (Chairman of the TIAA Board of Trustees),** YOB: 1957

Director, President and Chief Executive Officer (2013 to 2016), and Special Advisor, Board (2016), Weight Watchers International, Inc. Chairman (2018 to 2022), Director (2012 to 2025), Big Lots, Inc. Finance and Investment Committee Member (2021 to present), Atlantic Health Systems. Strategic Advisor to the Board, Ocean Spray (2022 to present).

**Priya Abani,** YOB: 1975

President, Chief Executive Officer and Director, Alive Cor Inc. (2019 to present). General Manager, Alexa Voice Service team, Amazon, Inc. (2016 to 2019). Director, Jacobs Engineering Group, Inc. (2021 to present).

**Samuel R. Bright,** YOB: 1984

Vice President and General Manager of Google Play + Developer Ecosystem, Google (2023 to present). Chief Product and Experience Officer, Upwork (2020 to 2022). Vice President, General Manager – Verticals (2019 to 2020); Vice President, Soft Goods (2018 to 2019); Senior Director, Art & Collectibles (2016 to 2018); and a series of other M&A and Strategic Partnership roles (2012 to 2016), eBay. President and Board Member of certain Upwork subsidiaries (2021 to 2022). Advisory Council Member, Smithsonian National Postal Museum (2019 to 2023). Board Member, Benetech (2016 to 2021). Manager, Formosa Miaoli LLC (2025 to present).

**Jason E. Brown,** YOB: 1978

CEO, MRO Corp. (2022 to present). CEO, Discovery Health Partners (2018 to 2022). President, Evolent Health (2014 to 2018). Board Member, YMCA Chicago (2019 to present).

**Jeffrey R. Brown,** YOB: 1968

Larry Gies Family Endowed and Professor of Business, Dean Emeritus (2024 to present), Josef and Margot Lakonishok Professor of Business (2015-2024), Gies College of Business at the University of Illinois at Urbana-Champaign. Advisory Board Member, StoicLane (2025 to present). Board Member, Brown Eagle Investments, LLC (2018 to present). Board Member, Illinois Ventures, LLC (2022 to present). Chair (2019 to 2024) and Board Member (2016 to 2024), Illinois Global Gateway, LLC. Board Member, University of Illinois Research Park (2019 to 2024). Board Member (2020 to present), Executive Vice Chair (2022), and President (2023 to 2024), Prairielands Council, Scouting BSA. Academic Engagement Network (2018 to present), Tax Policy Center (2013 to present), and Aspen Institute Leadership Forum on Retirement Savings (2020 to present).

**Ángel Cabrera,** YOB: 1967

President, Georgia Institute of Technology (2019 to present). President, George Mason University (2012 to 2019). President, Thunderbird School of Global Management, Arizona State University (2004 to 2012). Dean, IE Business School in Madrid (1998 to 2004). Trustee, Georgia Tech Foundation, Inc. (2019 to present). Chair, Georgia Tech Athletic Association (2019 to present). Director, National Geographic Society (2017 to present). Member, Harvard College Visiting Committee (2021 to present). Trustee, Atlanta Committee for Progress (2019 to present). Director, Metro Atlanta Chamber of Commerce (2019 to present). Trustee, Bankinter Foundation for Innovation (2012 to present). Board Member, Association of American Universities (2024 to present).

**Michael R. Fanning,** YOB: 1963

CEO, Advisor360 (2023 to present). Head of US Insurance and Wealth Management, MassMutual (2017 to 2023). CEO, MassMutual Ascend (2022 to 2023). Director, MassChallenge (2023 to present). Director, Axcelus Financial (2023- present).

**Lisa W. Hess,** YOB: 1955

President and Managing Partner, SkyTop Capital (2010 to 2020). Director, Radian Group, Inc. (2011 to 2025). Director, TIAA, FSB (a wholly owned subsidiary of TIAA) (2015 to 2023). Trustee, John Simon Guggenheim Memorial Foundation (2023 to present). Trustee, New York Society Library (2023 to present). Director, Oak Spring Garden Foundation (2024 to present). Trustee, American Friends of the British Museum (2025 to present).

------

**Edward M. Hundert, M.D.,** YOB: 1956

Associate Director of the Centre for Bioethics (2014 to present), Senior Lecturer in Global Health and Social Medicine (2023 to present), Senior Philanthropic Advisor for Alumni Affairs and Development (2023 to present), Dean for Medical Education (2014 to 2023), and Daniel D. Federman, M.D. Distinguished Professor in Residence of Global Health and Social Medicine and Medical Education (2014 to 2024), Harvard University Medical School. Faculty member, Massachusetts General Hospital Center for Law, Brain and Behavior (2011 to 2023). Senior Advisor, Huron Consulting Group (2023 to present). Trustee, 109-115 Sewall Avenue Condominium Trust (2025 to present)..

**Gina L. Loften,** YOB: 1965

Chief Technology Officer for the US at Microsoft Corporation (2019 to 2021). Chief Technology Officer for IBM North American Consulting Services (2018 to 2019). Chief Innovation Officer for IBM (2015 to 2018). Director, TTEC (2021 to present). Director, Thoughtworks (2021 to present). Director, Foursquare (2021 to present). Director, Modernizing Medicine (2021 to 2025). Director, Interwell Health (2022 to 2025). Director (2021 to present), Chair (2025 to present), NC School of Science and Mathematics Foundation. Trustee (2023 to present), Chair (2025 to present), North Carolina AT&T State University.

**Ramona E. Romero,** YOB: 1962

Vice President & General Counsel (2019 to present) and General Counsel (2014 to 2019), Princeton University. Trustee, Barnard College (2019 to 2023). Trustee, Legal Services of New Jersey (2020 to present). Director, National Association of Women Lawyers (2022 to present). Member, Presidential Commission on White House Fellowships (2021 to 2025).

**Kim M. Sharan,** YOB: 1957

Founder and CEO, Kim M. Sharan, LLC (2014 to 2024). Founding Member and Managing Partner, Connective Partners LLC (2022 to present). CEO and Executive Committee member, The Acelera Connective (2022 to present). Consultant, The Council (2021 to 2023). Board Member, Partner Here (2014 to present). Board Member, Ag Resource Management (2023 to present). Advisory Board Member, Own the Room (2016 to 2023). Advisory Board Member, Hearsay Social (2019 to 2021). Advisory Board Member, Yext (2016 to 2018 and 2021 to 2022). Advisory Board Member, Vera Health (2021 to 2023). Director, TIAA FSB (a wholly-owned subsidiary of TIAA) (2020 to 2023). Director, TIAA, Trust, N.A. (a wholly-owned subsidiary of TIAA) (2023 to present). Member, Women's Forum New York (2012 to present).

**La June Montgomery Tabron,** YOB: 1962

President and CEO of the W.K. Kellogg Foundation (2014 to present). Board Member, Kellanova (2024 to present). Board Member, Kellogg Company (2014 to 2024). Chair of the W.K. Kellogg Trust (2014 to present). Director, Bronson Healthcare Group (2011 to 2025). Board Member, Detroit Regional Partnership (2019 to present). Trustee, Upjohn Institute for Employment Research (2022 to present). Trustee, Descendants Truth & Reconciliation Foundation (2021 to present). Executive Committee Member, Michigan Economic Development Corporation (2022 to present). Board Member, Southern Communities Initiative (2023 to present).

**<u>Officer—Trustees</u>**

**Thasunda Brown Duckett,** YOB: 1973

President and Chief Executive Officer of TIAA (2021 to present).

Prior positions: Chief Executive Officer, Consumer Banking (2016 to 2021) and Chief Executive Officer, Chase Auto Finance (2013 to 2016) at JPMorgan Chase & Co. Director, Nike, Inc. (2019 to present). Director, Brex (2022 to present). Trustee, New York-Presbyterian Hospital (2023 to present).

**<u>Other TIAA Executive Officers</u>**

**Colbert Narcisse,** YOB: 1965

Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions & New Markets, TIAA; President and Chief Executive Officer, College Retirement Equities Fund and TIAA Separate Account VA-1; Manager, TIAA-CREF Individual & Institutional Services, LLC. Prior positions: Executive Vice President, National Wealth Advisory Services; Senior Managing Director, National Wealth Advisory Services, TIAA. Managing Director and the Head of International Wealth Management at Morgan Stanley (2017 to 2019).

**Christopher Baraks,** YOB: 1970

Senior Vice President, Chief Accounting Officer and Corporate Controller, TIAA and CREF. Prior positions: Vice President, Head of Tax, TIAA and CREF.

------

**<u>Portfolio Management Team</u>**

**Chris Burk,** YOB: 1971

Managing Director, Senior Portfolio Manager, Head of TIAA Real Estate Account (since January 2023). Prior positions: Managing Director, Co-Portfolio Manager, Co-Head of TIAA Real Estate Account (September 2022 to December 2022); Managing Director, Senior Portfolio Manager, Real Estate, TIAA (March 2020 to September 2022). Senior Director, Real Estate Portfolio Management, TIAA (2018 to 2020).

**<u>Audit Committee Financial Experts</u>**

On February 12, 2026, the Board of Trustees of TIAA determined that James E. Brown, Ángel Cabrera, James R. Chambers, Michael R. Fanning, Lisa W. Hess, La June Montgomery Tabron qualify as Audit Committee Financial Experts. Each such Trustee is independent (as that term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934) and has not accepted, directly or indirectly, any consulting, advisory or other compensatory fee from TIAA, other than in his or her capacity as Trustee.

**<u>Code of Conduct</u>**

The Board of Trustees of TIAA has adopted a code of conduct for senior financial officers, including its principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

The code of conduct is filed as an exhibit to this annual report.

During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

**<u>Insider Trading Policy</u>**

TIAA has also adopted the TIAA Enterprise Material Non-Public Information and Insider Trading Policy which, among other things, prohibits TIAA personnel from purchasing or redeeming Account accumulation units for their own account, or "tipping" others to do so, while in possession of material non-public information relating to Account contracts. The policy is filed with this report as Exhibit 19 and is incorporated by reference herein.

**ITEM 11. Executive Compensation.**

No TIAA Trustee or executive officer receives compensation from the Account.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.**

Not applicable.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.**

The TIAA General Account plays a significant role in operating the Account, including providing a liquidity guarantee, and investment advisory, administrative, and other services. In addition, Services, a wholly-owned subsidiary of TIAA, provides distribution services for the Account.

<u>Liquidity Guarantee</u>. If the Account's liquid assets and its cash flow from operating activities and participant transactions are insufficient to fund redemption requests, the TIAA general account has agreed to purchase liquidity units. TIAA thereby guarantees that a participant can redeem accumulation units at their net asset value next determined. For the year ended December 31, 2025, the Account expensed $63.5 million for this liquidity guarantee from TIAA through a daily deduction from the net assets of the Account.

<u>Investment Advisory and Administration Services/Mortality and Expense Risks Borne by TIAA</u>. Deductions are made each valuation day from the net assets of the Account for various services required to manage investments, administer the Account and distribute the contracts. These services are performed at cost by TIAA and Services. Deductions are also made each valuation day to cover mortality and expense risks borne by TIAA.

------

For the year ended December 31, 2025, the Account expensed $69.2 million for investment management services. There were no charges for mortality and expense risks provided/borne by TIAA for the current year. For the same period, the Account expensed $65.9 million for administrative and distribution services provided by TIAA and Services.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

PricewaterhouseCoopers LLP ("PwC") performs independent audits of the registrant's consolidated financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the registrant, as a policy, does not engage PwC for management advisory or consulting services.

<u>Audit Fees</u>. PwC's fees for professional services rendered for the audits of the registrant's annual consolidated financial statements for the years ended December 31, 2025 and 2024 and review of consolidated financial statements included in the registrant's quarterly reports were $1.14 million and $1.10 million respectively.

<u>Audit-Related Fees</u>. The registrant had no audit-related services for the years ended December 31, 2025 and 2024.

<u>Tax Fees</u>. PwC had no tax fees with respect to registrant for the years ended December 31, 2025 and 2024.

<u>All Other Fees</u>. Other than as set forth above, there were no additional fees with respect to registrant.

<u>Preapproval Policy</u>. The audit committee of the Board ("Audit Committee") has adopted a Preapproval Policy for External Audit Firm Services (the "Policy"), which applies to the registrant. The Policy describes the types of services that may be provided by the independent auditor to the registrant without impairing the auditor's independence. Under the Policy, the Audit Committee is required to preapprove services to be performed by the registrant's independent auditor in order to ensure that such services do not impair the auditor's independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statement audit for the registrant and certain of its affiliates, including approving the terms of the engagement and (ii) preapprove the audit, audit-related and tax services to be provided by the independent auditor and the fees to be charged for provision of such services from year to year.

------

**PART IV**

**ITEM 15. EXHIBITS AND CONSOLIDATED FINANCIAL STATEMENT SCHEDULES.**

---

| | | |
|:---|:---|:---|
| (1) | (A) | <u>[Distribution Agreement for the Contracts Funded by the TIAA Real Estate Account, dated as of January 1, 2008, by and among Teachers Insurance and Annuity Association of America, for itself and on behalf of the Account, and TIAA-CREF Individual & Institutional Services, LLC](https://www.sec.gov/Archives/edgar/data/946155/000093041313001686/c72835_ex1a.htm)</u><sup>4</sup> |
| (3) | (A) | <u>[Restated Charter of TIAA (as amended)](https://www.sec.gov/Archives/edgar/data/946155/000093041315001888/c80401_ex3a.htm)</u><sup>5</sup> |
|  | (B) | <u>[Amended Bylaws of TIAA](https://www.sec.gov/Archives/edgar/data/946155/000093041315001888/c80401_ex3b.htm)</u><sup>6</sup> |
| (4) | (A) | <u>[Forms of RA, GRA, GSRA, SRA, IRA Real Estate Account Endorsements](https://www.sec.gov/Archives/edgar/data/946155/0000950146-96-000627.txt)</u>,<sup>2</sup> <u>[Keogh Contract](https://www.sec.gov/Archives/edgar/data/946155/000093041305003249/c35876_ex4.htm)</u>,<sup>3</sup> <u>[Retirement Select and Retirement Select Plus Contracts and Endorsements](https://www.sec.gov/Archives/edgar/data/946155/000093041304002268/c31392_ex4-a.txt)</u><sup>1</sup> and <u>[Retirement Choice and Retirement Choice Plus Contracts](https://www.sec.gov/Archives/edgar/data/946155/000093041305003249/c35876_ex4.htm)</u><sup>3</sup> |
|  | (B) | <u>[Forms of Income-Paying Contracts](https://www.sec.gov/Archives/edgar/data/946155/0000950146-96-000627-index.html)</u><sup>2</sup> |
|  | (C) | (1) <u>[Form of Contract Endorsement for Internal Transfer Limitation](https://www.sec.gov/Archives/edgar/data/946155/000093041310005579/c62766_ex-4c.htm)</u>7 (2)<u>[Form of Contract Endorsement for Internal Transfer Limitation](https://www.sec.gov/Archives/edgar/data/946155/000162828023007206/tiaarea_newex4c2toitem15.htm)</u><sup>25</sup> |
|  | (D) | (1) <u>[Form of Non-ERISA Retirement Choice Plus Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828017002745/exhibit4d1.htm)</u>9 (2) <u>[Form of Non-ERISA Retirement Choice Plus Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828017002745/exhibit4d2.htm)</u><sup>9</sup> |
|  | (E) | (1) <u>[Form of Trust Company Retirement Choice Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828017002745/exhibit4e1.htm)</u>10 (2) <u>[Form of Trust Company Retirement Choice Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828017002745/exhibit4e2.htm)</u>10 (3)<u>[Form of Trust Company Retirement Choice Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828023007206/tiaarea_newex4e3toitem15.htm)</u><sup>26</sup> <br>(4) <u>[Form of Trust Company Retirement Choice Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828023007206/tiaarea_newex4e4toitem15.htm)</u><sup>27</sup> |
|  | (F) | (1) <u>[Form of Trust Company Retirement Choice Plus Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828017002745/exhibit4f1.htm)</u>11 (2) <u>[Form of Trust Company Retirement Choice Plus Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828017002745/exhibit4f2.htm)</u>11 (3) <u>[Form of Trust Company Retirement Choice Plus Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828023007206/tiaarea_newex4f3toitem15.htm)</u><sup>28</sup><br>(4)<u>[Form of Trust Company Retirement Choice Plus Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828023007206/tiaarea_newex4f4toitem15.htm)</u><sup>29</sup> |
|  | (G) | <u>[Form of Income Test Drive Endorsement for Retirement Annuity Contracts. After-Tax Retirement Annuity Contracts, Supplemental Retirement Annuity Contracts and IRA Contracts (including Rollover IRA, Contributory IRA, Roth IRA, OneIRA)](https://www.sec.gov/Archives/edgar/data/946155/000162828018003214/exhibit4g123117.htm)</u><sup>14</sup> |
|  | (H) | <u>[Form of Income Test Drive Endorsement for Group Retirement Annuity Certificates, Group Supplemental Retirement Annuity Certificates, Keogh Certificates, Retirement Choice Certificates, Retirement Choice Plus Certificates, Non-ERISA Retirement Choice Plus Certificates, Trust Retirement Choice Certificates, and Trust Retirement Choice Plus Certificates](https://www.sec.gov/Archives/edgar/data/946155/000162828018003214/exhibit4h123117.htm)</u><sup>15</sup> |
|  | (I) | <u>[Form of OneIRA Non-Qualified Deferred Annuity Contract (and Rate Schedule)](https://www.sec.gov/Archives/edgar/data/946155/000162828018003214/exhibit4i123117.htm)</u><sup>16</sup> |
|  | (J) | (1) <u>[Form of Endorsement to Retirement Choice and Retirement Choice Plus Contracts for Custom Portfolios](https://www.sec.gov/Archives/edgar/data/946155/000162828019002918/exhibit4j1123118.htm)</u><sup>17</sup> (2) <u>[Form of Endorsement to Retirement Choice and Retirement Choice Plus Certificates for Custom Portfolios](https://www.sec.gov/Archives/edgar/data/946155/000162828019002918/exhibit4j2123118.htm)</u><sup>17</sup> |
|  | (K) | <u>[Form of Endorsement to Group Supplemental Retirement Annuity (GSRA) Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828019002918/exhibit4k123118.htm)</u><sup>18</sup> |
|  | (L) | (1) <u>[Form of Contract, Rate Schedule and Certificate for Multiple Employer Plan Retirement Choice Annuity Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828020003434/exhibit4l1123119.htm)</u> <sup>19</sup><br>(2) <u>[Form of Contract, Rate Schedule and Certificate for Multiple Employer Plan Retirement Choice Plus Annuity Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828020003434/exhibit4l2123119.htm)</u> <sup>19</sup> |
|  | (M) | <u>[Form of Retirement Plan Loan Endorsement to Group Retirement Annuity Certificate](https://www.sec.gov/Archives/edgar/data/946155/000162828021004496/exhibit4m.htm)</u><sup>20</sup> |
|  | (N) | <u>[Form of Retirement Plan Loan Endorsement to Retirement Annuity Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828021004496/exhibit4n.htm)</u><sup>21</sup> |
|  | (O) | <u>[Form of Retirement Plan Loan Endorsement to Supplemental Retirement Annuity Contract](https://www.sec.gov/Archives/edgar/data/946155/000162828021004496/exhibit4o.htm)</u><sup>22</sup> |
|  | (P) | <u>[Form of Required Minimum Distribution Endorsement to All Annuity Contracts](https://www.sec.gov/Archives/edgar/data/946155/000162828021004496/exhibit4p.htm)</u><sup>23</sup> |
|  | (Q) | <u>[Form of Required Minimum Distribution Endorsement to All Annuity Contracts](https://www.sec.gov/Archives/edgar/data/946155/000162828021004496/exhibit4q.htm)</u><sup>24</sup> |
| (10) | (A) | <u>[Amended and Restated Independent Fiduciary Letter Agreement, dated as of February 21, 2018, between TIAA, on behalf of the Registrant, and RERC, LLC](https://www.sec.gov/Archives/edgar/data/946155/000162828018002605/ifsrercsigned20180223.htm)</u> <sup>(13)</sup> |
|  | (B) | <u>[Custodian Agreement, dated as of March 3, 2008, by and between TIAA, on behalf of the Registrant, and State Street Bank and Trust Company, N.A](https://www.sec.gov/Archives/edgar/data/946155/000093041313001652/c71842_ex10-b.htm)</u>.<sup>8</sup> |
|  | (C) | <u>[Independent Fiduciary, dated February 10, 2022, between TIAA, on behalf of the Registrant, and SitusAMC Real Estate Valuation Services, LLC](https://www.sec.gov/Archives/edgar/data/946155/000162828022002826/tiaarea_erisafiduciaryse.htm)</u><sup>12</sup> |
|  | (D) | <u>[Form of](https://www.sec.gov/Archives/edgar/data/946155/000162828022021355/tiaarea_xformofxnotepurc.htm)[Note Purchase agreement, dated as of June 10, 2022, by and between TIAA, on behalf of the registrant, and the purchasers party thereto](https://www.sec.gov/Archives/edgar/data/946155/000162828022021355/tiaarea_xformofxnotepurc.htm)[.](https://www.sec.gov/Archives/edgar/data/946155/000162828022021355/tiaarea_xformofxnotepurc.htm)</u><sup>(30)</sup> |
|  | (E) | <u>[Form of](https://www.sec.gov/Archives/edgar/data/946155/000162828023027500/ex10c.htm)[Note Purchase agreement, dated as of March 21, 2023, by and between TIAA, on behalf of the registrant, and the purchasers party thereto](https://www.sec.gov/Archives/edgar/data/946155/000162828023027500/ex10c.htm)[.](https://www.sec.gov/Archives/edgar/data/946155/000162828023027500/ex10c.htm)</u><sup>(31)</sup> |
|  | (F) | <u>[First Amendment to the Custodian Agreement, dated as of September 25, 2024 by and between TIAA, on behalf of the registrant, and State Street Bank and Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/946155/000162828024044693/exhibit10e93024.htm)</u><sup>(32)</sup> |
|  | (G) | <u>[Form](tiaarea-formofnotepurcha.htm)[of](tiaarea-formofnotepurcha.htm)[Note Purchase Agreement, dated as of October 22, 2025, by and between TIAA on behalf of the Registrant, and the Purchasers party thereto](tiaarea-formofnotepurcha.htm)[.](tiaarea-formofnotepurcha.htm)</u><sup>\*</sup> |
| (19) |  | <u>[TIAA Enterprise Material Non-Public Information and Insider Trading Policy](exhibit19tiaaenterprisem.htm)</u>\* |
| (21) |  | Subsidiaries of the Registrant |
| (14) |  | <u>[Code of Conduct of TIAA](code_ofxconducta01.htm)</u>\* |
| (31) |  | <u>[Rule 13(a)-15(e)/ Rule 13a-15(e)/15d-15(e) Certifications](exhibit31123125.htm)</u>\* |
| (32) |  | <u>[Section 1350 Certifications](exhibit32123125.htm)</u>\* |

---

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(101) The following financial information from the annual report on Form 10-K for the year ended December 31, 2025, formatted in XBRL (Extensible Business Reporting Language): (i) the Statements of Assets and Liabilities, (ii) the Statements of Operations, (iii) the Statements of Changes in Net Assets, (iv) the Statements of Cash Flows, and (v) the Notes to the Financial Statements. Any other required schedule has been omitted because the schedule is not applicable to the registrant.\*\*

(104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\*\*

\*Filed herewith.

\*\*Furnished electronically herewith.

✦The registrant agrees to furnish a copy of any omitted non-material instruments defining the rights of holders of long-term debt securities to the Commission upon request.

(1)Previously filed and incorporated herein by reference to Exhibit 4(A) to the Account's Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1 filed April 29, 2004 (File No. 333-113602).

(2)Previously filed and incorporated herein by reference to the Account's Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 filed April 30, 1996 (File No. 33-92990).

(3)Previously filed and incorporated herein by reference to the Account's Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 filed May 2, 2005 (File No. 333-121493).

(4)Previously filed and incorporated herein by reference to Exhibit 1(A) to the Account's Registration Statement on Form S-1, filed with the Commission on March 15, 2013 (File No. 333-187309).

(5)Previously filed and incorporated herein by reference to Exhibit 3(A) to the Account's Registration Statement on Form S-1, filed with the Commission on April 22, 2015 (File No. 333-202583).

(6)Previously filed and incorporated herein by reference to Exhibit 3(B) to the Account's Registration Statement on Form S-1, filed with the Commission on April 22, 2015 (File No. 333-202583).

(7)Previously filed and incorporated by reference to Exhibit 4(C) to the Account's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 and filed with the Commission on November 12, 2010 (File No. 33-92990).

(8)Previously filed and incorporated herein by reference to Exhibit 10(B) to the Annual Report on Form 10-K of the Account for the fiscal year ended December 31, 2012 and filed with the Commission on March 14, 2013 (File No. 33-92990).

(9)Previously filed and incorporated by reference to Exhibit 4(D)(1) and 4(D)(2) to the Account's Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849).

(10)Previously filed and incorporated by reference to Exhibit 4(E)(1) and 4(E)(2) to the Account's Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849).

(11)Previously filed and incorporated by reference to Exhibit 4(F)(1) and 4(F)(2) to the Account's Registration Statement on Form S-1, filed with the Commission on March 21, 2017 (File No. 333-216849).

(12)Previously filed and incorporated by reference to Exhibit 10.1 to the Account's Current Report on Form 8-K, filed with the Commission on February 16, 2022 (File No. 33-92990).

(13)Previously filed and incorporated by reference to Exhibit 10.1 to the Account's Current Report on Form 8-K, filed with the Commission on March 1, 2018 (File No. 33-92990).

(14)Previously filed and incorporated by reference to Exhibit 4(G) to the Account's Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 33-92990).

(15)Previously filed and incorporated by reference to Exhibit 4(H) to the Account's Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 33-92990).

(16)Previously filed and incorporated by reference to Exhibit 4(I) to the Account's Annual Report on Form 10-K, filed with the Commission on March 15, 2018 (File No. 33-92990).

(17)Previously filed and incorporated by reference to Exhibit 4(J)(1) and 4(J)(2) to the Account's Annual Report on Form 10-K, filed with the Commission on March 14, 2019 (File No. 33-92990).

(18)Previously filed and incorporated by reference to Exhibit 4(K) to the Account's Annual Report on Form 10-K, filed with the Commission on March 14, 2019 (File No. 33-92990).

(19)Previously filed and incorporated by reference to Exhibit 4(L)(1) and 4(L)(2) to the Account's Annual Report on Form 10-K, filed with the Commission on March 12, 2020 (File No. 33-92990).

(20)Previously filed and incorporated by reference to Exhibit 4(M) to the Account's Annual Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(21)Previously filed and incorporated by reference to Exhibit 4(N) to the Account's Annual Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(22)Previously filed and incorporated by reference to Exhibit 4(O) to the Account's Annual Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(23)Previously filed and incorporated by reference to Exhibit 4(P) to the Account's Annual Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

------

(24)Previously filed and incorporated by reference to Exhibit 4(Q) to the Account's Annual Report on Form 10-K, filed with the Commission on March 11, 2021 (File No. 33-92990).

(25)Previously filed and incorporated by reference to Exhibit 4(C)(2) to the Account's Annual Report on Form 10-K, filed with the Commission on March 9, 2023 (File No. 33-92990).

(26)Previously filed and incorporated by reference to Exhibit 4(E)(3) to the Account's Annual Report on Form 10-K, filed with the Commission on March 9, 2023 (File No. 33-92990).

(27)Previously filed and incorporated by reference to Exhibit 4(E)(4) to the Account's Annual Report on Form 10-K, filed with the Commission on March 9, 2023 (File No. 33-92990).

(28)Previously filed and incorporated by reference to Exhibit 4(F)(3) to the Account's Annual Report on Form 10-K, filed with the Commission on March 9, 2023 (File No. 33-92990).

(29)Previously filed and incorporated by reference to Exhibit 4(F)(4) to the Account's Annual Report on Form 10-K, filed with the Commission on March 9, 2023 (File No. 33-92990).

(30)Previously filed and incorporated herein by reference to Exhibit 10(C) to the Account's Quarterly Report on Form 10-Q, filed with the Commission on August 5, 2022 (File No. 33-92990).

(31)Previously filed and incorporated by reference to Exhibit 10(C) to the Account's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and filed with the Commission on August 4, 2023 (File No. 33-92990).

(32)Previously filed and incorporated by reference to Exhibit 10(E) to the Account's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and filed with the Commission on November 1, 2024 (File No. 33-92990).

**ITEM 16. FORM 10-K SUMMARY.**

Not applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant, TIAA Real Estate Account, has duly caused this annual report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York, on the twelfth day of March, 2026.

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| | | |
|:---|:---|:---|
| | TIAA REAL ESTATE ACCOUNT | TIAA REAL ESTATE ACCOUNT |
| | By: | TEACHERS INSURANCE AND<br>ANNUITY ASSOCIATION OF AMERICA |
| March 12, 2026 |  | /s/ Colbert Narcisse |
|  |  | Colbert Narcisse |
|  |  | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America (Principal Executive Officer) |

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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed by the following trustees and officers of Teachers Insurance and Annuity Association of America, in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ THASUNDA BROWN DUCKETT | President and Chief Executive Officer of Teachers Insurance and Annuity Association of America and Trustee | March 12, 2026 |
| /s/ COLBERT NARCISSE | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America (Principal Executive Officer) | March 12, 2026 |
| /s/ CHRISTOPHER BARAKS | Senior Vice President, Chief Accounting Officer and Corporate Controller of Teachers Insurance and Annuity Association of America (Principal Financial and Accounting Officer) | March 12, 2026 |
| /s/ JAMES R. CHAMBERS | Chairman of the Board of Trustees | March 12, 2026 |
| /s/ PRIYA ABANI | Trustee | March 12, 2026 |
| /s/ SAMUEL R. BRIGHT | Trustee | March 12, 2026 |
| /s/ JASON E. BROWN | Trustee | March 12, 2026 |
| /s/ JEFFREY R. BROWN | Trustee | March 12, 2026 |
| /s/ ÁNGEL CABRERA | Trustee | March 12, 2026 |
| /s/ MICHAEL R. FANNING | Trustee | March 12, 2026 |
| /s/ LISA W. HESS | Trustee | March 12, 2026 |
| /s/ EDWARD M. HUNDERT, M.D. | Trustee | March 12, 2026 |
| /s/ GINA L. LOFTEN | Trustee | March 12, 2026 |
| /s/ RAMONA E. ROMERO | Trustee | March 12, 2026 |
| /s/ KIM M. SHARAN | Trustee | March 12, 2026 |
| /s/ LA JUNE MONTGOMERY TABRON | Trustee | March 12, 2026 |

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**SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO**

**SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED**

**SECURITIES PURSUANT TO SECTION 12 OF THE ACT**

Because the Registrant has no voting securities, nor its own management or board of directors, no annual report or proxy materials will be sent to contract owners holding interests in the Account.

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**Exhibit Index**

**Exhibits**

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| | | |
|:---|:---|:---|
| 10 | (G) | Form of Note Purchase Agreement, dated as of October 22, 2025, by and between TIAA on behalf of the Registrant, and the Purchasers party thereto |
| 14 |  | Code of Conduct of TIAA |
| 19 |  | TIAA Enterprise Material Non-Public Information and Insider Trading Policy |
| 31 |  | Rule 13(a)-15(e)/ Rule 13a-15(e)/15d-15(e) Certifications |
| 32 |  | Section 1350 Certifications |

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## Ex-10.(G)

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BUSINESS.33548980.10 TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, ON BEHALF OF THE REAL ESTATE ACCOUNT $375,000,000 4.89% Series D Senior Notes due October 22, 2030 $325,000,000 5.13% Series E Senior Notes due October 22, 2032 ____________________________________ NOTE PURCHASE AGREEMENT _____________________________________ Dated October 22, 2025 Exhibit 10(G)

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**TABLE OF CONTENTS** Page -i- BUSINESS.33548980.10 SECTION 1. AUTHORIZATION OF NOTES; LIMITED RECOURSE ................................ 1 SECTION 2. SALE AND PURCHASE OF NOTES. ............................................................... 2 SECTION 3. CLOSING. ........................................................................................................... 2 SECTION 4. CONDITIONS TO CLOSING. ........................................................................... 2 Section 4.1. Representations and Warranties ........................................................................ 2 Section 4.2. Performance; No Default .................................................................................... 2 Section 4.3. Compliance Certificates ...................................................................................... 3 Section 4.4. Opinions of Counsel ............................................................................................. 3 Section 4.5. Purchase Permitted By Applicable Law, Etc .................................................... 3 Section 4.6. Sale of Other Notes .............................................................................................. 3 Section 4.7. Payment of Special Counsel Fees ........................................................................ 3 Section 4.8. Private Placement Number ................................................................................. 3 Section 4.9. Changes in Corporate Structure ........................................................................ 4 Section 4.10. Funding Instructions ........................................................................................... 4 Section 4.11. Offeree Letter. ...................................................................................................... 4 Section 4.12. Proceedings and Documents. .............................................................................. 4 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY ............... 4 Section 5.1. Organization; Power and Authority .................................................................. 4 Section 5.2. Authorization, Etc ................................................................................................ 5 Section 5.3. Disclosure .............................................................................................................. 5 Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates ................ 5 Section 5.5. Financial Statements; Material Liabilities ........................................................ 6 Section 5.6. Compliance with Laws, Other Instruments, Etc............................................... 6 Section 5.7. Governmental Authorizations, Etc..................................................................... 7 Section 5.8. Litigation; Observance of Statutes and Orders ................................................ 7 Section 5.9. Taxes...................................................................................................................... 7 Section 5.10. Title to Property; Leases; Qualified Assets ....................................................... 7 Section 5.11. Licenses, Permits, Etc .......................................................................................... 8 Section 5.12. Compliance with Employee Benefit Plans ......................................................... 8 Section 5.13. Private Offering by the Company ...................................................................... 9 Section 5.14. Use of Proceeds; Margin Regulations ................................................................ 9 Section 5.15. Existing Indebtedness .......................................................................................... 9 Section 5.16. Foreign Assets Control Regulations, Etc ......................................................... 10 Section 5.17. Status under Certain Statutes ........................................................................... 11 Section 5.18. Separate Account ............................................................................................... 11 Section 5.19. Environmental Matters ..................................................................................... 12 SECTION 6. REPRESENTATIONS OF THE PURCHASERS ............................................ 12 Section 6.1. Purchase for Investment.................................................................................... 12 Section 6.2. Source of Funds .................................................................................................. 13

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**TABLE OF CONTENTS** (continued) Page -ii- BUSINESS.33548980.10 Section 6.3. Investment Experience; Access to Information .............................................. 14 Section 6.4. Authorization...................................................................................................... 15 Section 6.5. Restricted Securities .......................................................................................... 15 Section 6.6. No Public Market ............................................................................................... 15 Section 6.7. Legends ............................................................................................................... 15 SECTION 7. INFORMATION AS TO COMPANY .............................................................. 15 Section 7.1. Financial and Business Information................................................................. 15 Section 7.2. Officer's Certificate ........................................................................................... 18 Section 7.3. Visitation ............................................................................................................. 19 Section 7.4. Electronic Delivery............................................................................................. 20 SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES ...................................... 20 Section 8.1. Maturity .............................................................................................................. 20 Section 8.2. Optional Prepayments with Make-Whole Amount ........................................ 20 Section 8.3. Allocation of Partial Prepayments ................................................................... 21 Section 8.4. Maturity; Surrender, Etc .................................................................................. 21 Section 8.5. Purchase of Notes ............................................................................................... 21 Section 8.6. Make-Whole Amount ........................................................................................ 21 Section 8.7. Offer of Prepayment Upon Change in Control. .............................................. 23 Section 8.8. Payments Due on Non-Business Days .............................................................. 24 SECTION 9. AFFIRMATIVE COVENANTS ....................................................................... 24 Section 9.1. Compliance with Laws ...................................................................................... 24 Section 9.2. Insurance ............................................................................................................ 24 Section 9.3. Maintenance of Properties ................................................................................ 25 Section 9.4. Payment of Taxes ............................................................................................... 25 Section 9.5. Corporate Existence, Etc ................................................................................... 25 Section 9.6. Books and Records ............................................................................................. 25 Section 9.7. Subsidiary Guarantors ...................................................................................... 25 Section 9.8. Maintenance of Separate Account Status ........................................................ 27 Section 9.9. Investment Policies............................................................................................. 27 SECTION 10. NEGATIVE COVENANTS .............................................................................. 27 Section 10.1. Transactions with Affiliates .............................................................................. 27 Section 10.2. Merger, Consolidation, Etc ............................................................................... 28 Section 10.3. Line of Business .................................................................................................. 29 Section 10.4. Economic Sanctions, Etc ................................................................................... 29 Section 10.5. Liens .................................................................................................................... 29 Section 10.6. Financial Covenants........................................................................................... 30 Section 10.7. Modifications of Certain Documents ............................................................... 30 SECTION 11. EVENTS OF DEFAULT .................................................................................. 30 SECTION 12. REMEDIES ON DEFAULT, ETC .................................................................... 33

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**TABLE OF CONTENTS** (continued) Page -iii- BUSINESS.33548980.10 Section 12.1. Acceleration ........................................................................................................ 33 Section 12.2. Other Remedies .................................................................................................. 34 Section 12.3. Rescission ............................................................................................................ 34 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc ...................................... 34 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES ................... 34 Section 13.1. Registration of Notes.......................................................................................... 34 Section 13.2. Transfer and Exchange of Notes ...................................................................... 35 Section 13.3. Replacement of Notes ........................................................................................ 35 SECTION 14. PAYMENTS ON NOTES ................................................................................. 36 Section 14.1. Place of Payment ................................................................................................ 36 Section 14.2. Payment by Wire Transfer ............................................................................... 36 Section 14.3. FATCA Information .......................................................................................... 36 Section 14.4. Withholding Taxes. ............................................................................................ 37 SECTION 15. EXPENSES, ETC .............................................................................................. 37 Section 15.1. Transaction Expenses ........................................................................................ 37 Section 15.2. Certain Taxes ..................................................................................................... 38 Section 15.3. Survival ............................................................................................................... 38 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT ................................................................................... 38 SECTION 17. AMENDMENT AND WAIVER ...................................................................... 38 Section 17.1. Requirements...................................................................................................... 38 Section 17.2. Solicitation of Holders of Notes ........................................................................ 39 Section 17.3. Binding Effect, Etc ............................................................................................. 40 Section 17.4. Notes Held by Company, Etc ............................................................................ 40 SECTION 18. NOTICES .......................................................................................................... 40 SECTION 19. REPRODUCTION OF DOCUMENTS ............................................................ 41 SECTION 20. CONFIDENTIAL INFORMATION ................................................................. 41 SECTION 21. SUBSTITUTION OF PURCHASER ................................................................ 42 SECTION 22. MISCELLANEOUS .......................................................................................... 42 Section 22.1. Successors and Assigns ...................................................................................... 42 Section 22.2. Accounting Terms .............................................................................................. 43 Section 22.3. Severability ......................................................................................................... 43 Section 22.4. Construction, Etc ............................................................................................... 43 Section 22.5. Counterparts; Electronic Signatures ............................................................... 44 Section 22.6. Governing Law ................................................................................................... 44 Section 22.7. Jurisdiction and Process; Waiver of Jury Trial .............................................. 44 Section 22.8. Division................................................................................................................ 45

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**TABLE OF CONTENTS** (continued) -iv- BUSINESS.33548980.10 SCHEDULE A — DEFINED TERMS SCHEDULE 1.1(a) — FORM OF SERIES D NOTE SCHEDULE 1.1(b) — FORM OF SERIES E NOTE SCHEDULE 4.4(a) — FORM OF OPINION OF SPECIAL COUNSEL FOR THE COMPANY SCHEDULE 5.3 — DISCLOSURE MATERIALS SCHEDULE 5.4 — SUBSIDIARIES OF THE COMPANY AND OWNERSHIP OF SUBSIDIARY STOCK SCHEDULE 5.5 — FINANCIAL STATEMENTS SCHEDULE 5.10 — QUALIFIED ASSETS SCHEDULE 5.15 — EXISTING INDEBTEDNESS OF THE COMPANY AND ITS SUBSIDIARIES EXHIBIT 14.4 — FORM OF U.S. TAX COMPLIANCE CERTIFICATES

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS.33548980.10 TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, ON BEHALF OF THE REAL ESTATE ACCOUNT C/O TIAA 730 THIRD AVENUE NEW YORK, NEW YORK 10017 $375,000,000 4.89% Series D Senior Notes due October 22, 2030 $325,000,000 5.13% Series E Senior Notes due October 22, 2032 October 22, 2025 To Each of the Purchasers Listed in the Purchaser Schedule Hereto: Ladies and Gentlemen: TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York insurance company ("TIAA"), on behalf of THE REAL ESTATE ACCOUNT, a separate account of TIAA (the "Company"), agrees with each of the Purchasers as follows: SECTION 1. AUTHORIZATION OF NOTES; LIMITED RECOURSE Section 1.1. Authorization of Notes. The Company will authorize the issue and sale of (i) $375,000,000 aggregate principal amount of its 4.89% Series D Senior Notes due October 22, 2030 (the "Series D Notes") and (ii) $325,000,000 aggregate principal amount of its 5.13% Series E Senior Notes due October 22, 2032 (the "Series E Notes" and, together with the Series D Notes, the "Notes"). Each of the Series D Notes and Series E Notes shall be substantially in the form set out in Schedule 1.1(a) and Schedule 1.1(b), respectively. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 22.4 shall govern. Section 1.2. Limited Recourse. In no event whatsoever will any of the Company's partners, members, shareholders, directors, officers, employees or agents, (collectively, the "Protected Persons") be subject to any lien, levy, execution or any other enforcement procedure relating directly or indirectly to this Agreement or any of the other Financing Documents or any obligations hereunder or thereunder. Without limitation of the foregoing, the Purchasers agree that in any action, suit or other proceeding brought by any of them with respect to or under this Agreement or any other Financing Document, the applicable Purchaser shall name only the Company (unless otherwise required by law to enforce the Purchasers' rights with respect to the Company) and not any of the Protected Persons. In addition, notwithstanding anything contained in this Agreement or any other Financing Document, any liability of the Company shall be satisfied solely from the assets and properties of the Teachers Insurance and Annuity Association of America's Real Estate Account established as a separate investment account of TIAA under New York law on February 22, 1995, and under the regulation of the State of New York Insurance Department (the "Separate Account") (including all assets and properties allocated to or held for

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&nbsp;&nbsp;&nbsp;&nbsp;2 BUSINESS.33548980.10 the account of the Separate Account), and in no event shall any recourse be had to any assets or properties held by TIAA in its general investment account or in any other of its existing or future separate accounts other than the Separate Account. SECTION 2. SALE AND PURCHASE OF NOTES. Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount and in the Series specified opposite such Purchaser's name in the Purchaser Schedule at the purchase price of 100% of the principal amount thereof. The Purchasers' obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. SECTION 3. CLOSING. The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Morgan, Lewis & Bockius LLP, 101 Park Avenue, New York, New York 10178-0060, at 10:00 a.m., New York City time, at a closing (the "Closing") on October 22, 2025. At the Closing the Company will deliver to each Purchaser the Notes of each Series to be purchased by such Purchaser in the form of a single Note for each Series (or such greater number of Notes of each Series in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser's name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in accordance with the wire transfer instructions delivered by the Company to the Purchasers pursuant to Section 4.10. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser's satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by the Company to tender such Notes or any of the conditions specified in Section 4 not having been fulfilled to such Purchaser's satisfaction. SECTION 4. CONDITIONS TO CLOSING. Each Purchaser's obligation to purchase and pay for the Series D Notes and/or the Series E Notes, as applicable, to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser's satisfaction, prior to or at the Closing, of the following conditions: Section 4.1. Representations and Warranties. The representations and warranties of the Company in this Agreement shall be true and correct when made and at the Closing. Section 4.2. Performance; No Default. The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing.

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&nbsp;&nbsp;&nbsp;&nbsp;3 BUSINESS.33548980.10 Section 4.3. Compliance Certificates. (a) Officer's Certificate. The Company shall have delivered to such Purchaser an Officer's Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. (b) Secretary's Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Financing Documents to which the Company is a party and (ii) the Company's organizational documents as then in effect. Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Dechert LLP, counsel for the Company, substantially in the form attached hereto as Schedule 4.4(a) (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Morgan, Lewis & Bockius LLP, in connection with such transactions, substantially in the form agreed with such Purchaser and covering such other matters incident to such transactions as such Purchaser may reasonably request. Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the Closing, such Purchaser's purchase of the Series D Notes and/or the Series E Notes shall, in each case, (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer's Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. Section 4.6. Sale of Other Notes. Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule. Section 4.7. Payment of Special Counsel Fees. Without limiting Section 15.1, the Company shall have paid on or before the date of the Closing the reasonable and documented out- of-pocket fees, charges and disbursements of the counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to such date. Section 4.8. Private Placement Number. A Private Placement Number issued by PPN CUSIP Unit of CUSIP Global Services (in cooperation with the SVO) shall have been obtained for each of the Series D Notes and the Series E Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;4 BUSINESS.33548980.10 Section 4.9. Changes in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5. Section 4.10. Funding Instructions. (a) At least five Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company specifying (i) the name and address of the transferee bank, (ii) such transferee bank's ABA number and (iii) the account name and number into which the purchase price for the Series D Notes and/or the Series E Notes is to be deposited, which account shall be fully opened and able to receive micro deposits in accordance with this Section at least five (5) Business Days prior to the date of Closing. (b) If requested by a Purchaser, an identifiable Responsible Officer of the Company shall confirm the written instructions by a live videoconference made available to the Purchasers no later than two (2) Business Days prior to the Closing. (c) Each Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit (less than $51.00) to the account identified in the written instructions no later than two (2) Business Days prior to the date of Closing. If a Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to the date of Closing. The Company shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser's purchase price of the Notes. Section 4.11. Offeree Letter. J.P. Morgan Securities LLC and BofA Securities, Inc. shall have delivered to the Company, its counsel and the counsel referred to in Section 4.4(b) an offeree letter, in form and substance satisfactory to the Company and its counsel and the counsel referred to in Section 4.4(b), confirming the manner of the offering of the Series D Notes and the Series E Notes by such entity and the number of offerees. Section 4.12. Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and the counsel referred to in Section 4.4(b), and such Purchaser and such counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and warrants to each Purchaser that: Section 5.1. Organization; Power and Authority. TIAA and each Subsidiary Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and is duly qualified as a foreign legal

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&nbsp;&nbsp;&nbsp;&nbsp;5 BUSINESS.33548980.10 entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Obligor has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver the Financing Documents to which it is a party and to perform the provisions hereof and thereof. Section 5.2. Authorization, Etc. Each of the Financing Documents to which an Obligor is a party has been duly authorized by all necessary corporate or equivalent action on the part of such Obligor, and constitutes, or, in the case of each Financing Document other than this Agreement, upon execution and delivery thereof will constitute, a legal, valid and binding obligation of each Obligor, as the case may be, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Section 5.3. Disclosure. The Company, through its agents, J.P. Morgan Securities LLC and BofA Securities, Inc., has delivered to each Purchaser a copy of an Investor Presentation, dated September 2025 (the "Presentation"), relating to the transactions contemplated hereby. This Agreement, the other Financing Documents, the Presentation, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company prior to October 8, 2025 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (collectively, the "Disclosure Documents"), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since June 30, 2025, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists of (i) the Company's Subsidiaries as of the date of this Agreement, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor and (ii) the Company's directors and senior officers. (b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued and, to the extent applicable, are fully paid and non- assessable and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;6 BUSINESS.33548980.10 (c) Each Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. (d) No Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments and lack of footnotes); provided that with respect to all or any portion of such financial statements that are financial projections, pro forma financial information and other forward-looking information, the Company represents only that such information was prepared in good faith based upon assumptions and, in the case of financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable at the time made. The Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents. Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by each Obligor of the Financing Documents to which such Obligor is party will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of any Company Party under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations or by-laws, shareholders agreement or any other agreement or instrument to which any Company Party is bound or by which any Company Party or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to any Company Party or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to any Company Party.

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&nbsp;&nbsp;&nbsp;&nbsp;7 BUSINESS.33548980.10 Section 5.7. Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by any Obligor of the Financing Documents to which such Obligor is party, other than any filing required under the Securities Exchange Act of 1934 or the rules and regulations promulgated thereunder on Form 8-K, Form 10-Q or Form 10-K. Section 5.8. Litigation; Observance of Statutes and Orders. (a) There are no actions, suits, investigations or proceedings pending or, to the best knowledge of the Company, threatened against or affecting any Company Party or any property of any Company Party in any court or before any arbitrator of any kind or before or by any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. (b) Neither the Company nor any other Company Party is (i) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (ii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Section 5.9. Taxes. The Company Parties have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which, individually or in the aggregate, is not Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the applicable Company Party, as the case may be, has established adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Company Parties in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. The U.S. federal income tax liabilities of the Company Parties have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2019. Section 5.10. Title to Property; Leases; Qualified Assets. (a) The Company Parties have good and sufficient title to their respective Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by any Company Party after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;8 BUSINESS.33548980.10 (b) Each Qualified SPE which is a Company Party has good title to, or valid leasehold interest in, each Qualified Asset owned by such Qualified SPE. Schedule 5.10(b) sets out, as of the date of this Agreement, (i) all of the real property interests held by the Company and (ii) a correct and complete list of Qualified Assets, indicating in each case whether the respective property is owned or leased, the identity of the owner or lessee and the location of the respective property. Each of the Qualified Assets included by the Company in calculation of the Unencumbered Asset Value satisfies all of the requirements contained in this Agreement for the same to be included therein. Section 5.11. Licenses, Permits, Etc. The Company Parties own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect. Section 5.12. Compliance with Employee Benefit Plans. (a) Each Obligor and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncom- pliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No Obligor nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by any Obligor or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. (b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan's most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan's most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by an amount that would reasonably be expected to result in a Material Adverse Effect. The term "benefit liabilities" has the meaning specified in section 4001 of ERISA and the terms "current value" and "present value" have the meaning specified in section 3 of ERISA. (c) No Obligor nor any of its ERISA Affiliates have incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;9 BUSINESS.33548980.10 (d) The expected postretirement benefit obligation (determined as of the last day of the Company's most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries would not reasonably be expected to result in a Material Adverse Effect. (e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406(a) of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Obligors to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser's representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. (f) The Company and its Subsidiaries do not have any Non-U.S. Plans. Section 5.13. Private Offering by the Company. No Obligor nor anyone acting on its behalf has offered either the Series D Notes or the Series E Notes or any similar Securities for sale to, or solicited any offer to buy either the Series D Notes or the Series E Notes or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 70 other Institutional Investors, each of which has been offered each of the Series D Notes and the Series E Notes at a private sale for investment. No Obligor nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of either the Series D Notes or the Series E Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction. Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms "margin stock" and "purpose of buying or carrying" shall have the meanings assigned to them in said Regulation U. Section 5.15. Existing Indebtedness. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Significant Subsidiaries in an aggregate amount in excess of $25,000,000 as of June 30, 2025 (provided that the aggregate amount of all such Indebtedness not listed on Schedule 5.15 does not exceed

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&nbsp;&nbsp;&nbsp;&nbsp;10 BUSINESS.33548980.10 $100,000,000 as of June 30, 2025) (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Significant Subsidiaries. Neither the Company nor any Significant Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness (other than Nonrecourse Indebtedness) of the Company or such Significant Subsidiary and no event or condition exists with respect to any Indebtedness (other than Nonrecourse Indebtedness) of the Company or any Significant Subsidiary the outstanding principal amount of which exceeds $100,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. (b) Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except the Financing Documents and as disclosed in Schedule 5.15. Section 5.16. Foreign Assets Control Regulations, Etc. (a) No Obligor nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations, the European Union or the United Kingdom. (b) No Obligor nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company's knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. (c) No part of the proceeds from the sale of the Notes hereunder: (i) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by any Obligor or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; (ii) will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or

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&nbsp;&nbsp;&nbsp;&nbsp;11 BUSINESS.33548980.10 (iii) will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws. (d) Each Obligor has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that such Obligor and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti- Corruption Laws. Section 5.17. Status under Certain Statutes. No Obligor nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act. Section 5.18. Separate Account. (a) The Company is a "separate account" established by TIAA, in accordance with and pursuant to Section 4240 of the New York Insurance Law (the "NYIL"). Income and gains or losses, realized or unrealized, from assets allocated to the Company are credited to or charged against, and accounted for separately from, other income, gains or losses of TIAA. The portions of the contracts attributable to the Company are without any guaranty, including any index guaranty of the dollar amounts of benefits or other payments thereunder or of the value of such portions. (b) Assets of the Company are held by TIAA in accordance with the NYIL. These assets are not subject to general creditors of TIAA and are subject only to liabilities specifically incurred by TIAA with respect to the Company. (c) Company is an "insurance company pooled separate account" (within the meaning of PTE 90-1), and there is no "employee benefit plan" (as defined in Section 3(3) of the ERISA which is subject to Title I of ERISA, or "plan" as defined in the Code which is subject to section 4975 of the Code, treating as a single plan all plans maintained by the same employer or employee organization, which has assets in such pooled separate account that exceed ten percent (10%) of the total assets of that account. The issuance of the Notes by Company pursuant to this Agreement is, accordingly, an exempt transaction covered by the pooled separate account exemption, PTE 90-1, and none of the transactions contemplated by the Financing Documents will cause the Company to engage in a transaction in violation of section 406(b) of ERISA or section 4975(c)(1)(E) or (F) of the Code that could subject the Purchasers to any tax or penalty on prohibited transactions imposed under section 4975 of the Code or section 502(i) of ERISA. (d) The consummation of this Agreement and the subsequent issuance of the Notes and payment and performance of the obligations hereunder, which are limited to the assets of the Company and the Qualified Assets and are evidenced by the Financing Documents are within the business purposes of TIAA in establishing the Company, are

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&nbsp;&nbsp;&nbsp;&nbsp;12 BUSINESS.33548980.10 consistent with the documents under which the Company was established and is maintained and are in compliance with applicable law. (e) Both TIAA and the Company are in compliance with the Plan of Operation. Section 5.19. Environmental Matters. The Company has obtained all environmental, health and safety permits, licenses and other authorizations required under all Environmental Laws to carry on its business as now being or as proposed to be conducted, except to the extent failure to have any such permit, license or authorization could not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. For each Qualified SPE which is a Company Party, such Person has obtained all environmental, health and safety permits, licenses and other authorizations required under all Environmental Laws to carry on its business with respect to the Qualified Asset as now being or as proposed to be conducted, except to the extent failure to have any such permit, license or authorization could not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. To the Company's knowledge, each of such permits, licenses and authorizations is in full force and effect and each of the Company Parties is in compliance with the terms and conditions thereof, and is also in compliance with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in any applicable Environmental Law or in any regulation, code, plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved thereunder, except to the extent failure to comply therewith could not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. In addition, to the Company's knowledge, no written notice, notification, demand, request for information, citation, summons or order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending or threatened by any Governmental Authority with respect to any alleged failure by the Company Parties to have any environmental, health or safety permit, license or other authorization required under any Environmental Law in connection with the conduct of the business of the Company Parties (and, with respect to the Qualified SPE, only with respect to the Qualified Asset) or with respect to any generation, treatment, storage, recycling, transportation, discharge or disposal, or any release of any Hazardous Materials generated with respect to any of the Company Parties' properties, which failure, if not remedied, could reasonably be expected to have a Material Adverse Effect. SECTION 6. REPRESENTATIONS OF THE PURCHASERS. Section 6.1. Purchase for Investment. Each Purchaser severally represents that it is purchasing the Series D Notes and/or the Series E Notes, in each case, for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser's or their property shall at all times be within such Purchaser's or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register either the Series D Notes or the Series E Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;13 BUSINESS.33548980.10 Section 6.2. Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a "Source") to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: (a) the Source is an "insurance company general account" (as the term is defined in the United States Department of Labor's Prohibited Transaction Exemption ("PTE") 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the "NAIC Annual Statement")) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser's state of domicile; or (b) the Source is a separate account that is maintained solely in connection with such Purchaser's fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or (c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c) at least four (4) Business Days prior to the date such Purchaser purchases Notes, no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or (d) the Source constitutes assets of an "investment fund" (within the meaning of Section VI of PTE 84-14 (the "QPAM Exemption")) managed by a "qualified professional asset manager" or "QPAM" (within the meaning of Section VI of the QPAM Exemption) that is not ineligible pursuant to Section I(g) of the QPAM Exemption, no employee benefit plan's assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Section VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Section I(c), (g) (regarding eligibility) and (k) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be "related" within the meaning of Section VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit

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&nbsp;&nbsp;&nbsp;&nbsp;14 BUSINESS.33548980.10 plans established or maintained by the same employer or by an affiliate (within the meaning of Section VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d) at least four (4) Business Days prior to the date such Purchaser purchases Notes; or (e) the Source constitutes assets of a "plan(s)" (within the meaning of Part IV(h) of PTE 96-23 (the "INHAM Exemption")) managed by an "in-house asset manager" or "INHAM" (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of "control" in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e) at least four (4) Business Days prior to the date such Purchaser purchases Notes; or (f) the Source is a governmental plan; or (g) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA or section 4975 of ERISA. As used in this Section 6.2, the terms "employee benefit plan," "governmental plan," and "separate account" shall have the respective meanings assigned to such terms in section 3 of ERISA. With respect to any disclosure by a Purchaser to the Company pursuant to this Section 6.2, if the Company notifies such Purchaser promptly (but in no event later than two (2) Business Days prior to the proposed purchase of the Notes) after receiving such disclosure, that it could not make the representation in Section 5.12(e) with respect to such employee benefit plan(s), such Purchaser will not purchase Notes with plan assets of such employee benefit plan and such purchase shall not be effectuated until such time, if any, as the Purchaser represents that it is relying on another clause of Section 6.2 or the Company reasonably determines that the proposed transfer would not be prohibited by Section 406 of ERISA. For the avoidance of doubt, references in this paragraph to "Purchaser" shall refer to each Purchaser, each Substitute Purchaser and each transferee of a Note pursuant to Section 13.2. Section 6.3. Investment Experience; Access to Information. Each Purchaser (for itself and for each account for which such Purchaser is acquiring the Notes) (a) is an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act or a Qualified Institutional Buyer, (b) either alone or together with its representatives has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of this investment and make an informed decision to so invest, and has so evaluated the risks and merits of such investment, (c) has the ability to bear the economic risks of this investment and can afford a complete loss of such investment, (d) understands the terms of and risks associated with the purchase of the Notes, including, without limitation, a lack of liquidity, pricing availability and risks associated with the industry in which the Company

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&nbsp;&nbsp;&nbsp;&nbsp;15 BUSINESS.33548980.10 operates, (e) has had the opportunity to review (i) the Disclosure Documents, (ii) the financial statements set forth on Schedule 5.5 and (iii) such other disclosure regarding the Company Parties, their business, their management and their financial affairs and condition as such Purchaser has determined to be necessary in connection with the purchase of the Notes, and (f) has had an opportunity to ask such questions and make such inquiries concerning the conditions of the offering of the Notes, the Company Parties, their business, the management and their financial affairs and condition, and has had an opportunity to review the Company's facilities, in each case Purchaser has deemed appropriate in connection with such purchase and to receive satisfactory answers to such questions and inquiries. Section 6.4. Authorization. Each Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by such Purchaser, will constitute valid and legally binding obligations of such Purchaser, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors' rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. Section 6.5. Restricted Securities. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes. Section 6.6. No Public Market. Each Purchaser understands that no public market now exists for the Notes, and that the Company has made no assurances that a public market will ever exist for the Notes. Section 6.7. Legends. Each Purchaser understands that the Notes may be notated with the following legend: "THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE." SECTION 7. INFORMATION AS TO COMPANY. Section 7.1. Financial and Business Information. The Company shall deliver to each Purchaser and each holder of a Note that is an Institutional Investor: (a) Quarterly Statements — within 60 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable to the filing of the Company's Quarterly Report on Form 10-Q (the "Form 10-Q") with the SEC regardless of whether

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&nbsp;&nbsp;&nbsp;&nbsp;16 BUSINESS.33548980.10 the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and (ii) consolidated statements of income, changes in shareholders' equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments and the absence of footnotes; (b) Annual Statements — within 120 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable to the filing of the Company's Annual Report on Form 10-K (the "Form 10-K") with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, duplicate copies of (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and (ii) consolidated statements of income, changes in shareholders' equity and cash flows of the Company and its Subsidiaries for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a "going concern" or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with

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&nbsp;&nbsp;&nbsp;&nbsp;17 BUSINESS.33548980.10 generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances; (c) SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice, proxy statement or similar document sent by the Company or any Subsidiary (x) to its creditors under any Material Credit Facility (excluding information sent to such creditors in the ordinary course of administration of a credit facility, such as information relating to pricing and borrowing availability) or (y) to its public Securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such Purchaser or holder), and each prospectus and all amendments thereto filed by the Company or any Subsidiary with the SEC; (d) Notice of Default or Event of Default — promptly, and in any event within 5 days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto; (e) Employee Benefits Matters — promptly, and in any event within 5 days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto: (i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; (ii) the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; (iii) any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; or (iv) receipt of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; (f) Resignation or Replacement of Auditors — within 10 days following the date on which the Company's auditors resign or the Company elects to change auditors, as

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&nbsp;&nbsp;&nbsp;&nbsp;18 BUSINESS.33548980.10 the case may be, notification thereof, together with such further information as the Required Holders may request; (g) Environmental - with reasonable promptness, the assertion of a claim of any Environmental Liability by any Person against, or with respect to any activities of, the Company Parties (provided, with respect to a Qualified SPE, only as to a Qualified Asset), and any alleged violation of or noncompliance by or on behalf of any Company Party with any Environmental Laws or any permits, licenses or authorizations, other than any claim of Environmental Liability or alleged violation that, if adversely determined, would not reasonably be expected to (either individually or in the aggregate) have a Material Adverse Effect; (h) Legal Status - with reasonable promptness, any change in the Company's status as a separate account of TIAA under applicable law; and (i) Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by the Required Holders, in each case to the extent reasonably available to the Company, including (x) information readily available to the Company explaining the Company's financial statements if such information has been requested by the SVO in order to assign or maintain a designation of the Notes and (y) any "know your customer" information related to changes of the Company's organizational structure (including changes in equity ownership or any acquisition of any interest in any other entity) for the purpose of completing a due diligence review or compliance with U.S. Economic Sanctions Laws. Section 7.2. Officer's Certificate. Each set of financial statements delivered to a Purchaser or a holder of a Series D Note or a Series E Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer: (a) Covenant Compliance — (i) setting forth (A) the information from such financial statements that is required in order to establish whether the Company was in compliance with the requirements of Section 10 during the quarterly or annual period covered by the financial statements then being furnished, (including with respect to each such provision measured as of the end of the applicable quarter, as applicable, that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio or percentage measured at the end of the applicable quarter, as applicable, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence, (B) whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in 7.1(b) and, if any such change has occurred, specifying the effect of such change on the financial statements, and (C) solely to the extent required to be delivered under any Material Credit Facility, an updated Schedule 5.10 listing all Qualified Assets and (ii) certifying that (A) all Qualified Assets so listed on such updated Schedule 5.10 fully qualify

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&nbsp;&nbsp;&nbsp;&nbsp;19 BUSINESS.33548980.10 as such under the applicable criteria for inclusion as Qualified Assets, and (B) all acquisitions, dispositions or other removals of Qualified Assets completed during such quarterly accounting period, calendar year, or other fiscal period were permitted under this Agreement, and (C) the acquisition cost or principal balance of any Qualified Assets, as applicable, acquired during such period and any other information that the Required Holders may require to determine the Unencumbered Asset Value of such Qualified Asset, and the Qualified Asset Value of any Qualified Assets removed during such period. In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer's certificate as to such period shall include a reconciliation from GAAP with respect to such election; (b) Event of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto; and (c) Subsidiary Guarantors — setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying that each Subsidiary that is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer. Section 7.3. Visitation. The Company shall permit the representatives of each Purchaser and each holder of a Note that is an Institutional Investor: (a) No Event of Default — if no Event of Default then exists, at the expense of such Purchaser or such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and the other Company Parties with the Company's officers, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each other Company Party, all at such reasonable times and as often as may be reasonably requested in writing; may only be exercised once per calendar year for all holders of the Notes collectively and (b) Default or Event of Default — if a Default or Event of Default then exists, at the expense of the Company and upon at least five (5) Business Days prior notice to the Company to visit and inspect any of the offices or properties of the Company or any other Company Party, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs,

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&nbsp;&nbsp;&nbsp;&nbsp;20 BUSINESS.33548980.10 finances and accounts of the Company and the other Company Parties), all at such times and as often as may be reasonably requested. Section 7.4. Electronic Delivery. Financial statements, opinions of independent certified public accountants, other information and Officer's Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if the Company satisfies any of the following requirements with respect thereto: (a) such financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer's Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each Purchaser or holder of a Note by e-mail at the e-mail address set forth in such holder's Purchaser Schedule or as communicated from time to time in a separate writing delivered to the Company; (b) the Company shall have timely filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR; (c) the Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR; provided however, that in no case shall access to such financial statements, other information and Officer's Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 21 of this Agreement); provided further, that in the case of any of clauses (b) or (c), the Company shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with Section 19, of such posting or filing in connection with each delivery, provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer's Certificates or to receive them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder. SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES. Section 8.1. Maturity. As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof. Section 8.2. Optional Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes1, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount; provided that so long as no Default or Event of Default shall have occurred and be continuing no Make-Whole Amount shall be due if such Notes are prepaid during the last 90 days prior to the applicable Maturity Date of such Notes. The Company will give each holder of Notes 1 ML Note – The Company should not be permitted to prepay the Notes by series. This is consistent with the 2022 NPA, which also had multiple series with differing maturities.

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&nbsp;&nbsp;&nbsp;&nbsp;21 BUSINESS.33548980.10 written notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date. Section 8.3. Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes (without regard to Series) at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. Section 8.4. Maturity; Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. Section 8.5. Purchase of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes (without regard to Series) at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 20 Business Days. If the holders of more than 50% of the principal amount of the Notes (without regard to Series) then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes, acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of the Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. Section 8.6. Make-Whole Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;22 BUSINESS.33548980.10 The term "Make-Whole Amount" means, with respect to any Note of any Series, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note of such Series over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: "Called Principal" means, with respect to any Note of any Series, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. "Discounted Value" means, with respect to the Called Principal of any Note of any Series, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes of such Series is payable) equal to the Reinvestment Yield with respect to such Called Principal. "Reinvestment Yield" means, with respect to the Called Principal of any Note of any Series, the sum of (a) 0.50% plus (b) the yield to maturity implied by the "Ask Yield(s)" reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as "Page PX1" (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities ("Reported") having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between the "Ask Yields" Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note of such Series. If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then "Reinvestment Yield" means, with respect to the Called Principal of any Note of any Series, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining

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&nbsp;&nbsp;&nbsp;&nbsp;23 BUSINESS.33548980.10 Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note of such Series. "Remaining Average Life" means, with respect to any Called Principal of any Note of any Series, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. "Remaining Scheduled Payments" means, with respect to the Called Principal of any Note of any Series, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes of such Series, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. "Settlement Date" means, with respect to the Called Principal of any Note of any Series, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. Section 8.7. Offer of Prepayment Upon Change in Control. (a) Notice of Change in Control. The Company will, within 10 Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control, give written notice of such Change in Control to each holder of the Series D Notes and Series E Notes. Such notice shall contain and constitute an offer to prepay the Notes as described in clause (b) of this Section 8.7 and shall be accompanied by the certificate described in clause (e) of this Section 8.7. (b) Offer to Prepay Notes. The offer to prepay the Notes contemplated by clause (a) of this Section 8.7 shall be an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, the Series D Notes and Series E Notes held by each holder on a date specified in such offer (the "Proposed Prepayment Date") which date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the 45th day after the date of such offer). (c) Acceptance/Rejection. A holder of Notes may accept the offer to prepay made pursuant to this Section 8.7 by causing a notice of such acceptance to be delivered to the Company at least 15 days prior to the Proposed Prepayment Date. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder.

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&nbsp;&nbsp;&nbsp;&nbsp;24 BUSINESS.33548980.10 (d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment but without payment of any Make-Whole Amount with respect thereto. The prepayment shall be made on the Proposed Prepayment Date. (e) Officer's Certificate. Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.7; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.7 have been fulfilled; and (vi) in reasonable detail, the nature and date or proposed date of the Change in Control. Section 8.8. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make- Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. SECTION 9. AFFIRMATIVE COVENANTS. So long as any of the Series D Notes or the Series E Notes are outstanding, the Company covenants that: Section 9.1. Compliance with Laws. Without limiting Section 10.4, the Company will, and will cause each of the other Company Parties to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Section 9.2. Insurance. The Company will, and will cause each of the other Company Parties to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if

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&nbsp;&nbsp;&nbsp;&nbsp;25 BUSINESS.33548980.10 adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. Section 9.3. Maintenance of Properties. The Company will, and will cause each of the other Company Parties to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section 9.3 shall not prevent the Company or any other Company Party from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Section 9.4. Payment of Taxes. The Company will, and will cause each of the other Company Parties to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies payable by any of them, to the extent the same have become due and payable and before they have become delinquent, provided that neither the Company nor any other Company Party need pay any such tax, assessment, charge or levy if (a) the amount, applicability or validity thereof is contested by the Company or such other Company Party on a timely basis in good faith and in appropriate proceedings, and the Company or another Company Party has established adequate reserves therefor in accordance with GAAP on the books of the Company or such other Company Party or (b) the nonpayment of all such taxes, assessments, charges and levies would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Section 9.5. Corporate Existence, Etc. Subject to Section 10.2, the Company will at all times preserve and keep its corporate or other legal existence in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect the corporate existence of each of the other Company Parties (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and the other Company Parties unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate or other legal existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. Section 9.6. Books and Records. The Company will, and will cause each of the other Company Parties to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such other Company Party, as the case may be. The Company will, and will cause each of the other Company Parties to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Company and the other Company Parties have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each of the other Company Parties to, continue to maintain such system. Section 9.7. Subsidiary Guarantors.

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&nbsp;&nbsp;&nbsp;&nbsp;26 BUSINESS.33548980.10 (a) The Company will cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or co- borrower or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to concurrently therewith: (i) enter into an agreement in form and substance satisfactory to the Required Holders providing for the guaranty by such Subsidiary, on a joint and several basis with all other such Subsidiaries, of (x) the prompt payment in full when due of all amounts payable by the Company pursuant to each of the Series D Notes and the Series E Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, in each case, including all indemnities, fees and expenses payable by the Company thereunder and (y) the prompt, full and faithful performance, observance and discharge by the Company of each and every covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a "Subsidiary Guaranty"); and (ii) solely to the extent provided in connection with a guaranty provided under any Material Credit Facility, deliver the following to each holder of either a Series D Note or Series E Note: (A) a certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1 (Organization; Power and Authority), 5.2 (Authorization, Etc.), 5.6 (Compliance with Laws, Other Instruments, Etc.), 5.7 (Government Authorizations, Etc.), 5.8 (Litigation; Observance of Statutes and Orders), 5.9 (Taxes), 5.10 (Title to Property; Leases; Qualified Assets), 5.11 (Licenses, Permits, Etc.), 5.16 (Foreign Assets Control Regulations, Etc.), 5.17 (Status Under Certain Statutes) and 5.19 (Environmental Matters) of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty rather than the Company), but solely with respect to those items required by the applicable Material Credit Facility; (B) all documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where applicable, good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty, as applicable, and the performance by such Subsidiary of its obligations thereunder; and (C) an opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and the Subsidiary Guaranty as the Required Holders may reasonably request. (b) At the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor may be discharged from all of its obligations and

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27 BUSINESS.33548980.10 liabilities under its Subsidiary Guaranty and shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other document by the holders, provided that (i) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) under such Material Credit Facility, (ii) at the time of, and after giving effect to, such release and discharge, no Default or Event of Default shall be existing, (iii) no amount is then due and payable under such Subsidiary Guaranty, (iv) if in connection with such Subsidiary Guarantor being released and discharged under any Material Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith and (v) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv). Section 9.8. Maintenance of Separate Account Status. The Company shall at all times be maintained as a separate account of TIAA under applicable law such that the assets of the Company are not subject to the claims of TIAA's creditors for TIAA's obligations unrelated to the Company. In furtherance thereof, at all times all assets of the Company shall be held separate from other assets of TIAA that are not for the account of the Company. If there shall be any changes of fact or law that may reasonably be expected to cause any change in the Company's status as a separate account of TIAA under applicable law, the Company shall deliver to each holder of Notes an updated opinion of counsel to the Company addressing such changes, in form and substance reasonably satisfactory to the Required Holders. Section 9.9. Investment Policies. The Company shall comply with all investment and debt restrictions set forth in its organizational documents, except (other than in respect of entering into this Agreement and the other Financing Documents) where the failure to comply would not reasonably be expected to have a Material Adverse Effect. SECTION 10. NEGATIVE COVENANTS. So long as any of the Series D Notes or Series E Notes are outstanding, the Company covenants that: Section 10.1. Transactions with Affiliates. The Company will not, and will not permit any other Company Party to, enter into directly or indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another Company Party), except: (a) transactions in the ordinary course of business at prices and on terms and conditions not less favorable than could be obtained on an arm's length basis from unrelated third parties; (b) sales of units in the Company to TIAA in connection with any liquidity guarantee and any distributions related thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;28 BUSINESS.33548980.10 (c) payment or transfers with respect to investment management, administration, distribution and similar services provided to the Company by any Affiliate to the extent permitted under the Company's organizational documents and any prospectus filed by the Company with the SEC; and (d) provision of services and payment of fees contemplated by any prospectus filed by the Company with the SEC. Section 10.2. Merger, Consolidation, Etc. The Company will not, and will not permit any Subsidiary Guarantor to, consolidate with or merge with any other Person or convey, divide, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: (a) in the case of any such transaction involving the Company, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, division, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be, shall be a solvent corporation or limited liability company organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if the Company is not such successor, survivor or acquirer, (i) such successor, survivor or acquirer shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement, the Series D Notes and the Series E Notes and (ii) such successor, survivor or acquirer shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof; (b) in the case of any such transaction involving a Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, division, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor as an entirety, as the case may be, shall be (1) the Company, such Subsidiary Guarantor or another Subsidiary Guarantor; or (2) a solvent corporation or limited liability company (other than the Company or another Subsidiary Guarantor) that is organized and existing under the laws of the United States or any state thereof (including the District of Columbia) and, if such Subsidiary Guarantor is not such successor, survivor or acquirer, (A) such successor, survivor or acquirer shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Subsidiary Guaranty of such Subsidiary Guarantor and (B) the Company shall have caused to be delivered to each holder of Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof; (c) in the case of the sale, transfer or other disposition of the equity interests of any Subsidiary Guarantor, all of such equity interests are acquired by another Obligor;

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&nbsp;&nbsp;&nbsp;&nbsp;29 BUSINESS.33548980.10 (d) in the case of liquidation or dissolution of any Subsidiary Guarantor, any and all of the assets of such Subsidiary Guarantor are distributed or otherwise transferred to another Obligor in connection with such liquidation or dissolution; (e) each Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the time such transaction or each transaction in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such time pursuant to documentation that is reasonably acceptable to the Required Holders; and (f) at the time of signing the definitive transaction agreement for such transaction or each transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing. No such conveyance, division, transfer or lease of all or substantially all of the assets of the Company or any Subsidiary Guarantor shall have the effect of releasing the Company or such Subsidiary Guarantor, as the case may be, or any successor, survivor or acquirer company that shall theretofore have become such in the manner prescribed in this Section 10.2, from its liability under (x) this Agreement, the Series D Notes or the Series E Notes (in the case of the Company) or (y) the Subsidiary Guaranty (in the case of any Subsidiary Guarantor), unless, in the case of the conveyance, division, transfer or lease of all or substantially all of the assets of a Subsidiary Guarantor, such Subsidiary Guarantor is released from its Subsidiary Guaranty in accordance with Section 9.7(b) in connection with or immediately following such conveyance, division, transfer or lease. Section 10.3. Line of Business. The Company will not and will not permit any other Company Party to engage in any business if, as a result, the general nature of the business in which the Company and the other Company Parties, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Company and the other Company Parties, taken as a whole, are engaged on the date of this Agreement as described in the Disclosure Documents. Section 10.4. Economic Sanctions, Etc. The Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any Purchaser or holder or any affiliate of such Purchaser or holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. Section 10.5. Liens. The Company will not, and will not permit any other Company Party to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including any document or instrument in respect of goods or accounts receivable) of the Company or any such other Company Party, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except for Permitted Liens; provided, that notwithstanding the foregoing, the Company shall not, and shall

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&nbsp;&nbsp;&nbsp;&nbsp;30 BUSINESS.33548980.10 not permit any other Company Party to, secure any Indebtedness outstanding under or pursuant to any Material Credit Facility unless and until the Notes (and any guaranty delivered in connection therewith) shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders in substance and in form, including an intercreditor agreement and opinions of counsel to the Company and/or any such other Company Party, as the case may be, from counsel that is reasonably acceptable to the Required Holders. Section 10.6. Financial Covenants. (a) Maximum Total Leverage Ratio. The Company will not permit the Total Leverage Ratio to exceed 50% as of the last day of any fiscal quarter of the Company. (b) Fixed Charges Ratio. The Company will not permit the Fixed Charges Ratio to be less than 2.00 to 1.00 as of the last day of any fiscal quarter of the Company. (c) Unencumbered Leverage Ratio. The Company will not permit the Unencumbered Leverage Ratio to exceed 50% as of the last day of any fiscal quarter of the Company. (d) Minimum Unsecured Interest Coverage Ratio. The Company will not permit the Unsecured Interest Coverage Ratio to be less than 2.00 to 1.00 as of the last day of any fiscal quarter of the Company. (e) Maximum Secured Debt. The Company will not, and will not permit any other Company Party to, directly or indirectly, create, incur, assume or otherwise become directly or indirectly liable with respect to any Secured Indebtedness if the Total Secured Outstanding Indebtedness to Total Asset Value would exceed 40% at the time of such creation, incurrence or assumption. Section 10.7. Modifications of Certain Documents. Without the prior written consent of Required Holders, the Company will not, and will not permit, any other Person to, modify any of the terms or provisions in its organizational documents, except: (a) any modifications necessary for the Company to issue more equity interests (provided such issuance does not otherwise violate the terms of this Agreement); or (b) modifications necessary to clarify existing provisions of such organizational documents; or (c) modifications which would have no adverse, substantive effect on the rights or interests of the holders in conjunction with the Notes or under the Financing Documents; or (d) modifications which would not reasonably be expected to have a Material Adverse Effect. SECTION 11. EVENTS OF DEFAULT. An "Event of Default" shall exist if any of the following conditions or events shall occur and be continuing: (a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

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&nbsp;&nbsp;&nbsp;&nbsp;31 BUSINESS.33548980.10 (b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or (c) the Company defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10; or (d) the Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a), (b) and (c)) or in any other Financing Document and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a "notice of default" and to refer specifically to this Section 11(d)); or (e) (i) any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in any Financing Document or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Financing Document or any writing furnished in connection with such Financing Document proves to have been false or incorrect in any material respect on the date as of which made; or (f) (i) the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness (other than Nonrecourse Indebtedness) that is outstanding in an aggregate principal amount of at least $100,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto, or (ii) the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness (other than Nonrecourse Indebtedness) in an aggregate outstanding principal amount of at least $100,000,000 (or its equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition, such Indebtedness has become or has been declared due and payable before its stated maturity or before its regularly scheduled dates of payment; or (g) the Company, TIAA or any Significant Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or

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&nbsp;&nbsp;&nbsp;&nbsp;32 BUSINESS.33548980.10 (h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company, TIAA or any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, TIAA or any of its Significant Subsidiaries, or any such petition shall be filed against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within 60 days; or (i) any event occurs with respect to the Company, TIAA or any Significant Subsidiary which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in Section 11(g) or Section 11(h); or (j) one or more final judgments or orders for the payment of money aggregating in excess of $100,000,000 (or its equivalent in the relevant currency of payment) (to the extent not covered by independent third-party insurance or enforceable indemnity as to which the insurer does not deny coverage), including any such final order enforcing a binding arbitration decision, are rendered against one or more of the Company and its Significant Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or (k) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) there is any "amount of unfunded benefit liabilities" (within the meaning of section 4001(a)(18) of ERISA) under one or more Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities, (v) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (vi) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (viii) the Company or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) the Company or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose

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&nbsp;&nbsp;&nbsp;&nbsp;33 BUSINESS.33548980.10 shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (ix) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms "employee benefit plan" and "employee welfare benefit plan" shall have the respective meanings assigned to such terms in section 3 of ERISA; (l) any Financing Document shall cease to be in full force and effect, any Obligor or any Person acting on behalf of any Obligor shall contest in any manner the validity, binding nature or enforceability of any Financing Document, or the obligations of any Obligor under any Financing Document are not or cease to be legal, valid, binding and enforceable in accordance with the terms of such Financing Document; or (m) any event shall occur which gives rise to a nonexempt prohibited transaction (as such term is defined in section 4975 of the Code or section 406 of ERISA) involving any benefit plan investor (as such term is defined in the Plan Asset Regulation) that is the Company or an investor or partner in the Company, other than an event arising from a breach of any Financing Document by the holders, that could reasonably be expected to subject the holders, on account of any Note or any other transaction contemplated by the Financing Documents, to any tax or penalty on prohibited transactions imposed under section 4975 of the Code or section 502(i) of ERISA. SECTION 12. REMEDIES ON DEFAULT, ETC. Section 12.1. Acceleration. (a) If an Event of Default with respect to any Obligor or TIAA described in Section 11(g), (h) or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. (b) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. (c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon in respect of any Series of the Notes at the Default Rate for such Series, if applicable) and (y) the Make-Whole Amount determined in respect of such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that

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&nbsp;&nbsp;&nbsp;&nbsp;34 BUSINESS.33548980.10 each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or in any other Financing Document, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. Section 12.3. Rescission. At any time after any of the Series D Notes or the Series E Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes of any Series at the applicable Default Rate for such Series of Notes, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers or remedies. No right, power or remedy conferred by this Agreement or any other Financing Document upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all reasonable and documented out- of-pocket costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including reasonable and documented out-of-pocket attorneys' fees, expenses and disbursement of one special counsel for, collectively, the holders of Notes. SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. Section 13.1. Registration of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers of the Series D Notes and the Series E Notes. The name and address of each holder of one or more Notes, each transfer thereof and the

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&nbsp;&nbsp;&nbsp;&nbsp;35 BUSINESS.33548980.10 name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner's option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of each of the Series D Notes and the Series E Notes. Section 13.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder's attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company's expense (except as provided below), one or more new Notes of the same Series (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of such Note for such Series as set forth in Schedule 1.1(a) or Schedule 1.1(b), as the case may be. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a Series, one Note of such Series may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2. Section 13.3. Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person's own unsecured agreement of indemnity shall be deemed to be satisfactory), or (b) in the case of mutilation, upon surrender and cancellation thereof,

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&nbsp;&nbsp;&nbsp;&nbsp;36 BUSINESS.33548980.10 within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same Series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. SECTION 14. PAYMENTS ON NOTES. Section 14.1. Place of Payment. Subject to Section 14.2, payments of principal, Make- Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in Boston, Massachusetts at the principal office of State Street Bank and Trust in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. Section 14.2. Payment by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make- Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser's name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. Section 14.3. FATCA Information. By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder's United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder's status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder's obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is

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&nbsp;&nbsp;&nbsp;&nbsp;37 BUSINESS.33548980.10 confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. Section 14.4. Withholding Taxes. Except as otherwise required by applicable law or regulation, the Company agrees that it will not withhold from any applicable payment to be made to a holder of a Note that is not a United States Person any U.S. federal income tax so long as such holder shall have delivered to the Company (in such number of copies as shall be requested) on or about the date on which such holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), executed copies of IRS Form W- 8BEN, or IRS Form W-8BEN-E, or IRS Form W-8IMY, or other applicable form, as well as the applicable "U.S. Tax Compliance Certificate" substantially in the form attached as Exhibit 14.4, in both cases correctly completed and executed and kept current. SECTION 15. EXPENSES, ETC. Section 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable and documented out-of-pocket costs and expenses (but limited, in the case of attorneys' fees and expenses, to the reasonable and documented out-of-pocket attorneys' fees of one special counsel for, collectively, the Purchasers and each other holder of a Series D Note or Series E Note, taken as a whole, and, if reasonably required by the Required Holders, one local counsel in each applicable jurisdiction for all such holders, taken as a whole) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement or any other Financing Document (whether or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement any other Financing Document or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement any other Financing Document, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors' fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the other Financing Documents and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed the SVO filing fees posted on the NAIC website in effect as of the date of such filing. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). The Company will pay, and will save each Purchaser and each other holder of a Series D Note or Series E Note harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys' fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, in each case, other than to

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&nbsp;&nbsp;&nbsp;&nbsp;38 BUSINESS.33548980.10 the extent arising from (x) the bad faith, gross negligence or willful misconduct by such Purchaser or such holder of a Note as determined in a final non-appealable judgment from a court of competent jurisdiction or (y) a claim between any Purchaser or holder of a Note, on the one hand, and any other Purchaser or holder of a Note, on the other hand (other than claims arising out of any act or omission by the Company and/or its Affiliates). Section 15.2. Certain Taxes. The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any other Financing Document or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any other Financing Document, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Series D Note or a Series E Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. Section 15.3. Survival. The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or any other Financing Document, and the termination of this Agreement. SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement and each other Financing Document embody the entire agreement and understanding between each Purchaser and each Obligor and supersede all prior agreements and understandings relating to the subject matter hereof. SECTION 17. AMENDMENT AND WAIVER. Section 17.1. Requirements. This Agreement, the Series D Notes and the Series E Notes may be amended, and the observance of any term hereof or of the Series D Notes or Series E Notes may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: (a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing; and

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&nbsp;&nbsp;&nbsp;&nbsp;39 BUSINESS.33548980.10 (b) no amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 17 or 20. Section 17.2. Solicitation of Holders of Notes. (a) Solicitation. The Company will provide each Purchaser and each holder of a Note with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Series D Notes, Series E Notes or any other Financing Document. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any other Financing Document to each Purchaser and each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes. (b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions hereof or of any other Financing Document or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and each holder of a Note even if such Purchaser or holder did not consent to such waiver or amendment. (c) Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any other Financing Document by a holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates, in each case in connection with such consent, shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

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&nbsp;&nbsp;&nbsp;&nbsp;40 BUSINESS.33548980.10 Section 17.3. Binding Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 or any other Financing Document applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and any Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note or any other Financing Document shall operate as a waiver of any rights of any Purchaser or holder of such Note. Section 17.4. Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of the Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or any other Financing Document, or have directed the taking of any action provided herein or in any other Financing Document to be taken upon the direction of the holders of all or a specified percentage of the aggregate principal amount of the Notes then outstanding, the Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. SECTION 18. NOTICES. Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by registered or certified mail with return receipt requested or express or priority mail with on-line tracking service available (postage prepaid), (b) by an internationally recognized overnight delivery service (charges prepaid) or (c) by e-mail if the recipient has provided an e-mail address in its notice details (provided that a copy of such sent e-mail is kept on file, whether electronically or otherwise, by the sending party and the sending party does not receive an automatically generated message from the recipient's e-mail server that such e-mail could not be delivered to its recipient). Any such notice must be sent: (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser Schedule, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or if to the Company, to the Company at its address set forth at the beginning hereof to the attention of Mark Kaltenborn, Arman Boroumand, Scott Thomas, William Miller, Justin Capozzi, Shawn Kaufman, Chris Burk and Julie Hollon or at such other address as the Company shall have specified to the holder of each Note in writing. Notices under this Section 18 will be deemed given only when actually received. Notwithstanding anything to the contrary contained herein, any notice to be given by the Company (other than an Officer's Certificate) shall be prepared by the Company and may be delivered by an agent or sub- agent of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;41 BUSINESS.33548980.10 SECTION 19. REPRODUCTION OF DOCUMENTS. This Agreement and all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. SECTION 20. CONFIDENTIAL INFORMATION. For the purposes of this Section 20, "Confidential Information" means information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser's behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its auditors, financial advisors, investment advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser's investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y)

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&nbsp;&nbsp;&nbsp;&nbsp;42 BUSINESS.33548980.10 in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser's Notes, this Agreement or any other Financing Document. Each holder of either a Series D Note or a Series E Note, in each case, by its acceptance of such Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 20. In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement or any other Financing Document any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through Intralinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking. SECTION 21. SUBSTITUTION OF PURCHASER. Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser's Affiliates (a "Substitute Purchaser") as the purchaser of the Series D Notes and/or the Series E Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser's agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer, any reference to such Substitute Purchaser as a "Purchaser" in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. SECTION 22. MISCELLANEOUS. Section 22.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any of its rights or obligations hereunder, under the Series D Notes, Series E Notes or under any other Financing Document without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than

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&nbsp;&nbsp;&nbsp;&nbsp;43 BUSINESS.33548980.10 the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. Section 22.2. Accounting Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of "Indebtedness"), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. Section 22.3. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. Section 22.4. Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein) and, for purposes of each of the Series D Notes and the Series E Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;44 BUSINESS.33548980.10 Section 22.5. Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement and the other Financing Documents (other than with respect to the Notes) shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper- based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. Notwithstanding the foregoing, if any holder of a Note shall request manually signed counterpart signatures this Agreement or any Financing Document, the Company hereby agrees to provide (or cause the applicable Obligor to provide) such manually signed signature pages as soon as reasonably practicable. Section 22.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. Section 22.7. Jurisdiction and Process; Waiver of Jury Trial. (a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes or any other Financing Document. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. (b) The Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. (c) The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified priority or express mail (or any substantially similar form of mail) with on-line tracking services available, postage prepaid, return receipt or delivery confirmation requested, or delivering a copy thereof in

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45 BUSINESS.33548980.10 the manner for delivery of notices specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. (d) Nothing in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. (e) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES, ANY OTHER FINANCING DOCUMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. Section 22.8. Division. For all purposes hereunder, and under the other Financing Documents, if in connection with any division or plan of division pursuant to Section 18-217 of the Delaware Limited Liability Company Act law (or any comparable event under a different jurisdiction's laws) (a "Division"): (a) any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) any new Person comes into existence, such new Person shall be deemed to have been organized by the holders of its equity interests at such time. Any reference herein or therein to a merger, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a Division or allocation), as if it were a merger, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited liability company shall constitute a separate Person hereunder and thereunder (and each Division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person) on the first date of its existence. [Remainder of page intentionally left blank. Signature pages follow.]

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If you are in agreement with the foregoing, please sign the fonn of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. Very truly yours, TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, on behalf of THE REAL ESTATE ACCOUNT By: Name: Chris Burk Title: Authorized Signer [Signature Page to Note Purchase Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-1 BUSINESS.33548980.10 Schedule A DEFINED TERMS As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: "Affiliate" means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any reference to an "Affiliate" is a reference to an Affiliate of the Company. "Agreement" means this Note Purchase Agreement, including all Schedules and Exhibits attached to this Agreement. "Alternative Investments" means Assets that do not represent direct or indirect investments (through joint ventures or otherwise) in private Projects, including investments in (a) property debt instruments of Persons in which the Company does not have an equity or debt ownership interest, (b) public company equity or debt securities or (c) equity or debt securities issued by a private company that is substantially engaged in an operating business (other than any such Person that is controlled by the Company); provided that Alternative Investments shall not include Assets that are (x) participating mortgages granted by a non-public Person or (y) debt instruments that are convertible to equity at the option of the Company. "Anti-Corruption Laws" means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. "Anti-Money Laundering Laws" means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. "Asset" means, with respect to any Company Party, any individual real property or other investment asset (or related group of assets which is treated by the Company as a single investment) owned directly or indirectly by a Company Party from time to time. "Blocked Person" means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). "Business Day" means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-2 BUSINESS.33548980.10 "Capital Lease Obligations" means, with respect to any Person. the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. "Change in Control" means any material change, direct or indirect, in the management of the Company or another Company Party, provided, notwithstanding the foregoing, (a) any merger, consolidation or reorganization of any Company Party permitted under Section 10.2 in and of itself shall not constitute such a change in the management of such Company Party unless such merger, consolidation or reorganization results in any material change, direct or indirect, in the management of such Company Party, or (b) any change in the Company's independent fiduciary shall not constitute a "Change in Control" for purposes of this Agreement and any change in the personnel (including, without limitation, any portfolio managers) or ancillary services provided by TIAA or any Affiliate thereof shall not constitute a "Change in Control" for purposes of this Agreement. "Closing" is defined in Section 3. "Code" means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time. "Company" is defined in the first paragraph of this Agreement. "Company Parties" means, collectively, the Company, the Subsidiary Guarantors and each other Qualified SPE owning a Qualified Asset (but only so long as such Qualified SPE owns such Qualified Asset and such asset is a Qualified Asset hereunder). "Compliance Certificate" means a certificate delivered pursuant to Section 7.2(a). "Confidential Information" is defined in Section 20. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms "Controlled" and "Controlling" shall have meanings correlative to the foregoing. "Controlled Entity" means any of the Subsidiaries of the Company and any of their or the Company's respective Controlled Affiliates. "Default" means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. "Default Rate" means that rate of interest per annum for the Notes of any Series that is the greater of (a) 2.00% above the rate of interest stated in clause (a) of the first paragraph of the

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-3 BUSINESS.33548980.10 Notes of such Series or (b) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its "base" or "prime" rate. "Disclosure Documents" is defined in Section 5.3. "Division" is defined in Section 22.8. "EDGAR" means the SEC's Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes. "Environmental Laws" means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to Hazardous Materials. "Environmental Liability" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Company Party directly or indirectly, resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement (other than the Financing Documents) pursuant to which liability is assumed or imposed with respect to any of the foregoing. "ERISA" means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time in effect. "ERISA Affiliate" means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. "Event of Default" is defined in Section 11. "FATCA" means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code. "Financing Documents" means, collectively, this Agreement, the Notes, the Subsidiary Guaranty and any other agreement, certificate and/or instrument executed and/or delivered in connection therewith, each as may be amended, restated or otherwise modified from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-4 BUSINESS.33548980.10 "Fixed Charges Ratio" means, as at any date, the ratio of (a) Investment Income, Net for the most recent four fiscal quarters ending on or most recently ended prior to such date to (b) Interest Expense (as such term is reported on Company's financial statements) for such period plus scheduled amortization (excluding balloon payments due at maturity) on Total Outstanding Indebtedness for the most recent fiscal quarter ending on or most recently ended prior to such date, multiplied by four (4); provided that, with respect to such scheduled amortization amounts, Company shall set forth in the Compliance Certificate, as applicable, delivered to the holders of Notes for the applicable period of determination: the name, and corresponding amount of amortization included in the calculation of Fixed Charges Ratio; provided further that, notwithstanding anything to the contrary contained herein, any calculation of Interest Expense or scheduled amortization with respect to any Subsidiaries of Company that are not Wholly-Owned by Company shall be determined on an 'at share' basis. "Form 10-K" is defined in Section 7.1(b). "Form 10-Q" is defined in Section 7.1(a). "GAAP" means (a) generally accepted accounting principles as in effect from time to time in the United States of America and (b) for purposes of Section 9.6, with respect to any Company Party (other than then Company), generally accepted accounting principles (including International Financial Reporting Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary. "Governmental Authority" means (a) the government of (i) the United States of America or any state or other political subdivision thereof, or (ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or (b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. "Governmental Official" means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity. "Guaranty" means, with respect to any Person (the "guarantor") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "primary obligor") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-5 BUSINESS.33548980.10 indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. "Hazardous Materials" means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. "holder" means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this Schedule A, "holder" shall mean the beneficial owner of such Note whose name and address appears in such register. "Indebtedness" with respect to any Person means, at a particular time, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid (excluding trade accounts in the ordinary course of business so long as such trade accounts are timely paid or contested within the ordinary course of business), (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, provided that for purposes of calculating Indebtedness for this clause (g), any customary non-recourse carve-out Guarantees that are not being enforced and for which no demand has been made thereunder shall be valued at $0, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances and (k) all obligations under or in respect of Swap Agreements. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-6 BUSINESS.33548980.10 with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. "Individual Unencumbered Asset Value" has the meaning given in the definition of Unencumbered Asset Value. "INHAM Exemption" is defined in Section 6.2(e). "Institutional Investor" means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, (d) any Related Fund of any holder of any Note and (e) any trust or fund whose beneficiaries or beneficial owners are Institutional Investors described in the foregoing clauses (a) through (d) hereof. "Investment Income, Net" means as defined/disclosed in either of the publicly issued TIAA Real Estate Account Filings: 10-Q Report (Quarterly Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange Act Of 1934) and/or 10-K Report (Annual Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange Act Of 1934), as adjusted by the Company in accordance with its prior practice to exclude property-level and corporate-level interest expenses incurred. "Lien" means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or capital lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). "Make-Whole Amount" is defined in Section 8.6. "Material" means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole. "Material Adverse Effect" means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of any Obligor to perform its obligations under any Financing Document to which such Obligor is party, or (c) the validity or enforceability of this Agreement, the Notes or any other Financing Document. "Material Credit Facility" means, as to the Company and its Subsidiaries, (a) that certain Note Purchase Agreement, dated as of June 10, 2022, by and among the Company and the purchasers party thereto, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-7 BUSINESS.33548980.10 (b) that certain Credit Agreement, dated as of September 16, 2022, by and among, among others, TIAA, on behalf of the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof; (c) that certain Note Purchase Agreement, dated as of March 21, 2023, by and among the Company and the purchasers party thereto, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof; and (d) any other agreement(s) creating or evidencing indebtedness for borrowed money (other than Nonrecourse Indebtedness) entered into on or after the date of Closing by the Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support ("Credit Facility"), in a principal amount outstanding or available for borrowing equal to or greater than $100,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility. "Maturity Date" is defined in the first paragraph of each Note. "Multiemployer Plan" means any Plan that is a "multiemployer plan" (as such term is defined in section 4001(a)(3) of ERISA). "NAIC" means the National Association of Insurance Commissioners. "Nonrecourse Indebtedness" means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, and other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. "Non-U.S. Plan" means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. "Notes" is defined in Section 1.1. "NYIL" is defined in Section 5.18. "Obligors" means, collectively, the Company and each Subsidiary Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-8 BUSINESS.33548980.10 "OFAC" means the Office of Foreign Assets Control of the United States Department of the Treasury. "OFAC Sanctions Program" means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. "Officer's Certificate" means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. "PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA. "Permitted Liens" means: (a) Liens imposed by law for taxes that are not yet due or (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) the applicable Company Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; (b) Liens of carriers', warehousemen's, mechanics', materialmen's, repairmen's and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) the applicable Company Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; (c) pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations; (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; (e) judgment liens in respect of judgments that do not constitute an Event of Default under Section 11(j) or Liens on cash and cash equivalents securing obligations with respect to letters of credit that support any such judgments; and (f) easements, zoning restrictions, rights of way, covenants and restrictions and similar encumbrances on real property imposed by law or Governmental Authority or existing at the time such real property was acquired by an Company Party or arising in the ordinary course of business that do not secure any monetary obligations and do not materially diminish the value of the affected property or materially interfere with the ordinary conduct of business of such Company Party;

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-9 BUSINESS.33548980.10 (g) other Liens incurred in the ordinary course of business that could not reasonably be expected to have a Material Adverse Effect or which are not individually or collectively reasonably likely to result in a property-level material adverse effect; provided that the term "Permitted Liens" shall not include any Lien securing Indebtedness (other than as permitted in clause (e) and (g) above). "Person" means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or governmental authority. "Plan" means an "employee benefit plan" (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. "Plan Asset Regulation" means Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101 as modified by Section 3(42) of ERISA, and any successor statutory or regulatory provisions. "Plan of Operation" means the Teachers Insurance and Annuity Association of America (TIAA) Plan of Operation for Separate Account Business, which was approved by the New York Insurance Department, as amended, restated, supplemented or otherwise modified from time to time. "Presentation" is defined in Section 5.3. "Project" has the meaning assigned to such term in the definition of "Qualified Assets". "property" or "properties" means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. "Proposed Prepayment Date" is defined in Section 8.7(b). "Protected Persons" is defined in Section 1.3. "PTE" is defined in Section 6.2(a). "Purchaser" or "Purchasers" means each of the purchasers that has executed and delivered this Agreement to the Company and such Purchaser's successors and assigns (so long as any such assignment complies with Section 14.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of "Purchaser" of such Note for the purposes of this Agreement upon such transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-10 BUSINESS.33548980.10 "Purchaser Schedule" means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their notice and payment information. "QPAM Exemption" is defined in Section 6.2(d). "Qualified Assets" shall mean each real estate Asset (each, a "Project") accepted as a Qualified Asset on the date of this Agreement or otherwise pursuant to this Agreement (and which has not been subsequently removed) and satisfies all of the following requirements: (a) such Project is of a Target Property Type located within one of the 48 contiguous states of the United States, the District of Columbia, Alaska or Hawaii; (b) such Project is Wholly-Owned by the Company or by a Wholly-Owned Subsidiary of the Company (a "Qualified SPE") which has good fee or permitted leasehold title to the Project; (c) (i) such Project is subject to no Lien (other than Permitted Liens (other than any Lien permitted pursuant to clause (g) of the definition of "Permitted Liens")) and (ii) such Project or the applicable Qualified SPE has no secured or unsecured indebtedness (other than current trade payables); (d) such Project is not subject to any agreement which prohibits or limits the ability of the Company or any Qualified SPE to create or incur any Lien (other than Permitted Liens) upon such Project, including, without limitation, a negative pledge or similar covenant or restriction; (e) such Project is not subject to any agreement which entitles any entity to the benefit of any Lien (other than Permitted Lien) on such Projects upon the occurrence of any contingency (including, without limitation, pursuant to an "equal and ratable" clause); (f) such Project has no material recognized environmental condition except for conditions which are not individually or collectively reasonably likely to result in a property-level material adverse effect; (g) such Project is in material compliance with all laws, regulations and orders of any Governmental Authority applicable to it (including all applicable zoning laws) except for any non- compliance which is not individually or collectively reasonably likely to result in a property-level material adverse effect; (h) at least 70% of the net lettable area of such Project is leased, provided that such 70% test shall not need to be satisfied so long as the (a) the amount obtained by adding together the following amounts obtained for each Qualified Asset then in the Unencumbered Asset Pool (and including any Project then being proposed for inclusion in the Unencumbered Asset Pool): (i) the Individual Unencumbered Asset Value for a Project multiplied by (ii) the percentage of such Project's net lettable area which is leased divided by (b) the then Unencumbered Asset Value for the Unencumbered Asset Pool (and including any Project then being proposed for inclusion in the Unencumbered Asset Pool), is at least 80%;

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-11 BUSINESS.33548980.10 (i) such Project is not an Alternative Investment; and (j) such Project has been designated as a "Qualified Asset" on Schedule 5.10 as such Schedule as such Schedule is updated from time to time pursuant to Section 7.2(a). Upon any Qualified Asset ceasing to qualify as a Qualified Asset for any reason, such Qualified Asset shall no longer be included in the calculation of the Unencumbered Asset Value. For the avoidance of confusion, none of the required criteria set forth above shall be deemed modified or waived to the extent of any representation, warranty or covenant contained in this Agreement which may be broader in scope as applied to the Company, its Subsidiaries or their properties generally. "Qualified SPE" has the meaning assigned to such term in the definition of "Qualified Assets". "Qualified Institutional Buyer" means any Person who is a "qualified institutional buyer" within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. "Related Fund" means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. "Required Holders" means at any time the holders of more than 50% in principal amount of the Notes (without regard to Series) at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). "Responsible Officer" means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement. "SEC" means the Securities and Exchange Commission of the United States of America. "Secured Indebtedness" means any Indebtedness secured by a Lien. "Securities" or "Security" shall have the meaning specified in section 2(1) of the Securities Act. "Securities Act" means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect. "Senior Financial Officer" means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company, including senior accounting professionals of TIAA with responsibility for financial reporting for the Company. "Series" means any one or more series of Notes issued hereunder. "Series D Notes" is defined in Section 1.1.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-12 BUSINESS.33548980.10 "Series E Notes" is defined in Section 1.1. "Separate Account" is defined in Section 1.3. "Significant Subsidiary" means at any time any Subsidiary that would at such time constitute a "significant subsidiary" (as such term is defined in Regulation S-X of the SEC as in effect on the date of the Closing) of the Company. "Source" is defined in Section 6.2. "State Sanctions List" means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. "Subsidiary" means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a "Subsidiary" is a reference to a Subsidiary of the Company. "Subsidiary Guarantor" means each Subsidiary that has executed and delivered a Subsidiary Guaranty. "Subsidiary Guaranty" is defined in Section 9.7(a). "Substitute Purchaser" is defined in Section 21. "SVO" means the Securities Valuation Office of the NAIC. "Target Property Type" means each of the following property types (with each such classification reasonably determined by the Company): industrial, multi-family (including but not limited to senior housing), hotel, self -storage, office and retail. "TIAA" is defined in the first paragraph of this Agreement. "Total Asset Value" means, as at any date, (a) Total Assets minus (b) an amount equal to any value (determined in the same manner as described in the definition of "Total Assets") relating to any portion of Total Assets owned by a Subsidiary of the Company, which Subsidiary is subject to certain events of default resulting from acceleration of recourse indebtedness, bankruptcy or insolvency events, inability or failure to pay debts when due or judgments; provided that,

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-13 BUSINESS.33548980.10 notwithstanding anything to the contrary contained herein, any such calculation pursuant to the foregoing clause (b) with respect to any Subsidiaries of the Company that are not Wholly-Owned by the Company shall be determined on an 'at share' basis; provided, further that, notwithstanding anything to the contrary contained in this Agreement, the value of the following shall be excluded from any calculation of Total Asset Value at any time: (i) investments in joint ventures to the extent in excess of 25% of Total Asset Value at any time; (ii) investments in debt and securities investments to the extent in excess of 20% of Total Asset Value at any time; (iii) investments in assets other than real property interest, cash and accrued investment income to the extent in excess of 5% of Total Asset Value at any time; (iv) investments in land to the extent in excess of 5% of Total Asset Value at any time; (v) investments in developments to the extent in excess of 5% of Total Asset Value at any time; and (vi) the sum of investments in (i), (ii), (iii), (iv) and (v) to the extent in excess of 40% of Total Asset Value at any time. "Total Assets" means, as at any date, the aggregate value of all assets of the Company, including on a consolidated basis, any Subsidiaries of the Company, as determined by the Company in accordance with Company's ordinary course of business, but not in excess of the "as is" value of any asset determined pursuant to a third party appraisal performed by a third party appraiser retained by Company in Company's reasonable discretion, provided that all such appraisals must contain an "as is" valuation. Notwithstanding anything to the contrary contained herein, any calculation of Total Assets with respect to any Subsidiaries of Company that are not Wholly-Owned by Company shall be determined on an 'at share' basis. "Total Leverage Ratio" means, as at any date, the percentage obtained by dividing Total Outstanding Indebtedness by the value of the Total Assets. "Total Outstanding Indebtedness" means, as at any date, the principal amount of aggregate outstanding Indebtedness of the Company and its Subsidiaries (as reported in the then current financial statements of the Company on a consolidated basis, without regard to the market value adjustment included therein and without duplication). "Total Secured Outstanding Indebtedness" means, as of any date, the portion of Total Outstanding Indebtedness that is Secured Indebtedness. "Total Unsecured Indebtedness" means, as at any date, all of the unsecured Indebtedness of Company (as reported in the then current financial statements of the Company on a consolidated basis, without regard to the market value adjustment included therein and without duplication),

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-14 BUSINESS.33548980.10 and for the purposes hereof such term shall include the aggregate outstanding principal amount of the Notes on such date. "United States Person" has the meaning set forth in Section 7701(a)(30) of the Code. "Unencumbered Asset Pool" means the Qualified Assets identified on Schedule 5.10 attached hereto, as the same may be modified in accordance with Section 7.2(a) hereto, each of which is owned by the Company or the Qualified SPE indicated thereon. "Unencumbered Asset Value" mean the aggregate value of the Unencumbered Asset Pool as determined by the Company prior to the date of this Agreement and, from time to time, in accordance with Company's ordinary course of business, but not in excess of the "as is" value of any asset determined pursuant to a third party appraisal performed by a third party appraiser retained by Company in Company's reasonable discretion. The value of any individual Asset determined in accordance with the foregoing shall be referred to as an "Individual Unencumbered Asset Value". "Unencumbered Leverage Ratio" means, as at any date, the percentage obtained by dividing Total Unsecured Indebtedness as of such date by Unencumbered Asset Value as of such date. "Unsecured Interest Coverage Ratio" means, as at any date, the ratio of net operating income attributable to all Qualified Assets for the period of four consecutive fiscal quarters ended on such date to Unsecured Interest Expense for such period. "Unsecured Interest Expense" means, for any fiscal period, an amount equal to the sum of the following with respect to Total Unsecured Indebtedness: (a) total interest expense, accrued in accordance with GAAP plus (b) all capitalized interest determined in accordance with GAAP, plus (c) the amortization of deferred financing costs (including in the case of (a) through (c), the Company's pro rata share thereof for unconsolidated Subsidiaries and joint ventures). "USA PATRIOT Act" means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect. "U.S. Economic Sanctions Laws" means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. "Wholly-Owned" means, with respect to any Project, equity interest, or other property owned or leased, that 100% of the title to such property is held directly or indirectly by, or 100% of such property is leased directly or indirectly by, the Company or a Subsidiary of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule A-15 BUSINESS.33548980.10 "Wholly-Owned Subsidiary" means, at any time, any Subsidiary all of the equity interests (except directors' qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company's other Wholly-Owned Subsidiaries at such time.

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.1(a) - 1 BUSINESS.33548980.10 Schedule 1.1(a) FORM OF SERIES D NOTE TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, on behalf of THE REAL ESTATE ACCOUNT 4.89% SERIES D SENIOR NOTE DUE OCTOBER 22, 2030 No. RD-[_____] Date: [___________], [____] $[_______] PPN: 87808@ AC3 FOR VALUE RECEIVED, the undersigned, TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York insurance company ("TIAA"), on behalf of THE REAL ESTATE ACCOUNT, a separate account of TIAA (herein called the "Company"), hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] DOLLARS (or so much thereof as shall not have been prepaid) on October 22, 2030 (the "Maturity Date"), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.89% per annum from the date hereof, payable semiannually, on the 22nd day of April and October in each year, commencing with the April 22 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at State Street Bank and Trust in Boston, Massachusetts or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. This Note is one of a series of Series D Senior Notes (herein called the "Notes") issued pursuant to the Note Purchase Agreement, dated October 22, 2025 (as from time to time amended, the "Note Purchase Agreement"), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing,

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Schedule 1.1(a) - 2 BUSINESS.33548980.10 a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make- Whole Amount) and with the effect provided in the Note Purchase Agreement. This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, on behalf of THE REAL ESTATE ACCOUNT By:___________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.1(b) - 1 BUSINESS.33548980.10 Schedule 1.1(b) FORM OF SERIES E NOTE TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, on behalf of THE REAL ESTATE ACCOUNT 5.13% SERIES E SENIOR NOTE DUE OCTOBER 22, 2032 No. RE-[_____] Date: [___________], [____] $[_______] PPN: 87808@ AD1 FOR VALUE RECEIVED, the undersigned, TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York insurance company ("TIAA"), on behalf of THE REAL ESTATE ACCOUNT, a separate account of TIAA (herein called the "Company"), hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] DOLLARS (or so much thereof as shall not have been prepaid) on October 22, 2032 (the "Maturity Date"), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.13% per annum from the date hereof, payable semiannually, on the 22nd day of April and October in each year, commencing with the April 22 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at State Street Bank and Trust in Boston, Massachusetts or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. This Note is one of a series of Series E Senior Notes (herein called the "Notes") issued pursuant to the Note Purchase Agreement, dated October 22, 2025 (as from time to time amended, the "Note Purchase Agreement"), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing,

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Schedule 1.1(b) - 2 BUSINESS.33548980.10 a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make- Whole Amount) and with the effect provided in the Note Purchase Agreement. This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, on behalf of THE REAL ESTATE ACCOUNT By:___________________________________ Name: Title:

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Schedule 4.4(a)-1 BUSINESS.33548980.10 Schedule 4.4(a) FORM OF OPINION OF SPECIAL COUNSEL FOR THE COMPANY See Attached

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Schedule 5.3 DISCLOSURE MATERIALS 1. Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2024 of the Company (as furnished to the Purchasers). 2. Quarterly Report on Form 10-Q for the Fiscal Quarter Ended March 31, 2025 of the Company (as furnished to the Purchasers). 3. Quarterly Report on Form 10-Q for the Fiscal Quarter Ended June 30, 2025 of the Company (as furnished to the Purchasers). 4. Current Report on Form 8-K of the Company, filed with the SEC on August 22, 2025 (as furnished to the Purchasers). 5. Current Report on Form 8-K of the Company, filed with the SEC on August 13, 2025 (as furnished to the Purchasers). 6. Current Report on Form 8-K of the Company, filed with the SEC on July 31, 2025 (as furnished to the Purchasers). 7. Current Report on Form 8-K of the Company, filed with the SEC on May 30, 2025 (as furnished to the Purchasers). 8. Current Report on Form 8-K of the Company, filed with the SEC on May 8, 2025 (as furnished to the Purchasers). 9. Current Report on Form 8-K of the Company, filed with the SEC on April 30, 2025 (as furnished to the Purchasers). 10. Current Report on Form 8-K of the Company, filed with the SEC on March 19, 2025 (as furnished to the Purchasers). 11. Current Report on Form 8-K of the Company, filed with the SEC on March 17, 2025 (as furnished to the Purchasers). 12. Current Report on Form 8-K of the Company, filed with the SEC on February 11, 2025 (as furnished to the Purchasers). 13. Current Report on Form 8-K of the Company, filed with the SEC on January 28, 2025 (as furnished to the Purchasers).

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DB1/ 134587832.7 Schedule 1.1 - 2 (ii) Company's Directors and Senior Officers: The Company has no officers or directors. Rather, TIAA officers, under the direction and control of the Board, manage the investment of the Company's assets, following investment management procedures that TIAA has adopted for the Account. TIAA's trustees are: 1. James R. Chambers 2. Priya Abani 3. Samuel R. Bright 4. Jason E. Brown 5. Jeffrey R. Brown 6. Michael R. Fanning 7. Lisa W. Hess 8. Edward M. Hundert, M.D. 9. Gina L. Loften 10. La June Montgomery Tabron 11. Maureen O'Hara 12. Ramona E. Romero 13. Kim M. Sharan TIAA's officers are: 1. Thasunda Brown Duckett – President and Chief Executive Officer 2. Colbert Narcisse – Senior Executive Vice President, Chief Product and Business Development Officer 3. Christopher Baraks – Senior Vice President, Chief Accounting Officer and Corporate Controller

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Schedule 5.5 FINANCIAL STATEMENTS 1. The audited financial statements of the Company set forth in the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2024, filed with the SEC on March 6, 2025. 2. The audited financial statements of the Company set forth in the Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025, filed with the SEC on May 7, 2025. 3. The audited financial statements of the Company set forth in the Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2025, filed with the SEC on August 6, 2025.

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Schedule 5.10-1 DB1/ 134587832.7 Schedule 5.10 QUALIFIED ASSETS (i) See attached. (ii) See attached.

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EXHIBIT 14.4 (to Note Purchase Agreement) BUSINESS.33548980.10 Exhibit 14.4 FORMS OF TAX COMPLIANCE CERTIFICATES FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Holders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Note Purchase Agreement dated [●], 2025 (as amended, supplemented or otherwise modified from time to time, the "NPA"), among Teachers Insurance and Annuity Association of America, a New York insurance company ("TIAA"), on behalf of the Real Estate Account, a separate account of TIAA (the "Company") and each holder of one or more Notes from time to time party thereto. Pursuant to the provisions of Section 14 of the NPA, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Note(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Company with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company, and (2) the undersigned shall have at all times furnished the Company with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the NPA and used herein shall have the meanings given to them in the NPA. [NAME OF NOTE HOLDER] By Name: Title: Date: ________ __, 20[ ]

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EXHIBIT 14.4 (to Note Purchase Agreement) BUSINESS.33548980.10 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Holders of Participation Interests in Note(s) That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Note Purchase Agreement dated [●], 2025 (as amended, supplemented or otherwise modified from time to time, the "NPA"), among Teachers Insurance and Annuity Association of America, a New York insurance company ("TIAA"), on behalf of the Real Estate Account, a separate account of TIAA (the "Company") and each holder of one or more Notes from time to time party thereto. Pursuant to the provisions of Section 14 of the NPA, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation interest in one or more Note(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating holder with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such holder in writing, and (2) the undersigned shall have at all times furnished such holder with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the NPA and used herein shall have the meanings given to them in the NPA. [NAME OF PARTICIPANT] By Name: Title: Date: ________ __, 20[ ]

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EXHIBIT 14.4 (to Note Purchase Agreement) BUSINESS.33548980.10 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Holders of Participation Interests in Note(s) That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Note Purchase Agreement dated [●], 2025 (as amended, supplemented or otherwise modified from time to time, the "NPA"), among Teachers Insurance and Annuity Association of America, a New York insurance company ("TIAA"), on behalf of the Real Estate Account, a separate account of TIAA (the "Company") and each holder of one or more Notes from time to time party thereto. Pursuant to the provisions of Section 14 of the NPA, the undersigned hereby certifies that (i) it is the sole record owner of the participation interest in one or more Note(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating holder with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such holder and (2) the undersigned shall have at all times furnished such holder with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the NPA and used herein shall have the meanings given to them in the NPA. [NAME OF PARTICIPANT] By Name: Title: Date: ________ __, 20[ ]

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EXHIBIT 14.4 (to Note Purchase Agreement) BUSINESS.33548980.10 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Holders That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Note Purchase Agreement dated [●], 2025 (as amended, supplemented or otherwise modified from time to time, the "NPA"), among Teachers Insurance and Annuity Association of America, a New York insurance company ("TIAA"), on behalf of the Real Estate Account, a separate account of TIAA (the "Company") and each holder of one or more Notes from time to time party thereto. Pursuant to the provisions of Section 14 of the NPA, the undersigned hereby certifies that (i) it is the sole record owner of the Note(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Note(s), (iii) with respect to the extension of credit pursuant to the NPA or any other Financing Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Company with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company, and (2) the undersigned shall have at all times furnished the Company with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the NPA and used herein shall have the meanings given to them in the NPA. [NAME OF NOTE HOLDER] By Name: Title: Date: ________ __, 20[ ]

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## Ex-14

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Code of Business Conduct Exhibit 14

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Code of Business Conduct 1 We live TIAA's values and act with integrity in all that we do. I am incredibly proud to lead a company where every day all of you work tirelessly to make a difference for our clients, and deliver lifetime income to all with investments that build a better world. I'm particularly heartened, and always inspired, by the way you serve our clients—by living our values and operating with the highest possible ethical standards. This commitment continues to set us apart from the rest of the industry. We are a trusted and respected name in the financial services industry not only because of the results we deliver for clients, but also because we are dedicated to operating each and every day with integrity. The Code embodies our high ethical standards and values, and it provides a critical and strong foundation for our mission, brand and dedication to our clients. Please take time to read the Code in its entirety and reflect on how you will live it every day in your role. TIAA has an established "Speak Up" culture and works to enhance it through education and resources for employees. Speaking up is about raising concerns, work/life needs, improvements and ideas without fear. Our non-retaliation policy ensures that employees can and should comfortably use their voice. Our cherished reputation with clients has been earned over the past century through the hard work, dedication and integrity of the employees who came before us, and it is up to us to continue upholding this reputation for the future. The very special institutions and individuals we serve are counting on it, and I thank you for the important role you play. With gratitude, Thasunda Brown Duckett President and Chief Executive Officer

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Why does TIAA have a Code of Business Conduct?�������������������������������������������������������������4 If you suspect or witness possible misconduct����������������������������������������������������������������������5 The 4 Code principles���������������������������������������������������������������������������������������������������������������������7 A checklist for ethical business conduct�������������������������������������������������������������������������������12 Leadership's role in supporting the Code �����������������������������������������������������������������������������13 TIAA Ethics Helpline directory��������������������������������������������������������������������������������������������������14 Appendix������������������������������������������������������������������������������������������������������������������������������������������15 The TIAA Code of Business Conduct contains the following sections and topics:

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The TIAA Code of Business Conduct The TIAA Code of Business Conduct (the "Code") applies to every employee of TIAA and its affiliates (collectively, the "Company" or the "TIAA family of companies"). Other persons performing services for the Company also may be subject to this Code by contract or other agreement. The Code is not a contract of employment and it does not convey any specific employment rights or guarantee employment for any specific time. If you have oversight of a vendor, supplier, contingent worker or employee of a non-affiliate joint venture, you are expected to escalate to a Speak Up resource when their work or actions are inconsistent with the Code. A listing of Speak Up resources can be found on page 5.

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We all must follow the Code of Business Conduct All employees of the Company must comply with the Code, and adhere to it at all times and at all locations, including instances when we are • Working on behalf of or representing the Company as at a co-sponsored volunteer event, • Working remotely in our hybrid model, • Attending conferences, and • Meeting with clients at non-Company locations. Each employee must attest to having read and understood the Code, and agree to follow it. The Company takes seriously allegations of suspected violations of the Code or any Company policy, and will promptly review any such allegations that it receives. We are all expected to cooperate fully with any investigation of a potential violation. Failure to comply with the Code or fully cooperate with any investigation can result in corrective action up to and including termination of employment. Why does TIAA have a Code of Business Conduct? Code of Business Conduct 4 The Code embodies the values of TIAA and its family of companies, and outlines expected standards of behavior when doing business. Think of the Code as an ethical framework for all your business-related decisions, actions and interactions with clients, business partners, and colleagues. Solid corporate values have come to be expected in today's business world, but what sets the Company apart is the degree to which we incorporate our Code into daily business conversations, behaviors and decisions.

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If you suspect or witness possible misconduct Our corporate culture encourages and empowers employees to speak up by asking questions, voicing concerns, and sharing opinions in good faith. We work in a complicated business that is fast-paced and involves many legal, regulatory, and business requirements. There may be occasions when you are unsure about how to proceed in making a decision or taking action. At other times, you may simply want clarification on a matter. In these situations, the Company encourages you to ask questions or seek the advice of someone in a position to help you. Report any concerns about matters that may put the Company or our clients at risk, and behaviors that violate our Code or any Company policy. If you suspect or witness what you believe in good faith to be a violation of this Code, law, regulation or Company policy, please speak up immediately. It is much easier for the Company to fix a problem sooner than a damaged reputation later. Speak up without fear of retaliation The Company encourages you to voice your concerns freely. Reprisal and retribution for speaking up will not be tolerated. The Company does not tolerate retaliation against an employee who speaks up, as part of or outside of an investigation. We take all reports of retaliation seriously and investigate the claims. If the ensuing investigation finds retaliation did take place, the offender will be subject to corrective action, up to and including the termination of employment. There are lots of ways to be heard There are many different ways to relay your concerns when you experience, witness or suspect possible misconduct. Code of Business Conduct 5 Speak Up Resources1 Any manager Any HR Business Partner or similar contact Any HR Consulting Group Member: 844-4-TIAAHR (option 8) Enterprise Investigations: 844-412-5656 or EnterpriseInvestigations@tiaa.org General Counsel or Chief Legal Officer for your organization Compliance Officer for your organization Ethics Helpline: Use the web reporting form tiaaethics.org Telephone directory on page 14 1 In some countries, international regulators provide confidential hotlines of which staff must be made aware at their workplace. How to speak up anonymously If you would like to report your concerns anonymously, the Ethics Helpline is the only Speak Up resource that will facilitate anonymous reporting. Anonymous reporting is available in all locations where legally permitted, including the U.S., India and the UK. To speak up anonymously, call the Ethics Helpline number that corresponds with your company location or use the web reporting form. Turn to page 14 to find the appropriate phone number to use.

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We comply with laws and regulations There are many laws and regulations that govern the way the Company does business, including those that control our insurance, retirement, asset management and trust activities. In addition, employment laws (including nondiscrimination laws) govern our policies and the safety of our workplace. We are committed to conducting business in a compliant manner. This requires us to understand and follow specific federal, national, state, provincial, regional, county and/or local laws and regulations that apply to our activities as well as our policies and procedures. The Company's policies, procedures and controls exist to ensure TIAA complies with laws and regulations. Circumvention of controls and violations of policy do not have to rise to unlawful behavior to be a violation of the Code. Code of Business Conduct 6

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The 4 Code Principles Be honest and fair Act responsibly Be respectful and promote inclusion Protect client and Company information The following pages provide more information on each principle along with guidelines for compliance.

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Code of Business Conduct 8 Guidelines for being honest and fair Do not take unfair advantage of another person, party or situation through improper business practices, such as manipulation, fraud, coercion, intimidation, concealment, misuse of confidential information, misrepresentations or criminal wrongdoing. Avoid actual or perceived conflicts of interest between your personal interests and the Company's interests. Obtain compliance approval before engaging in activities that could pose a potential conflict of interest, such as public office, board appointments, political contributions, secondary employment and other outside business activities, business investments, and gifts. Don't use your position at the Company for inappropriate personal gain for yourself or members of your family. Deal honestly with everyone, including clients, suppliers, competitors and employees. When conducting Company business, always put your professional responsibility before your personal interests. Be honest and fair. We are committed to conducting our business affairs honestly and fairly, and believe both qualities are essential for delighting our clients and creating an exceptional experience for our employees. We must maintain high standards of ethical business conduct and display personal integrity at all times to protect our Company's reputation, and meet our commitments to clients and colleagues. Values Be client obsessed \| Champion our people \| Lead with integrity \| Own it \| Win as one

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Act responsibly. Our Company's reputation is one of its most valuable assets. Acting responsibly is an important way to safeguard it. Each of us plays a vital role in protecting the TIAA name and associated brands and has a stake in the success of our efforts. We are personally accountable and answerable for what we do, say and write. We not only take ownership of our own job responsibilities, but support our managers, teams, and colleagues as they carry out their duties and obligations. We accept the fact that we may make mistakes, but when they happen, we own our part and do what we can to correct them. We exercise good judgment, thinking things through and considering the short- and long-term consequences of a decision or action. This may involve sharing information, working through ideas with other people and sometimes holding off on an action to avoid a harmful outcome. Simply put, we should be thoughtful in our approach to the work we do. Guidelines for being accountable Own the mission and direction of the Company by proactively seeking ways to align our actions and behaviors, and those of our teams, to the priorities of the Company. Obtain input from key internal stakeholders before finalizing a decision. Take into account all relevant considerations and weigh them appropriately, in a manner that's consistent with the Company's business objectives and values. Exercise care in all communications on behalf of the Company or when using Company resources, such as hardware, software and supplies (whether it is through electronic means such as email, the internet, texts, chats and social media, or in person). Complete required training and attestations on time and maintain required licenses and registrations. Act as a brand ambassador whenever you are representing the Company externally, whether for work, business travel or other reasons. Understand, identify and mitigate risks that may arise from your responsibilities. Know what options are available and anticipate the impact of your choices. Code of Business Conduct 9 Values Be client obsessed \| Champion our people \| Lead with integrity \| Own it \| Win as one

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Code of Business Conduct 10 Be respectful and promote inclusion. Mutual respect and professional conduct are, and have always been, central to our corporate culture. We recognize our employees each bring unique perspectives and talents. We take steps to ensure that every Company in the TIAA family of companies provides an inclusive environment, so that our different experiences can make us stronger and lead to better outcomes by enabling us to vet ideas and plans against a wide variety of perspectives and opinons. Our varied experiences and perspectives must be viewed and used as a source of strength that we can leverage for the continued success and long-term health of the Company. We are each responsible for ensuring that differences do not become a source of disrespect, exclusion or discrimination, whether it's by giving favorable treatment to those we think are similar to us or treating others worse because you view them as somehow different from you. Guidelines for being respectful and inclusive Respect differences of opinion, perspectives or approaches to a particular situation. Treat everyone fairly without regard to age, race, gender, ethnicity, sexual orientation, gender identity, disability, religion or any other category protected by applicable law. Discrimination, harassment, and retaliation are strictly prohibited as is engaging in intimidating, demeaning or offensive behavior. View differing opinions, perspectives, and experiences as an asset that we can leverage to enrich business results and strengthen our practices. Values Be client obsessed \| Champion our people \| Lead with integrity \| Own it \| Win as one

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Code of Business Conduct 11 Guidelines for protecting client and Company information Follow information security and privacy standards and procedures for handling client and Company information. When in doubt about whether or how you can access information or provide it to another party, ask the appropriate stakeholder. Maintain accurate and thorough records, including financial reports and other Company records, and ensure such records are never misrepresented or manipulated. Records must also be retained in accordance with record retention requirements, including the destruction of Company records, as established by law, regulation or Company policy. Report any suspicious activity or behavior that could compromise client or Company information. Immediately report any possible breach of client or Company information or compromise of proprietary data. Protect client and Company information. All Company employees are required to protect client and Company information. We should review or share such information only to the extent permitted, required and necessary to conduct the business of our Company. Values Be client obsessed \| Champion our people \| Lead with integrity \| Own it \| Win as one

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A checklist for ethical business conduct Use the following questions as a checklist that can help you follow the Code when you represent the Company or make decisions on the Company's behalf. Is the proposed activity legal? Are you acting ethically, fairly and in good faith? Is this activity consistent with the Company's values? Are you acting in the best interest of the client? Could this activity be considered fraudulent or misleading? Could this activity damage the Company's reputation or brand image? Could the Company lose clients if this information were made publicly available? Could this activity in any way be interpreted as, or appear to be, inappropriate or unethical behavior? Would you be uncomfortable if the detail of this activity were known by your colleagues, team members or family and friends, or if it appeared in a newspaper or on the internet? Have you encouraged a trusted colleague to provide constructive criticism of the proposed activity? Please remember… Neither the Code nor these guidelines can anticipate every possible situation. If you need guidance or assistance on a matter related to ethical conduct, speak to your manager or to an employee in a supporting or advisory role, such as the People Team, Compliance or Enterprise Investigations. Code of Business Conduct 12 Ask yourself

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Code of Business Conduct 13 Leadership's role in supporting the Code Provide guidance to direct reports and others who are questioning a decision or course of action. Lead by example, and be a role model for personal integrity and ethical business conduct. Answer your questions and address issues promptly. Involve a Speak Up resource when appropriate. Take their management and supervision responsibilities seriously. Immediately address any suspicions of ethical concerns or misconduct, brought to them in good faith, by escalating concerns for further investigation. Point out and explain pertinent laws, regulations, policies and compliance manuals related to your work. Support employees who speak up by avoiding actual or perceived acts of retaliation. Inform teams about options for reporting possible misconduct. Encourage you to ask questions and foster an environment that welcomes them. Leaders must: Our leadership is responsible for creating a work environment in which you can thrive and reach your full potential. They are required to role model ethical conduct, and support your championship of the Company's values and your adherence to the Code.

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Code of Business Conduct 14 Ethics Helpline Directory The TIAA Ethics Helpline has dedicated telephone numbers in the countries as indicated below: India 000-800-050-4639 United Kingdom 0808-149-1663 United States 1-877-774-6492 TIAA's third-party administrator of the Ethics Helpline utilizes regional hubs for locations without a dedicated telephone line. Use the regional hub telephone numbers below for the location closest to you. Please be prepared to provide "TIAA" as your employer name so your report is routed appropriately. Buenos Aires 54-11-5217-0780 London 44-20-7099-2138 Singapore +65-3158-4209

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Our obligations as a U.S. government contractor Our Company has special obligations regarding fair employment practices and is subject to regulatory oversight of our hiring and workplace policies. We are committed to providing equal opportunity in all of our employment practices, including hiring, promotion, transfer and compensation of all applicants and employees without regard to race, color, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other "protected category" set by applicable federal, state or local law including, without limitation, age, marital status, citizenship status or genetic information. In addition to respecting protected categories, we are respectful and considerate of every individual in the conduct of our business, regardless of differences in belief systems, styles, experiences, perspectives and other things that shape their uniqueness. Non-U.S. operations The management principles established in the Code will apply absent potential conflicts with applicable laws in non-U.S. jurisdictions. These conflicts may involve applicable laws of two or more countries or this Code and applicable non-U.S. laws. If such a circumstance presents, please consult with Law and Policy for guidance on how to resolve that conflict properly. At-will employment The Code and Guidelines are not intended to, and do not, create an employment contract (or other contractual obligation) of any kind with any Company employee. Unless otherwise provided by written agreement with your employer or required by applicable law in the relevant jurisdiction, your employment is "at-will," meaning that either you or your employer may end employment without notice for any reason or no reason at all. Further, nothing herein constitutes conditions of employment or should be construed as express or implied contractual commitments by the Company. Respect for your rights Nothing in this Code or any Company policy shall, or shall be construed to, limit any employee's right, if any, to discuss the terms and conditions of their employment or to engage in protected concerted activity as defined by law (such as in Section 7 of the U.S. National Labor Relations Act). In addition, neither this Code nor any Company policy shall be construed to prohibit you from filing a complaint or communicating, reporting or assisting in the reporting or investigation of possible violations of federal, state or local law or regulations to any governmental agency or self-regulatory organization, or making other disclosures that reasonably may be protected under whistleblower or other provisions of any applicable federal, state or local law or regulation. Prior authorization of, or notice to, the TIAA family of companies is not required to make any such reports or disclosures. However, the organization wants employees to share such concerns, anonymously (in countries where permitted by law) if desired, by contacting the Ethics Helpline without fear of retaliation. Phone numbers for the Ethics Helpline can be found in the Helpline Directory section on page 14 of this Code. Code of Business Conduct 15 Appendix

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(07/25)2847287©2025 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY

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## Ex-19

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 1 of 12 TIAA Enterprise Material Non-Public Information and Insider Trading Policy POLICY STATEMENT OF PURPOSE & SUMMARY This Teachers Insurance and Annuity Association of America ("TIAA") Enterprise Material Non-Public Information and Insider Trading Policy sets minimum standards to prevent or detect Material Nonpublic Information (MNPI) and any other Confidential Information from being inappropriately shared or misused to prevent violations of Federal Securities Laws stemming from the misuse of such information. Federal Securities Laws, specifically Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, as amended, prohibit the purchase or sale of securities while in possession of MNPI, Insider Trading, and Tipping and/or aiding or abetting those engaged in Insider Trading. Illegal Insider Trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust or confidence, on the basis of MNPI (also referred to in this policy as "Insider Information") about the security. Additionally, Section 204A of the Investment Advisers Act of 1940 requires registered investment advisers to establish, maintain, and enforce written procedures to prevent the misuse of MNPI by the adviser and any of its associated persons. This Policy is designed to address the following risks:  Misconduct by employees  Reputational harm to TIAA and its subsidiaries  Violations of the federal Insider Trading laws, rules, and regulations  Regulatory fines and penalties for violations of Insider Trading laws, rules, regulations, and policy  Misuse of MNPI or other insider information, including "Tipping"  Front running securities trades  Jeopardizing client assets  Conflicts of Interest  Civil liability for theft, conversion, or misappropriation  Criminal liability for violations of federal or state securities laws as well as mail and/or wire fraud violations APPLICABILITY This Policy applies to employees, consultants, temporary workers, and interns of Teachers Insurance and Annuity Association of America ("TIAA") and its subsidiaries. TIAA subsidiaries, including Nuveen, LLC may elect to have a more restrictive policy, but are required to meet the minimum standard of this Policy. Nuveen employees should follow the Nuveen Material Non-Public Information and Insider Trading policy for guidance. Exhibit 19

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 2 of 12 TERMS AND DEFINITIONS For purposes of this policy, Affiliated Fund: Any TIAA-CREF or Nuveen branded or sponsored open-end fund, closed-end fund, or Exchange Traded Fund (ETF), and any third-party fund advised or sub-advised by TIAA-CREF or Nuveen. Access Person: TIAA/Nuveen Employees who have access to non-public information about securities transactions and other investments, holdings, or recommendations for any portfolio or client account advised or sub-advised by Nuveen. Beneficial Ownership: Any interest by which you or a Household Member directly or indirectly derives a monetary benefit from purchasing, selling, or owning a security or account, or exercise investment discretion. You have Beneficial Ownership of securities held in accounts in your own name, or any Household Member's name, and in all other accounts over which you or any Household Member exercises or may exercise investment decision-making powers, or other influence or control, including trust, partnership, estate, and corporate accounts or other joint ownership or pooling arrangements. Confidential Information: For the purposes of this policy, the term "Confidential Information" refers to information that you create, develop, receive, use, learn or have access to by virtue of your employment at TIAA, that is not generally known to the public, may be proprietary to TIAA and its subsidiaries or is information TIAA associates receive from clients, potential clients, vendors or other business partners. Examples of Confidential Information would include:  Identity of our clients.  Firm and client trading activities and securities holdings.  Marketing plans and marketing strategies.  Mergers and Acquisitions.  Vendor relationships. POLICY KEY TAKEAWAYS TIAA employees may come into possession of Material Non-Public Information (MNPI) and other Confidential Information in the normal course of performing their job responsibilities. This policy provides guidance for identifying and properly handling MNPI, as well actions required or prohibited to be in compliance. It is not an exhaustive list of every MNPI issue that TIAA may face. Interpreting the requirements covered in this policy may require assistance from legal or Local/Designated Chief Compliance Officer. Additionally, the securities laws and regulations are constantly changing. For this reason, it is important for employees to contact legal or Local/Designated Chief Compliance Officer with any questions regarding securities laws and regulations or compliance with the requirements within this policy.

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 3 of 12  Information relating to proxies and voting decisions.  Investment or asset allocation models and algorithms.  Research opinions, analyses, estimates and recommendations.  Supervisory activities of the Firm's regulators. Employee Conduct Compliance ("Compliance"): Team within TIAA Employee Conduct & Ethics Compliance responsible for managing and safeguarding MNPI and other Confidential Information related to Personal Securities Transactions. Federal Securities Laws: The applicable portions of any of the following laws, as amended, and of any rules adopted under them by the Securities and Exchange Commission ("SEC") or the Department of the Treasury:  Securities Act of 1933.  Securities Exchange Act of 1934.  Investment Company Act of 1940.  Investment Advisers Act of 1940.  Sarbanes - Oxley Act of 2002.  Title V of the Gramm - Leach- Bliley Act of 1999.  The Bank Secrecy Act. Front Running: The illegal practice of purchasing a security based on advance non-public information regarding an expected large transaction that will affect the price of a security. Functional Support Employees: All Permanent Employees who work in compliance, legal, finance, human resources, risk management, investment oversight, product, office of the chief operating officer, performance reporting and analytics, or operations and technology, Functional Support Employees are not Private Side Employees. Household Member: Any of the following who reside, or are expected to reside for at least 90 days a year, in the same household as a Nuveen or TIAA Employee:  Spouse of Domestic Partner.  Sibling.  Child, stepchild, grandchild  Parent, stepparent, grandparent  In-laws (mother, father, son, daughter, brother, sister). Information Barrier: Barriers that, among other things, are intended to control the communication of information from one person or business group to another. Information Barriers can be physical, technological, or procedural. Insiders: Any person who is the beneficial owner, directly or indirectly, of more than 10 percent of any class of registered equity securities, as well as any director or officer of the issuer of such securities. Insider Trading: Purchasing or selling a security (or any derivative thereof), or directing transactions on behalf of others, while in possession of MNPI related to the security.

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 4 of 12 Material Non-Public Information or Insider Information: Is a subset of Confidential Information that is both "Material" as it relates to any security, securities-based derivative, or issuer of a security and "non-public." Information is " Material" if:  There is a substantial likelihood that a "reasonable investor" would consider the information important when making an investment decision to purchase, sell, or hold securities of the issuer such that the information would be viewed by the reasonable investor as having significantly altered the total mix of information available or  Public release of the information is reasonably certain to have a substantial effect on the price of a security. Information is deemed "Nonpublic" if:  It has not been disseminated such that it is generally available to the general public.  Information is generally non-public if it has not been distributed through a widely used public medium, such as a press release or a periodic report (e.g., 8-K or N- CSR), prospectus, or other regulatory filing with SEC, or other method of disclosure that provides broad, non- exclusionary communication of the information to the public. As this relates specifically to accounts of the TIAA organization and an insurance separate account of TIAA (e.g., the TIAA Real Estate Account ("REA") or TIAA Separate Account VA-3 ("VA-3")), disclosure is reasonably certain to have an effect on the net asset value ("NAV") of any of the TIAA or Nuveen mutual funds or the accumulation unit value ("AUV") of the CREF accounts, REA, or VA-3. With respect to the REA, "material" information can also include any of the following, among others: (i) valuation information regarding commercial properties that has the potential to cause a significant movement of REA's AUV prior to reflecting such information in its quarterly financial statements, (ii) departure of a lead portfolio manager, (iii) restatement of audited financials, or (iv) the resignation of the REA's auditor or its independent fiduciary. NEMT: Nuveen Executive Management Team Permanent Employee: Any full – or – part-time employee of TIAA or Nuveen, NOT including consultants and temporary workers. Public Side Employees: TIAA/Nuveen investment staff who invest in public securities in the ordinary course of business but may come into possession of MNPI. Private Side Employees: TIAA/Nuveen investment staff who may come into possession of MNPI in the normal course of performing their job responsibilities and who do not invest in public securities in the ordinary course of business. Section 16 Insiders: Section 16 ("Section 16") of the Securities Exchange Act of 1934 defines Insiders as, but not limited to, directors and designated officers of a public company, even if such persons do not own any securities of the company. While a person's title is indicative, the final determination of whether a person is a director or designated officer of a public company depends

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 5 of 12 on the person's function and influence at the public company (i.e., influences the firm's investment decisions, on the board of directors of the company) or stockholders, including their Household Members who beneficially owns 10% or more of any class of equity security that is registered under Section 12 of the Exchange Act, Section 30(h) ("Section 30(h)") of the Investment Company Act of 1940 (the "1940 Act") provides that persons who own more than 10 percent of any class of the outstanding securities of, or are officers involved in policy making, directors, members of any advisory board, investment adviser or affiliated person of an investment adviser of a registered closed-end investment company (each non-10 percent shareholder a "Section 30(h) person") are subject to the same duties and liabilities in respect of the securities of such investment company as those imposed by Section 16 on the persons referenced above in respect of their associated issuer's securities. Tipping: The act of providing material, non-public information about a company or security to a person who is not authorized to have the information. If the recipient of the information acts on this information by buying or selling securities, then it becomes Insider Trading and is a violation of Federal Securities Laws. GENERAL RESTRICTIONS AND REQUIREMENTS Sharing MNPI Generally, MNPI should never be shared with anyone who does not "need to know" the information in order to perform their job responsibilities. MNPI and other Confidential Information must only be shared: (i) internally if there is a legitimate need-to-know within TIAA; (ii) only with those who will protect its confidentiality; and (iii) not shared outside the Firm, with the exception of communication with regulators, law enforcement or regulatory organizations, with parties pursuant to appropriate non-disclosure agreements, or with parties owing fiduciary duties (such as outside counsel and auditors). Employees sharing information covered by confidentiality and nondisclosure agreements must do so only in accordance with the terms of those agreements and subject to Compliance and legal approval. Prior to sharing, employees must establish that the recipient requires access to the information to perform their job duties. Private-Side Employees in possession of MNPI must maintain confidentiality and refrain from disclosing information about a public company unless authorized by Compliance, or the respective line of business CCO. Certain types of information that are not MNPI may be shared or discussed with Public Side Employees without prior approval from Compliance, or your local/designated CCO. The Public Side will generally not receive or have access to MNPI, however, certain public side investment personnel and Functional Support Employees not involved directly in making investment decisions, may in the course of their normal work duties obtain issuer specific information that could include MNPI. In the event MNPI is obtained, employees must keep the information confidential, not purchase or sell (or recommend the purchase or sale) any securities of the issuer about which they have the information, on behalf of themselves or others, and report possession of MNPI to Compliance as outlined below. Reporting MNPI Situations Employees who comes into possession of MNPI or what they believe to be MNPI other than in the

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 6 of 12 ordinary course of business should always err on the side of caution and: (i) promptly report possession of such information by sending an e-mail to mnpi@tiaa.org or completing the MNPI Form available in StarCompliance ("Star"), or contacting the business area local/designated Compliance Officer; (ii) keep the information confidential and not discuss or tip such information or in any way aid or assist others to take advantage of this information, even if the targets of your efforts do not know what the MNPI is or do not know if it even exists; (iii) not purchase or sell (or recommend the purchase or sale) of any securities of the company about which you have the information, on behalf of yourself or others, including Affiliated Funds or other client accounts); and (iv) promptly notify Employee Conduct Compliance once the information ceases to be MNPI (i.e., publicly released or aged to the point that it is no longer material) using the "MNPI Removal Form" in Star. Examples of Potential MNPI include, but are not limited to:  Earnings information or financial projections  Mergers, acquisitions, tender offers, joint ventures, or changes in assets  New products or discoveries, or developments regarding customers or suppliers  Changes in management or control  Change in auditors or auditor notifications that the issuer may no longer rely on an auditor's audit report  Events regarding the issuer's securities (e.g., defaults on senior securities, calls of securities for redemption, repurchase plans, stock splits or changes in dividends, changes in the rights of security holders, public or private sales of additional securities)  Bankruptcies or receiverships  Litigations or investigations  Large real estate transactions of a publicly traded company  Strategic Initiatives  Due Diligence meetings and visits Safeguard MNPI and other Confidential Information All employees are expected to exercise proper care to safeguard MNPI and other Confidential Information by observing the following guidelines while in the office or at home, during business travel, and any other potential work environments:  Never leave MNPI or other Confidential Information on desks or visible on computer screens when stepping away. Place sensitive materials in a locked drawer or cabinet at the end of the day. Adhering to these "clean desk" principles is essential to physically protecting MNPI.  Manually lock computer workstations before leaving the area.  Do not leave any materials in shared spaces. When printing or copying documents containing MNPI and/or other Confidential Information, collect copies right away. When using a public printer, always use the Print Secure function (where available). Double- check conference rooms after each meeting to make sure sensitive materials haven't been left behind.  Do not discuss MNPI or other Confidential Information in any public area. MNPI and other Confidential Information can inadvertently be transmitted in any hallway, rest room,

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 7 of 12 cafeteria, elevator, or other similar areas.  Do not forward MNPI or other Confidential Information to a personal email address. This includes both emails and attachments.  Carefully review all electronic communications for possible MNPI and/or other Confidential Information. Encrypt where required, ensure the appropriateness and business necessity of the communication, and carefully check all addresses in any electronic communication that could contain MNPI and/or other Confidential Information to ensure that no unauthorized persons are included. Do not use "reply all" without checking whether the information is appropriate for all recipients. As a best practice, classify documents containing MNPI as "Highly Confidential."  You may share and discuss MNPI with other Private Side Employees, Functional Support Employees, and NEMT members provided there is a business purpose for doing so. Absent a business purpose, MNPI may not be shared. Client Account/Personal Account Dealing Employees in possession of MNPI or Other Confidential Information must not:  Trade, deal in, cancel, amend, or otherwise transact in public securities or affected Affiliated Fund and accounts while in possession of MNPI or Insider Information relating to that security.  Engage in Tipping or otherwise encourage or cause others to trade, deal in, cancel, amend, or otherwise transact in securities or affected Affiliated Fund and accounts while in possession of MNPI or Insider information relating to that security. INFORMATION BARRIER GENERAL GUIDELINES Given the many and various sources of information that TIAA obtains, it is important to understand information flows and sources of potential MNPI and other Confidential Information that often require the establishment of a barrier. Employees must understand and observe when the proper application of TIAA Information Barriers outlined below must be established. Physical Barriers a. Floor Access & Space Allocation Certain employees and other individuals may receive MNPI and other Confidential Information while performing their job responsibilities and therefore must occupy their own designated work area that is physically secure and distinct from others. All Private-Side Employees must occupy their own designated work area that is physically secure and distinct from all other Nuveen or TIAA office space. All other full- or part-time employees of Nuveen will not be granted key card access to designated Private Side office space, unless Compliance in consultation and agreement with the local/designated CCO, grants an exemption in writing to the request. Access to Private-Side office space must be secured by key card access or a locking mechanism

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 8 of 12 with the same effect. Designated Private-Side office space may constitute an entire floor or a cordoned-off section within a floor, or other space as approved by Compliance and the local/designated CCO, that may also house non-Private-Side Employees. Subject to the approval of Compliance, key card access may be granted to NEMT or Nuveen Functional Support Employees who have a business purpose to gain access to or be located within designated Private-Side office space. TIAA employees, consultants, temp workers, and interns will generally not be granted key card access to any Nuveen office space (not limited to the Private Side). All requests for key card access by such staff will be referred to Compliance who will consider Nuveen Access Person designation and applicable monitoring requirements when responding to such requests. Employees may request physical access to floors by submitting the request to Global Security Operations Center at tiaaglobalsecurity@tiaa.ord. Technology Barriers a. Access Authorization Technological barriers include restricted access to applications, systems, secure printing tools, files, SharePoint folders, mailboxes, and calendars. In alignment with the Corporate Identity and Access Management Standards employees must not access, attempt to access, or request access to any technology for which they do not have a need to know. All employees that require access to information resources must submit an access request, and the request must be reviewed and approved by the user's immediate manager. All access requests to information systems associated with an application classified as regulatory relevant or classified as containing Highly Confidential or Confidential data must be approved by the user's immediate manager and the Business Owner. Resource Administrators are responsible for granting the level of access that is approved by the Business Owner by approved automated tools where available. Managers must approve access to technology based upon need to know for the employee and be granted based upon the principle of least privilege. This means that entitlements must not be granted unless a legitimate business need for such entitlements exists. b. Review and Maintenance of User Access Entitlements Access entitlements granted to users must be reviewed by the user's manager at least semi- annually to determine if access rights are commensurate with the user's job function. Access not reviewed by the manager before the Access Certification deadline will be identified for possible removal. Privileged access entitlements granted to functional/service accounts must be reviewed by account owners quarterly to ensure the privileged access level is still valid. Access entitlements granted to privileged users must be reviewed by the user's manager at least quarterly to determine if access rights are commensurate with the user's job function. Procedural Barriers a. Controlled Communication

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 9 of 12 In most cases, communication across TIAA's Information Barrier is prohibited unless the following controlled communication obligations are observed to prevent the inappropriate dissemination of MNPI:  A designated "Wall Monitor" is present to monitor meetings across the Information Barrier. A Wall Monitor is a representative from Investment Management Compliance or Employee Conduct Compliance who monitor meetings between the Private-side and Public Side Employees to ensure MNPI is not discussed. Requests for Wall Monitors can be made by submitting an email to: mnpi@tiaa.org.  Employees from the Public Side may initiate contact with Private Side to discuss market, industry/sector, economic, and similar types of information, however, you may not initiate any company-specific discussions without obtaining prior written approval from Compliance or your local/designated CCO, who may monitor the communication and/or meeting(s).  Employees from the Private Side may initiate contact with Public Side Employees to discuss market, industry/sector, company, economic, and similar types of information, but in no way may you discuss any company about whom you possess MNPI without obtaining prior written approval from Compliance, or your local/designated CCO, who may monitor the communication and/or meeting(s).  Employees from the Public Side and the Private Side may jointly attend meetings concerning broad economic and market information, managerial and administrative matters without a Wall Monitor present. This would include staff meetings, town hall meetings, and training sessions. b. Restricted List/Watch List The Public Side and the Private Side businesses must maintain separate Restricted Lists of public companies as to which it has acquired MNPI pertaining to the company's issuers or individual securities. The lists are used to restrict personal trading by access persons in individual securities and any public securities of companies on the restricted list. For MNPI that originated from a specific affiliated investment adviser, that same investment adviser will generally be subject to restrictions on trading on behalf of client portfolios while its adviser employees possess MNPI. The Private Side Restricted Lists also serves as a "Watch List" for the Public Side investment teams that sets forth a list of issuers whose securities, although not restricted from Firm trading, are subject to heightened scrutiny. The Watch List is used to determine if there was a breach of any information barriers among the Public Side Investment Management team(s). The Restricted Lists are highly confidential, and their contents must not be communicated directly or indirectly to anyone outside of designated personnel that are determined by the Investment Compliance team on a need-to-know basis. Sharing the list with an unauthorized person may lead to disciplinary action. All Access Persons and Covered Persons, as defined by their relevant Code of Ethics and Personal Trading Policy maybe be monitored for personal trading in the names on the Restricted List which is maintained in Star. c. TIAA Real Estate Account Personal trading restrictions will periodically and temporarily be imposed in the TIAA Real Estate Account ("REA" account) for selected employees in response to future product, market, and/or

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 10 of 12 related developments impacting the accounts. The REA Working Group will determine the population of Restricted Employees subject to periodic restrictions in the REA account. The criteria include, but is not limited to, the employee's current role and responsibilities as well as potential access to non-public knowledge relating to the Real Estate Account. The occurrence of any of the following events shall automatically trigger the imposition of a restriction on personal trading in Units by Restricted Employees:  Upon notice that the Account's Liquidity Guarantee will be triggered (or such shorter period, in circumstances where the Guarantee trigger is not foreseeable at least 30 Business Days prior) but not more than 30 Business Days prior to the trigger.  Departure or Resignation of the Lead Portfolio Manager of the Account.  Material Litigation or Regulatory Enforcement Action involving the Account, or TIAA or an affiliate in respect of the Account, as a Named Party or TIAA.  Evidence of material internal or external fraud involving the Account or involving properties or securities within the Account.  Restatement of the Account's Annual Audited Financial Statements.  Resignation of the Account's PTE-Mandated Independent Fiduciary.  Substantive or Material Change in the Account's Investment Objectives and Principal Investment Strategies (i.e., changing the risk profile of the product) as stated in its current prospectus.  Five Business Days prior to the Account's filing of a current report under the Exchange Act on Form 8-K, unless legal has determined that it is inappropriate to so restrict given the nature of the Form 8-K, 8-K FAQ, or 8-K QPA  Note – if the filing of an 8-K, 8-K QPA, or FAQ follows the filing of a 10-Q and the trading restriction window would occur during a plan directed transaction, an exception is warranted to not impose the trading restriction.  The Account's filing of a periodic report under the Exchange Act on Forms 10-Q or 10-K.  The Account's filing of a registration statement under the Securities Act on Form S-1, including amendments thereto but only if the amendment contains additional material information or makes material changes to the initial Form S-1 filing. d. Section 16 Insiders Certain persons (considered Section 16 "Insiders") within TIAA are subject to a number of reporting obligations and trading limitations related to their ownership of and transactions in publicly traded securities, (including TIAA's closed-end funds). TIAA Section 16 Insiders are required to obtain pre- approval for all transactions in any account where an Insider or Household Member of the Insider has Beneficial Ownership in a security by submitting a pre-clearance request through Star. Insiders are also prohibited from buying and selling securities for which they serve as Insiders during a "Blackout Period" (periods of significant corporate events, such as earnings release, mergers & acquisitions, stock offering, corporate restructuring, and other important announcements that have not been released to the general public). Insiders are also prohibited from buying and selling or selling and buying securities for which they serve as Insiders within a six (6) month period. This is known as a "short-swing transaction. Consequently, Section 16 Insiders should avoid frequent trading in the securities for which they are an Insider, and make sure it is at least 6 months after your most recent purchase of that security.

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 11 of 12 e. Confidentiality Agreements When an employee (Recipient) enters into a confidentiality agreement governing sensitive information to be received or shared with a third party (internal and external), the employee who signs the agreement is responsible for determining whether the information is MNPI, and if so, he or she must promptly report the MNPI to Employee Conduct so that the issuer may be placed on the Restricted list, unless the employee determines, in consultation with a Compliance Officer, that the confidentiality agreement is not likely to result in receipt of MNPI. If a determination is made that the confidentiality agreement is not likely to result in MNPI, the employee must: (i) safeguard all Confidential Information received under the agreement; (ii) not disclose or disseminate any information to third parties not authorized under the agreement without the prior written consent of the disclosing party; and (iii) not be used for personal gain or benefit of any employee. ADDITIONAL REQUIREMENTS Training and Annual Attestation All associates will be provided with a copy of this Policy. All employees are required to become familiar with and comply with this Policy, and at least once in each calendar year, complete the Enterprise TIAA MNPI and Insider Trading training. In addition, all associates must attest that he or she (i) has read and understands this Policy, (ii) complied with the Policy during the preceding calendar year, and (iii) is not aware of any violation of this Policy by another employee that has not been brought to the attention of Compliance or legal. RELATED DOCUMENTS  TIAA Code of Business Conduct  TIAA Trust Code of Ethics  TIAA Kaspick Code of Ethics  TC Services and TFI RIA Code of Ethics  Services Personal Trading Policy  Nuveen Material Non-Public Information and Insider Trading Policy  Nuveen Code of Ethics  TIAA India Code of Ethics  Corporate Identity and Access Management Standards POLICY ENFORCEMENT As outlined in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as relevant policies that apply to TIAA business activities. Violation of this policy may result in disciplinary action up to and including termination of employment.

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Compliance and Ethics \| Enterprise Policy INTERNAL USE ONLY Page 12 of 12 For inquiries related to this policy, send an email to mnpi@tiaa.org. Effective Date 08/05/2025 ERCG Approval Date 09/28/2024 Next Review Date 08/05/2026 Policy Approver Leon D'Souza, Senior Managing Director, Enterprise Compliance Policy Owner Jessica Byrd, Senior Director, Enterprise Compliance Officer

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## Ex-31

**EXHIBIT 31**

**CERTIFICATIONS**

I, Colbert Narcisse, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of the TIAA Real Estate Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 12, 2026 | /s/ Colbert Narcisse |
| | Colbert Narcisse |
| | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America (Principal Executive Officer) |
| | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America (Principal Executive Officer) |
| | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America (Principal Executive Officer) |
| | (Principal Executive Officer) |

---

------

I, Christopher Baraks, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of the TIAA Real Estate Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 12, 2026 | /s/ Christopher Baraks |
| | Christopher Baraks |
| | Senior Vice President, Chief Accounting Officer and Corporate Controller of Teachers Insurance and Annuity Association of America |
| | (Principal Financial and Accounting Officer) |

---

## Ex-32

**EXHIBIT 32**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Teachers Insurance and Annuity Association of America, do hereby certify, to such officer's knowledge, that:

The annual report on Form 10-K of the TIAA Real Estate Account (the "Account") for the year ended December 31, 2025 (the "Form 10-K") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Account.

---

| | |
|:---|:---|
| March 12, 2026 | /s/ Colbert Narcisse |
|  | Colbert Narcisse |
|  | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions and New Markets, Teachers Insurance and Annuity Association of America |
|  | (Principal Executive Officer) |
| March 12, 2026 | /s/ Christopher Baraks |
|  | Christopher Baraks |
|  | Senior Vice President, Chief Accounting Officer and Corporate Controller of Teachers Insurance and Annuity Association of America |
|  | (Principal Financial and Accounting Officer) |

---

A signed original of this written statement required by Section 906 has been provided to the TIAA Real Estate Account and will be retained by the Account and furnished to the Securities and Exchange Commission or its staff upon request.

<br>