*Articles and reports contained in the views from the Global Investment Committee booklet are being provided for general information regarding the business of Nuveen Real Estate ("NRE") and are not specific to the TIAA Real Estate Account, which is managed solely by TIAA. NRE is a division of Nuveen Asset Management, LLC, a registered investment adviser and an affiliate of Nuveen, LLC.
1Returns are largely unaffected by movements in stock or bond markets since returns are generated by rental income and changes in property values. For the 10-year period ended December 31, 2022, REA correlation to the S&P 500 Index and Bloomberg U.S. Aggregate Bond Index was -0.20 and -0.36, respectively. Over this same period, correlation between the FTSE Nareit All Equity REIT Index and the S&P 500 Index was 0.77. You cannot invest directly in any index. Index returns do not reflect a deduction for fees and expenses.
2Direct real estate has delivered higher risk-adjusted returns than bonds since the account's inception in 1995. As of December 31, 2022, the REA since-inception Sharpe ratio (a measure of risk-adjusted return) is 1.2, while the Bloomberg U.S. Aggregate Bond Index is 0.6 over the same period. The REA inception date is October 2, 1995. You cannot invest directly in any index. Index returns do not reflect a deduction for fees and expenses. Past performance does not guarantee future results.
3Other payout options are available. Any guarantees under annuities issued by Teachers Insurance and Annuity Association of America are subject to its' claims-paying ability. Payments from the TIAA Real Estate Account will rise or fall based on investment performance.
4Withdrawals of earnings are subject to ordinary income tax, plus a possible federal 10% penalty if you make a withdrawal before age 59 ½. Transfers out of the account to another TIAA or to a CREF account or into another investment option can be executed at any time, 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, and certain other limited exceptions to this restriction apply.
Diversification is a way to help avoid risk and does not guarantee against loss.
The real estate industry is subject to various risks including fluctuations in underlying property values, expenses and income, and potential environmental liabilities.
The real estate industry is subject to various risks including fluctuations in underlying property values, expenses and income, and potential environmental liabilities. There are risks associated with investing in securities including possible loss of principal. In general, the value of the TIAA Real Estate Account will fluctuate based on the underlying value of the direct real estate or real estate-related securities in which it invests. The risks associated with investing in the Real Estate Account include the risks associated with real estate ownership including, among other things, fluctuations in underlying property values, higher expenses or lower income than expected, risks associated with borrowing and potential environmental problems and liability, as well as risks associated with participant flows and conflicts of interest. For a more complete discussion of these and other risks, please consult the prospectus. Please consider all risks carefully prior to investing. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800-842-2252 or go to TIAA.org/pdf/prospectuses/realestate_prosp.pdfOpens pdf for copies that contain this and other information. Please read the prospectus carefully before investing.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor's own objectives and circumstances.
Past performance does not guarantee future results.
The TIAA Real Estate Account is an insurance separate account of Teachers Insurance and Annuity Association of America, New York, NY. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products.